Research Dossier · Editorial Research

$5.1M GAAP Net Income. $31.4M Cash. 12% Revenue Growth. The Market Still Calls This Small-Cap.

CXDO · NASDAQ · Technology · Published April 2026

$68.2M in FY2025 revenue, 12% growth, GAAP net income of $5.1M; actually profitable. $31.4M in cash, up 72.5% year-over-year. White-label UCaaS with Fortune 500 clients and no consumer marketing spend. The market hasn't noticed.

What This Company Is

Crexendo makes the phone and video systems that businesses use; but sells them through other companies who put their own name on it. The company nobody's heard of making the product everyone uses. Because nobody markets it directly to consumers, nobody covers it. $68M in revenue, almost all recurring, $5.1M in actual profit, $31M in cash. The market hasn't noticed because there's no brand to notice.

Analyst Note

"$5.1M GAAP net income. $31.4M in cash, up 72.5% year-over-year. $68.2M in revenue, essentially all recurring. The white-label model means nobody has heard of them. That is the opportunity."

The Bottom Line

Watch Q1 2026 earnings for whether cash continues to grow and service revenue maintains its trajectory. A second consecutive quarter of GAAP profitability with growing cash eliminates the 'one-time' explanation and makes the valuation gap a thesis.

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