Edgio Announces Preliminary Unaudited Fourth Quarter 2023 Financial Results

Edgio, Inc. (Nasdaq: EGIO) (the “Company”), today announced unaudited financial results for the three months ended December 31, 2023.

Todd Hinders, CEO, said, “Customer focus and a steadfast commitment to innovation and fiscal discipline are drivers of sustained shareholder value creation. At Edgio, we have built a solid foundation with market leading solutions across Security/Applications and Media, leveraging our highly performant global edge network. Our strong and differentiated technological foundation combined with focused go-to-market motions, improving unit economics, and optimized cost structure gives me confidence in our ability to drive profitable growth.”

Unaudited Fourth Quarter 2023 Financial and Operational Highlights:

Based on information currently available to the Company for the fourth quarter 2023, the Company expects:

• Q4 2023 revenue in the range of $93-$95 million and Adjusted EBITDA in the range of negative $2 Million to breakeven.
• Bookings in the second half of 2023 grew more than 30% versus the first half with Security/Applications bookings growth almost doubling in the same period.
• Operationalized run-rate cost savings at end of 2023 of approximately $84 million, within the expected range of $80 - $90 million.
• Cash, cash equivalents and short-term investment balance as of December 31, 2023, of approximately $47 million, versus $27.6 million as of September 30, 2023.
• Q4 2023 capital expenditures of approximately $5 million or $2.5 million, net of proceeds from financing receivables.

In addition, in November 2023, the Company received approximately $50 million of new financing, net of transaction costs and fees, and exchanged 95% of 2025 Convertible Notes for New 2027 Convertible Notes.

The financial results for the three months ended December 31, 2023, included in this release are preliminary, have not been reviewed or audited, are based upon the Company’s estimates, and were prepared prior to the completion of the Company's financial statement close process. As a result, these preliminary financial results could be subject to change as the Company’s independent registered public accounting firm completes its audit of these periods. These limited preliminary financial results should not be viewed as a substitute for the Company’s full fourth quarter results and do not present all information necessary for an understanding of the Company’s financial performance as of and for the three months ended December 31, 2023. Accordingly, undue reliance should not be placed on this preliminary data.