# Crexendo, Inc. (CXDO)

Informational only - not investment advice.

CIK: 0001075736
SIC: 4813 Telephone Communications (No Radiotelephone)
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Communications](/major-group/48/) > [SIC 4813 Telephone Communications (No Radiotelephone)](/industry/4813/)
Latest 10-K filed: 2026-03-03
SEC page: https://www.sec.gov/edgar/browse/?CIK=1075736
Filing source: https://www.sec.gov/Archives/edgar/data/1075736/000165495426001848/cxdo_10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-03 · accession 0001654954-26-001848 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001075736.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 68,167,000 USD | 2025 | verified |
| Net income | 5,071,000 USD | 2025 | verified |
| Assets | 77,686,000 USD | 2025 | verified |
| Free cash flow | 9,279,000 USD | 2025 | computed |
| Net margin | 7.44% | 2025 | computed |
| Operating margin | 6.88% | 2025 | computed |
| Revenue YoY | +12.05% | 2025 | computed |
| ROE | 7.95% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CXDO | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 7.4% | 6.2% | 62 | 9 |
| Operating margin | 6.9% | 6.9% | 50 | 9 |
| Revenue growth | 12.0% | 2.6% | 89 | 10 |
| FCF margin | 13.6% | 13.6% | 50 | 9 |
| ROE | 7.9% | 12.1% | 44 | 10 |
| ROA | 6.5% | 4.7% | 67 | 10 |
| Liabilities / equity | 0.22 | 1.75 | 0 | 10 |
| Current ratio | 3.40 | 1.51 | 100 | 10 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4813 Telephone Communications (No Radiotelephone), not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 68167000 | USD | 2025 | 2026-03-03 |
| Net income | 5071000 | USD | 2025 | 2026-03-03 |
| Assets | 77686000 | USD | 2025 | 2026-03-03 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001075736.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  | 9,119,000 | 10,187,000 | 11,908,000 | 14,436,000 | 16,387,000 | 28,092,000 | 37,554,000 | 53,199,000 | 60,838,000 | 68,167,000 |
| Net income |  |  |  |  | -2,792,000 | -929,000 | -223,000 | 1,139,000 | 7,940,000 | -2,445,000 | -35,413,000 | -362,000 | 1,677,000 | 5,071,000 |
| Operating income |  |  |  |  | -2,763,000 | -734,000 | -206,000 | 1,135,000 | 991,000 | -2,810,000 | -37,392,000 | -1,689,000 | 1,824,000 | 4,690,000 |
| Diluted EPS |  |  |  |  | -0.21 | -0.07 | -0.02 | 0.07 | 0.46 | -0.12 | -1.54 | -0.01 | 0.06 | 0.16 |
| Operating cash flow |  |  |  |  | -1,126,000 | 294,000 | 452,000 | 1,638,000 | 647,000 | -1,006,000 | -411,000 | 3,499,000 | 6,284,000 | 9,297,000 |
| Capital expenditures | 101,000 | 655,000 | 6,000 | 0.00 |  |  |  |  |  | 101,000 | 289,000 | 92,000 | 27,000 | 18,000 |
| Dividends paid | 915,000 | 851,000 | 635,000 | 0.00 |  |  |  |  |  | 0.00 | 462,000 | 130,000 | 0.00 |  |
| Assets |  |  |  |  | 3,533,000 | 3,737,000 | 4,549,000 | 7,783,000 | 30,705,000 | 77,152,000 | 55,634,000 | 56,160,000 | 64,938,000 | 77,686,000 |
| Liabilities |  |  |  |  | 3,018,000 | 2,107,000 | 2,549,000 | 3,396,000 | 4,941,000 | 11,219,000 | 14,175,000 | 11,547,000 | 13,525,000 | 13,865,000 |
| Stockholders' equity |  |  |  |  | 515,000 | 1,630,000 | 2,000,000 | 4,387,000 | 25,764,000 | 65,933,000 | 41,459,000 | 44,613,000 | 51,413,000 | 63,821,000 |
| Free cash flow |  |  |  |  |  |  |  |  |  | -1,107,000 | -700,000 | 3,407,000 | 6,257,000 | 9,279,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | -30.62% | -9.12% | -1.87% | 7.89% | 48.45% | -8.70% | -94.30% | -0.68% | 2.76% | 7.44% |
| Operating margin |  |  |  |  | -30.30% | -7.21% | -1.73% | 7.86% | 6.05% | -10.00% | -99.57% | -3.17% | 3.00% | 6.88% |
| Return on equity |  |  |  |  |  | -56.99% | -11.15% | 25.96% | 30.82% | -3.71% | -85.42% | -0.81% | 3.26% | 7.95% |
| Return on assets |  |  |  |  | -79.03% | -24.86% | -4.90% | 14.63% | 25.86% | -3.17% | -63.65% | -0.64% | 2.58% | 6.53% |
| Liabilities / equity |  |  |  |  | 5.86 | 1.29 | 1.27 | 0.77 | 0.19 | 0.17 | 0.34 | 0.26 | 0.26 | 0.22 |
| Current ratio |  |  |  |  | 1.03 | 1.53 | 1.66 | 1.99 | 7.72 | 1.09 | 1.19 | 1.65 | 2.22 | 3.40 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001075736.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.03 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.06 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.02 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | -545,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 13,874,000 |  | 0.06 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 14,164,000 | 61,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 14,286,000 | 434,000 | 0.01 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 434,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 14,685,000 |  | 0.02 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 588,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 15,627,000 |  | 0.00 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 16,240,000 | 507,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 16,057,000 | 1,171,000 | 0.04 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | 1,171,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 16,552,000 |  | 0.04 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 1,232,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 17,497,000 |  | 0.05 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 18,061,000 | 1,218,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 20,710,000 | 578,000 | 0.02 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | 578,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 24,646,000 |  | 0.03 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CXDO's latest 10-K: [/company/CXDO/business/](/company/CXDO/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CXDO's latest 10-K: [/company/CXDO/risk-factors/](/company/CXDO/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1075736/000165495426007265/cxdo_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section and other parts of this Form 10-Q contain forward-looking statements that involve risks and uncertainties. Forward-looking statements can be identified by words such as “anticipates,” “expects,” “believes,” “plans,” “predicts,” and similar terms. Forward-looking statements are not guarantees of future performance and our Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part II, Item 1A, “Risk Factors,” which are incorporated herein by reference. The following discussion should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) filed with the SEC and the Condensed Consolidated Financial Statements and notes thereto included in the 2026 Form 10-Qs and elsewhere in this Form 10-Q. We assume no obligation to revise or update any forward-looking statements for any reason, except as required by law.

