Altigen Technologies Reports Third Quarter Results for Fiscal Year 2024
Altigen Technologies (OTCQB:ATGN), a Silicon Valley-based Microsoft Cloud Communications Solutions provider, reported its Q3 fiscal 2024 results. Net revenue was $3.3 million, down from $3.4 million in the prior year quarter. Gross margin decreased to 60.7% from 63.3% year-over-year. The company reported a GAAP net income of $0.06 million ($0.00 per diluted share), compared to a net loss of ($0.2) million (($0.01) per share) in Q3 2023. Non-GAAP net income was $0.2 million ($0.01 per diluted share), an improvement from a non-GAAP net loss of ($0.07) million in the previous year.
Altigen Technologies (OTCQB:ATGN), un fornitore di soluzioni per le comunicazioni nel cloud di Microsoft con sede nella Silicon Valley, ha reso noti i risultati del terzo trimestre dell'esercizio 2024. Il fatturato netto è stato di 3,3 milioni di dollari, in calo rispetto ai 3,4 milioni dello stesso trimestre dell'anno precedente. Il margine lordo è sceso al 60,7% rispetto al 63,3% rispetto all'anno precedente. L'azienda ha riportato un utile netto GAAP di 0,06 milioni di dollari (0,00 dollari per azione diluita), rispetto a una perdita netta di 0,2 milioni di dollari (0,01 dollari per azione) nel Q3 2023. Il reddito netto non GAAP è stato di 0,2 milioni di dollari (0,01 dollari per azione diluita), un miglioramento rispetto a una perdita netta non GAAP di 0,07 milioni di dollari nell'anno precedente.
Altigen Technologies (OTCQB:ATGN), un proveedor de soluciones de comunicaciones en la nube de Microsoft con sede en Silicon Valley, informó sus resultados del tercer trimestre del ejercicio fiscal 2024. Los ingresos netos fueron de 3,3 millones de dólares, en comparación con los 3,4 millones del mismo trimestre del año anterior. El margen bruto disminuyó al 60,7% desde el 63,3% interanual. La compañía reportó una ganancia neta GAAP de 0,06 millones de dólares (0,00 dólares por acción diluida), en comparación con una pérdida neta de 0,2 millones de dólares (0,01 dólares por acción) en el Q3 2023. La ganancia neta no GAAP fue de 0,2 millones de dólares (0,01 dólares por acción diluida), una mejora respecto a una pérdida neta no GAAP de 0,07 millones de dólares en el año anterior.
Altigen Technologies (OTCQB:ATGN)는 실리콘 밸리에 본사를 둔 마이크로소프트 클라우드 커뮤니케이션 솔루션 제공업체로, 2024 회계연도 3분기 실적을 보고했습니다. 순수익은 330만 달러로, 전년 동기 340만 달러에서 감소했습니다. 총 마진은 전년 대비 63.3%에서 60.7%로 하락했습니다. 회사는 GAAP 순익을 6만 달러(희석 주당 0.00달러)로 보고했으며, 이는 2023년 3분기 20만 달러의 손실(주당 0.01달러)과 비교됩니다. 비 GAAP 순익은 20만 달러(희석 주당 0.01달러)로, 전년의 비 GAAP 순 손실인 7만 달러에서 개선되었습니다.
Altigen Technologies (OTCQB:ATGN), un fournisseur de solutions de communication cloud de Microsoft basé dans la Silicon Valley, a annoncé ses résultats du troisième trimestre de l'exercice 2024. Le chiffre d'affaires net s'élevait à 3,3 millions de dollars, contre 3,4 millions de dollars au trimestre correspondant de l'année précédente. La marge brute a diminué à 60,7% contre 63,3% d'une année sur l'autre. L'entreprise a annoncé un revenu net GAAP de 0,06 million de dollars (0,00 dollar par action diluée), comparé à une perte nette de 0,2 million de dollars (0,01 dollar par action) au T3 2023. Le revenu net non-GAAP a été de 0,2 million de dollars (0,01 dollar par action diluée), une amélioration par rapport à une perte nette non-GAAP de 0,07 million de dollars l'année précédente.
Altigen Technologies (OTCQB:ATGN), ein Anbieter von Microsoft Cloud Communication-Lösungen mit Sitz im Silicon Valley, gab seine Ergebnisse für das dritte Quartal des Geschäftsjahres 2024 bekannt. Der Nettoumsatz betrug 3,3 Millionen US-Dollar, ein Rückgang von 3,4 Millionen US-Dollar im Vorjahresquartal. Die Bruttomarge fiel im Jahresvergleich von 63,3% auf 60,7%. Das Unternehmen berichtete von einem GAAP-Nettoeinkommen von 0,06 Millionen US-Dollar (0,00 US-Dollar pro verwässerter Aktie), verglichen mit einem Nettoverlust von 0,2 Millionen US-Dollar (0,01 US-Dollar pro Aktie) im Q3 2023. Das Non-GAAP-Nettoeinkommen betrug 0,2 Millionen US-Dollar (0,01 US-Dollar pro verwässerter Aktie) und stellte eine Verbesserung gegenüber einem Non-GAAP-Nettoverlust von 0,07 Millionen US-Dollar im Vorjahr dar.
