Crexendo, Inc. (CXDO) Bundle
An Overview of Crexendo, Inc. (CXDO)
General Summary of Crexendo, Inc. (CXDO)
Crexendo, Inc. (CXDO) is a leading provider of cloud-based communication and collaboration solutions. Founded in 1999, the company has evolved significantly over the years, focusing on delivering integrated software solutions and telecommunications services. As of 2024, Crexendo offers a variety of products including cloud telephony, video conferencing, and unified communications as a service (UCaaS). The company’s emphasis on innovation and customer satisfaction has positioned it as a strong competitor in the telecommunications sector.
In 2024, Crexendo reported total sales of approximately $44.6 million for the nine-month period ending September 30, 2024, marking a 14% increase from $39.0 million during the same period in 2023.
Company's Financial Performance in the Latest Financial Reports
Crexendo's financial performance for the nine months ended September 30, 2024, showcased record-breaking revenue driven by its core product lines. The financial highlights include:
| Financial Metric | 2024 | 2023 | Dollar Change | Percent Change |
|---|---|---|---|---|
| Total Revenue | $44,598,000 | $39,035,000 | $5,563,000 | 14% |
| Software Solutions Revenue | $16,331,000 | $12,729,000 | $3,602,000 | 28% |
| Service Revenue | $23,865,000 | $21,983,000 | $1,882,000 | 9% |
| Product Revenue | $4,402,000 | $4,323,000 | $79,000 | 2% |
Crexendo's income before income tax for the nine months ended September 30, 2024, was reported at $1,270,000, a significant improvement from a loss of $(342,000) in the previous year, reflecting a 471% increase.
Introduction to Crexendo as a Leader in the Industry
Crexendo, Inc. has established itself as one of the leading players in the cloud telecommunications and software solutions industry. With a focus on innovation and customer-centric products, Crexendo continues to expand its market reach and improve its service offerings. The company’s commitment to growth is evidenced by a 20% increase in backlog, which reached $24.4 million as of September 30, 2024, up from $20.3 million in 2023.
To understand the factors contributing to Crexendo’s success, further insights into its strategic initiatives and market positioning can be explored below.
Mission Statement of Crexendo, Inc. (CXDO)
Overview of Crexendo, Inc.'s Mission Statement
The mission statement of Crexendo, Inc. (CXDO) serves as a guiding principle that outlines the company's purpose and operational focus. It reflects the organization’s commitment to delivering high-quality products and services while emphasizing customer satisfaction and innovation. As of 2024, Crexendo aims to position itself as a leader in the telecommunications and software solutions sectors, adapting to market demands and technological advancements.
Core Component 1: Quality Products and Services
Crexendo emphasizes its dedication to providing high-quality products and services. In 2024, the company reported a 28% increase in software solutions revenue, reaching $16.3 million for the nine months ended September 30, 2024, compared to $12.7 million in the same period in 2023 . This growth is attributed to enhanced offerings in recurring software licenses, maintenance, and support subscriptions.
| Year | Software Solutions Revenue ($ million) | Year-over-Year Growth (%) |
|---|---|---|
| 2023 | 12.7 | - |
| 2024 | 16.3 | 28% |
Core Component 2: Customer Satisfaction
Another vital aspect of Crexendo’s mission is its focus on customer satisfaction. The company reported an increase in its backlog of contracts, which signifies a growing customer base and trust in its services. As of September 30, 2024, the backlog increased by 20%, amounting to $24.4 million compared to $20.3 million in 2023 . This increase is indicative of the company's successful engagement with its clients and the perceived value of its offerings.
| Year | Backlog ($ million) | Year-over-Year Growth (%) |
|---|---|---|
| 2023 | 20.3 | - |
| 2024 | 24.4 | 20% |
Core Component 3: Innovation and Adaptability
Crexendo’s mission statement also underscores its commitment to innovation and adaptability in a rapidly changing market. The company has invested in research and development, which totaled $3.4 million for the nine months ended September 30, 2024, reflecting a 26% increase from $2.7 million in the previous year . This investment is crucial for developing new solutions and enhancing existing products to meet customer needs effectively.
| Year | R&D Expenses ($ million) | Year-over-Year Growth (%) |
|---|---|---|
| 2023 | 2.7 | - |
| 2024 | 3.4 | 26% |
Through its mission statement, Crexendo, Inc. demonstrates a clear commitment to quality, customer satisfaction, and innovation, which are essential for sustaining growth and competitiveness in the telecommunications and software solutions industry.
Vision Statement of Crexendo, Inc. (CXDO)
Vision Statement Overview
Crexendo, Inc. (CXDO) emphasizes its commitment to providing innovative cloud telecommunications and software solutions. As of 2024, the vision statement reflects a focus on delivering exceptional value and service to customers while fostering a culture of continuous improvement and growth.