OVERVIEW

Crexendo, Inc. is an award-winning software technology company that is a premier provider of cloud communication platform software and unified communications as a service (UCaaS) offering, including voice, video, contact center, and managed IT services tailored to businesses of all sizes. Our cloud communications software solutions currently support over six million end users globally, through an extensive network of over 245 cloud communication platform software subscribers and our direct retail offering. Our products and services can be categorized in the following offerings:

Cloud Telecommunications Services – Our cloud telecommunications services transmit calls using IP or cloud technology, which converts voice signals into digital data packets for transmission over the Internet or cloud. Each of our calling plans provides a number of basic features typically offered by traditional telephone service providers, plus a wide range of enhanced features that we believe offer an attractive value proposition to our customers. This platform enables a user, via a single “identity” or telephone number, to access and utilize services and features regardless of how the user is connected to the Internet or cloud, whether it’s from a desktop device or an application on a mobile device or computer.

We generate recurring revenue from our cloud telecommunications services, broadband Internet services, managed IT services, software license sales, and infrastructure as a service. Our cloud telecommunications contracts typically have a thirty-six to sixty-month term. We may also charge activation and flash fees and the Company generally allocates a portion of the activation fees to the desktop devices, which is recognized at the time of the installation or customer acceptance, and a portion to the service, which is recognized over the contract term using the straight-line method. We also charge other various contracted and non-contracted fees.