- GAAP net income improved from a loss of $0.2 million to a profit of $0.06 million year-over-year
- Non-GAAP net income increased from a loss of $0.07 million to a profit of $0.2 million year-over-year
- Diluted EPS improved from ($0.01) to $0.00 on a GAAP basis and from ($0.00) to $0.01 on a non-GAAP basis
- Net revenue decreased from $3.4 million to $3.3 million year-over-year
- Gross margin declined from 63.3% to 60.7% compared to the prior year quarter
Q3 GAAP net income of
MILPITAS, CA / ACCESSWIRE / August 1, 2024 / Altigen Technologies (OTCQB:ATGN), a leading Silicon Valley-based Microsoft Cloud Communications Solutions provider, announced today its financial results for the third quarter ended June 30, 2024.
Third Quarter Fiscal 2024 Financial Results
Net revenue was
$3.3 million , compared to$3.4 million in the prior year quarter;Gross margin was
60.7% , compared to63.3% in the prior year quarter;GAAP net income and diluted EPS of
$0.06 million and$0.00 , respectively, compared with GAAP net loss of ($0.2) million , or ($0.01) per share in the prior year quarter;Non-GAAP net income and diluted EPS of
$0.2 million and$0.01 , respectively, compared with non-GAAP net loss of ($0.07) million , or ($0.00) per share in the prior year quarter.
(1) Throughout this release, the use of non-GAAP financial measures is intended to provide useful information that supplements Altigen's results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measure at the end of this release.
(1) Throughout this release, the use of non-GAAP financial measures is intended to provide useful information that supplements Altigen's results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measure at the end of this release.
Conference Call
Altigen will be discussing its financial results and outlook on a conference call today at 2:00 p.m. Pacific Time (5:00 p.m. ET). The conference call can be accessed by dialing (888) 506-0062 (domestic) or (973) 528-0011 (international), conference ID #526216. A live webcast will also be made available at www.altigen.com. To access the replay, dial (877) 481-4010 (domestic) or (919) 882-2331 (international), conference ID #50960. A web archive will be made available at www.altigen.com for 90 days following the call's conclusion.
About Altigen Technologies
Altigen Technologies (OTCQB:ATGN) is focused on driving digital transformation in today's modern workplace. Our Cloud Communications solutions and Technology Consulting services empower companies of all sizes to elevate customer engagement, increase employee productivity and improve operational efficiency. We're headquartered in Silicon Valley with operations strategically located in five countries spanning three continents. For more information, call 1-888-ALTIGEN or visit our website at www.altigen.com.
Safe Harbor Statement
This press release may contain certain forward-looking statements and information regarding current and future business expectations, beliefs, plans and assumptions, which are subject to a number of risks and uncertainties. The forward-looking statements discussed in this press release may not occur and actual results could differ materially from those anticipated or implied. All information provided in this announcement is as of the date of this announcement, and the Company undertakes no duty to update such information except as required under applicable law. Please refer to the Company's most recent Annual Report filed with the OTCQB over-the-counter market for a further discussion of risks and uncertainties.
Contact:
Carolyn David
Vice President of Finance
Altigen Communications, Inc.
