Crexendo(CXDO) - 2024 Q4 - Annual Results

Revenue Growth - Total revenue for Q4 2024 increased by 15%, or $2.0 million, to $16.2 million compared to Q4 2023[2] - Total revenue for the full year 2024 increased by 14%, or $7.6 million, to $60.8 million compared to 2023[7] - Total revenue for 2024 reached $60,838 million, a 14.4% increase from $53,199 million in 2023[28] Software Solutions Performance - Software solutions revenue for Q4 2024 increased by 32%, or $1.7 million, to $7.0 million compared to Q4 2023[3] - Software solutions revenue for the full year 2024 increased by 30%, or $5.4 million, to $23.4 million compared to 2023[8] - Software solutions revenue grew by 29.8% to $23,374 million from $18,047 million in 2023[28] - The company is experiencing strong growth in its software solutions segment, driven by opportunities created by competitors not focusing on that part of their business[15] Net Income and Earnings - Net income for Q4 2024 was $0.5 million, or $0.02 per share, compared to net income of $0.1 million for Q4 2023[4] - Net income for the full year 2024 was $1.7 million, compared to a net loss of $(0.3) million for 2023[11] - Net income for 2024 was $1,677 million, compared to a net loss of $362 million in 2023[29] - Basic earnings per share improved to $0.06 in 2024 from a loss of $0.01 in 2023[29] Cash and Cash Equivalents - Cash and cash equivalents at December 31, 2024, were $18.2 million, up from $10.3 million at December 31, 2023[13] - The company reported a net increase in cash and cash equivalents of $7,846 million, ending the year with $18,193 million[32] Operating Performance - EBITDA for the full year 2024 was $5.2 million, compared to $1.9 million for 2023[13] - Adjusted EBITDA for 2024 was $8,157 million, compared to $5,734 million in 2023, reflecting a 42.3% increase[40] - Cash provided by operating activities was $6,284 million, up from $3,499 million in 2023[31] Operating Expenses - Operating expenses totaled $59,014 million, an increase of 7.3% from $54,888 million in 2023[28] - Research and development expenses rose to $5,552 million, up from $4,860 million in 2023, indicating a focus on innovation[28] Service Revenue - Service revenue increased to $31,849 million, up 7.4% from $29,668 million in 2023[28]