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CXDO📰...A Journey to Four million Users: A Case Study in Mastering the Art of Community Cultivation
10 Jan, 2024
In the ever-evolving landscape of digital communication, community building has become a pivotal factor in the success of technology platforms. One shining example of this is the recent announcement by Crexendo® on its NetSapiens® platform community, a vibrant hub that has rapidly grown to encompass over four million users. This blog delves into the crucial role of cultivating a community and how it has spearheaded the platform's meteoric rise.
Understanding the Foundation:
When Crexendo® acquired NetSapiens® back in 2021 it quickly realized that it had just inherited a community like no other which already had over one million users, this set the stage for a transformative journey that would redefine the way we communicate. Fast forward to December 2023, and the global user count has skyrocketed to an impressive four million, underscoring the platform's and its community's remarkable capacity to revolutionize a multi-billion-dollar industry. This remarkable growth is not only a testament to the platform's inherent strengths but also to the strategic synergy brought about by Crexendo's financial robustness as a publicly traded company. The fusion of financial stability, coupled with a strategic vision and execution, forms the bedrock of a steadfast foundation that guarantees a promising future for the NetSapiens® platform community.
The Power of Community Cultivation:
Crexendo® recognized that beyond providing innovative communication solutions, the real strength lies in fostering a vibrant and engaged community. By creating open communication channels, offering educational resources, and maintaining a responsive support system, Crexendo® has cultivated an environment where users collaborate, share insights, and collectively elevate the platform's capabilities. This community-driven approach is a testament to the platform's commitment to continuous improvement. Through a genuine commitment to incorporating user feedback into the development process, Crexendo® has empowered its community, turning them into active contributors to the platform's success. The bonds formed within this community not only enhance individual user experiences but also propel the NetSapiens® Platform to new heights, making it a shining example of how the power of community can drive innovation and growth.
Open Communication Channels:
Prior to the acquisition NetSapiens® laid the foundation for community growth by establishing open and accessible communication channels. Now as part of Crexendo® it has Online forums, social media groups, and dedicated community spaces providing users with a platform to share insights, seek assistance, and engage in meaningful discussions. This open dialogue facilitated the exchange of ideas and best practices, creating a dynamic environment for learning and collaboration.
Education and Training:
Empowering users through education and training has been a cornerstone of Crexendo’s community strategy. Regular webinars, workshops, and tutorials were conducted to equip users with the knowledge and skills needed to maximize the platform's capabilities. This commitment to continuous learning not only enhanced user proficiency but also strengthened the bonds within the community.
Responsive Support System:
A responsive support system is essential for community satisfaction. Crexendo’s prioritized customer support, ensuring that users received prompt assistance and resolutions to their queries. This not only addressed immediate concerns but also built trust and loyalty among the user base.
Community-Driven Development:
In the dynamic journey towards amassing four million users, Crexendo® distinguished itself by wholeheartedly adopting a community-driven approach to product development. Actively seeking and incorporating user feedback and suggestions into regular platform updates, forging a collaborative model that not only elevated the platform's functionality but also instilled a profound sense of ownership among its users. At the core of this evolution were over 240+Developer APIs playing a pivotal role, acting as a conduit for community-driven development. These APIs empowered users to contribute seamlessly to the platform's enhancement by building custom integrations, applications, and solutions, thereby bridging the gap between the platform's existing capabilities and the diverse needs of its user base.
Furthermore, the strategic inclusion of over 400 CRM integrations underscored Crexendo’s commitment to versatility and user-centricity. These integrations not only streamlined workflows but also provided users with a seamless experience, highlighting how a robust community, innovative technologies, and a comprehensive integration ecosystem can synergize in propelling Crexendo® to unparalleled heights in the realm of communication platforms.
Conclusion:
This success is not just measured in numbers but also in the richness of the interactions, the depth of knowledge sharing, and the collaborative spirit that permeates the NetSapiens® platform community.
