Galaxy Next Generation Inc (GAXYQ)

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Galaxy Next Generation Reports First Quarter Fiscal Year 2021 Results
Thu November 12, 2020 8:30 AM|Accesswire|About: GAXY

Company Quarterly Record of $2.8 Million Revenue Plus Deferred Revenue
Backlog of $2.0 Million
Conference Call Scheduled for Today at 4:30 PM ET

TOCCOA, GA / ACCESSWIRE / November 12, 2020 / Galaxy Next Generation, Inc (GAXY). (OTCQB:GAXY), a provider of interactive learning technology solutions, today announced the Company's operating and financial results for the fiscal first quarter ended September 30, 2020.

Key Financial Highlights for Q1 FY 2020

Revenue increased 89% to $1.2 million

Deferred revenue of $1.6 million
Product Gross Margin of 49%
Gross Margin of 29% after freight and transit
Total Assets increased to $5.2 million
Backlog increased to $2.0 million

Key Business Highlights for Q1 FY 2020

Added production and manufacturing in Arizona to increase sales to OEM partners
Partnered with a Florida public school district (7th largest in nation) to provide protective gear for schools
Awarded a contract of $172,000 from Thompson School District in Loveland, Colorado for new Cloud-Based Intercom and Paging solution (a new product launched in Q1)
Received commitment for up to $600,000 in Cov-Shield products from school district in southern Texas
Received $1.5 million purchase order under its supply agreement from an OEM customer in additional to a previously provided order of approximately $0.9 million.
Expanded to Australia with new distribution partnership with Technology Core, Inc.

Sequential Quarterly Financials


Q1 2021


Q3 2020


Q2 2020


Q1 2020

Revenue


$1,178,213


$349,247


$876,529


$624,897

Year-Over-Year Revenue Growth


89%


32%


147%


25%

Gross Profit


$345,036


$218,663


$384,424


$131,218

Adjusted Net Loss*


($1,047,191)


($1,443,726)


($1,421,056)


($661,781)

Management Commentary
"We are extremley proud of our start to fiscal year 2021 as we continued to demonstrate impressive 89% growth of our income for our core technology interactive panels and related accessories and introduced our new product line of Cov-Shield protective products," commented, Gary LeCroy, Galaxy's Chief Executive Officer. "Our fiscal year first-quarter revenue, deferred included, of $2.8 million is more than all the revenue we generated in the previous fiscal year."

LeCroy concluded, "Our deferred revenue and backlog continue to increase and remain strong, a good indicator of future revenue trends. Our capital structure has improved with each passing quarter and we have a goal over the next twelve months to uplist to a major U.S. national exchange. We believe this is just the beginning of a major technology turnover cycle in the K-12 education market, as the way our students learn continues to evolve, and we look forward to being a major participant in it."

Shareholder Conference Call
Date: Thursday, November 12, 2020
Time: 4:30 PM ET
Dial-in: 1-844-985-2021 (Domestic)
1-973-528-0035 (International)
Participant Entry Code: 964230

If you would like to submit a question, please send an email with your question to [e-mail] prior to the call. Galaxy will do their best to answer all questions.
https://seekingalpha.com/pr/18083203-galaxy-next-generation-reports-first-quarter-fiscal-year-2021-results