(Trading in the low to mid $1.40's yesterday and this morning. Current market cap = $38M)
- New CEO, Jeffery Korn, is extremely focused on increasing profitability. Has implemented widespread restrictions on discretionary spending companywide. Crexendo has sufficient staff so no need for substantial hiring. They're open to replacing essential positions though. They will run a lean and effective organization while strategically expanding.
- Working on a realignment plan. Very encouraged by what they're working on but not quite ready to discuss too much of it yet.
- Good on cash and not worried about cash burn. Expects positive cash from operations this year.
- Extremely pleased with the results they saw in Q1 regarding international efforts.
- Crexendo now has a hybrid work force which is working out well for them and has increased productivity. They have a letter of intent in place to sell their Tempe corporate office for approx $2M.
- Integrating the Allegiant acquisition into both corporate and direct operations and expects to see significant financial & operational efficiencies over the next 3 quarters.
- Crexendo has begun integrating AI into their work streams.
- Back log = $47.8M, an 11% sequential increase. (Backlog #'s do not include the Allegiant acquisition). Crexendo is anticipating Allegiant's backlog numbers to be in their Q2 report.
- Continues to see strong demand & growth in the UCaas industry.
- Estimates hitting 3.4M users by mid year after recently surpassing 3M users in Feb. (Nice growth, 13% increase over the past 5 months if they hit those #'s).
- Crexendo is positioned extremely well. Anticipating a banner year.
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