Cultivating a thriving community is a strategic imperative for technology platforms seeking sustained growth and user engagement. Crexendo’s journey exemplifies the transformative power of community building, demonstrating how a dedicated focus on communication, education, support, recognition, and user-driven development can propel a platform to new heights. As the NetSapiens® platform community continues to flourish, its impact is not just measured in numbers but in the collective success and innovation fostered among its diverse and engaged user base.
https://www.cloudcommunications.com/blog/a-journey-to-four-million-users
GTEC...Here's a VERY impressive interview from last week...
DBGI...FWIW, Friday was the first time in a while I put a trade in on the ask (in the $2.60's) and it was not completely filled. Maybe it's bottoming and ready to head higher?? You never know.
I realize not many (if anyone) likes this company (& prior dilution), but IMO it's still one for the watch list.
Current stock price is $2.70, P/B ratio is 0.44, and market cap is $2.86M.
Spin the wheel...
Last weeks news...
Digital Brands Group Forecasts $27M to $30M in Revenue, $6M to $7M in Internal Free Cash Flow and $1.5M to $2.0M in EBITDA for 2024
AUSTIN, Texas, Jan. 3, 2024 /PRNewswire/ -- Digital Brands Group, Inc. ("DBG") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today announces its initial 2024 revenue guidance of $27 million to $30 million, an increase of 70% to 90% from 2023 revenue expectations. As we stated on our most recent quarterly call, we expect our first quarter 2024 revenues to approximate $6 million, based on $4.5 million in confirmed wholesale bookings.
The Company forecasts EBITDA of $1.5 million to $2.0 million for 2024, as it leverages its shared services platform and increased wholesale bookings. Additionally, the Company forecasts $6.0 million to $7.0 million in internal free cash flow for 2024.
"We are excited to showcase our commitment to shareholder growth in 2024. As part of this commitment, we continue to review strategic alternatives, especially given our assets and operating forecast relative to our public market value. We have several options to maximize shareholder value, which we will pursue if this dislocation remains," said Hil Davis, Chief Executive Officer of Digital Brands Group.
https://finance.yahoo.com/news/digital-brands-group-forecasts-27m-133000109.html
PPIH...Nice little pop on news. Nelson, maxluke...this has been a tough one to build a position in. Been slowly buying and adding but today's news spiked the price up on me. Maybe it'll dip back down though. Anyway, I'm averaged in at $8.14 with somewhat of a decent position. Thanks for the heads up nelson. This looks to be a good one to watch throughout the year.
Here's last night's news...
Perma-Pipe International Holdings announces acceptance into QatarEnergy’s Tawteen Program
SPRING, Texas, January 03, 2024--(BUSINESS WIRE)--PERMA-PIPE International Holdings, Inc (Nasdaq: PPIH) today announces its acceptance into QatarEnergy’s Tawteen program.
Tawteen is the Supply Chain Localization Program for the energy sector in Qatar led by QatarEnergy. PERMA-PIPE will aim to provide pre-insulated piping systems, custom fabrication and 3-layer polyethylene coatings for QatarEnergy projects.
Saleh Sagr, Senior Vice President for PERMA-PIPE’s MENA region commented, "We are pleased to announce and place great significance on our relationship with QatarEnergy and the Qatari market. QatarEnergy is in the process of expanding its LNG production capacity from 77 million mtpa to 126 million mtpa by 2026, and this will require the construction of compression facilities and pipelines. We have served this market since 2006 and now, through the Tawteen Program, our local facility will be able to work more closely with QatarEnergy providing our latest innovative technologies."
David Mansfield, President and CEO of PERMA-PIPE International Holdings, Inc stated, "The Tawteen program has three primary objectives; to support the realization of Qatar National Vision 2030; to establish sustainable and competitive in-country suppliers that meet the requirements of Qatar’s Energy sector; and, to support the growth and diversification of Qatar’s economy. We are extremely proud to be able to deliver to all areas of this program."
Perma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at fourteen locations in six countries.
FTK...Added a bunch of FTK (in the $3.30's) to my position today on the drop. Not sure why it pulled back but I took advatage of it hoping it recovers.
