EGAIN Corp Reports Net Income of $2.1 Million for the Year Ended June 30, 2023
Annual Revenue of $98.0 Million
June 30, 2023 - EGAIN Corp [EGAN] (NASDAQ: EGAN) has announced its financial results for the year ended June 30, 2023. The company reported a net income of $2.1 million, compared to a net loss of $2.4 million in the previous year. The annual revenue for the period was $98.0 million, showing a growth of 6.6% compared to the previous year's revenue of $91.9 million.
Financial Performance
EGAIN Corp's financial performance for the year shows a significant improvement with a positive net income compared to the previous year's net loss. The company's revenue also witnessed a healthy growth of 6.6%. The gross profit for the year was $70.7 million, up from $67.4 million in the previous year. The operating expenses for the year were $69.3 million, slightly lower than the previous year's expenses of $69.6 million. The company's operating income for the year was $1.4 million, compared to an operating loss of $2.1 million in the previous year.
Revenue Growth
EGAIN Corp's annual revenue of $98.0 million represents a growth of 6.6% compared to the previous year. The growth in revenue can be attributed to the strong performance across all revenue streams. The subscription revenue for the year was $90.3 million, up from $84.6 million in the previous year, showing a growth of 6.8%. The professional services revenue for the year was $7.7 million, slightly higher than the previous year's revenue of $7.4 million.
Financial Stability
EGAIN Corp's financial stability remains strong with a healthy balance sheet. The company reported total assets of $130.1 million and total liabilities of $68.4 million as of June 30, 2023. The company's current assets were $109.8 million, while its current liabilities were $63.7 million. EGAIN Corp's stockholders' equity stood at $61.7 million, indicating a strong financial position.
Earnings Per Share
EGAIN Corp reported earnings per share of $0.06 on both a basic and diluted basis for the year ended June 30, 2023. This is an improvement compared to the previous year's loss per share of $0.08. The increase in earnings per share can be attributed to the positive net income reported for the year.
Outlook
Looking ahead, EGAIN Corp is optimistic about its future prospects. The company will continue to focus on driving revenue growth and improving profitability. With its strong financial position and innovative solutions, EGAIN Corp is well-positioned to capitalize on market opportunities and deliver value to its shareholders.
In conclusion, EGAIN Corp's financial results for the year ended June 30, 2023, demonstrate significant improvement with a positive net income and revenue growth. The company's strong financial stability and positive earnings per share indicate a promising future for EGAIN Corp. With a focus on driving growth and delivering innovative solutions, the company is well-positioned for continued success.