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This is the most MM's I have seen in quite a while. Expecting action? LOL
And yet we're at a $10M market cap, just insane:
Digerati Technologies Reports 50% Year-to-Date Revenue Growth to $23.908 Million Through Third Quarter FY2023 - Strong Gross Margin Improvement to 63.6% - - Operations from Multiple Operating
Units Fully Integrated in May 2023 - SAN ANTONIO, June 16, 2023 (GLOBE NEWSWIRE) -- Digerati Technologies, Inc. (OTCQB: DTGI) ("Digerati" or the "Company"), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business ("SMB") market, announced today financial results for the three months ended April 30, 2023, the Company's third quarter for its Fiscal Year 2023, and nine months ended April 30, 2023. Key Financial Highlights for the Nine Months Ended April 30, 2023 (Compared to the Nine Months Ended April 30, 2022) -- Revenue increased by 50% to $23.908 million compared to $15.959 million. -- Gross profit increased 56% to $15.210 million compared to $9.756 million. -- Gross margin increased to 63.6% compared to 61.1%. -- Non-GAAP Adjusted EBITDA income increased by 25% to $2.249 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $1.794 million. -- Net loss increased by 48% to $7.012 million, compared to a net loss of $4.726 million. -- Non-GAAP operating EBITDA (OPCO EBITDA) income increased 47% to $3.292 million, excluding corporate expenses, all non-cash items and one-time transactional expenses, compared to a non-GAAP operating EBITDA of $2.451 million. Key Financial Highlights for the Third Quarter Fiscal Year 2023 Ended April 30, 2023 (Compared to Third Quarter Fiscal Year 2022 Ended April 30, 2022) -- Revenue decreased by 4% to $7.837 million compared to $8.163 million. -- Gross profit remained relatively flat at $4.958 million compared to $5.002 million. -- Gross margin increased to 63.3% compared to 61.3%. -- Non-GAAP Adjusted EBITDA income decreased by 23% to $0.621 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $0.804 million. -- Net loss increased by 158% to $2.244 million, compared to a net income of $3.902 million. -- Non-GAAP operating EBITDA (OPCO EBITDA) income decreased 6% to $0.999 million, excluding corporate expenses, all non-cash items and one-time transactional expenses, compared to a non-GAAP operating EBITDA of $1.059 million. Arthur L. Smith, CEO of Digerati, commented, "Our nine months year-to-date results were strong even before completing the full integration of multiple operating entities in May 2023. We will end our fiscal year with an integrated platform branded as Verve and optimized for scaling via organic and/or acquisition growth. The full operational integration included combining people, processes, and systems that resulted in single billing, ticketing, CRM, and accounting systems." Smith, continued, "As we go into our final quarter, we are back at record levels of sales and new installed revenue. This will help offset revenue loss in the 3(rd) quarter due to the winding down of legacy revenue streams, closed customer accounts that did not meet our profitability objectives, lost revenue due to Hurricane Ian, and the closing out of legacy cancelled accounts from previous acquisitions." Antonio Estrada, CFO of Digerati, stated, "As of May, our plan of integrating the operations of our previously closed acquisitions is now behind us and deemed a success. I commend our team for successfully executing our integration playbook. In addition, we are now hitting our stride on sales and service delivery and look forward to sharing our progress with shareholders over the coming months and quarters." Nine Months ended April 30, 2023 Compared to Nine Months ended April 30, 2022 Revenue for the nine months ended April 30, 2023, was $23.908 million, an increase of $7.949 million or 50% compared to $15.959 million for the nine months ended April 30, 2022. The increase in revenue is primarily attributed to the increase in total customers between periods due