PHOENIX, AZ - Crexendo Inc. (NASDAQ:CXDO), a prominent cloud communication platform provider, has announced a record-breaking turnout for its upcoming NetSapiens Platform User Group Meeting (UGM). The event, scheduled for October 21-24 in Nashville, TN, has officially sold out sponsorships, marking the highest level of participation in its history.
The UGM, known for bringing together leading service providers, partners, and vendors, is set to feature a range of sessions, including those that will highlight the latest applications and AI-driven innovations in communications technology. It offers a platform for industry discussions and networking among Crexendo's NetSapiens community members.
Jeff Korn, CEO and Chairman of Crexendo, expressed excitement over the event's unprecedented participation levels, attributing it to the strong demand for the NetSapiens platform's innovative solutions. The platform recently achieved a significant milestone, surpassing five million end users, which signifies the company's expanding global footprint.
The NetSapiens platform is acclaimed for providing scalable and flexible solutions for service providers, notably without per-seat fees, a model that has led to growth rates double the industry average. The User Group Meeting's record attendance is seen as a continuation of Crexendo's global expansion and its leadership within the communications sector.
Crexendo's market position has also been reinforced by Frost & Sullivan's recognition, naming it the fastest growing UCaaS platform in North America. The company remains committed to offering advanced, customizable solutions that enable service providers to enhance their services and deliver superior communication experiences.
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In other recent news, Crexendo, Inc. reported remarkable Q2 2024 results, with revenues reaching $14.7 million, marking a year-over-year increase of 16%, and net income skyrocketing by 220%. The company has consistently maintained GAAP profitability for four consecutive quarters, exceeding both internal and analyst expectations. Crexendo is investing in Oracle (NYSE:ORCL) cloud infrastructure and NetSuite to support its future growth, with the Software Solutions division experiencing a 35% organic growth rate. The company's backlog has grown by 39% year-over-year, indicating a robust pipeline for future revenue. Furthermore, Crexendo expects double-digit organic revenue growth for the full year, exceeding 10%, and has a strong backlog of $20.245 million remaining for 2024. Despite some concerns about high acquisition multiples in the current market, the company's Software Solutions segment is rapidly growing, and it is exploring growth opportunities in Australia and Europe.
InvestingPro Insights
As Crexendo Inc. (NASDAQ:CXDO) gears up for its record-breaking User Group Meeting, investors and industry observers may be keen to understand the financial metrics that underpin the company's robust market position. According to InvestingPro data, Crexendo boasts a market capitalization of $121.82 million, reflecting the market's valuation of the company's equity.
The company's financial health is further highlighted by a substantial gross profit margin of 61.83% for the last twelve months as of Q2 2024, indicating strong profitability in its operations. This is complemented by a notable revenue growth of 24.72% during the same period, signaling that Crexendo's innovative solutions are resonating with the market.
InvestingPro Tips suggest that Crexendo holds more cash than debt on its balance sheet, a sign of financial stability that could reassure stakeholders of the company's ability to invest in future growth and innovation. Moreover, analysts predict that Crexendo will be profitable this year, aligning with the company's recent achievements and the optimistic outlook presented at the upcoming User Group Meeting.
For those interested in a deeper dive into Crexendo's financials and future prospects, InvestingPro offers an additional 11 tips, which can be accessed at InvestingPro's dedicated CXDO page. This extensive list of tips could provide valuable insights for potential investors and current shareholders looking to gauge the company's trajectory.
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