Galaxy Next Generation Inc (OTCMKTS:GAXY) Stock On Radar After Fiscal Year 2022 Results

One of the companies which may be worth looking into this morning is Galaxy Next Generation Inc (OTCMKTS:GAXY). This past Friday the company had been in the news after the company announced its financial results for the fiscal year that had ended on June 30, 2022.

Trading Data

On Friday, GAXY stock moved down 0.62% to $0.0800 with more than 57.96K shares, compared to its average volume of 57.64 shares. The stock moved within a range of $0.0760 – 0.0850 after opening trade at $0.0850.

Galaxy Next Generation Reports Fiscal Year 2022 Results and Provides Fiscal Year 2023 Guidance

The company is involved in the interactive learning technology space. In light of the announcement, it could be a good move from investors to consider taking a closer look at some of the highlights from the financial results. The company ended up with revenues of as much as $3.9 million for the financial year, which worked out to a rise of as much as 4% year on year.

On the other hand, the operating losses for the fiscal year came in at $4.7 million, which was a reduced figure from the $6.2 million in operating losses in the previous fiscal year. More importantly, the net losses went down by as much as 74% to $6.3 million. In the prior year period, the company had suffered net losses of as much as $24.4 million. The total liabilities on the company’s books went down by as much as 22% year on year to hit $6.8 million.

Key Quote

“Our fiscal year 2022 results reflect the continued transformation of our Company, as we worked to penetrate new markets and expand our existing relationships while making necessary operational improvements to lay the foundation for our next phase of growth,” said Gary LeCroy, Chief Executive Officer of Galaxy. “We placed a considerable amount of our effort over the last year on strengthening our balance sheet and cost structure, while building out a robust sales function in preparation of servicing the strong demand we continue to see for our technology solutions. As we look toward fiscal year 2023, we believe that our expanded team and presence will enable us to achieve an increase in annual revenue of at least 50% as we demonstrate our competitive positioning.

Technical Data  

GAXY stock is trading below the 20-Day and 50-Day Moving averages of $0.11 and $0.15 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.59. The company has a total market capitalization of $1.52 million.