Record Quarterly Revenue
Digi International reported a record quarterly revenue of $114 million, marking a 9% year-over-year increase.
Annual Recurring Revenue Growth
The company achieved a record $152 million in Annual Recurring Revenue (ARR), a 31% increase year over year, marking the fourth consecutive quarter of double-digit ARR growth.
Debt Repayment and Free Cash Flow
Digi paid off all the debt from the Ventas acquisition and generated $105 million in free cash flow, yielding an 8% return.
Positive Integration of Acquisitions
The integration of SmartSense and Jolt into Digi's offerings has been successful, with cross-selling opportunities emerging.
AI and Industrial IoT Opportunities
Digi is leveraging AI for its products and solutions, integrating AI as a search tool within web applications, and exploring tiny language models at the edge.