We generate product revenue, equipment financing revenue, and device as a service revenue from the sale and lease of our cloud telecommunications equipment. Revenues from the sale of equipment, including those from sales-type leases, are recognized at the time of sale or at the inception of the lease, as appropriate.

Software Solutions – Our software solutions segment derives revenues from three primary sources: software licenses, software maintenance support and professional services. Software and services may be sold separately or in bundled packages. Generally, contracts with customers contain multiple performance obligations, consisting of software and services. For bundled packages, the Company accounts for individual products and services separately if they are distinct – i.e. if a product or service is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration is allocated between separate products and services in a bundle based on their relative stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the software licenses and professional services. For items that are not sold separately (e.g. additional features) the Company estimates stand-alone selling prices using the adjusted market assessment approach. When we provide a free trial period, we do not begin to recognize recurring revenue until the trial period has ended and the customer has been billed for the services.

We generate software license revenue from the sale of perpetual software licenses, term-based software licenses that expire, and Software-as-a-Service (“SaaS”) based software which are referred to as subscription arrangements. The Company does not recognize software revenue related to the renewal of subscription software licenses earlier than the beginning of the subscription period.

We generate subscription and maintenance support revenue from customer support and other supportive services. The Company offers warranties on its products. The warranty period for our licensed software is generally 90 days. Certain of the Company’s warranties are considered to be assurance-type in nature and do not cover anything beyond ensuring that the product is functioning as intended. Based on the guidance in ASC 606, assurance-type warranties do not represent separate performance obligations. The Company also sells separately-priced maintenance service contracts, which qualify as service-type warranties and represent separate performance obligations. The Company does not typically allow and has no history of accepting material product returns. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support and bug fixes or patches. Subscription and maintenance support revenue is recognized ratably over the term of the customer support agreement, which is typically one to three years.

We generate professional services and other revenue from consulting, technical support, resident engineer services, design services and installation services. Revenue for professional services and other is recognized when the performance obligation is complete and the customer has accepted the performance obligation.

[[GREPCENT_TABLE]]
[["34"],["Table of Contents"]]
[[/GREPCENT_TABLE]]

OUR SERVICES AND PRODUCTS

Our solution was recently recognized as the fastest growing UCaaS platform in the United States. By providing a variety of comprehensive and scalable solutions, we are able to cater to businesses of all sizes on a monthly subscription basis without the need for expensive capital investments, regardless of where their business is in its lifecycle. Our products and services can be categorized in the following offerings:

Cloud Telecommunications Services – Our cloud telecommunications service offering includes hardware, software, and unified IP or cloud technology over any high-speed Internet connection. These services are rendered through a variety of devices and communication solutions for businesses using user interfaces such as a Crexendo branded and third party desktop phones and/or mobile and desktop applications. Some examples of mobile devices are Android cell phones, iPhones, iPads or Android tablets. These services enable our customers to seamlessly communicate with others through phone calls that originate/terminate on our network or PSTN networks. Our cloud telecommunications services are powered by our proprietary implementation of standards based Web and VoIP cloud technologies. Our services use our highly scalable complex infrastructure that we build and manage based on industry standard best practices to achieve greater efficiencies, better quality of service (QoS) and customer satisfaction. Our infrastructure comprises of compute, storage, network technologies, 3rd party products and vendor relationships. We also develop end user portals for account management, license management, billing and customer support and adopt other cloud technologies through our partnerships.

Crexendo’s cloud telecommunication service offers a wide variety of essential and advanced features for businesses of all sizes. Many of these features included in the service offering are:

