---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-23-002840"
form_type: "8-K"
ticker: "CXDO"
cik: "0001075736"
company_name: "Crexendo, Inc."
filed_at: "2023-03-14T23:59:59+00:00"
generated_at: "2026-06-18T02:49:06.238853+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001654954-23-002840
- form_type: 8-K
- ticker: CXDO
- cik: 0001075736
- company_name: Crexendo, Inc.
- filed_at: 2023-03-14T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1075736/000165495423002840/0001654954-23-002840-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1075736/000165495423002840/cxdo_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-23-002840
- JSON: https://secwatch.observer/filing/0001654954-23-002840.json
- Plain text: https://secwatch.observer/filing/0001654954-23-002840.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1075736/000165495423002840/0001654954-23-002840-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1075736/000165495423002840/0001654954-23-002840-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.