(408) 597-9033
www.altigen.com
ALTIGEN COMMUNICATIONS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
| June 30, 2024 |
|
| September 30, 2023 |
| |||
|
| (unaudited) |
|
| (1) |
| ||
ASSETS |
|
|
|
|
|
|
| |
Current assets: |
|
|
|
|
|
|
| |
Cash and cash equivalents |
| $ | 2,002 |
|
| $ | 2,641 |
|
Accounts receivable, net |
|
| 1,772 |
|
|
| 1,495 |
|
Other current assets |
|
| 287 |
|
|
| 236 |
|
Total current assets |
|
| 4,061 |
|
|
| 4,372 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| - |
|
|
| 3 |
|
Operating lease right-of-use assets |
|
| 43 |
|
|
| 301 |
|
Goodwill |
|
| 2,725 |
|
|
| 2,725 |
|
Intangible assets, net |
|
| 1,431 |
|
|
| 1,568 |
|
Capitalized software development cost, net |
|
| 1,281 |
|
|
| 1,215 |
|
Deferred tax asset |
|
| 3,737 |
|
|
| 3,737 |
|
Total assets |
| $ | 13,278 |
|
| $ | 13,921 |
|
|
|
|
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 101 |
|
| $ | 58 |
|
Accrued compensation and benefits |
|
| 346 |
|
|
| 417 |
|
Accrued expenses |
|
| 477 |
|
|
| 455 |
|
Deferred consideration - current |
|
| 525 |
|
|
| 510 |
|
Operating lease liabilities - current |
|
| 46 |
|
|
| 324 |
|
Deferred revenue - current |
|
| 551 |
|
|
| 477 |
|
Total current liabilities |
|
| 2,046 |
|
|
| 2,241 |
|
Deferred consideration - long-term |
|
| 216 |
|
|
| 208 |
|
Deferred revenue - long-term |
|
| 155 |
|
|
| 134 |
|
Total liabilities |
|
| 2,417 |
|
|
| 2,583 |
|
|
|
|
|
|
|
|
| |
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock |
|
| 24 |
|
|
| 24 |
|
Treasury stock |
|
| (1,565 | ) |
|
| (1,565 | ) |
Additional paid-in capital |
|
| 73,175 |
|
|
| 73,133 |
|
Accumulated deficit |
|
| (60,773 | ) |
|
| (60,254 | ) |
Total stockholders' equity |
|
| 10,861 |
|
|
| 11,338 |
|
Total liabilities and stockholders' equity |
| $ | 13,278 |
|
| $ | 13,921 |
|
(1) The information in this column was derived from the Company's audited consolidated financial statements as of and for the year ended September 30, 2023.
|
| Nine Months Ended June 30, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
|
|
|
|
|
|
| ||
Cash flows from operating activities: |
|
|
|
|
|
| ||
Net (loss) |
| $ | (519 | ) |
| $ | (510 | ) |
|
|
|
|
|
|
|
| |
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 3 |
|
|
| 3 |
|
Amortization of intangible assets |
|
| 137 |
|
|
| 137 |
|
Amortization of capitalized software |
|
| 311 |
|
|
| 450 |
|
Stock-based compensation |
|
| 42 |
|
|
| 90 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable and unbilled accounts receivable |
|
| (277 | ) |
|
| 36 |
|
Prepaid expenses and other current assets |
|
| (51 | ) |
|
| (83 | ) |
Other long-term assets |
|
| - |
|
|
| 12 |
|
Accounts payable |
|
| 43 |
|
|
| (20 | ) |
Accrued expenses |
|
| (47 | ) |
|
| 325 |
|
Deferred revenue |
|
| 96 |
|
|
| (142 | ) |
Net cash (used in) provided by operating activities |
|
| (262 | ) |
|
| 298 |
|
|
|
|
|
|
|
|
| |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Acquisition of business |
|
| - |
|
|
| (225 | ) |
Capitalized software development costs |
|
| (377 | ) |
|
| (380 | ) |
Net cash used in investing activities |
|
| (377 | ) |
|
| (605 | ) |
|
|
|
|
|
|
|
| |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from issuances of common stock |
|
| - |
|
|
| 36 |
|
Net cash provided by financing activities |
|
| - |
|
|
| 36 |
|
Net increase/(decrease) in cash and cash equivalents |
|
| (639 | ) |
|
| (271 | ) |
Cash and cash equivalents, beginning of period |
|
| 2,641 |
|
|
| 3,232 |
|
Cash and cash equivalents, end of period |
| $ | 2,002 |
|
| $ | 2,961 |
|
|
|
|
|
|
|
|
|
ALTIGEN COMMUNICATIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(amounts in thousands, except per share data)
| Three Months Ended |
|
| Nine Months Ended |
| |||||||||||
| June 30, |
|
| June 30, |
| |||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Net revenue |
| $ | 3,283 |
|
| $ | 3,366 |
|
| $ | 9,883 |
|
| $ | 10,199 |
|
Gross profit |
|
| 1,994 |
|
|
| 2,129 |
|
|
| 6,009 |
|
|
| 6,477 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
| 945 |
|
|
| 1,330 |
|
|
| 3,383 |
|
|
| 3,879 |
|
Selling, general & administrative |
|
| 980 |
|
|
| 946 |
|
|
| 3,141 |
|
|
| 3,063 |
|
Operating income (loss) |
|
| 69 |
|
|
