Sangoma Technologies Corporation (TSX:STC), 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 first quarter of fiscal year 2022 ended September 30, 2021.
Sales for the first quarter of fiscal 2022 were a record $52.48 million, twice that of the same quarter last year and 5% higher than in the last quarter of fiscal 2021. Please note that these results are being presented in United States dollars for the first time, and so all comparable numbers have been converted to US dollars.
“I am very pleased with our performance in the first quarter,” said Bill Wignall, President and CEO of Sangoma. “Financially, both revenue and adjusted EBITDA were double that of the first quarter in fiscal 21, a testament to the ongoing growth and compounding of our services business. And from a strategic perspective, this was also the quarter in which we completed much of the integration of the Sangoma and Star2Star teams, along with the product portfolios, so that customers can choose from the combined suite of Sangoma offerings. As we have previously indicated, we expect spending as a percentage of revenue, to remain relatively consistent, as we reinvest the synergistic savings from the acquisition to help drive growth. Overall, I see this quarter as a very sound start to the year, one capped off by our up-listing from the Venture exchange to the TSX after quarter-end.”
Gross profit for the first quarter of fiscal 2022 was $37.85 million, delivering gross margin of 72% of sales, up by 6 points over the 66% in the same quarter last year.