Welcome to our dedicated page for Digerati Technologies news (Ticker: DTGI), a resource for investors and traders seeking the latest updates and insights on Digerati Technologies stock.
Digerati Technologies, Inc. (DTGI) generates news across cloud communications, co-location infrastructure, corporate finance, and leadership developments. The company’s releases describe it as a holding company that provides UCaaS and cloud connectivity through Verve Cloud, Inc., and co-location and related technology infrastructure solutions through WaivCloud, Inc. News about Digerati often focuses on how these businesses serve small and medium-sized enterprises and other business customers.
Investors and followers of DTGI can find updates on financial results from its cloud-based hosted services, including discussions of revenue, margins, and non-GAAP measures such as Adjusted EBITDA and Adjusted EBITDA – OPCO. The company regularly comments on its focus on recurring monthly revenue, higher-margin customers, and the impact of streamlining operations and winding down legacy or unprofitable revenue streams.
Digerati’s news flow also covers strategic and corporate actions, such as refinancing transactions, debt-for-equity exchanges, and changes in its relationship with subsidiaries. For example, the company has reported a refinancing and debt conversion involving Verve Cloud, Inc. that resulted in the divestiture of its controlling interest in that subsidiary while retaining the nationwide co-location business under WaivCloud. Leadership changes, including the appointment of a new Chairman and Chief Executive Officer and the passing of its founder and former CEO, have also been detailed in recent announcements.
On the operating side, Digerati issues updates on partnerships, customer reach, and technology initiatives. These include Verve Cloud’s favored-nations agreement with conversational AI company Vida Global, Inc., market reach highlights across industries and states such as California, Texas, and Florida, and workplace recognition such as Great Place to Work Certification for Verve Cloud. For ongoing insight into how Digerati’s UCaaS, connectivity, and co-location activities evolve, readers can review the latest DTGI news items as they are released.
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.
Digerati Technologies, Inc. (OTCQB: DTGI) announced the launch of a new Contact Center as a Service (CCaaS) solution aimed at enhancing its offerings for small to medium-sized businesses (SMBs). This omni-channel CCaaS solution, available through subsidiary NextLevel Internet, incorporates AI, automation, and collaboration tools, enabling businesses to deliver superior customer service without additional resources. The new product supports various digital channels, improving efficiency and user experience, while offering potential revenue growth opportunities for Digerati.
Digerati Technologies, Inc. (OTCQB: DTGI) reported strong FY2022 results, with revenue rising 95% to $24.2 million and gross profit increasing 103% to $14.8 million. The gross margin improved to 61.3%. Non-GAAP Operating EBITDA reached $3.6 million, a 64% increase. For Q4 FY2022, revenue grew 116% to $8.2 million, but non-GAAP Adjusted EBITDA fell 40% to $0.3 million. The company successfully completed two acquisitions, boosting customer count significantly. Digerati aims for a NASDAQ listing to further accelerate its acquisition strategy.
Digerati Technologies, Inc. (OTCQB: DTGI) announced the appointment of Derek Gietzen as President, effective immediately. Gietzen brings over 20 years of telecommunications experience and has successfully led NextLevel Internet, a Digerati subsidiary, to consistent double-digit growth. His leadership is expected to enhance operational integration across Digerati’s subsidiaries and contribute to the company's M&A strategy. CEO Arthur L. Smith expressed confidence in Gietzen's ability to help achieve corporate goals and increase long-term shareholder value.
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Digerati Technologies (OTCQB: DTGI) announced significant integration progress following the acquisitions of SkyNet and NextLevel Internet. The company recorded its highest quarterly revenue, achieving $8.163 million, a 118% increase year-over-year. Cost synergies of approximately $500K are expected to enhance profitability, leading to a gross margin of 61.3% and an OPCO EBITDA of $0.969 million. Digerati serves over 4,000 customers with a run-rate exceeding $32 million. The company anticipates further improvements as it continues to execute its integration strategy.
Digerati Technologies (OTCQB: DTGI) announced a strong financial performance for Q3 FY2022, with revenue soaring by 118% to $8.163 million and gross profit rising 125% to $5.002 million. The gross margin improved to 61.3% from 59.3%. Non-GAAP operating EBITDA reached $0.969 million, marking a significant increase compared to the previous year. The company attributed this growth to recent acquisitions, increasing its customer base from 2,612 to 3,963 and anticipating further cost synergies. Net income surged to $3.902 million, a remarkable recovery from a net loss of $12.803 million.