Synchronoss reports Q3 EPS 63c, consensus 51c

Reports Q3 revenue $42M-$43M, consensus $43.2M. “In the third quarter, we demonstrated the strength of our SaaS powered cloud model, generating $42 million in revenue with 93.8% being recurring, net income of $5.8 million resulting in diluted EPS of $0.51, and $12.0 million adjusted EBITDA while facing headwinds from subscriber growth weakness at certain customers. We also received the remaining balance of our CARES Act Tax refund in the quarter, which was used to reduce our total debt load while providing additional cash to the balance sheet to invest in future growth initiatives,” stated Jeff Miller, President and CEO of Synchronoss (SNCR). “We continue to make meaningful progress with our key customers, including strong subscriber growth at AT&T, implementing new initiatives to accelerate growth at Verizon, and advancing cloud application discovery integrations at SoftBank that position us for expanded subscriber reach. Given the sales cycle in our business and a robust pipeline, we have high confidence in adding at least one new cloud customer in 2025 and a new tier 1 customer in the first half of 2026. We expect that these new wins will allow us to return to strong, profitable growth in 2026 and beyond. As a result, we believe we are well-positioned to drive enhanced shareholder value as we enter next year.”