iCoreConnect Inc. Reports Strong Revenue and Subscriber Growth in Q2 2024 With a 66% Revenue Increase

Financial Performance - iCoreConnect reported a 66% increase in revenue, rising from $1.6 million in Q2 2023 to $3.1 million in Q2 2024, and for the six months ending June 30, 2024, revenue grew from $3.7 million to $5.8 million compared to the same period in 2023 [1] - Gross profit margins improved from 74% to 80% for both the three and six months ending June 30, 2024, compared to the same periods in 2023 [1] - The company signed agreements with customers awaiting installation for the first time, indicating high demand for its solutions, including the newly launched Fintech product, iCorePay [1] Operational and Strategic Developments - Operating expenses increased due to a one-time, non-recurring charge of $4.8 million related to stock-based compensation for certain officers and employees [2] - iCoreConnect has integrated artificial intelligence in its support division and is testing AI across various solutions, particularly in ICD-10 coding and insurance verification software [2] - The company expanded its relationships with various organizations, enhancing value for end users by enabling access to multiple solutions through the iCoreEnterprise platform [2] Debt Restructuring - iCoreConnect reached restructuring agreements with certain convertible noteholders covering approximately $3.6 million in principal and accrued interest, extending maturities to August 1, 2027 [3][4] - Noteholders will have the option to convert their notes into common stock at a conversion price of $0.80 per share, with mandatory conversion required if the common stock price exceeds $1.04 [3] Company Overview - iCoreConnect is a market-leading, cloud-based software and technology company focused on increasing workflow productivity and practice profitability through its enterprise and healthcare workflow platform [5] - The company is known for its innovation in solving healthcare business problems and has a platform of 16 SaaS enterprise solutions with over 130 product endorsements from state or regional healthcare associations across the United States [5]