[[GREPCENT_TABLE]]
[["","\u00b7","Business Productivity Features such as dial-by extension and name, transfer, conference, call recording, Unlimited calling to anywhere in the US and Canada, International calling, Toll free (Inbound and Outbound)."],["","\u00b7","Individual Productivity Features such as Caller ID, Call Waiting, Last Call Return, Call Recording, Music/Message-On-Hold, Voicemail, Unified Messaging, Hot-Desking."],["","\u00b7","Group Productivity Features such as Call Park, Call Pickup, Interactive Voice Response (IVR), Individual and Universal Paging, Corporate Directory, Multi-Party Conferencing, Group Mailboxes, Web and mobile devices based collaboration applications."],["","\u00b7","Call Center Features such as Automated Call Distribution (ACD), Call Monitor, Whisper and Barge, Automatic Call Recording, One way call recording, Analytics."],["","\u00b7","Advanced Unified Communication Features such as Find-Me-Follow-Me, Sequential Ring and Simultaneous Ring, Voicemail transcription."],["","\u00b7","Mobile Features such as extension dialing, transfer and conference and seamless hand-off from WiFi to/from 3G, 4G, 5G, and LTE, as well as other data services. These features are also available on CrexMo, VIP Mobile, and Snap Mobile which are intelligent mobile application for iPhones and Android smartphones, as well as iPads and Android tablets."],["","\u00b7","Traditional PBX Features such as Busy Lamp Fields, System Hold. 16-48 Port density Analog Device Gateways."],["","\u00b7","Expanded Desktop Device Selection such as Entry Level Phone, Executive Desktop, DECT Phone for roaming users."],["","\u00b7","Advanced Faxing solution such as Cloud Fax (cFax) allowing customers to send and receive Faxes from their Email Clients, Mobile Phones and Desktops without having to use a Fax Machine simply by attaching a file."],["","\u00b7","Web based online portal to administer, manage and provision the system."],["","\u00b7","Asynchronous communication tools like SMS/MMS, chat and document sharing to keep in pace with emerging communication trends."],["","\u00b7","Video collaboration tools for video conferencing and meeting collaboration."]]
[[/GREPCENT_TABLE]]

Many of these services are included in our basic offering to our customers for a monthly recurring fee and do not require a capital expense. Some of the advanced features such as Automatic Call Recording and Call Center Features require additional monthly fees. Crexendo continues to invest and develop its technology and CPaaS offerings to make them more competitive and profitable.

[[GREPCENT_TABLE]]
[["35"],["Table of Contents"]]
[[/GREPCENT_TABLE]]

Software Solutions – Our software solutions offering provides a comprehensive suite of unified communications (UC), video conferencing, collaboration & contact center solutions. Our platform enables service providers to customize packages with unprecedented levels of flexibility, profitability, and ease of use.

Our software solutions offering are as follows:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1075736/000165495426001848/cxdo_10k.htm
Complete FY 2025 MD&A: /company/CXDO/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-03-03
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

SAFE HARBOR

In addition to historical information, this Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, risks and uncertainties, including the risk factors set forth in Item 1A. above and the risk factors set forth in this Annual Report. Generally, the words “anticipate”, “expect”, “intend”, “believe” and similar expressions identify forward-looking statements. The forward-looking statements made in this Annual Report are made as of the filing date of this Annual Report with the SEC, and future events or circumstances could cause results that differ significantly from the forward-looking statements included here. Accordingly, we caution readers not to place undue reliance on these statements. We expressly disclaim any obligation to update or alter our forward-looking statements, whether, as a result of new information, future events or otherwise after the date of this document.

OVERVIEW

Crexendo, Inc. is an award-winning software technology company that is a premier provider of cloud communication platform and services, video collaboration and managed IT services tailored to businesses of all sizes. By providing a variety of comprehensive and scalable solutions, we are able to cater to businesses of all sizes on a monthly subscription basis without the need for expensive capital investments, regardless of where their business is in its lifecycle. Our products and services can be categorized in the following offerings:

Cloud Telecommunications Services – Our cloud telecommunications services transmit calls using IP or cloud technology, which converts voice signals into digital data packets for transmission over the Internet or cloud. Each of our calling plans provides a number of basic features typically offered by traditional telephone service providers, plus a wide range of enhanced features that we believe offer an attractive value proposition to our customers. This platform enables a user, via a single “identity” or telephone number, to access and utilize services and features regardless of how the user is connected to the Internet or cloud, whether it’s from a desktop device or an application on a mobile device.

