Arizona Tribune - Altigen Technologies Reports Full Year and Fourth Quarter Fiscal 2024 Results

Altigen Technologies (OTCQB:ATGN), a leading Silicon Valley-based Microsoft Cloud Communications Solutions provider, announced today its financial results for the fourth quarter and year ended September 30, 2024.

"This quarter demonstrates the effectiveness of Altigen's transformation initiatives," said Jeremiah Fleming, Altigen President & CEO. "We've streamlined operations, achieved consistent performance improvements, and are making tangible progress in bringing our AI solutions to market, paving the way for sustainable growth."

Full Year Highlights (Fiscal 2024 versus Fiscal 2023)

• Net revenue was $13.6 million, compared with $13.7 million;

• Services revenue was $5.1 million, compared with $4.3 million;

• Cloud services revenue was $7.1 million, compared with $7.6 million;

• Gross margin decreased to 61.6%, compared with 63.2% in the previous year;

• GAAP net income totaled $1.6 million, with diluted EPS of $0.06, primarily due to a $1.8 million non-cash tax-related benefit resulting from the release of the valuation allowance for deferred tax assets;

• Non-GAAP¹ net income and non-GAAP diluted EPS of $0.5 million and $0.02, respectively.

Fourth Quarter Highlights (Fiscal 2024 versus Fiscal 2023)

• Net Revenue was $3.7 million, compared with $3.5 million;

• Services revenue was $1.7 million, compared with $1.1 million;

• Cloud services revenue was $1.7 million, compared with $2.0 million;

• Gross margin increased to 63.9%, compared with 62.4% in the prior year;

• GAAP net income was $2.1 million, with diluted EPS of $0.08, driven primarily by the previously mentioned non-cash, tax-related benefit of $1.8 million;

• Non-GAAP¹ net income and non-GAAP diluted EPS of $0.5 million and $0.02, respectively.

nm = not measurable/meaningful; *may not add up due to rounding

1. Throughout this release, the use of non-GAAP financial measures is intended to provide useful information that supplements Altigen's results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measure at the end of this release.

1. Throughout this release, the use of non-GAAP financial measures is intended to provide useful information that supplements Altigen's results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measure at the end of this release.

Conference Call

Altigen will be discussing its financial results and outlook on a conference call today at 2:00 p.m. Pacific Time (5:00 p.m. ET). The conference call can be accessed by dialing (888) 506-0062 (domestic) or (973) 528-0011 (international), conference ID #182309. A live webcast will also be made available at www.altigen.com. To access the replay, dial (877) 481-4010 (domestic) or (919) 882-2331 (international), conference ID #51729. A web archive will be made available at www.altigen.com for 90 days following the call's conclusion.

About Altigen Technologies

Altigen Technologies (OTCQB: ATGN) is focused on driving digital transformation in today's modern workplace.  Our Cloud Communications solutions and Technology Consulting services empower companies of all sizes to elevate customer engagement, increase employee productivity and improve operational efficiency. We're headquartered in Silicon Valley with operations strategically located in five countries spanning three continents. For more information, call 1-888-ALTIGEN or visit our website at www.altigen.com.

Safe Harbor Statement

This press release contains forward‐looking information. The statements are based on reasonable assumptions, beliefs and expectations of management and the Company provides no assurance that actual events will meet management's expectations. Furthermore, the forward-looking statements contained in this press release are based on the Company's views of future events and financial performances which are subject to known and unknown risks and uncertainties including, but not limited to, statements regarding the Company's operational improvements, performance enhancements, AI solution development, and expectations for sustainable growth. There can be no assurances that the Company will achieve the expected results, and actual results may be materially different than expectations and from those stated or implied in forward-looking statements.

Please refer to the Company's most recent Annual Report filed with the OTCQB over-the-counter market for a further discussion of risks and uncertainties. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company does not undertake any obligation to update any forward-looking statements.

Contact:
Carolyn David
Vice President of Finance
Altigen Communications, Inc.
(408) 597-9033
www.altigen.com

(1) The Company's fourth quarter fiscal year 2024 results include a non-cash tax benefit of $1.8 million, resulting from the release of the valuation allowance for deferred tax assets, while the Company's fourth quarter fiscal year 2023 results include a non-cash tax expense of approximately $2.7 million, primarily due to differences between the Company's income tax rate and the statutory rate.

Non-GAAP Financial Measures

In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our core operating performance on a period-to-period basis. These non-GAAP financial measures exclude stock-based compensation expense, amortization of acquired intangible assets, depreciation and amortization expenses, acquisition-related costs, change in deferred tax asset valuation allowance, litigation costs and other non-recurring or unusual charges or benefits that may arise from time to time that we do not consider to be directly related to core operating performance. We use non-GAAP measures to evaluate the core operating performance of our business and to perform financial planning. Since we find these measures to be useful, we believe that investors benefit from seeing results reviewed by management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by facilitating: (i) the comparability of our on-going operating results over the periods presented and (ii) the ability to identify trends in our underlying business.

SOURCE: Altigen Technologies

B.Torres--AT