Galaxy Next Generation Inc. (OTCMKTS:GAXY) dropped 4% after announcing its financial and operating results for the quarter and fiscal year ended June 30, 2021. The company’s CEO, Gary LeCroy, said they are pleased with Q4 and fiscal year results as the Galaxy team executed to surpass internal estimates. Annual revenue was $3.8 million, with new annual orders being $5.7 million.
In addition, LeCroy said that the company showed its scalability during the quarter by reaching a significant milestone in delivering positive non-GAAP adjusted EBITDA. Most importantly, all the announced contracts, new partnerships, granted catalog bids, and launch of new products enabled the company to accelerate its revenue growth.
Magen McGahee, the company’s CFO, added that all-important performance indicators are trending in the right direction. He said that the company strengthened its balance sheet with increased cash and assets and dropped shareholder liabilities and deficits. In addition, revenue was up 117% in Q4 and 63% up for the fiscal year.Therefore, GAXY is worth keeping an eye on.
Market Reaction:
On Friday, GAXY stock fell 4% at $0.0102 with more than 71.31 million shares, compared to its average volume of 17.48 million shares. The stock has moved within a range of $0.0099 – 0.0108 after opening the trade at $0.0103.