HAPPY NEW YEAR...Thank you everyone for your posts and contribution and DD over the years. The Value Marketcap Motherboard (VMC) & Savvy Trades boards have been a huge part of my life for 20+ years starting back in the Raging Bull days.
2023 was a great year for me. Thank you.
...
CXDO...Now over $5... ANOTHER 52wk high on the last trading day of 2023!! Happy New Year!!!!!!!!🍻
AESI...Added to my position today in the $17.20's, $17.30's. Thanks again for bringing this one to my attention researcher. Hope it works out for us.
DBGI...hweb, I don't see anything being printerd at this time. I added a few more in the low $3's this morning and think there is a good chance to sell higher next year. That is my goal, but you never know. Don't think we'll get much news between now and the next ER, but will see what they say then and hopefully wait for the Aug report. It's a crap shoot, but I still think there's money to be made here. We'll see...
BTW, this is from the last DBGI cc...
...Sundry's fall sweater sold out so quickly at wholesale that Anthropologie has asked for an exclusive sweater program for next fall and holiday, which will increase our wholesale revenues significantly versus not only our first quarter bookings, but our third and fourth quarter results of next year.
Anthropologie is owned by Urban Outfitters Inc. (also known as URBN, $3.3B market cap), who also owns Free People and Urban Outfitters, as well as fashion rental company Nuuly, outdoor lifestyle brand Terrain, bridal-wear retailer BHLDN (sold under the Anthropologie brand in the UK), and restaurant concept brand Menus & Venues.
https://www.anthropologie.com/
Urban Outfitters, Inc.
https://finance.yahoo.com/quote/URBN?p=URBN
ACDC...ProFrac Holding Corp. Completes Refinancing of Senior Secured Term Loan and Enhances Financial Flexibility
WILLOW PARK, Texas, Dec. 27, 2023 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac", or the "Company") today announced that, on December 27, 2023, it completed the refinancing of its existing Senior Secured Term Loan and other debt with two new financings totaling $885 million, which will both mature in 2029. As a result of these transactions, ProFrac is well positioned to deliver exceptional service to its customers and poised to maintain its position as a leader in the oilfield services industry in anticipation of a strong 2024.
Highlights
Refinances the existing Term Loan due March 2025 with a term loan credit facility and senior secured notes with maturities in January 2029
Cash neutral transaction that also positions the Company to maintain liquidity to fund working capital for expected increased activity in 2024
Provides a bifurcated capital structure to allow for future optionality designed to realize the full value potential of the proppant segment
Eliminates any material near-term maturities and provides additional runway to de-lever
Enables ProFrac to focus on the 2024 strategy where it plans to increase utilization of its proppant and stimulation assets through a more diversified commercial approach
First Financial Term Loan and REV Seller Note fully repaid as part of the transaction
ABL Credit Facility amended to lower the line's capacity to $325 million from $400 million
Matt Wilks, ProFrac's Executive Chairman, stated, "We are pleased to announce this successful refinancing, which not only extends our near-term debt maturities into 2029, but it also provides us with the financial flexibility to opportunistically take advantage of the anticipated ramp in activity levels in the coming year. This transaction demonstrates our ability to finance the Company's capital structure and liquidity position in an improving market.
"This is an important and necessary step for ProFrac as we execute the improvements made to the business and demonstrate the cash generation potential in 2024. This is also the next step in the process to build a strong foundation in our proppant segment and maximize shareholder value of that segment."
