Crexendo reports 2022 revenue up 34% to $37.6M; GAAP net loss of $35.4M incl. $32.6M goodwill impairment

Crexendo, Inc.

GAAP net loss of $32.6M in Q4'22 ($1.33/share) vs. loss of $602K in Q4'21.
Non-GAAP net income $2.5M in Q4'22 ($0.10/share) vs. $592K ($0.03) year ago.
Full-year 2022 GAAP net loss $35.4M; non-GAAP net income $4.1M ($0.18 basic).
Revenue grew 27% YoY to $11.4M in Q4; service revenue up 41% to $6.1M.
CEO Steve Mihaylo retired; Jeff Korn named new CEO effective with earnings.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Crexendo, Inc. reported the fourth quarter ended December 31, 2022 results: revenue $11.4 million, net income $(32.6) million, EPS $(1.33) loss per basic and diluted common share.

Period: the fourth quarter ended December 31, 2022
Revenue: $11.4 million
Net income: $(32.6) million
EPS: $(1.33) loss per basic and diluted common share
Result: reported results

Exact text from the filing

Financial Results for the Fourth Quarter of 2022 Consolidated total revenue for the fourth quarter of 2022 increased 27%, or $2.4 million to $11.4 million compared to $9.0 million for the fourth quarter of 2021. The Allegiant Networks business acquisition contributed $1.8 million of the increase in consolidated total revenue in the fourth quarter of 2022. Consolidated service revenue for the fourth quarter of 2022 increased 41%, or $1.8 million to $6.1 million compared to $4.3 million for the fourth quarter of 2021. The Allegiant Networks business acquisition contributed $1.5 million of the increase in consolidated service revenue in the fourth quarter of 2022. Consolidated software solutions revenue for the fourth quarter of 2022 increased 14%, or $537,000 to $4.4 million compared to $3.9 million for the fourth quarter of 2021. Consolidated product revenue for the fourth quarter of 2022 increased 16%, or $132,000 to $947,000 compared to $815,000 for the fourth quarter of 2021. The All

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Crexendo, Inc. reported the year ended December 31, 2022 results: revenue $37.6 million, net income $(35.4) million, EPS $(1.54) loss per basic and diluted common share.

Period: the year ended December 31, 2022
Revenue: $37.6 million
Net income: $(35.4) million
EPS: $(1.54) loss per basic and diluted common share
Result: reported results

Exact text from the filing

Financial Results for the Year ended December 31, 2022 Consolidated total revenue for the year ended December 31, 2022 increased 34%, or $9.5 million to $37.6 million compared to $28.1 million for the year ended December 31, 2021. The Allegiant Networks business acquisition contributed $1.8 million of the increase in consolidated total revenue in the year ended December 31, 2022. Consolidated service revenue for the year ended December 31, 2022 increased 14%, or $2.4 million to $19.5 million compared to $17.1 million for the year ended December 31, 2021. The Allegiant Networks business acquisition contributed $1.5 million of the increase in consolidated service revenue in the year ended December 31, 2022. Consolidated software solutions revenue for the year ended December 31, 2022 increased 75%, or $6.5 million to $15.1 million compared to $8.7 million for the year ended December 31, 2021. Software solutions revenue from 2021 represents revenue from the NetSapiens business combination

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Crexendo, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-002840

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