Revenue increased 26.6%; GAAP Loss Per Share of ($0.01); Non-GAAP diluted EPS of $0.00

MILPITAS, CA / ACCESSWIRE / January 31, 2023 / Altigen Communications, Inc. (OTCQB:ATGN), a Silicon Valley-based cloud solutions provider for the Unified Communications as a Service (UCaaS), Contact Center as a Service (CCaaS) and our Customer Engagement as a Service (CEaaS) markets, announced today its financial results for the first quarter ended December 31, 2022.

Jerry Fleming, CEO of Altigen said: 'Our first quarter results reflected the continuation of our efforts to manage our existing business at a break-even run rate, as we roll out new and updated products that we expect to drive future revenue and profit growth. During the quarter we have now launched our new UCaaS platform, MaxCloud, which is deployed in both Altigen's and Fiserv's datacenters, to serve our respective customers. We also launched a new version of our FrontStage CCaaS solution in conjunction with Fiserv, targeting financial services institutions. Finally, just after quarter close, we released a major new version of CoreInteract for Microsoft Teams enabling us to address our customer's requirements for a cost-effective departmental customer engagement platform.

'In summary, our business has remained stable while we've been working hard on the introduction of multiple new products. We are positioned to see a return to revenue growth, margin expansion and higher profits as these ramp.'

First Quarter Highlights (Fiscal 2023 versus Fiscal 2022)

• Net Revenue increased 26.6% to $3.5 million;
• Gross margin decreased to 63.8%, compared with 72.0%;
• GAAP net loss and loss per share of ($0.2) million and ($0.01), respectively;
• Non-GAAP net income and non-GAAP diluted EPS of $0.04 million and $0.00, respectively, compared to $0.3 million and $0.01, respectively.

¹ Throughout this release, the use of Adjusted EBITDA and other non-GAAP financial measures are intended to provide useful information that supplements Altigen's results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measure at the end of this release for an explanation of Altigen's formulation of Adjusted EBITDA and reconciliations to the most directly comparable GAAP measure.

Conference Call

Altigen will be discussing its financial results and outlook on a conference call today at 1:30 p.m. Pacific Time (4:30 a.m. ET). The conference call can be accessed by dialing (877) 545-0523 (domestic) or (973) 528-0016 (international), conference ID #766643. A live webcast will also be made available at www.altigen.com . To access the replay, dial (877) 481-4010 (domestic) or (919) 882-2331 (international), conference ID #47565. A web archive will be made available at www.altigen.com for 90 days following the call's conclusion.

About Altigen Communications

Altigen Communications Inc. (OTCQB:ATGN), based in Silicon Valley, is a leading Microsoft Cloud Solutions provider, delivering fully managed Cloud-based Unified Communications services based on the Microsoft platform. Our SIP trunk services, enterprise customer engagement and innovative cloud contact center solutions seamlessly integrate with Microsoft Teams to enhance and extend the business communications capabilities for our customers. Altigen's solutions are designed for high reliability, ease of use, seamless integration into Microsoft technologies, all delivered as fully managed cloud services. Our solutions are available through our global network of certified resellers. For more information, call 1-888-ALTIGEN or visit our website at www.altigen.com.

Safe Harbor Statement

This press release contains forward‐looking information. The statements are based on reasonable assumptions, beliefs and expectations of management and the Company provides no assurance that actual events will meet management's expectations. Furthermore, the forward-looking statements contained in this press release are based on the Company's views of future events and financial performances which are subject to known and unknown risks and uncertainties including, many of which are outside the Company's control. There can be no assurances that the Company will achieve expected results, and actual results may be materially different than expectations and from those stated or implied in forward-looking statements.

Please refer to the Company's most recent Annual Report filed with the OTCQB over-the-counter market for a further discussion of risks and uncertainties. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company does not undertake any obligation to update any forward-looking statements.

Contact:
Brian Siegel, IRC, MBA
Senior Managing Director
Hayden IR
(346) 396-8696
[email protected]

ALTIGEN COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, amounts in thousands)

ALTIGEN COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(amounts in thousands, except per share data)

ALTIGEN COMMUNICATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, amounts in thousands)

ALTIGEN COMMUNICATIONS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
(amounts in thousands, except per share data)

SOURCE: Altigen Communications, Inc.