Welcome to our dedicated page for Crexendo news (Ticker: CXDO), a resource for investors and traders seeking the latest updates and insights on Crexendo stock.
Crexendo, Inc. reports developments across its cloud communications and unified communications as a service business. Company news centers on cloud communication platform software, voice, video, contact center capabilities, managed IT services, and customer or partner deployments that use Crexendo technology for business communications.
Recurring updates also cover quarterly and annual financial results, service, software solutions and product revenue trends, investor presentations, third-party software-market recognition, and capital or strategic actions. Recent company history includes the completed acquisition of Estech Systems, LLC, a cloud communications provider and long-tenured NetSapiens platform licensee, which expanded Crexendo's operating scale in cloud communications.
Crexendo, Inc. (NASDAQ:CXDO) has successfully completed its merger with NetSapiens, Inc., a transaction valued at approximately $50 million, including $10 million in cash and $40 million in stock. Supported by over 99% of Crexendo shareholders, the merger is expected to enhance the combined company's growth trajectory, with pro forma revenue of $27.8 million for 2020. Leaders from both companies express confidence in this partnership, anticipating improved offerings and increased shareholder value.
Crexendo, a cloud communications provider, reported a 17% year-over-year revenue increase to $4.5 million for Q1 2021. Service revenue rose 19% to $4.1 million, though GAAP net loss reached $(715,000). Non-GAAP net income was $308,000, consistent with previous year. Operating expenses surged 45% to $5.3 million, driven by acquisition-related costs. Despite a decline in product revenue and web services, CEO Steven Mihaylo expressed optimism about the upcoming merger with NetSapiens, which is expected to enhance service offerings and drive growth.
Crexendo, Inc. (NASDAQ:CXDO) will announce its first quarter 2021 financial results in a conference call on May 11, 2021, at 4:30 PM EST. CEO Steven G. Mihaylo, COO Doug Gaylor, and CFO Ron Vincent will present and answer questions. Domestic participants can dial 888-506-0062, while international callers should use 973-528-0011. A replay will be available until May 18, 2021.
Crexendo specializes in cloud communications and UCaaS services for businesses.
Crexendo, a leading provider of cloud communications, reported a 16% increase in total revenue to $4.3 million for Q4 2020 compared to the previous year. The company achieved a GAAP net income of $7.2 million and a non-GAAP net income of $7.4 million. Full-year revenue rose 14% to $16.4 million, driven largely by a 16% growth in UCaaS service revenue. The company benefited from a $6 million income tax adjustment and $1 million PPP loan forgiveness. Operating expenses increased by 16% to $15.4 million, while cash balances significantly improved to $17.7 million.
Crexendo, Inc. (NASDAQ:CXDO) announced its definitive agreement to acquire NetSapiens, Inc. for approximately $50 million, comprising $10 million in cash and $40 million in stock. This merger will support over 1.7 million users and enhance Crexendo's UCaaS offerings. The transaction, expected to close in early summer 2021, awaits shareholder approval. CEO Steven G. Mihaylo emphasized the acquisition as a pivotal growth step, enhancing both companies' capabilities and shareholder value. The financial advisory for this deal is provided by Colliers Securities LLC.
Crexendo, Inc. (NASDAQ:CXDO) will announce its fourth quarter and year-end 2020 financial results on March 9, 2021, at 4:30 PM EST. The event will feature CEO Steven G. Mihaylo, COO Doug Gaylor, and CFO Ron Vincent, who will present remarks and answer questions. Participants can join via dial-in or audio webcast. Replay options will be available until March 16, 2021. Crexendo provides cloud communications and UCaaS solutions, aimed at offering affordable, enterprise-class services to businesses of all sizes.
Crexendo, Inc. (NASDAQ:CXDO) will present at the 13th Annual LD Micro Main Event Conference on December 14 at 3:00 PM EST. The presentation will be led by Doug Gaylor, President, and Ron Vincent, CFO, who will discuss Crexendo’s cloud communications and collaboration services. Investors can register at this link. This year's event will feature a new format with 10-minute presentations followed by 10 minutes of Q&A. Crexendo aims to deliver enterprise-class services at affordable rates, enhancing investor engagement.
Crexendo, Inc. (NASDAQ:CXDO) has appointed Jon Brinton as Chief Revenue Officer to enhance revenue operations, including direct and channel sales. CEO Steven G. Mihaylo emphasized Brinton's exceptional track record in driving revenue and operations. Brinton joins from Avaya, where he was Vice President of Channel Sales, and has previously held senior executive roles at Mitel. His leadership is expected to grow Crexendo's sales team and customer base significantly, aligning with the company's focus on cloud communications during the 'Work from Anywhere' trend.
Crexendo, Inc. (NASDAQ:CXDO) reported a 15% increase in Q3 2020 revenue to $4.1 million, with a GAAP net income of $131,000 or $0.01 per share. UCaaS service revenue rose 14% to $3.5 million, while web services revenue fell 19%. Total operating expenses increased by 22% to $4.0 million. Year-to-date total revenue grew 13% to $12.1 million, yet net income decreased to $779,000 compared to $911,000 in the previous year. Crexendo's recent uplisting to Nasdaq and successful public offering position it for future growth despite pandemic-related challenges.
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