Galaxy Next Generation Inc (GAXYQ)

[Horsts]

2019
For its fiscal year ended June 30, 2020, Galaxy expects to generate revenue growth of at least 400% or $8 million in consolidated revenue. Galaxy also expects to continue to decrease operating losses as it increases revenue. The expected revenue growth is partly related to its acquisition of Interlock Concepts and Ehlert Solutions Group on September 4, 2019. For the years ended June 30, 2019 and June 30, 2018, Interlock Concepts and Elhert Solutions Group generated $4.4 million and $4.1 million of revenues, respectively. The combined operating losses of Interlock Concepts and Ehlert Solutions Group were reduced by $0.8 million or 60%, to $0.5 million for the year ended June 30, 2019, from $1.3 million for the year ended June 30, 2018.