Transaction Overview
The refinancing transactions include a $365 million Alpine Term Loan and $520 million in Services Senior Secured Notes. These proceeds were used to pay off ProFrac's existing Senior Secured Term Loan, First Financial Term Loan and REV Seller Note as well as for certain fees and expenses. This refinancing transaction provides the Company with a more stable financial platform, a strengthened balance sheet, a bifurcated capital structure and ample liquidity from which it will continue executing various growth-related and value realization opportunities. Additional details on these debt arrangements are as follows:
Alpine Term Loan
These loans were made to ProFrac's family of wholly owned subsidiaries that hold and run ProFrac's proppant business, including Alpine Holding II, LLC ("Alpine Holding") and PF Proppant Holding, LLC ("PFP Holding") among others
Lenders made certain term loans to PFP Holding in the aggregate principal amount of $365.0 million
Guaranteed by ProFrac pursuant to the Unsecured ProFrac Guarantee Agreement and are guaranteed by Alpine Holding, PFP Holding and the Subsidiary Guarantors pursuant to the Alpine Guarantee Agreement
Obligations under the Alpine Term Loan are secured by a lien on and security interest in substantially all of the assets of Alpine Holding, PFP Holding and the Subsidiary Guarantors, which holds ProFrac's Proppant business
The Alpine Term Loan bears a floating interest rate at the borrower's option of either a Base Rate or SOFR Rate plus an applicable margin
Base Rate Loans bear interest at a fluctuating per annum rate equal to the base rate plus a margin of 7.25% per annum subject to both a floor and maximum rate
SOFR Rate Loans bear interest at a fluctuating per annum rate equal to the adjusted term SOFR for a one-month interest period plus a margin of 7.25% per annum subject to both a floor and maximum rate
Mandatory principal payments commence at the end of the calendar quarters ending June 30, 2024, September 30, 2024 and December 31, 2024, in an amount equal to $5 million on each such date followed by quarterly payments of $15 million
The stated maturity date for the Alpine Term Loans is the earlier of January 26, 2029 or the date it becomes due and payable
Services Senior Secured Floating Rate Notes due 2029
ProFrac Holdings II, a wholly-owned subsidiary of ProFrac, issued and sold $520.0 million aggregate principal amount of its Senior Secured Floating Rate Notes due 2029 in a private placement to institutional investors
The Secured Notes bear interest at a fluctuating per annum rate equal to adjusted term SOFR plus the Applicable Margin (as defined in the Indenture) payable quarterly beginning on March 31, 2024
Obligations under the Secured Notes are secured by ProFrac Holdings II, which holds ProFrac's Services business
Mandatory prepayments of $10.0 million on each of June 30, 2024, September 30, 2024 and December 31, 2024, and $15.0 million at the end of each calendar quarter thereafter
On and after January 15, 2025, ProFrac Holdings II may redeem all or a part of the Secured Notes at certain redemption prices outlined in the associated 8-K to this transaction
Seventh Amendment to the ABL Credit Facility
Maximum Revolver Amount is decreased ratably among the Lenders from $400.0 million to $325.0 million
Alpine Holding and its Subsidiaries are designated as Excluded Subsidiaries and Unrestricted Subsidiaries (each as defined therein)
Liens held by the lenders on the assets of the Alpine Excluded Subsidiaries, and all guarantees of the obligations under ABL Credit Facility made by the Alpine Excluded Subsidiaries, are released, terminated and discharged
The ABL Credit Facility has a maturity date of the earlier of March 4, 2027 and 91 days prior to the maturity of any material indebtedness
Advisors
Piper Sandler & Co acted as the sole financial advisor, and Gibson, Dunn & Crutcher LLP and Brown Rudnick LLP acted as legal counsel to ProFrac in connection with the refinancing.
About ProFrac Holding Corp.
ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac is focused on employing new technologies to significantly reduce "greenhouse gas" emissions and increase efficiency in what has historically been an emissions-intensive component of the unconventional E&P development process. ProFrac Corp. operates in three business segments: stimulation services, proppant production and manufacturing. For more information, please visit the ProFrac's website at www.pfholdingscorp.com. Information on ProFrac's website is not part of this release.
https://www.prnewswire.com/news-releases/profrac-holding-corp-completes-refinancing-of-senior-secured-term-loan-and-enhances-financial-flexibility-302022975.html
AESI...Thanks researcher...I started a position. AESI goes nicely w/ my ACDC/FTK positions. (Restarted a position in ACDC & FTK after taking a beating this year. Fortunately my losses are behind me as they will be used against my gains this year).
GTEC...My 30 day wait is over...Back in GTEC...Hoping to add some cheaper shares before y/e, but you never know. Either way, I'm going to keep building a position. At least I can right off the loss I had. (Although for the total year, I'm up nicely).