Commitment to Innovation
Crexendo's vision includes a strong emphasis on innovation, particularly in the cloud telecommunications space. The company aims to leverage advanced technologies to enhance its service offerings. In 2024, Crexendo reported an increase in software solutions revenue by 28%, amounting to $16.331 million compared to $12.729 million in 2023.
Customer-Centric Approach
The vision statement highlights a commitment to a customer-centric approach, ensuring that client needs drive product development and service enhancements. As of September 30, 2024, Crexendo's service revenue reached $23.865 million, up from $21.983 million in the previous year, reflecting a 8.5% increase.
Sustainability and Growth
Crexendo's vision also incorporates sustainability, focusing on long-term growth strategies that benefit stakeholders and the environment. The company's backlog as of September 30, 2024, increased to $52.963 million, a 23% increase from $43.114 million in 2023.
Employee Engagement and Development
Another key component of the vision is the commitment to employee engagement and development. In 2024, Crexendo invested significantly in research and development, with expenses totaling $3.389 million, marking a 26% increase from $2.698 million in 2023.
Financial Performance Metrics
| Metric | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Service Revenue | $23.865 million | $21.983 million | +8.5% |
| Software Solutions Revenue | $16.331 million | $12.729 million | +28% |
| Backlog | $52.963 million | $43.114 million | +23% |
| R&D Expenses | $3.389 million | $2.698 million | +26% |
Technological Advancement Goals
Crexendo is committed to technological advancements, aiming to integrate cutting-edge cloud solutions into its offerings. The company has entered into a five-year hosting service contract with Oracle valued at $5.4 million, emphasizing its dedication to enhancing service capabilities.
Core Values of Crexendo, Inc. (CXDO)
Core Value: Customer Commitment
Customer commitment is fundamental to Crexendo, Inc.'s operations, emphasizing the importance of customer satisfaction and loyalty. This value drives the company's initiatives to deliver exceptional service and innovative solutions.
In 2024, Crexendo reported a total revenue of $44.6 million for the nine months ended September 30, 2024, reflecting a 14% increase compared to $39.0 million for the same period in 2023. This growth was primarily attributed to an increase in service revenue and software solutions, demonstrating the company's focus on enhancing customer experiences.
- Service revenue increased by $1.9 million, reaching $23.9 million for the nine months ended September 30, 2024.
- Software solutions revenue surged by 28% to $16.3 million, indicating a strong demand for the company's offerings.
Core Value: Integrity
Integrity is a cornerstone of Crexendo's culture, ensuring that the company operates transparently and ethically. This value fosters trust among employees, customers, and stakeholders.
In 2024, Crexendo maintained a strong financial position with a net income of $1.2 million for the nine months ended September 30, 2024, compared to a net loss of $423,000 in the same period of 2023. This turnaround reflects the company's commitment to ethical practices and sound financial management.
Core Value: Innovation
Innovation drives Crexendo's growth strategy, promoting continuous improvement and the development of cutting-edge solutions for customers. The company invests significantly in research and development to stay competitive.
Research and development expenses for the nine months ended September 30, 2024, totaled $3.4 million, an increase of 26% from $2.7 million in 2023. This investment supports the launch of new products and enhancements to existing solutions, demonstrating the company's dedication to innovation.
Core Value: Teamwork
Teamwork is essential for Crexendo's success, promoting collaboration across all levels of the organization. This core value ensures that employees work together towards common goals.
As of 2024, Crexendo's workforce has grown to support its expanding operations, with total headcount increasing to approximately 250 employees. The company has implemented team-based initiatives that encourage collaboration, resulting in improved productivity and morale.
Core Value: Excellence
Excellence is a guiding principle at Crexendo, motivating the company to deliver high-quality products and services consistently. This commitment to excellence is evident in the company's operational metrics and customer feedback.
In 2024, Crexendo achieved an operating income of $1.2 million for the nine months ended September 30, 2024, a significant improvement compared to an operating loss of $1.7 million in the same period of 2023. The company's focus on operational excellence has led to enhanced efficiency and customer satisfaction.
| Core Value | Key Metrics | Year-over-Year Change |
|---|---|---|
| Customer Commitment | Total Revenue: $44.6M | +14% |
| Integrity | Net Income: $1.2M | Improved from Loss of $423K |
| Innovation | R&D Expenses: $3.4M | +26% |
| Teamwork | Total Employees: ~250 | Growth |
| Excellence | Operating Income: $1.2M | Improved from Loss of $1.7M |
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Updated on 16 Nov 2024
Resources:
- Crexendo, Inc. (CXDO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Crexendo, Inc. (CXDO)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Crexendo, Inc. (CXDO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.