Digerati Technologies, Inc., the San Antonio-based cloud computing and enterprise communications company, reported increasing losses despite strong revenue growth in the quarter ended April 30.

For the quarter, Digerati said revenue rose 140%, to $ 3.75 million, from $ 1.57 million a year ago. His net loss was $ 12.8 million, up from $ 1.1 million a year ago.

Digerati attributed the revenue gains to operational efficiency, cost savings, the acquisition of two small businesses and additional customers. He attributed the quarterly losses to declines in business investment.

“We are extremely pleased with these quarterly results, which reach annual sales of $ 15 million,” said Arthur L. Smith, CEO of Digerati. “We are proud of the results which have demonstrated improved margins at all levels of operations and increased profitability. “

The company, which provides cloud and communications services for small and medium-sized businesses, has grown its customer base from 731 to 2,612 since April 30, 2020. But monthly customer spend has fallen by nearly 70%, from $ 714 a year ago to $ 479.

In November, it acquired two Miami-based business communications companies, Nexogy and ActivePBX.

On Tuesday, Digerati said Nexogy has entered into a partnership with Sandler Partners, a fast-growing business communications company based in Redondo Beach, California.

Digerati shares, which are traded under the symbol DTGI on the over-the-counter market, closed nearly 3% lower at 16 cents after opening at 18 cents and trading as high as 19 cents at price. of the session.

Brandon Lingle writes for Express-News through Report for America, a national service program that places reporters in local newsrooms. ReportforAmerica.org. [email protected]

Source link

Leave a Reply

Your email address will not be published.