San Antonio’s Digerati Technologies swings from loss to a profit on record revenue
Boosted by customers gained through recent acquisitions, Digerati Technologies Inc. swung to a profit on record-breaking revenue in its latest quarter.
The San Antonio-based cloud and communication services company said today that revenue jumped to $8.2 million in the three months ended April 30 — up 118 percent from a year ago. Net income was $3.9 million, up from a loss of $12.8 million.
The company attributed the gains to growing revenue since its acquisitions of NextLevel Internet, a Miami business communication firm, in February, and San Antonio service provider SkyNet Telecom in December. Digerati said its customer total increased to 3,963 in its fiscal third quarter, up from 2,612 last year.
CEO Arthur L. Smith said the acquisitions also helped the company expand in Texas and into California.
“As we build scale and increase our footprint through the continued implementation of our acquisition strategy, our team delivers on outstanding execution in identifying redundancies and cost savings and integrating operations to improve our efficiencies,” he said in a statement.
Chief Financial Officer Antonio Estrada said the company continues to “have our sights set on and remain on a track towards an uplisting” to the Nasdaq or NYSE American exchange. It currently trades on the over-the-counter market.