Digerati Technologies Highlights Accomplishments in FY2023 and Outlines Strategic Initiatives through FY2025

Continued Emphasis on Accretive Acquisitions

SAN ANTONIO, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Digerati Technologies, Inc. (OTCQB: DTGI) (“Digerati” or the “Company”), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, is pleased to highlight its accomplishments in FY2023 and outline its strategic initiatives through FY2025 with a focus on long-term revenue growth, profitability, and increasing shareholder value.

The Company’s key accomplishments for FY2023 included:

• Successfully integrating its acquisitions of Skynet Telecom and NextLevel Internet that the Company completed in the second fiscal quarter of FY2022.
• Successfully consolidating the Company’s operating subsidiaries -T3 Communications, Inc., Nexogy, Inc., and NextLevel Internet, Inc. – into a single operating company under the new name of Verve Cloud, Inc.(“Verve”).
• Verve was Great Place to Work-Certified for 2023.
• The Company launched its Contact Center as a Service (CCaaS) solution that broadened its portfolio of solutions for the SMB market.
• Derek Gietzen, a seasoned executive with a track record of managing successful high-growth companies, is named as the Company’s President.
• Continued P&L improvement through its 3^rd fiscal quarter of FY2023.

Revenue increased by 50% to $23.908 million compared to $15.959 million.

Gross margin increased to 63.6% compared to 61.1%. Non-GAAP Adjusted EBITDA income increased by 25% to $2.249 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $1.794 million for the same period in FY2022. Non-GAAP operating EBITDA (OPCO EBITDA) income increased 47% to $3.292 million, excluding corporate expenses, all non-cash items and one-time transactional expenses, compared to a non-GAAP operating EBITDA of $2.451 million for the same period in FY2022.

In May 2023, the Company completed the full integration of multiple operating entities serving approximately 45,000 business users and ended its fiscal year July 31, 2023 with an integrated platform branded as Verve and optimized for scaling via organic and/or acquisition growth. The full operational integration included combining people, processes, and systems that resulted in single billing, ticketing, CRM, and accounting systems.