San Antonio-based cloud service provider Digerati Technologies announced its first-quarter revenue growth increased to almost $3.78 million for fiscal year 2022.
Its revenue increased by 143% to nearly $3.78 million — compared to $1.55 million In the first quarter of fiscal year 2021 — and gross profit increased 184% to $2.287 million compared to $.80 million for Q1 last year.
The company, founded by CEO Arthur Smith in 1993, specializes in communication services. It shared last week financial results for the first quarter of fiscal year 2022, or the three-month period ending Oct. 31. It is traded on the OTC market under the symbol DTGI.
According to information from Digerati, the increase in revenue can be largely attributed to the company's closed acquisitions of Nexogy and ActivePBX during the same period.
CEO Arthur Smith commended his team for achieving company goals and delivering "solid financial improvements" in the first quarter of fiscal year 2022.
"With a solid foundation in Florida and Texas, we believe Digerati is well positioned to continue executing on its business plan and deliver on organic and acquisition growth in a very fragmented market," he said in a release.
The company's chief financial officer, Antonio Estrada, said that Digerati's financial disciplines remain strong since acquiring Nexogy and ActivePBX in Fiscal Year 2021.
"We continue to streamline cost structures and integrate systems that we anticipate will result in improved financial results in the future," he said. "We look forward to replicating this type of success with additional targeted and accretive acquisitions.”
