Crexendo (CXDO) 15th Annual LD Micro Invitational 2025 summary

Industry catalysts and market positioning

• Significant industry shifts as Cisco and Microsoft face challenges, creating opportunities to capture dissatisfied licensees seeking alternatives.

• 17 new wholesale licensees added in 2024, with 10 coming from Cisco and Microsoft platforms.

• Avaya and Mitel's financial instability in the retail market is driving customers to seek new providers.

• Unique dual wholesale and retail model, with 40% of revenue from wholesale and 60% from retail.

• Over 235 licensees and 200+ reseller agents contribute to a growing ecosystem.

Financial performance and growth

• Achieved $60.8 million in 2024 revenue, up 14% organically from 2023.

• Six consecutive quarters of GAAP profitability, with $2 million GAAP income and $7.7 million non-GAAP net income in 2024.

• Adjusted EBITDA reached $8.2 million, a 141% increase, with 13% EBITDA margin.

• $18.2 million in cash and virtually no debt at year-end.

• Remaining performance obligation (backlog) at $85.6 million, up 34% year-over-year.

Operational highlights and customer metrics

• Wholesale segment grew 30% organically with 72% gross margins and nearly zero churn.

• Retail segment grew 7% organically, with average account revenue of $356/month and 80% recurring revenue.

• 6 million users on the platform, up from 5 million the prior year.

• International revenue grew 39% organically, now representing about 5% of total revenue.

• OCI partnership enables rapid global deployment, including new markets in Africa.