We generate recurring revenue from our cloud telecommunications services, broadband Internet services, managed IT services, software license sales, and infrastructure as a service. Our cloud telecommunications contracts typically have a thirty-nine to ninety-month term. We may also charge activation and flash fees and the Company generally allocates a portion of the activation fees to the desktop devices, which is recognized at the time of the installation or customer acceptance, and a portion to the service, which is recognized over the contract term using the straight-line method. We also charge other various contracted and non-contracted fees.

We generate product revenue, equipment financing revenue, and device as a service revenue from the sale and lease of our cloud telecommunications equipment. Revenues from the sale of equipment, including those from sales-type leases, are recognized at the time of sale or at the inception of the lease, as appropriate.

Our Cloud Telecommunications service revenue increased 6% or $1,933 to $33,782 for the year ended December 31, 2025 as compared to $31,849 for the year ended December 31, 2024. Our Cloud Telecommunications product revenue decreased 16% or $894 to $4,721 for the year ended December 31, 2025 as compared to $5,615 for the year ended December 31, 2024.

Software Solutions – Our software solutions segment derives revenues from three primary sources: software licenses, software maintenance support and professional services. Software and services may be sold separately or in bundled packages. Generally, contracts with customers contain multiple performance obligations, consisting of software and services. For bundled packages, the Company accounts for individual products and services separately if they are distinct – i.e. if a product or service is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration is allocated between separate products and services in a bundle based on their relative stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the software licenses and professional services.  For items that are not sold separately (e.g. additional features) the Company estimates stand-alone selling prices using the adjusted market assessment approach. When we provide a free trial period, we do not begin to recognize recurring revenue until the trial period has ended and the customer has been billed for the services.

We generate software license revenue from the sale of perpetual software licenses, term-based software licenses that expire, and Software-as-a-Service ("SaaS") based software which are referred to as subscription arrangements. The Company does not recognize software revenue related to the renewal of subscription software licenses earlier than the beginning of the subscription period.

[[GREPCENT_TABLE]]
[["33"],["Table of Contents"]]
[[/GREPCENT_TABLE]]

We generate subscription and maintenance support revenue from customer support and other supportive services. The Company offers warranties on its products. The warranty period for our licensed software is generally 90 days. Certain of the Company's warranties are considered to be assurance-type in nature and do not cover anything beyond ensuring that the product is functioning as intended. Based on the guidance in ASC 606, assurance-type warranties do not represent separate performance obligations. The Company also sells separately-priced maintenance service contracts, which qualify as service-type warranties and represent separate performance obligations. The Company does not typically allow and has no history of accepting material product returns.  Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support and bug fixes or patches. Subscription and maintenance support revenue is recognized ratably over the term of the customer support agreement, which is typically one year.

We generate professional services and other revenue from consulting, technical support, resident engineer services, design services and installation services. Revenue for professional services and other is recognized when the performance obligation is complete and the customer has accepted the performance obligation.

Our Software solutions revenue increased 27%, or $6,290 to $29,664 for the year ended December 31, 2025, compared to $23,374 for the year ended December 31, 2024.

Results of Consolidated Operations

The following discussion of financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and Notes thereto and other financial information included herein this Annual Report.

Results of Consolidated Operations (in thousands, except for per share amounts)