CXDO...Lake Street Adjusts Price Target on Crexendo to $5.50 From $4, Maintains Buy Rating
DTST...Down a bit...Decided to sell some, take the loss for this year, and re-look at things next year. I like the company, but their are other stocks I like better and I can use the loss right now for tax purposes.
ZYXI...Great. A profit's a profit!! I'm trying to hold on till next year but I set a few stops @ around $10.50.
ZYXI...Up approx 33% since initiating a program to repurchase $10.0 million of the Company's stock.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172793556
Did you get in for the ride rado?
ZYXI has been rising slow and steady. I'm going to set a few stop orders to hold onto some gains (in case it pulls back) .
DTST...I have a decent position. Been accumulating.
CXDO...Here's a closer look at Crexendo's RAPID growth...
Sept 2021...2M end users
May 2022...2.5M end users
Feb 2023...3M end users
Sept 2023...3.5M end users
Dec 2023...4M end users
Crexendo just gained 500k end users in 3 1/2 months, where as in the past, it took them 8, 9, & 7 months to add 500k users.
Growing like a Christmas snowball heading down hill.
☃️❄️🎿⛄❄️❄️🎄
CXDO...💪🏽Crexendo Continues Rapid Growth, Surpasses Four Million Users...
2/19/2023 - 06:00 AM
Over 500k End Users Added Since Mid-September 2023
PHOENIX, AZ / ACCESSWIRE / December 19, 2023 / Crexendo, Inc. (NASDAQ:CXDO) ("Crexendo" or the "Company"), an award-winning, premier platform and provider of cloud communication services, video collaboration and managed IT services, today announced that its cloud communication platform now supports over four million end users* globally.
When Crexendo acquired the NetSapiens platform in June of 2021 there were approximately 1.7 million users on the platform. In September of this year, the Company announced that its user base had surpassed three and a half million users. With additional new licensees deploying Crexendo's platform combined with strong growth from their existing base of over 220 licensees, there are now over 4 million users utilizing the Crexendo NetSapiens platform for their communication needs.
"We have seen a significant increase in the adoption of our offerings, and we only expect this trend to grow from here," said Crexendo CEO Jeff Korn. "We have continued to ramp up business development for new licensees as well as support for our growing community of licensees while also increasing the quality and capabilities of our platform. This very important metric, which follows our very strong third quarter earnings report gives me substantial confidence of our strategic growth plan going into 2024. With the recent sale of our building and the subsequent elimination of debt on our balance sheet, the continued development of our platform, together with our strong organic growth as well as GAAP profitability, I believe our company is executing well on all fronts. We look forward to what the year ahead has in store, and we expect more of the same from a growth standpoint."
*Users are defined as UCaaS application user seats including individual user licenses as well as applications such as conference bridges, call queues, and SIP trunks.
About Crexendo
Crexendo, Inc. is an award-winning premier provider of cloud communication platform and services, video collaboration and managed IT services designed to provide enterprise-class cloud solutions to any size business. Our solutions currently support over four million end users globally.
CSPI...Great timing!!! 👍
CXDO...Here's the kicker...Because of the rise in share price, CXDO is STILL sitting @ 51% of my portfolio even after selling approx 1/3 of my position. I have never had anything like this in all my years of investing. This was and still is (by far) my #1 position.
My portfolio is lit up like a Christmas tree today...🎄😀
hweb, Now all I need is for DBGI to double next year...LOL
CXDO...Thanks Hweb...The gift that keeps giving!!🎅🏽🎄
CXDO...Another 52wk high...On fire today🔥🔥
CSPI...Nice!! And that was a nice filing hweb just posted.
CSPI...Lol. Nice. Hopefully this turns out to be a good day for me to have added.
Have a good weekend.
CSPI...Backlog went down due to CSPi was finally able to fill orders that were held up due to supply chain issues over the past year++. Most of those orders finally filled and shipped.
I already have a good position as you know, but decided to add more today. Wouldn't be surprised if it drops more. If it does, I'll add more.