to the acquisitions of Skynet in December 2021 and NextLevel Internet in February 2022. Gross profit for the nine months ended April 30, 2023, was $15.210 million, resulting in a gross margin of 63.6%, compared to $9.756 million and 61.1% for the nine months ended April 30, 2022. The increase in gross margin is primarily due to the addition of higher-margin revenue associated with NextLevel Internet's UCaaS product line and the acquisition of Skynet in December 2021. Selling, General and Administrative expenses (excluding legal and professional fees) for the nine months ended April 30, 2023, increased by $4.716 million, or 58%, to $12.852 million compared to $8.136 million for the nine months ended April 30, 2022. The increase in SG&A is attributed to the acquisitions of Skynet and NextLevel Internet during FY2022 and subsequent consolidation of the employees from each of the businesses. Operating loss for the nine months ended April 30, 2023, was $3.040 million, a decrease of $0.485 million or 14%, compared to $3.525 million for the nine months ended April 30, 2022. Adjusted EBITDA income for the nine months ended April 30, 2023, was $2.249 million, an increase of $0.455 million or 25%, compared to an Adjusted EBITDA income of $1.794 million for the nine months ended April 30, 2022. In accordance with SEC Regulation G, the non-GAAP measurement of Adjusted EBITDA has been reconciled to the nearest GAAP measurement, which can be viewed under the heading "Reconciliation of Net Loss to Adjusted EBITDA" in the financial table included in this press release. Of note were the following non-cash expenses associated with the nine months ended April 30, 2023. Company recognition of stock-based compensation and warrant expense of $0.069 million and depreciation and amortization expense of $2.912 million. Loss on derivative instruments was $2.893 million for the nine months ended April 30, 2023. Non-GAAP operating EBITDA (OPCO EBITDA) income for the nine months ended April 30, 2023, was $3.292 million, excluding corporate expenses, and all non-cash items and one-time transactional expenses, an increase of $0.841 million or 34%, compared to a non-GAAP operating EBITDA (OPCO EBITDA) income of $2.451 million for the nine months ended April 30, 2022. Net loss for the nine months ended April 30, 2023, was $7.012 million, an increase of $2.286 million or 48%, compared to a net loss of $4.726 million, for the nine months ended April 30, 2022. The resulting EPS loss for the nine months ended April 30, 2023, was ($0.05), as compared to EPS loss of ($0.03) for the nine months ended April 30, 2022. On April 30, 2023, Digerati had $0.997 million in cash. Three Months ended April 30, 2023 Compared to Three Months ended April 30, 2022 Revenue for the three months ended April 30, 2023, was $7.837 million, a decrease of $0.326 million or 4% compared to $8.163 million for the three months ended April 30, 2022. Our total number of customers increased from 3,963 for the three months ended April 30, 2022, to 4,446 customers for the three months ended April 30, 2023. Gross profit for the three months ended April 30, 2023, was $4.958 million, resulting in a gross margin of 63.3%, compared to $5.002 million and 61.3% for the three months ended April 30, 2022. Selling, General and Administrative expenses (excluding legal and professional fees) for the three months ended April 30, 2023, increased by $0.031 million, or 1%, to $4.299 million compared to $4.268 million for the three months ended April 30, 2022. Operating loss for the three months ended April 30, 2023, was $1.075 million, a decrease of $0.551 million or 34%, compared to $1.626 million for the three months ended April 30, 2022. Adjusted EBITDA income for the three months ended April 30, 2023, was $0.621 million, a decrease of $0.183 million or 23%, compared to an Adjusted EBITDA income of $0.804 million for the three months ended April 30, 2022. In accordance with SEC Regulation G, the non-GAAP measurement of Adjusted