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Digerati Technologies Inc (DTGI) delivers cloud-based telephony and UCaaS solutions for global business communications. This news hub provides investors and industry professionals with essential updates on strategic developments, financial performance, and technological innovations.
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Discover updates spanning cloud PBX deployments, acquisition strategies, and service optimizations. All content is verified for accuracy and relevance, supporting informed decision-making without speculative commentary.
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Digerati Technologies, Inc. (OTCQB: DTGI) reported strong financial results for Q2 FY2023, ending January 31, 2023. Revenue surged by 98% to $7.941 million compared to $4.019 million in Q2 FY2022, driven by customer growth from acquisitions. Gross profit increased 102% to $4.973 million, achieving a gross margin of 62.6%. The company reported a net income of $0.220 million, a significant recovery from a loss of $11.047 million in the prior year. Non-GAAP Operating EBITDA reached $1.204 million, marking a 103% increase. Digerati aims for a Nasdaq listing through a merger with Minority Equality Opportunities Acquisition Inc., expected to close in Q2 CY2023.
Digerati Technologies, Inc. (OTCQB: DTGI) announced that its subsidiary, Verve Cloud, Inc., has earned the Great Place to Work-Certified™ designation for 2023. This certification reflects a positive workplace culture, enhancing employee retention and innovation. CEO Arthur L. Smith highlighted the achievement following the consolidation of several subsidiaries into Verve Cloud. President Derek Gietzen emphasized the commitment to maintaining core values during this transition. The certification is based on employee feedback regarding trust in leadership, respect among colleagues, and team camaraderie.
Digerati Technologies, Inc. (OTCQB: DTGI) announced a consolidation of its subsidiaries—T3 Communications, Nexogy, and NextLevel Internet—under a new name, Verve Cloud, Inc. This rebranding aims to reflect the company's renewed purpose and energy in delivering exceptional experiences to clients, partners, and employees. The branding transition is expected to be fully implemented by the end of the fiscal year on July 31, 2023. CEO Arthur L. Smith highlighted that the initiative is part of a long-term strategic plan focused on enhancing the corporate identity and culture.
Digerati Technologies, Inc. (OTCQB: DTGI) reported strong financial results for Q1 FY2023, with revenue climbing 115% year-over-year to $8.1 million, driven by acquisitions of SkyNet and NextLevel Internet. Gross profit surged 131% to $5.3 million, yielding a gross margin of 64.9%. Non-GAAP Adjusted EBITDA increased by 161% to $0.8 million, while Non-GAAP Adjusted Operating EBITDA rose 86% to $1.3 million. Despite a net loss of $5.0 million, the company is pursuing a merger with MEOA expected to close in Q1 2023, valued at $105 million. This strategic move aims to enhance future growth and market presence.
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