Sangoma Announces Third Quarter Fiscal 2023 Results - Seite 2

Revenue for the fiscal third quarter was $62.76 million, up from $53.37 million in the third quarter last year by 18%, and up by approximately 1% from the immediately preceding second quarter of fiscal 2023. Services revenue increased sequentially by over $1 million or by 2.25% from the previous quarter, representing 81% of total sales. The growth in Services revenue is the second consecutive quarter supporting an annualized 10% organic growth rate, as was discussed in our second quarter results.

Gross profit for the quarter was $44.42 million, up from $37.20 million in the same period last year. Gross margin at 71% of revenue for the quarter was slightly above the 69% in the second quarter of fiscal 2023, due at least in part to increased sales of higher margin offerings such as cloud services. While gross margin will naturally fluctuate slightly from quarter to quarter, fiscal third quarter gross margin landed on the higher end of that expected range.

Operating Expenses¹ were $43.37 million for the quarter compared to $40.14 million in the third quarter of fiscal year 2022. The year over year increase reflects the added costs associated with the NetFortris acquisition, a decrease of just under $1 million from the immediately prior quarter.

Adjusted EBITDA² was $12.24 million in the third fiscal quarter of 2023, up from the $10.47 million for the same period of the prior year, and was approximately 20% of sales. The increase in Adjusted EBITDA² in the third quarter also represents a 3% increase as a percentage of revenue when compared to our second quarter results.

Net loss for the third quarter was $0.69 million as compared to $6.76 million for the third quarter of fiscal 2022.

Sangoma continues to generate positive Adjusted Cash Flow² and maintain a healthy balance sheet, finishing the quarter with a cash balance of $8.01 million on March 31, 2023 and remains comfortably within its debt covenants.

As previously disclosed in its press release of March 29, 2023, Sangoma filed a resale registration statement on Form F-3 (the "Resale Registration Statement") with the Securities and Exchange Commission (the "SEC") for the registration of 12,271,637 of its common shares previously issued or to be issued pursuant to the terms of that certain stock purchase agreement previously entered into by Sangoma in connection with the acquisition of StarBlue Inc. on March 31, 2021 (the "StarBlue Acquisition"). The Resale Registration Statement was declared effective by the SEC on April 12, 2023, and the remaining 9,142,856 common shares that were to be issued on a quarterly basis over the next three years pursuant to the StarBlue Acquisition were all issued on May 9, 2023.