EBITDA has been reconciled to the nearest GAAP measurement, which can be viewed under the heading "Reconciliation of Net Loss to Adjusted EBITDA" in the financial table included in this press release. Of note were the following non-cash expenses associated with the three months ended April 30, 2023. Company recognition of stock-based compensation and warrant expense of $0.023 million and depreciation and amortization expense of $0.993 million. Loss on derivative instruments was $2.120 million for the three months ended April 30, 2023. Non-GAAP operating EBITDA (OPCO EBITDA) income for the three months ended April 30, 2023, was $0.999 million, excluding corporate expenses, and all non-cash items and one-time transactional expenses, a decrease of $0.060 million or 6%, compared to a non-GAAP operating EBITDA (OPCO EBITDA) income of $1.059 million for the three months ended April 30, 2022. Net loss for the three months ended April 30, 2023, was $2.244 million, compared to a net income of $3.902 million, for the three months ended April 30, 2022. The resulting EPS loss for the three months ended April 30, 2023, was ($0.01), as compared to a EPS income of $0.03 for the three months ended April 30, 2022. Use of Non-GAAP Financial Measurements (MORE TO FOLLOW) Dow Jones Newswires June 16, 2023 09:02 ET (13:02 GMT) Story ID: 20230616DN003799 Keywords: OFF-TRADING FLOOR INVESTMENT NEWS, DOW JONES CONTENT SET DN, DOW JONES PORTFOLIO NEWS, PRESS RELEASES AUTO-PUBLISHED ON TICKER, WEALTH MANAGEMENT NEWS, FIXED LINE TELECOMMUNICATIONS, GLOBAL EQUITIES SPOTLIGHT, DOW JONES EQUITY INVESTOR NORTH AMERICA, SIGNIFICANT STORY, GRAND CENTRAL ASSET CLASS EQUITIES, DOW JONES GLOBAL PREMIUM INVESTMENT NEWS, DOW JONES NEWS SERVICE, DOW JONES ADVISOR MARKETS, FINANCIAL NEWS VENDOR WIRE, DOW JONES GLOBAL EQUITIES NEWS, MORE NEWS TO FOLLOW, DOW JONES ADVISOR PRACTICE, DOW JONES EQUITY TRADING NORTH AMERICA, CORPORATE ACTIONS, COMPANY NEWS, TELECOMMUNICATIONS, OFF-TRADING FLOOR PORTFOLIO NEWS, DOW JONES GLOBAL MARKETS NEWS, THIRD-PARTY CONTENT, DOW JONES GLOBAL INVESTMENT NEWS, PRESS RELEASES ON NEWSWIRES, TELEPHONE SYSTEMS-ALL, DOW JONES NEWS WIRES, DOW JONES INTERNATIONAL NEWS SERVICE, EARNINGS Symbols: DTGI
I agree but I don't mind. As long as there is a hiccup/delay I will continue to take advantage of it & add. I have made $$$ in Penny stocks either by taking advantage of a note that's due and is dumping/selling and driving the pps down and delays/hiccup on news.
DTGI is a guarantee. IMO
Can't say that for every penny play out there :)
The fact that there appears to be unlimited shares for sale between .07-.10 is absolutely insane with this float. Criminal and insane.
Thanks again for more cheapies this morning.
$DTGI
It’s their fault that their stock is trading at .07 cents and it’s taken them 2+ years longer to get uplisted than they initially promised. Zero value delivered to shareholders in years.
This was not their fault. Either someone from MEOA didn't communicate with NASDAQ correctly that the vote was in and the stock should have been halted or NASDAQ just dropped the ball. It will be corrected.
No offense Craig but you guys have taken way too long to get uplisted - it was supposed to happen like 2 years ago and people are not amused, and now we are still sitting here with a $10m market cap getting manipulated on a daily basis
It’s been on sale for 3 years - I wish management would get their heads out of their asses and finally deliver for shareholders
thank you. Blessings all.
Some folks should just trust me :)
Yep and it has nothing to do with $DTGI…Nasdaq…
Waiting on NASDAQ to unhalt MEOA
how can you be sure the deal will get done??? what is the hold up??? this could stretch on forever. Hope not. Glad people are posting. I just wish someone could explain why they keep postponing the merger. I actually have zero confidence at this point. I will hold until the end of June and then reassess. Thank you.
Taking advantage of the bid at $.07... Thx for the cheapies!
