Mr. Charles Salameh reports

SANGOMA ANNOUNCES FIRST QUARTER FISCAL 2024 RESULTS

Sangoma Technologies Corp. has released its first quarter financial results and unaudited condensed consolidated interim financial statements for the fiscal first quarter ended Sept. 30, 2023.

Sangoma's services revenue rose to $51.16-million, representing 81.1 per cent of total revenue in the first quarter of fiscal 2024. Products revenue was down, resulting in total revenue for the first quarter of $63.03-million, a decrease of 2 per cent from the same period in the prior year and a 1-per-cent decrease from the immediately preceding quarter.

The company continues to maintain a healthy balance sheet, finishing the quarter with net cash provided by operating activities of $7.85-million and a cash balance of $11.14-million on Sept. 30, 2023, reflecting a strong quarterly progression of cash flow. Sangoma continues to remain comfortably within its debt covenants.

"My first two months in the role have served to strengthen my convictions in the value of Sangoma's uniquely positioned portfolio that addresses a large and underserved segment of the marketplace with a wide array of both stand-alone and bundled solutions," said Charles Salameh, Sangoma chief executive officer. "Our transformational activities are well under way and our global team of dedicated employees, suppliers and partners are capable and eager to execute to forge that path. During the coming months and quarters, I look forward to sharing with you the impact of those strategies as they drive value into the business and solidify Sangoma's position in the global marketplace."

Operating expenses were $45.0-million for the quarter, up from $44.41-million for the same period last year by about 1 per cent. In line with recent history, first quarter operating expenses include certain one-time annual costs.

Net loss for the first quarter was $2.44-million, while adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) remained strong at $9.88-million.

Conference call

Sangoma will host a conference call on Wednesday, Nov. 8, 2023, at 5:30 p.m. ET, to discuss these results. The dial-in number for the call is 1-800-319-4610 (international at 1-604-638-5340). Participants are requested to dial in five minutes before the scheduled start time and ask to join the Sangoma call.

About Sangoma Technologies Corp.

Sangoma is a leading provider of managed cloud-based communications and technology solutions for businesses worldwide. With a deep commitment to simplifying and enhancing communications, Sangoma offers a comprehensive suite of cloud-native communication solutions, including software, end points and connectivity services. With a focus on value-based offerings, Sangoma empowers businesses of all sizes to streamline their processes, reduce operational complexity and increase efficiency. Whether it's cloud software solutions, reliable end points or seamless connectivity, Sangoma's expert team is dedicated to delivering trusted and innovative services.

Sangoma is your one-stop solution for managed cloud communications services, making vendor management more straightforward and saving you valuable time.

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