Sangoma Announces Second Quarter Fiscal 2024 Results

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 second quarter financial results and unaudited condensed consolidated interim financial statements for the fiscal second quarter ended December 31, 2023.

US $000

Q2 FY2024

Q2 FY2023

Change

Q1 FY2024

Change

Revenue

$62,276

$62,035

—%

$63,028

(1)%

Gross profit

$43,986

$42,789

3%

$44,028

—%

Operating expenses¹

$44,537

$44,258

1%

$45,001

(1)%

Net loss

$(3,239)

$(2,735)

 

$(2,444)

 

Net loss per share (fully diluted)

$(0.10)

$(0.08)

 

$(0.07)

 

Adjusted EBITDA²

$10,448

$10,566

(1)%

$9,882

6%

Net cash provided by operating activities

$9,188

$4,982

84%

$7,849

17%

Sangoma's Services revenue rose to $50.70 million, representing 81% of total revenue in the second quarter of fiscal 2024. Products revenue was down, resulting in total Revenue for the second quarter of $62.28 million, slightly higher from the same period in the prior year, and a 1% decrease from the immediately preceding quarter.