Anand Buch, Chief Strategy Officer of Crexendo , Inc. (NASDAQ:), recently sold 159,999 shares of the company’s common stock, valued at approximately $783,995. The shares were sold at a price of $4.90 each on December 16, 2024. The transaction comes amid a strong performance period for Crexendo, with the stock posting a remarkable 61% gain over the past six months. According to InvestingPro analysis, the company currently trades at a P/E ratio of 114.5x. Following this transaction, Buch holds 553,502 shares directly.
In addition to the sale, Buch exercised stock options to acquire 159,999 shares at a price of $0.91 per share, amounting to a total purchase value of $145,599. This exercise increased his total holdings to 788,312 shares before the sale.
In other recent news, Crexendo Inc. reported robust Q3 results for the fiscal year 2024. The company saw a 13% increase in year-over-year revenue, reaching $15.6 million, with its software division growing by 25%. Despite higher operating expenses, Crexendo achieved GAAP profitability for the fifth consecutive quarter, with a net income of $148,000. The non-GAAP net income was reported at $1.7 million.
These recent developments also saw Crexendo’s cash and cash equivalents increase significantly to $15.5 million, marking a 200% improvement year-over-year. The company also reported a telecom backlog of $77.4 million, a 22% increase from the previous year. In terms of future expectations, Crexendo aims to reach 6 million users by early 2025, with ongoing product development and support.
However, it’s worth noting that the company’s GAAP net income saw a decrease compared to Q3 2023, excluding the one-time gain from a corporate office sale. Non-GAAP net income and EBITDA also showed a decline from the previous year. Despite this, Crexendo continues to capture market share from competitors, with 60% of business from legacy customers and 40% from other cloud providers.
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