$DTGI
All you can…
Another day, another dip...
Shit~
Sigh,
C
I find it odd that everyone posting on MEOA that day disappeared.
Yes thank you Nasdaq for stepping in and protecting shareholders from a stock price GOING UP- what a crock of BS
I believe that crew that showed up on MEOA and ran the pps sabotaged it. Now we have to wait for NASDAQ to straighten it out.
So Nasdaq is effing up and it’s harming us. Here come the fake shares on the ask for DTGI again.
On May 12, 2023, Digerati Technologies, Inc., a Nevada corporation (“Digerati”) filed a definitive proxy statement with respect to a special meeting of its stockholders to be held on Thursday, May 25, 2023 at 11:00 a.m. EDT (the “Special Meeting”) to vote on, among other things, a proposal to adopt and approve that certain Business Combination Agreement by and among Digerati, Minority Equality Opportunities Acquisition Inc., a Delaware corporation (“MEOA”) and MEOA Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of MEOA (“Merger Sub”) and the business combination contemplated thereby (the “Business Combination”).
On May 24, 2023, Digerati determined to postpone the Special Meeting until Friday, May 26, 2023, then on May 25, 2023 and May 30, 2023 the Company announced further postponements.
On June 12, 2023, Digerati determined to further postpone the Special Meeting until a date, on or prior to June 30, 2023. At such time as the date and time of the Special Meeting is decided, Digerati shall issue a press release and file a Current Report on Form 8-K providing such information to its stockholders. Digerati shall endeavor to publicly disclose the date and time not less than forty-eight (48) hours in advance of the Special Meeting.
On June 12, 2023, Digerati issued a press release announcing the further postponement of the Special Meeting, which is filed herewith as Exhibit 99.1 to this report and which is incorporated herein by reference.
It's my understanding that NASDAQ fudged up. When MEOA vote (they received the 65% necessary vote) was in the day before, someone dropped the ball because MEOA should've been halted the following day BEFORE trading opened.
MEOA stock should be between $10--$11.
Problem is it was halted @ $26
I seriously don’t understand what is taking Nasdaq so long
anything today? I bet they postpone again. Just what are they trying to reach? Can anyone help me understand. Thank you
Feeling really good about this, a couple more purchases will put me over 200K if it decides to come down to 8 cents one more time
Its been a long long wait, but it will be worth it to clear this position for some cash.
You're technically right, the only thing that matters at this point is the MEOA price
I don't care. Our share price is AUTOMATIC at this point. I'm no longer looking at the daily action. I'm locked & loaded.
Someone does NOT want this stock over .10. SHeesh.
Yes, June is gonna be our month & we ended UP green :)
Hang in there, man. I know you’re frustrated. These games gotta be on purpose, right? At least there’s some good volume today.
Yep. You’ve been calling .18!
Can you honestly believe this? .097 and OTCN drops down to .085
660K and still hasn't broke .097. RIght, Right.
Sweet Jesus, why do these ask hits NOT MOVE THE GODDAMN ASK
Yeah I honestly don’t get it - seems like an infinite number of shares below .10
June may be our month...But today it is TIMBER!!!!!!!!!!!!!!!!!!!!!!!!
I was on the MEOA call...they have the vote. Just waiting on NASDAQ to get their heads out of their asses.
What a coincidence that your handle name is Double.... expecting a double from here :)
lol. I’m hoping so, brother. We’ve been sitting on this one a while now. I could use a win after heavy losses the last couple of years. GLTY
"but I just about quadrupled my count today"
You are a smart investor/trader :)
I didn’t have much before but I just about quadrupled my count today. Doesn’t make sense why this is trading in this range to me…. Like it’s been purposely held down for somebody to collect shares before this merger/ run. I think you’re right about the naked shares my friend.
This continues to be the most naked shorted and manipulated stock I've ever seen. Should be trading like ICCT which is in the exact same situation with same share count.
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