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SANG MA Sangoma Announces First Quarter Fiscal 2022 Results Quarterly Revenue Double that of Last Year MARKHAM , Ontario , Nov. 12 , 2021 ( GLOBE NEWSWIRE ) -- 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 . US $ M Sales Q1 FY2022 Q1 FY2021 $ 52.48 m $ 26.22 m Change 100 % Q4 FY2021 Change $ 50.12 m 5 % Gross profit Operating expense Adjusted operating Income¹ ( loss ) Net income ( loss ) $ 37.85 m $ 17.31 m 119 % $ 35.89 m 5 % $ 38.71 m $ 14.77 m 162 % $ 37.78 m 2 % ( $ 0.85 ) m $ 2.55 m ( $ 1.89 ) m ( $ 2.30 ) m $ 1.58 m Net earnings / ( loss ) per share ( fully diluted ) $ ( 0.073 ) $ 0.109 ( $ 1.29 ) m $ ( 0.041 ) Adjusted EBITDA¹ $ 10.09 m $ 4.95 m 104 % $ 9.62 m 5 % The Company undertook a seven for one share consolidation on November 2 , 2021 , so please note that in this press release , as well as the accompanying interim financial statements and MD & A ( all of which have been filed on SEDAR ) , the share count , option count , exercise prices , and earnings per share reflect this share consolidation for all periods reported . " 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 . Operating expenses were $ 38.71 million for the first fiscal quarter of 2022 , up 2 % sequentially over the most recent fourth quarter of fiscal 2021. When compared to last year , operating expenses are materially higher primarily because of the addition of the Star2Star teams and the non - cash intangible asset amortization arising from the acquisition . Adjusted EBITDA¹ was $ 10.09 million in the first quarter , more than twice that of last year , and at about 19 % of revenue , is consistent with expectations for this point in the fiscal year . Net loss for the first quarter ended September 30 , 2021 was $ 2.30 million , which includes the additional non - cash intangible asset amortization , together with $ 0.84 million of one - time integration expense which is expected to cover all such costs associated with the Star2Star acquisition . Sangoma continues to maintain a healthy balance sheet , finishing the quarter with a cash balance of $ 19.13 million on September 30 , 2021 and remains comfortably within its debt covenants . Adjusted Cash Flow from operations during the first quarter was $ 5.16 million , compared to $ 3.01 million in the same quarter of fiscal 2021 . Outlook for fiscal year 2022 Based upon these results for the first quarter , Sangoma continues to expect revenue of between $ 209 and $ 213 million , and Adjusted EBITDA in a range of $ 41 to $ 43 million , for fiscal 22. The company is not changing its fiscal 2022 guidance . The above outlook is based on the Company's assessment of many material assumptions , including :