[[GREPCENT_TABLE]]
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[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","For the three months ended"],["Consolidated","","March 31,","","","June 30,","","","September 30,","","","December 31,"],["","","2025","","","2025","","","2025","","","2025"],["Service revenue","","$","8,182","","","$","8,374","","","$","8,607","","","$","8,619"],["Software solutions revenue","","","6,868","","","","6,975","","","","7,521","","","","8,300"],["Product revenue","","","1,007","","","","1,203","","","","1,369","","","","1,142"],["Total revenue","","$","16,057","","","$","16,552","","","","17,497","","","","18,061"],["Income/(loss) before income tax","","","1,215","","","","1,280","","","","1,493","","","","1,383"],["Income tax (provision)/benefit","","","(44",")","","","(48",")","","","(43",")","","","(165",")"],["Net income/(loss)","","","1,171","","","","1,232","","","","1,450","","","","1,218"],["Basic earnings per share (1)","","$","0.04","","","$","0.04","","","$","0.05","","","$","0.04"],["Diluted earnings per share (1)","","$","0.04","","","$","0.04","","","$","0.05","","","$","0.04"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["34"],["Table of Contents"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","For the three months ended"],["Consolidated","","March 31,","","","June 30,","","","September 30,","","","December 31,"],["","","2024","","","2024","","","2024","","","2024"],["Service revenue","","$","7,845","","","$","8,067","","","$","7,953","","","$","7,984"],["Software solutions revenue","","","5,146","","","","5,325","","","","5,860","","","","7,043"],["Product revenue","","","1,295","","","","1,293","","","","1,814","","","","1,213"],["Total revenue","","$","14,286","","","$","14,685","","","","15,627","","","","16,240"],["Income/(loss) before income tax","","","461","","","","615","","","","194","","","","619"],["Income tax (provision)/benefit","","","(27",")","","","(27",")","","","(46",")","","","(112",")"],["Net income/(loss)","","","434","","","","588","","","","148","","","","507"],["Basic earnings per share (1)","","$","0.02","","","$","0.02","","","$","0.01","","","$","0.02"],["Diluted earnings per share (1)","","$","0.01","","","$","0.02","","","$","0.00","","","$","0.02"]]
[[/GREPCENT_TABLE]]

———————

[[GREPCENT_TABLE]]
[["(1)","Earnings per share is computed independently for each of the quarters presented. Therefore, the sums of quarterly earnings per share amounts do not necessarily equal the total for the twelve month periods presented."]]
[[/GREPCENT_TABLE]]

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

Total Revenue

Total revenue consists of service revenue, software solutions revenue and product revenue. The following table reflects our total revenue for the year ended December 31, 2025, compared to the year ended December 31, 2024:

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["","","2025","","","2024","","","Dollar Change","","","Percent Change"],["Total revenue","","$","68,167","","","$","60,838","","","$","7,329","","","","12","%"]]
[[/GREPCENT_TABLE]]

The increase in total revenue is due to an increase in software solutions revenue of $6,290 and an increase in service revenue of $1,933, offset by a decrease in product revenue of $894.

Income/(loss) Before Income Tax

The following table reflects our income/(loss) before income tax for the year ended December 31, 2025, compared to the year ended December 31, 2024:

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["","","2025","","","2024","","","Dollar Change","","","Percent Change"],["Income/(loss) before income tax","","$","5,371","","","$","1,889","","","$","3,482","","","","184","%"]]
[[/GREPCENT_TABLE]]

The increase in income/(loss) before income tax is primarily related to an increase in revenue of $7,329 and an increase in other income/(expense) of $616, offset by an increase in operating expenses of $4,463. The inc

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CXDO/mda/fy2025/
All MD&A years: /company/CXDO/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CXDO/mda/fy2024/): filed 2025-03-04; accession 0001654954-25-002287 (https://www.sec.gov/Archives/edgar/data/1075736/000165495425002287/cxdo_10k.htm)
- [FY 2023 MD&A](/company/CXDO/mda/fy2023/): filed 2024-03-05; accession 0001654954-24-002655 (https://www.sec.gov/Archives/edgar/data/1075736/000165495424002655/cxdo_10k.htm)
- [FY 2022 MD&A](/company/CXDO/mda/fy2022/): filed 2023-03-14; accession 0001654954-23-002860 (https://www.sec.gov/Archives/edgar/data/1075736/000165495423002860/cxdo_10k.htm)
- [FY 2021 MD&A](/company/CXDO/mda/fy2021/): filed 2022-03-21; accession 0001654954-22-003516 (https://www.sec.gov/Archives/edgar/data/1075736/000165495422003516/cxdo_10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4813 Telephone Communications (No Radiotelephone)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CXDO.md · JSON record: /company/CXDO.json · verified financials: /company/CXDO/financials.json / /company/CXDO/financials.csv · machine TOC for the whole site: /llms.txt