Galaxy Next Generation Reports First Quarter FY 2023 Results
Galaxy Next Generation, Inc. (OTCQB:GAXY) has reaffirmed its FY 2023 revenue outlook of at least $6 million, indicating a 50% year-over-year increase. In its first quarter ended September 30, 2022, revenues reached $0.6 million, with deferred revenues at $0.6 million. The gross margin improved to 56% from 40% year-over-year. The company secured $1.3 million in purchase orders and contracts, launched new products, and expanded its market presence. However, it reported a net loss of $1.6 million.
- Revenues for Q1 FY2023 reached $0.6 million, with deferred revenues at $0.6 million.
- Achieved a gross margin improvement to 56%, up from 40% year-over-year.
- Secured $1.3 million in purchase orders and contracts during Q1 FY2023.
- Expanded into new markets including Ohio, New Hampshire, and Tennessee.
- Recognized with platinum awards for product innovation in education technology.
- Reported a net loss of $1.6 million for Q1 FY2023 compared to a loss of $0.4 million in the prior year.
- Total revenues decreased from $1.7 million in Q1 FY2022 due to supply chain delays.
- Operating loss increased to $1.3 million compared to $0.9 million in the previous year.
Reaffirms FY 2023 Revenue Outlook of at least
Management to Host Conference Call Today at 9:00 a.m. ET
TOCCOA, GA / ACCESSWIRE / November 15, 2022 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company"), a provider of interactive learning technology solutions, announced the Company's operating and financial results for the fiscal first quarter ended September 30, 2022.
Recent Company Highlights
- Awarded a combined
$1.3 million in purchase orders and contracts during the first quarter of FY2023 - Revenues for the first quarter of
$0.6 million and deferred revenues of$0.6 million as of September 30, 2022 reflect successful transition to new sales strategy - Gross margin improved to
56% for the first quarter of FY2023 compared to40% in the same prior year quarter - Secured reseller partnerships with leading national organizations A3 Communications, Bluum, and Camcor
- Appointed veteran technology sales executive Todd Eddy as Chief Revenue Officer
- Increased national footprint with entrances into the Ohio, New Hampshire, and Tennessee markets
- Recently launched G2 Secure aChat and G2LINK Classroom Audio System won platinum 2022 New Product Awards from leading education publication Spaces4Learning
Management Commentary
"The first quarter of fiscal year 2023 was our first quarter following the transition of our sales model from our previous OEM partner focus to under the G2 brand," said Gary LeCroy, Chief Executive Officer of Galaxy. "As we continue to execute our growth strategy alongside our expanding national reseller network, we expect the benefits of this transition to increasingly translate in our operating results over the remainder of the fiscal year. Demand for innovative solutions that enable a more flexible, effective, and safe learning environment remains strong, and we are well positioned to increase our market share incrementally within the rapidly growing education technology market."
Magen McGahee, Chief Financial Officer of Galaxy, added, "With combined quarterly revenues and deferred revenues totaling nearly
Fiscal Year 2023 Outlook
Galaxy expects its revenue for fiscal year 2023 to be at least
Conference Call and Webcast
Date: Tuesday, November 15, 2022
Time: 9:00 a.m. ET
Dial-in (U.S.): 1-877-407-0789
Dial-in (International): 1-201-689-8562
Conference ID: 13734517
Webcast: GAXY Q1 FY 2023 Conference Call
Financial Results for the Three Months Ended September 30, 2022
Revenue for the three months ended September 30, 2022 was
Cost of sales decreased during the three months ended September 30, 2022 due to the decrease in revenue as well as our shift to selling products that are lower cost with higher profit margins.
Gross profit for the three months ended September 30, 2022 was
Total general and administrative expenses for the three months ended September 30, 2022 were
Operating loss for the three months ended September 30, 2022 was
Other expenses for the three months ended September 30, 2022 were
Net loss for the three months ended September 30, 2022 was
Non-cash contributing factors for the net loss incurred for the fiscal year ended June 30, 2022 are as follows:
a)
b) Noncash interest expenses of
c) Depreciation and amortization expenses related to intangibles and capitalized development costs of
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
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 statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding the Company making necessary operational improvements to lay the foundation for its next phase of growth, the Company's expanded team and presence enabling it to achieve an increase in annual revenue of at least
Company Contact
IR@GalaxyNext.us
P: 888-859-1274
Investor Relations
Brooks Hamilton
MZ North America
+1 949-546-6326
GAXY@mzgroup.us
SOURCE: Galaxy Next Generation, Inc.
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