Record Levels of Gross Profit and Adjusted EBITDA
IDT delivered consolidated revenue growth with record levels of gross profit and adjusted EBITDA in the first quarter. Adjusted EBITDA reached a record level of $37.9 million, a 26% year-over-year growth.
Strong Performance in Growth Segments
The NRS, Fintech, and net2phone segments together grew by 16%, contributing significantly to the consolidated revenue with particularly strong contributions from NRS and Fintech.
NRS Recurring Revenue Growth
NRS recurring revenue increased 22% year-over-year, driven by a 38% increase in merchant services and a 30% increase in SaaS fees.
Fintech Segment Revenue and Profit Increase
The Fintech segment's income from operations nearly doubled year-over-year, increasing by 97% to $6 million, and adjusted EBITDA climbed 87% to $7.5 million.
Resolution of Straight Path Litigation
The Delaware Supreme Court affirmed the dismissal of all claims against IDT in the Straight Path class action suit, resolving ongoing litigation favorably.