Sangoma Announces Second Quarter Fiscal 2022 Results MARKHAM, Ontario, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Sangoma Technologies Corporation (TSX: STC; Nasdaq: SANG) (“Sangoma” or the “Company”), a trusted leader in delivering cloud-based Communications as a Service solutions for companies of all sizes, today announced highlights of its unaudited results for the second quarter of fiscal year 2022 ended December 31, 2021.
Sales for the second quarter of fiscal 2022 were a record $54.24 million, twice that of the same quarter last year. Please note that these results are being presented in United States dollars, and so all historical numbers have been converted from Canadian dollars where applicable, for comparison purposes.
The Company undertook a seven for one share consolidation on November 2, 2021, so please note that in this press release, as well as the accompanying interim financial statements and MD&A (all of which have been filed on SEDAR), the share count, option count, exercise prices, and earnings per share reflect this share consolidation for all periods reported.
“I am pleased with our performance this quarter, on both the top and the bottom lines,” said Bill Wignall, President and CEO of Sangoma. “Our services business continues to grow and compound nicely, we had a slight uptick in our product revenue again this quarter with prudent management of our supply chain, and the successful integration of Star2Star all helped contribute to record revenue and Adjusted EBITDA, both at more than double that of last year. In addition, we continued to execute on our strategic initiatives this quarter, first with the successful up-listing to the TSX from the Venture exchange, followed by our cross-listing to Nasdaq.”
Gross profit for the second quarter of fiscal 2022 was $39.40 million, delivering gross margin of over 72% of sales, up from 66% in the same quarter last year.
Operating expenses were $40.24 million for the second quarter of fiscal 2022, up 4% sequentially over the most recent first quarter of this fiscal year, and up significantly from the prior year in sync with our growth and factoring in the non-cash intangible asset amortization arising from the acquisition.
Adjusted EBITDA1 was $10.43 million in the second quarter of fiscal 2022, more than twice that of the same quarter last year, and at about 19% of revenue, is consistent with expectations for this point in the fiscal year.
Net loss for the second quarter of fiscal 2022 was $2.48 million, which includes the additional non-cash intangible asset amortization, together with the one-time $1.05 million expense associated with the listing on the TSX and Nasdaq exchanges during the quarter.
Sangoma continues to maintain a healthy balance sheet, finishing the second quarter of fiscal 2022 with a cash balance of $16.95 million on December 31, 2021 and remains comfortably within its debt covenants. Adjusted Cash Flow from Operations1 during the second quarter was $3.90 million, compared to $4.87 million in the same quarter of fiscal 2021.
https://www.globenewswire.com/news-release/2022/02/10/2383322/0/en/Sangoma-Announces-Second-Quarter-Fiscal-2022-Results.html