Services revenue at $51.16 million reaches a
record 81.1% of total revenue in Q1
Sangoma Technologies Corporation (TSX: STC; Nasdaq: SANG)
(“Sangoma” or the “Company”), a trusted leader in delivering
cloud-based Communications as a Service solutions for companies of
all sizes, today announced its first quarter financial results and
unaudited condensed consolidated interim financial statements for
the fiscal first quarter ended September 30, 2023.
US $000
Q1 FY2024
Q1 FY2023
Change
Q4 FY2023
Change
Revenue
$63,028
$64,051
(2
)%
$63,680
(1
)%
Gross profit
$44,028
$43,337
2
%
$42,241
4
%
Operating expenses1
$45,001
$44,406
1
%
$43,708
3
%
Net loss
$(2,444
)
$(1,976
)
$(23,630
)
Net loss per share (fully diluted)
$(0.07
)
$(0.06
)
$(0.72
)
Adjusted EBITDA2
$9,882
$10,725
(8
)%
$10,860
(9
)%
Net cash provided by operating
activities
$7,849
$3,642
116
%
$10,855
(28
)%
Sangoma's Services revenue rose to $51.16 million, representing
81.1% of total revenue in the first quarter of fiscal 2024.
Products revenue was down, resulting in total Revenue for the first
quarter of $63.03 million, a decrease of 2% from the same period in
the prior year, and a 1% decrease from the immediately preceding
quarter.
The Company continues to maintain a healthy balance sheet,
finishing the quarter with net cash provided by operating
activities of $7.85 million and a cash balance of $11.14 million on
September 30, 2023, reflecting a strong quarterly progression of
cash flow. Sangoma continues to remain comfortably within its debt
covenants.
“My first two months in the role have served to strengthen my
convictions in the value of Sangoma’s uniquely positioned portfolio
that addresses a large and underserved segment of the marketplace
with a wide array of both standalone and bundled solutions” said
Charles Salameh, Sangoma CEO. “Our transformational activities are
well underway and our global team of dedicated employees,
suppliers, and partners are capable and eager to execute to forge
that path. During the coming months and quarters, I look forward to
sharing with you the impact of those strategies as they drive value
into the business and solidify Sangoma’s position in the global
marketplace.”
Operating expenses1 were $45.00 million for the quarter, up from
$44.41 million for the same period last year by about 1%. In line
with recent history, first quarter operating expenses include
certain one time annual costs.
Net loss for the first quarter was $2.44 million, while Adjusted
EBITDA remained strong at $9.88 million.
Conference call Sangoma will host a conference call on
Wednesday, November 8, 2023, at 5:30 pm ET to discuss these
results. The dial-in number for the call is 1-800-319-4610
(International 1-604-638-5340). Participants are requested to dial
in 5 minutes before the scheduled start time and ask to join the
Sangoma call.
1 Operating Expenses consist of sales and marketing, research
and development, general and administration and foreign exchange
(gain) loss. 2 Adjusted EBITDA is a non-IFRS financial measure used
by the Company to monitor its performance and definitions of these
terms along with reconciliation to the closest IFRS measure may be
found in the accompanying MD&A on page 16 posted today at
www.sedarplus.ca and www.sec.gov.
About Sangoma Technologies Corporation Sangoma is a
leading provider of managed cloud-based communications and
technology solutions for businesses worldwide. With a deep
commitment to simplifying and enhancing communications, Sangoma
offers a comprehensive suite of cloud-native communication
solutions, including software, endpoints and connectivity services.
With a focus on value-based offerings, Sangoma empowers businesses
of all sizes to streamline their processes, reduce operational
complexity, and increase efficiency. Whether it's cloud software
solutions, reliable endpoints, or seamless connectivity, Sangoma's
expert team is dedicated to delivering trusted and innovative
services.
Sangoma is your one-stop solution for managed cloud
communications services, making vendor management more
straightforward and saving you valuable time. To learn more about
how Sangoma can transform your communication infrastructure, visit
our website at www.sangoma.com.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements, including
statements regarding the future success of our business,
development strategies and future opportunities.
Forward-looking statements are provided for the purpose of
presenting information about management’s current expectations and
plans relating to the future and readers are cautioned that such
statements may not be appropriate for other purposes.
Forward-looking statements include, but are not limited to,
statements which are not historical facts. When used in this
document, the words such as "could", "plan", "estimate", "expect",
"intend", "may", "potential", "should" and similar expressions
indicate forward-looking statements.
Although Sangoma believes that its expectations reflected in
these forward-looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Forward-looking statements are based on the opinions
and estimates of management at the date that the statements are
made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
plans, intentions or expectations upon which they are based will
occur. By their nature, forward-looking statements involve numerous
assumptions, known and unknown risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, projections and other events contemplated
by the forward-looking statements will not occur. Although Sangoma
believes that the expectations represented by such forward-looking
statements are reasonable, there can be no assurance that such
expectations will prove to be correct as these expectations are
inherently subject to business, economic and competitive
uncertainties and contingencies. Some of the risks and other
factors which could cause results to differ materially from those
expressed in the forward-looking statements contained herein
include, but are not limited to, risks and uncertainties associated
with changes in exchange rate between the Canadian dollar and other
currencies (in particular the United States’ (“US”) dollar),
changes in technology, changes in the business climate, changes to
macroeconomic conditions, including (i) inflationary pressures and
potential recessionary conditions, as well as actions taken by
central banks and regulators across the world in an attempt to
reduce, curtail and address such pressures and conditions,
including any increases in interest rates, and (ii) the effects of
adverse developments at financial institutions, including bank
failures, that impact general sentiment regarding the stability and
liquidity of banks, and the resulting impact on the stability of
the global financial markets at large, risks related to the
COVID-19 (coronavirus) pandemic and any resurgence thereof, our
ability to identify and remediate material weaknesses and
significant deficiencies in our internal controls, changes in the
regulatory environment, the imposition of tariffs, the decline in
the importance of the PSTN (as hereinafter defined), impairment of
goodwill and new competitive pressures, and acts of terrorism and
war, hostilities and conflicts, including, but not limited to,
Russia’s invasion of Ukraine in February 2022 (and associated
changes in global trade policies and economic sanctions), and the
other risk factors described in our most recently filed Annual
Information Form for the fiscal year ended June 30, 2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108645125/en/
Sangoma Technologies Corporation Larry Stock Chief Financial
Officer investorrelations@sangoma.com
Sangaoma Technologies (NASDAQ:SANG)
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