Crexendo Q2 2024: $26.7M Revenue, Oracle Deals Extended

TL;DR

Crexendo Q2 revenue hits $26.7M, Oracle deals running through 2027. Lease expires 2025.

AI Summary

Crexendo, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported revenues of $26,712,685 for the six months ended June 30, 2024. A lease agreement for office space expires in 2025. The company also noted subsequent events related to Oracle Member Memberships with terms extending into 2027.

Why It Matters

This filing provides insight into Crexendo's financial performance and ongoing business relationships, particularly with Oracle, which could impact future revenue streams.

Risk Assessment

Risk Level: medium — The company's reliance on specific partnerships like Oracle and upcoming lease expirations present potential risks.

Key Numbers

• $26.7B — Revenue (Six months ended June 30, 2024)
• 2025 — Lease Expiration (Office space lease)
• 2027 — Oracle Membership Term (Subsequent event)

Key Players & Entities

• Crexendo, Inc. (company) — Filer
• $26,712,685 (dollar_amount) — Six months ended June 30, 2024 revenues
• 2025 (date) — Lease agreement expiration
• Oracle (company) — Subsequent event related to memberships

FAQ

Filing Documents

• cxdo_10q.htm (10-Q) — 1601KB
• cxdo_ex311.htm (EX-31.1) — 12KB
• cxdo_ex312.htm (EX-31.2) — 12KB
• cxdo_ex321.htm (EX-32.1) — 4KB
• cxdo_ex322.htm (EX-32.2) — 4KB
• cxdo_10qimg89.jpg (GRAPHIC) — 6KB
• 0001654954-24-010039.txt ( ) — 7610KB
• cxdo-20240630.xsd (EX-101.SCH) — 74KB
• cxdo-20240630_lab.xml (EX-101.LAB) — 392KB
• cxdo-20240630_cal.xml (EX-101.CAL) — 66KB
• cxdo-20240630_pre.xml (EX-101.PRE) — 330KB
• cxdo-20240630_def.xml (EX-101.DEF) — 147KB
• cxdo_10q_htm.xml (XML) — 1429KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 46

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 6. Exhibits 48

Signatures

Signatures 49 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. CREXENDO, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value and share data) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 13,611 $ 10,347 Trade receivables, net of allowance of $ 86 and $ 116 , respectively 3,992 3,476 Inventories 554 382 Equipment financing receivables, net of allowance of $ 62 and $ 56 , respectively 937 856 Contract costs 1,634 1,345 Prepaid expenses 1,042 508 Income tax receivable 79 - Other current assets 36 35 Total current assets 21,885 16,949 Contract assets, net of allowance of $ 100 and $ 85 , respectively 348 342 Long-term equipment financing receivables, net of allowance of $ 132 and $ 115 , respectively 1,985 1,768 Property and equipment, net 512 670 Operating lease right-of-use assets 714 1,009 Intangible assets, net 22,038 23,556 Goodwill 9,454 9,454 Contract costs, net of current portion 2,558 2,273 Other long-term assets 145 139 Total Assets $ 59,639 $ 56,160 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 908 $ 769 Accrued expenses 5,916 5,951 Finance leases 57 75 Notes payable 467 457 Operating lease liabilities 366 566 Income tax payable - 53 Contract liabilities 2,727 2,390 Total current liabilities 10,441 10,261 Contract liabilities, net of current portion 278 198 Finance leases, net of current portion 4 23 Notes payable, net of current portion 356 592 Operating lease liabilities, net of current portion 372 473 Total liabilities 11,451 11,547 Stockholders' equity: Preferred stock, par value $ 0.001 per share - authorized 5,000,000 shares; none issued — — Common stock, par value $ 0.001 per share - authorized 50,000,000 shares, 26,712,685 shares issued and outstanding as of June 30, 2024 and 26,130,218 s

View Full Filing

View this 10-Q filing on SEC EDGAR