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Crexendo Inc. (NASDAQ: CXDO) is a premier provider of cloud communication platforms and services designed to enhance productivity and reduce costs for businesses of all sizes, from small and medium-sized businesses (SMBs) to mid-sized enterprises. With its extensive range of services, Crexendo offers cloud telephone systems, call centers, unified communications (UCaaS), and collaboration tools, all aimed at improving business efficiency at affordable rates, typically 20-60% lower than traditional telecom expenses.
Crexendo operates through two main segments: Cloud Telecommunications and Software Solutions. The Cloud Telecommunications segment provides hardware, software, and comprehensive unified communication solutions utilizing IP or cloud technology via high-speed internet connections. The Software Solutions segment generates revenue from software licenses, maintenance support, and professional services, catering to customer support and other auxiliary services. The company also offers product warranties and derives a majority of its revenue from the Cloud Telecommunications segment.
Commitment to reliability and security is at the forefront of Crexendo’s operations. The company’s services are benchmarked against stringent security and reliability standards, with PCI compliance and registration as a Competitive Local Exchange Carrier (CLEC) across the USA and Canada. The data centers boast multiple levels of redundancy and high-level security defenses, ensuring maximum operational uptime and data protection.
In recent developments, Crexendo has achieved significant milestones and recognition in the industry. It has been awarded the 2024 North American Competitive Strategy Leadership Award by Frost & Sullivan, highlighting a remarkable 36% user growth in 2023. The company’s cloud platform now supports over four and a half million end users globally, a testament to its expanding market presence and adoption. Additionally, Crexendo has incorporated Generative AI technology powered by ChatGPT into its Contact Center solutions, enhancing real-time conversational capabilities.
Financially, Crexendo has reported robust growth, with a 24% increase in total revenue for the fourth quarter of 2023, reaching $14.2 million. The company has maintained profitability, achieving a net income of $0.4 million for the first quarter of 2024. With strategic partnerships, such as the collaboration with Oracle Cloud Infrastructure (OCI), Crexendo is well-positioned for further geographic expansion and enhanced service delivery.
Crexendo has also been recognized in G2’s Spring 2024 Reports, achieving first place in 19 customer satisfaction categories. This recognition, along with numerous industry accolades, underscores the company's commitment to delivering exceptional cloud communication solutions and customer service.
For more information about Crexendo's products and services, please visit www.crexendo.com.
Crexendo, Inc. (NASDAQ:CXDO) announced its definitive agreement to acquire NetSapiens, Inc. for approximately $50 million, comprising $10 million in cash and $40 million in stock. This merger will support over 1.7 million users and enhance Crexendo's UCaaS offerings. The transaction, expected to close in early summer 2021, awaits shareholder approval. CEO Steven G. Mihaylo emphasized the acquisition as a pivotal growth step, enhancing both companies' capabilities and shareholder value. The financial advisory for this deal is provided by Colliers Securities LLC.
Crexendo, Inc. (NASDAQ:CXDO) will announce its fourth quarter and year-end 2020 financial results on March 9, 2021, at 4:30 PM EST. The event will feature CEO Steven G. Mihaylo, COO Doug Gaylor, and CFO Ron Vincent, who will present remarks and answer questions. Participants can join via dial-in or audio webcast. Replay options will be available until March 16, 2021. Crexendo provides cloud communications and UCaaS solutions, aimed at offering affordable, enterprise-class services to businesses of all sizes.
Crexendo, Inc. (NASDAQ:CXDO) will present at the 13th Annual LD Micro Main Event Conference on December 14 at 3:00 PM EST. The presentation will be led by Doug Gaylor, President, and Ron Vincent, CFO, who will discuss Crexendo’s cloud communications and collaboration services. Investors can register at this link. This year's event will feature a new format with 10-minute presentations followed by 10 minutes of Q&A. Crexendo aims to deliver enterprise-class services at affordable rates, enhancing investor engagement.
Crexendo, Inc. (NASDAQ:CXDO) has appointed Jon Brinton as Chief Revenue Officer to enhance revenue operations, including direct and channel sales. CEO Steven G. Mihaylo emphasized Brinton's exceptional track record in driving revenue and operations. Brinton joins from Avaya, where he was Vice President of Channel Sales, and has previously held senior executive roles at Mitel. His leadership is expected to grow Crexendo's sales team and customer base significantly, aligning with the company's focus on cloud communications during the 'Work from Anywhere' trend.
Crexendo, Inc. (NASDAQ:CXDO) reported a 15% increase in Q3 2020 revenue to $4.1 million, with a GAAP net income of $131,000 or $0.01 per share. UCaaS service revenue rose 14% to $3.5 million, while web services revenue fell 19%. Total operating expenses increased by 22% to $4.0 million. Year-to-date total revenue grew 13% to $12.1 million, yet net income decreased to $779,000 compared to $911,000 in the previous year. Crexendo's recent uplisting to Nasdaq and successful public offering position it for future growth despite pandemic-related challenges.
Crexendo, Inc. (NASDAQ:CXDO) plans to announce its third quarter 2020 financial results during a conference call on November 10, 2020, at 4:30 PM EST. CEO Steven G. Mihaylo, COO Doug Gaylor, and CFO Ron Vincent will present and take questions following their remarks. Domestic participants can join by calling 844-369-8770, while international callers should dial 862-298-0840. A replay will be accessible until February 10, 2021. Crexendo is recognized as a leading provider of cloud communications and business services.
Crexendo, Inc. (NASDAQ:CXDO) will present at the Zooming with LD event on October 12, 2020, at 11:00 AM ET. Doug Gaylor, President and COO, along with CFO Ron Vincent, will lead the presentation and answer investor questions. Interested investors can register for the virtual presentation here. Crexendo specializes in providing cloud communications and business services designed for companies of any size. The company is recognized for its affordable UCaaS and collaboration services.
Crexendo, Inc. (NASDAQ:CXDO) announced its participation in the 2020 Lytham Partners Virtual Investor Growth Conference, scheduled for October 8, 2020, at 3:00 PM Eastern. Doug Gaylor, President and COO, along with Ron Vincent, CFO, will hold one-on-one meetings with investors on October 6 and 7. This virtual conference will allow Crexendo to showcase its cloud communications and UCaaS services, aimed at businesses of all sizes. Investors can arrange meetings by contacting Lytham Partners.
Crexendo (NASDAQ:CXDO) announced a registered underwritten public offering of 2,800,000 shares of common stock priced at $5.50 per share, aiming for gross proceeds of approximately $9.6 million. The offering includes 1,050,000 shares sold by stockholders, with an option for underwriters to purchase up to 420,000 additional shares. Proceeds will fund general corporate purposes such as working capital and product development. Closing is expected by September 28, 2020.
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