| (147 | ) |
|
| (515 | ) |
|
| (465 | ) |
Interest income/(expense), net |
|
| 11 |
|
|
| (36 | ) |
|
| 14 |
|
|
| (36 | ) |
Net income (loss) before provision for income taxes |
|
| 80 |
|
|
| (183 | ) |
|
| (501 | ) |
|
| (501 | ) |
Income tax benefit (expense) |
|
| (18 | ) |
|
| - |
|
|
| (18 | ) |
|
| (9 | ) |
Net income (loss) |
| $ | 62 |
|
| $ | (183 | ) |
| $ | (519 | ) |
| $ | (510 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.00 |
|
| $ | (0.01 | ) |
| $ | (0.02 | ) |
| $ | (0.02 | ) |
Diluted |
| $ | 0.00 |
|
| $ | (0.01 | ) |
| $ | (0.02 | ) |
| $ | (0.02 | ) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 24,919 |
|
|
| 24,690 |
|
|
| 24,919 |
|
|
| 24,426 |
|
Diluted |
|
| 26,026 |
|
|
| 24,690 |
|
|
| 24,919 |
|
|
| 24,426 |
|
ALTIGEN COMMUNICATIONS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
(amounts in thousands, except per share data)
| Three Months Ended |
|
| Nine Months Ended |
| |||||||||||
| June 30, |
|
| June 30, |
| |||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Reconciliation of GAAP to Non-GAAP Gross Profit: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP gross profit |
| $ | 1,994 |
|
| $ | 2,129 |
|
| $ | 6,009 |
|
| $ | 6,477 |
|
Amortization of capitalized software |
|
| 70 |
|
|
| 134 |
|
|
| 279 |
|
|
| 407 |
|
Acquisition related expenses |
|
| 40 |
|
|
| 40 |
|
|
| 120 |
|
|
| 120 |
|
Non-GAAP gross profit |
| $ | 2,104 |
|
| $ | 2,303 |
|
| $ | 6,408 |
|
| $ | 7,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of GAAP to Non-GAAP Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
| $ | 1,925 |
|
| $ | 2,276 |
|
| $ | 6,524 |
|
| $ | 6,942 |
|
Depreciation and amortization |
|
| 1 |
|
|
| 1 |
|
|
| 3 |
|
|
| 3 |
|
Amortization of capitalized software |
|
| 9 |
|
|
| 13 |
|
|
| 32 |
|
|
| 43 |
|
Amortization of intangible assets |
|
| 6 |
|
|
| 6 |
|
|
| 18 |
|
|
| 18 |
|
Stock-based compensation |
|
| 14 |
|
|
| 29 |
|
|
| 42 |
|
|
| 90 |
|
Non-GAAP operating expenses |
| $ | 1,895 |
|
| $ | 2,227 |
|
| $ | 6,429 |
|
| $ | 6,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of GAAP to Non-GAAP Net Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
GAAP net loss |
| $ | 62 |
|
| $ | (183 | ) |
| $ | (519 | ) |
| $ | (510 | ) |
Depreciation and amortization |
|
| 1 |
|
|
| 1 |
|
|
| 3 |
|
|
| 3 |
|
Amortization of capitalized software |
|
| 79 |
|
|
| 147 |
|
|
| 311 |
|
|
| 450 |
|
Amortization of intangible assets |
|
| 46 |
|
|
| 46 |
|
|
| 138 |
|
|
| 138 |
|
Stock-based compensation |
|
| 14 |
|
|
| 29 |
|
|
| 42 |
|
|
| 90 |
|
Deferred tax asset valuation allowance |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 9 |
|
Non-GAAP net income (loss) |
| $ | 202 |
|
| $ | 40 |
|
| $ | (25 | ) |
| $ | 180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.01 |
|
| $ | 0.00 |
|
| $ | (0.00 | ) |
| $ | 0.01 |
|
Diluted |
| $ | 0.01 |
|
| $ | 0.00 |
|
| $ | (0.00 | ) |
| $ | 0.01 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 24,919 |
|
|
| 24,690 |
|
|
| 24,919 |
|
|
| 24,426 |
|
Diluted |
|
| 26,026 |
|
|
| 25,691 |
|
|
| 24,919 |
|
|
| 25,514 |
|
Non-GAAP Financial Measures
In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our core operating performance on a period-to-period basis. These non-GAAP financial measures exclude stock-based compensation expense, amortization of acquired intangible assets, depreciation and amortization expenses, acquisition-related costs, change in deferred tax asset valuation allowance, litigation costs and other non-recurring or unusual charges or benefits that may arise from time to time that we do not consider to be directly related to core operating performance. We use non-GAAP measures to evaluate the core operating performance of our business and to perform financial planning. Since we find these measures to be useful, we believe that investors benefit from seeing results reviewed by management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by facilitating: (i) the comparability of our on-going operating results over the periods presented and (ii) the ability to identify trends in our underlying business.
SOURCE: Altigen Technologies
View the original press release on accesswire.com
FAQ
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