Crexendo, Inc. reported a total revenue of $60.8 million for the fiscal year ending December 31, 2024, marking a 14% increase from $53.2 million in the previous year. The company's cloud telecommunications services generated $37.5 million, up from $35.2 million, while software solutions revenue surged by 30% to $23.4 million from $18.0 million. This growth in revenue was accompanied by a net income of $1.7 million, a significant turnaround from a net loss of $0.4 million in 2023. The increase in profitability was attributed to organic growth from both new and existing customers, despite a rise in operating expenses.
In terms of operational metrics, Crexendo's customer base now supports over five million end users globally, facilitated through a network of more than 235 cloud communication platform subscribers. The company has also seen a 24% increase in remaining performance obligations (RPOs), which rose to $55.4 million as of December 31, 2024, compared to $44.8 million the previous year. This indicates a strong future revenue potential as these obligations are expected to be recognized over the next several years.
Strategically, Crexendo has focused on enhancing its product offerings and expanding its market presence. The company completed the acquisition of Allegiant Networks in November 2022, which has contributed to its managed IT services segment. Additionally, Crexendo is in the process of migrating its customers to its new VIP communication platform, which is expected to yield long-term efficiencies and cost savings. The company has also invested $5.6 million in research and development to further enhance its technology and service offerings.
As of December 31, 2024, Crexendo employed 185 individuals, including 44 in sales and marketing, and 33 in engineering and IT support. The company has emphasized the importance of customer service and support, particularly as it expands its offerings to larger enterprise customers. Looking ahead, Crexendo anticipates continued growth driven by its strategic initiatives, although it acknowledges potential challenges from economic conditions and competitive pressures in the telecommunications and software markets.
About Crexendo, Inc.
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