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 (NASDAQ:CXDO) announced a registered underwritten public offering of 2,800,000 shares of common stock priced at $5.50 per share, aiming for gross proceeds of approximately $9.6 million. The offering includes 1,050,000 shares sold by stockholders, with an option for underwriters to purchase up to 420,000 additional shares. Proceeds will fund general corporate purposes such as working capital and product development. Closing is expected by September 28, 2020.
Crexendo, Inc. (NASDAQ:CXDO) announced a public offering of 3,500,000 shares of common stock, with 1,750,000 shares offered by the company and 1,750,000 shares by existing stockholders. The offering includes a 30-day option for underwriters to purchase an additional 525,000 shares. Net proceeds will support working capital, sales, marketing, product development, and other general corporate purposes. B. Riley Securities and Colliers Securities are joint book-running managers for this offering, which is pending SEC effectiveness.
Crexendo, Inc. (NASDAQ:CXDO) reported strong financial results for Q2 2020 with total revenue increasing 12% year-over-year to $4.1 million. UCaaS service revenue rose 16% to $3.5 million. GAAP net income reached $508,000, a 50% increase, while non-GAAP income was $660,000, up 48%. Operating expenses grew 8% to $3.5 million. Cash and equivalents increased to $5.1 million. Executives acknowledged the challenges posed by COVID-19 but expressed optimism regarding future growth and potential acquisitions. The company continues to adapt services to meet emerging market demands.
Crexendo (NASDAQ:CXDO) reported strong financial results for Q2 2020, showing a 12% increase in consolidated total revenue to $4.1 million compared to Q2 2019. UCaaS service revenue surged 16% to $3.5 million. GAAP net income rose 50% year-over-year to $508,000, while non-GAAP net income improved by 48% to $660,000. However, product revenue decreased by 4%, and web services revenue fell by 18% in the same period. Operating expenses increased by 8%. The company's cash position has strengthened, totaling $5.1 million at the end of Q2.