Anand Buch, Chief Strategy Officer of Crexendo Inc. (NASDAQ:), recently sold 159,999 shares of the company’s common stock, valued at approximately $783,995. The shares were traded at a price of $4.90 each on December 16, 2024. The transaction comes amid a strong period of performance for Crexendo, with the stock posting a remarkable 61% gain over the past six months. According to InvestingPro analysis, the company currently trades at a P/E ratio of 114.5x. Following this transaction, Buch held direct shares of 553,502.

In addition to the sale, Buch exercised stock options to acquire 159,999 shares at a price of $0.91 per share, bringing the total purchase price to $145,599. This exercise increased his total holdings to 788,312 shares before the sale.

In other recent news, Crexendo Inc. reported strong Q3 results for fiscal year 2024. The company saw a 13% increase in year-over-year revenue, reaching $15.6 million, with the software division growing by 25%. Despite higher operating costs, Crexendo achieved GAAP earnings for the fifth consecutive quarter, with net income of $148,000. Non-GAAP net income was reported at $1.7 million.

These recent developments also saw Crexendo’s cash and cash equivalents increase significantly to $15.5 million, marking a 200% year-over-year increase. The company also reported a telecom backlog of $77.4 million, a 22% increase from last year. In terms of future expectations, Crexendo aims to reach 6 million users by early 2025, with continuous product development and support.

However, it is worth noting that the company’s GAAP net income saw a decline compared to Q3 2023, excluding a one-time gain from the sale of the corporate office. Non-GAAP net income and EBITDA also showed a decrease from last year. Despite this, Crexendo continues to take market share from competitors, with 60% of business from legacy customers and 40% from other cloud providers.

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