CSPI...BTuna, Did you get fiilled?...I started adding today...Current price is $16.62/$16.81 Based on comments in the cc it sounds like good news is right around the corner, Could help prop things up. (No doubt CSPi's management team is busy).
From the cc...
CLMB...Just hit an all-time high...An all around strong well managed company. I don't own this one any more. 🫤 Double-dang!!
But CLMB still goes down as one of the most profitable stocks I've bought/held/traded. Thanks for the heads up on this one a few years back hweb. Still got it on my watchlist.
CXDO...hweb, Here's some recent news...Crexendo Enters Into Strategic Partnership with Ecosmob
(Side Note: Original Source: https://www.ecosmob.com/news/ecosmob-outshines-at-ugm-2023/)
Crexendo Enters Into Strategic Partnership with Ecosmob
By Brady Hicks -December 13, 2023
Crexendo established a partnership with Ecosmob. With this agreement, Crexendo has been named both a Referral (channeling potential clients to Ecosmob) and Outsourcing (seeing Ecosmob executing projects sourced from its clients) partner.
It is also regarded as a step toward bolstering collaboration and operational diversification.
“Our participation at UGM 2023 underscores our dedication to evolving real-time communication technologies,” said Tirth Shah, Associate Director of Sales at Ecosmob. “It’s about connecting the dots between innovation and collaboration to bring futuristic visions to reality.”
With over 16 years of expertise, Ecosmob’s forte lies in VoIP solution development, staff augmentation services, web and mobile app development, AI/ML development, quality assurance services and DevOps. The company has also accumulated a lot of experience in leveraging technologies like FreeSWITCH, Kamailio, OpenSIPS, Asterisk, and WebRTC. Their solutions, particularly in VoIP solution development and third-party system integration, have been pivotal for top B2B unified communications providers.
The agreement was initially announced at the User Group Meeting (UGM) 2023 in Scottsdale, Arizona. Organized by NetSapiens (A Crexendo Company), UGM 2023 is an annual tech symposium fostering learning, collaboration, and networking among crucial vendors and tech enthusiasts.
https://channelvisionmag.com/crexendo-enters-into-strategic-partnership-with-ecosmob/
CXDO...😎👍52wk High.🎅🏽🎄
CSPI...Q4/FY2023 transcript now available...
https://finance.yahoo.com/news/q4-2023-csp-inc-earnings-070221359.html
CXDO..."We're closing in on 4M users, hopefully early in the New Year..."
Crexendo continues to grow at double the rate of the market...
CSPI...BTuna, I agree 100% with your thinking. Will possibly add more but it's already my 2nd largest position and currently I'm looking more for other y/e buying opportunities.
Those that didn't listen to the cc have no idea CSPi is currently talking to those 50++ interested customers from the recent trade shows they attended.
And what a strong balance sheet !!
Also, it'll be interesting to see if Joe Nerges adds to his position over the coming weeks.
DBGI... 🆙Continues to inch up🔼⬆️...Now back in the low $5's after sitting in the low $3's for a couple of weeks. Also, want to make a correction from a prior post...My cost average is approx $4.14, not $3.79.
Anyway, sold a few of those low $3's today for a 50%+ gain, and still holding a nice position.
ACDC/FTK...Losses locked in...Today is day 31 since I sold so restarted positions in both these companies. Going to try and take advantage of y/e selling and hope for a better year next year. Use the losses this year against my gains.
Current price...
ACDC $7.71
FTK $3.36
Will average down from here on dips.
CSPI...Sounds like they made good contacts over the past couple months at some high end trade shows. I think Victor said they are currently talking to over 50 interested customers.
CSPI...Q4/FY2023 is out...Not too shabby although Q4 op income came in slightly negative. Balance sheet is fantastic. Cc should be good regarding forward looking activity....
