In addition to the sale, Korn exercised stock options on December 6, acquiring 12,500 shares at an exercise price of $2.93 per share. This transaction, valued at $36,625, increased his total holdings to 245,448 shares. These stock options were part of a vesting schedule that began on April 9, 2018. For deeper insights into insider transactions and comprehensive analysis, InvestingPro subscribers can access detailed financial health scores and 13 additional ProTips about Crexendo (NASDAQ:CXDO)'s current market position. For deeper insights into insider transactions and comprehensive analysis, InvestingPro subscribers can access detailed financial health scores and 13 additional ProTips about Crexendo's current market position.
In addition to the sale, Korn exercised stock options on December 6, acquiring 12,500 shares at an exercise price of $2.93 per share. This transaction, valued at $36,625, increased his total holdings to 245,448 shares. These stock options were part of a vesting schedule that began on April 9, 2018.
In other recent news, Crexendo, Inc. reported a 13% year-over-year increase in third-quarter revenue for fiscal year 2024, reaching $15.6 million, with its software division experiencing a 25% growth. The company maintained profitability for the fifth consecutive quarter, with a GAAP net income of $148,000 and a non-GAAP net income of $1.7 million. Crexendo's cash position also showed a robust increase, reaching $15.5 million, a 200% improvement year-over-year. The company reported a telecom backlog of $77.4 million, a 22% increase from the previous year, and achieved 25% organic growth in its Software (ETR:SOWGn) Solutions segment, surpassing 5 million platform users. Despite a decrease in net income and EBITDA from the previous year, Crexendo expects to continue double-digit organic growth and is exploring potential acquisitions, leveraging its improved cash position. The company is also investing in Oracle (NYSE:ORCL) Cloud Infrastructure and an upgraded Oracle accounting system, aiming to reach 6 million users by early 2025. These are the recent developments in Crexendo's business operations and financial performance.
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