Sale of CloudFirst Subsidiary
The sale of the CloudFirst business for $40 million was completed, providing a strong financial foundation and simplifying the company's structure.
Increase in Sales from Continuing Operations
Sales from continuing operations increased by $92,000 or 28.2% to $417,000 for the three months ended September 30, 2025, driven by expanded customer base in voice and data telecommunication solutions.
Significant Increase in Net Income
Net income attributable to common shareholders for the three months ended September 30, 2025, was $16.8 million, compared to $122,000 in the same period of 2024, primarily due to the gain from discontinued operations.
Strong Cash Position
The company ended the quarter with cash, cash equivalents, and marketable securities of approximately $45.8 million, compared to $12.3 million at December 31, 2024.