Crexendo Inc. ( (CXDO) ) has released its Q4 earnings. Here is a breakdown of the information Crexendo Inc. presented to its investors.
Crexendo, Inc. is an award-winning software technology company that provides cloud communication platforms, video collaboration, and managed IT services to businesses of all sizes. With a global network supporting over five million end users, Crexendo is a key player in the cloud communication industry.
Crexendo has announced record financial results for the fourth quarter and fiscal year 2024, showcasing significant growth in revenue and profitability. The company achieved a net income of $1.7 million for the year and a non-GAAP net income of $7.7 million, with total revenue reaching $60.8 million, marking a 14% increase from the previous year.
Key financial highlights include a 15% year-over-year increase in fourth-quarter revenue to $16.2 million, driven by a 32% rise in software solutions revenue. The company’s EBITDA and adjusted EBITDA also showed strong growth, with adjusted EBITDA reaching $8.2 million for the year. Crexendo’s cash and cash equivalents increased significantly to $18.2 million, reflecting strong cash flow from operations.
Crexendo’s management remains optimistic about the future, citing substantial competitive advantages and a focus on innovation and strategic growth. The company plans to continue investing in technology and expanding its offerings to capitalize on market opportunities and maintain its momentum into 2025 and beyond.