Crexendo Q3 revenue rises 44%, slightly beats estimates
CXDO•Crexendo's third-quarter revenue rose 44% year over year to $25.2 million, slightly above the $25.14 million estimate. Adjusted net income and adjusted EBITDA each reached $4 million, beating analyst estimates.
1. Quarterly results
Crexendo reported third-quarter revenue of $25.2 million, up 44% year over year and slightly above the $25.14 million analyst estimate. Adjusted net income was $4 million, compared with an estimate of $2.82 million, while adjusted EBITDA was $4 million, versus an estimate of $3.51 million.
2. Revenue and outlook
Service revenue rose 75% year over year, while product revenue increased 78%. The company added five licensees in the quarter and said it expects recent new platform wins to support future organic growth. It is evaluating additional opportunities to accelerate growth and maximize organic growth.
