Crexendo, Inc. reported a total revenue of $16.1 million for the first quarter of 2025, marking a 12% increase from $14.3 million in the same period of 2024. The growth was primarily driven by a rise in service revenue, which increased to $8.2 million from $7.8 million, and software solutions revenue, which rose to $6.9 million from $5.1 million. However, product revenue saw a decline, falling to $1.0 million from $1.3 million. The company achieved a net income of $1.2 million, or $0.04 per share, compared to a net income of $434,000, or $0.02 per share, in the prior year.
In terms of operational metrics, Crexendo's customer base continues to expand, with over six million end users supported globally through its cloud communication platform. The company has also seen an increase in its weighted-average common shares outstanding, rising to approximately 28 million from 26.3 million year-over-year. The total assets of Crexendo increased to $67.4 million as of March 31, 2025, up from $64.9 million at the end of 2024, reflecting a solid financial position bolstered by cash and cash equivalents of $21.2 million.
Strategically, Crexendo has focused on enhancing its software solutions segment, which has shown significant growth, with revenue increasing by 33% year-over-year. The company continues to invest in its cloud telecommunications services and software solutions, aiming to improve its competitive edge in the market. The company has also maintained a strong balance sheet, with total liabilities decreasing to $12.2 million from $13.5 million, indicating effective management of its financial obligations.
Looking ahead, Crexendo anticipates continued growth driven by its expanding customer base and the adoption of its cloud-based services. The company has indicated that it expects to recognize additional revenue from its remaining performance obligations, which increased to $81.9 million as of March 31, 2025, up from $75.3 million a year earlier. This positive outlook is supported by the company's ongoing investments in technology and infrastructure, aimed at enhancing service delivery and customer satisfaction.
About Crexendo, Inc.
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