CSP Inc. Reports 19% Year-over-Year Revenue Growth for Fiscal 2023; Net Income per Common Share - Diluted Increases 161% to $1.09
Commenced Fiscal 2024 with Momentum as Recently Launched AZT PROTECT Offering Secures Initial Customer Orders and Generates Enthusiasm at Several Industry Conferences
Year End Backlog of Over $7 Million Returns to Pre-Pandemic Levels as Supply Chain Challenges Continue to Ease
LOWELL, MA / ACCESSWIRE / December 12, 2023 / CSP Inc. (NASDAQ:CSPI), an award-winning provider of security and packet capture products, managed IT and professional services and technology solutions, today announced results for the fiscal fourth quarter and full year ended September 30, 2023 . The Company also announced that the Board of Directors declared a quarterly dividend of $0.04 per share payable January 9, 2024 , to shareholders of record on the close of business on December 22, 2023 .
Fiscal Fourth Quarter and Full Year Operating Highlights and Recent Achievements
Net income per common share - diluted for the fourth quarter was $0.30 including other income recognized from the Employee Retention Credit (ERC), net of costs to collect of $2.1 million and stock compensation expense, a non-cash expense, of $0.3 million .
Full year revenue grew 19% compared to the year-ago period as the Company successfully converted the backlog to a pre-pandemic level.
The full year's performance was primarily driven by the continued growth of the TS business, which increased 14% over the prior year.
The recently launched ARIA Zero Trust PROTECT offering, within the High-Performance Product (HPP) business, secured several orders within weeks of its launch.
Entered 2024 with a robust balance sheet, enabling the Company to leverage its resources to finance certain large customer orders at preferable interest rates.
"Our strong fiscal 2023 performance is due to several factors, including the sustained contribution of the TS business, the successful conversion of backlog to revenue and the ability to leverage our strong balance sheet to finance large customer orders," commented Victor Dellovo , Chief Executive. "We achieved full year revenue growth of 19%, reported gross margin of 34% and grew Net income per common share - diluted well over 100% - all significant accomplishments that give us greater confidence to continue executing our strategy of transitioning the business to higher margin products and services.
The TS business continued to grow throughout 2023, and we expect the business to be a major contributor in fiscal 2024 as we add new clients and expand existing client relationships, including contract renewals. We also believe the HPP business is poised for growth in 2024 due to the emergence of and initial success of the newly launched AZT offering. Despite this being a crowded market, we believe AZT surpasses anything available on the market today and the team has been communicating the benefits at several high-profile industry events and conferences. These efforts are certainly having the desired results because the pipeline is growing, and the real-time feedback validates our vision because everyone we speak with acknowledges the ‘need' for AZT.
Our goal is to aggressively pursue these revenue opportunities, and our optimism is reflected in the fact that we recently added several new salespeople, all of whom are completely ramped up and already responsible for bringing in new business. The AZT offer is a foundational shift for the HPP business, and we firmly believe it has the potential to complement the consistent growth of the TS business. In summary, I believe CSPi is positioned to achieve greater feats and success in fiscal 2024."
Fiscal 2023 Full Year Results
Revenue for the full year ended September 30, 2023 , was $64.6 million , a 19% increase compared to revenue of $54.4 million for the full year ended September 30, 2022 . Gross profit for the twelve months ended September 30, 2023 , was $21.9 million , or 34% of sales, compared to $18.8 million , or 35% of sales. The Company reported net income of $5.2 million , or $1.09 per common share - diluted for the fiscal year ended September 30, 2023 , compared to net income of $1.9 million , or $0.42 per common share - diluted for the fiscal year ended September 30, 2022 . During the fiscal year ended September 30, 2023 , the Company recognized the ERC of $2.1 million net of costs, which did not occur in the prior year. The company also had a tax benefit of $0.5 million due to the release of the valuation allowance against the Company's deferred tax assets. Included in net income is stock compensation expense, a non-cash expense, of $1.1 million .
The Company had cash and cash equivalents of $25.2 million as of September 30, 2023 , compared to cash and cash equivalents of $24.0 million as of September 30, 2022 . The cash and cash equivalents are considerably higher compared to $13.8 for the quarter ended June 30, 2023 , as significant cash flow was generated through the payment of receivables including payments from financing sales provided to customers prior to fiscal year 2023.