Galaxy Next Generation Announces Preliminary Third Quarter Ended March 31, 2021 Revenue Growth of At Least 100% to $0.7 Million

Rhea-AI Summary

Galaxy Next Generation, Inc. (OTCQB:GAXY) expects revenues of at least $0.7 million for the fiscal third quarter ended March 31, 2021, marking an impressive 100% increase from $349,247 in the same quarter last year. The surge is driven by heightened demand in K-12 education technology, supported by federal stimulus plans boosting school budgets. CEO Gary LeCroy noted solid growth from OEM partners and increasing orders. Full earnings results will be reported the week of May 10, 2021.

Positive

• Expected revenue of at least $0.7 million representing a 100% increase year-over-year.
• Increased demand for in-classroom and remote learning solutions.
• Solid growth from OEM partners leading to increased orders.
• Federal stimulus plans augmenting school budgets.

Negative

• None.

Driven by Increase in Budgets and Demand in the K-12 Market

TOCCOA, GA / ACCESSWIRE / May 4, 2021 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company), a provider of interactive learning technology solutions, today announced that the Company expects to report revenues of at least $0.7 million, representing at least a 100% increase, for the fiscal third quarter ended March 31, 2021. The Company reported $349,247 revenue for the fiscal third quarter ended March 31, 2020.

Gary LeCroy, Galaxy's Chief Executive Officer, commented, "We continue to see an increase in demand for our in-classroom and remote learning education technology solutions and products. In addition, our OEM partners are experiencing solid growth and ramping their orders with us. We are benefitting from increased budget committments as a result of federal stimulus plans allocating additional money for school districts."

Galaxy's fiscal third quarter, ended March 31, 2021, earnings and results are expected to be reported the week of May 10, 2021.

About Galaxy Next Generation, Inc.
Galaxy Next Generation (OTCQB:GAXY) is a provider of interactive learning technology solutions that allows the presenter and participant to engage in a fully collaborative instructional environment. Galaxy's products include Galaxy's own private-label interactive touch screen panel as well as numerous other national and international branded peripheral and communication devices. Galaxy's distribution channel consists of 22+ resellers across the U.S. who primarily sell the Company's products within the commercial and educational market. Galaxy does not control where resellers focus their resell efforts, although generally, the K-12 education market is the largest customer base for Galaxy products - comprising nearly 90% of Galaxy's sales.

For additional information, please visit our website at: www.galaxynext.us

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investors Contact:
IR@GalaxyNext.us
P: 888-859-1274

SOURCE: Galaxy Next Generation, Inc.

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FAQ

What is the expected revenue for Galaxy Next Generation for Q3 2021?

Galaxy Next Generation expects to report revenues of at least $0.7 million for Q3 2021.

How much did Galaxy Next Generation's revenue increase compared to the previous year?

The revenue is expected to increase by at least 100% compared to the previous year.

When will Galaxy Next Generation report its third-quarter earnings?

Galaxy Next Generation is expected to report its earnings for the third quarter the week of May 10, 2021.

What factors contributed to Galaxy Next Generation's expected revenue growth?

The expected revenue growth is attributed to increased demand in K-12 education technology and additional budget commitments from federal stimulus.