Yahoo Finance Altigen Communications, Inc. (PNK:ATGN) Q2 2024 Earnings Call Transcript
Altigen Communications, Inc. (PNK:ATGN) Q2 2024 Earnings Call Transcript April 30, 2024
Altigen Communications, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day and welcome to the Altigen Technologies Second Quarter Fiscal Year 2024 Results Conference Call. At this time, all participants are in a listen-only mode and the question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host Carolyn David. Ma'am, the floor is yours.
Carolyn David: Thank you, Ali. Good morning, everyone, and welcome to Altigen Technologies Earnings Call for the Second Quarter Fiscal 2024. Joining me on the call today is Jerry Fleming, President and Chief Executive Officer; Joe Hamblin, Chief Digital and Transformation Officer; and I'm Carolyn David, Vice President of Finance. Earlier this morning, we issued an earnings release reporting financial results for the period ended March 31st, 2024. This release can be found on our IR website at www.altigen.com. We have also arranged a replay of this call, which may be accessed by phone. This replay will be available approximately one hour after the call's completion and remain in effect for 90 days. The call can also be accessed from the Investor Relations section of our website.
Before we begin our formal remarks, we need to remind everyone that today's call may contain forward-looking information regarding future events and future financial performance of the company. We wish to caution you that such statements are just predictions and actual results may differ materially due to certain risks and uncertainties that pertain to our business. We refer you to the financial disclosures filed periodically by the company with the OTCQB over-the-counter market, specifically the company's annual report for the fiscal year ended September 30th, 2023, as well as the Safe Harbor statement in the press release the company issued today. These documents contain important risk factors that could cause actual results to differ materially from those contained in the company's projections or forward-looking statements.
A close-up of a computer monitor showing a complex web of cloud-based technology.
Altigen assumes no obligation to revise any forward-looking information contained in today's call. In addition, during today's call, we will also be referring to certain non-GAAP measures. These non-GAAP measures are not superior to or a replacement for the comparable GAAP measures, but we believe these measures help investors gain a more complete understanding of results. A reconciliation of GAAP to non-GAAP measures and additional disclosures regarding these measures are included in today's press release. And now let me turn the call over to Jerry Fleming for opening remarks. Jerry?
Jeremiah Fleming: Thank you, Carolyn. Hello, everyone. Thanks for joining us this morning for the call. I'll begin with a review of our second quarter results, followed by a brief business update. I'll then hand the call to Joe Hamblin, our Chief Digital and Transformation Officer for a deeper discussion of our business execution strategies. Subsequent to Joe's discussion, Carolyn will provide a detailed review of our second quarter 2024 financials. Earlier this morning, we reported fiscal 2024 Q2 revenue of $3.4 million, with a GAAP net loss of $236,000 and a non-GAAP net loss of $72,000. Compared to fiscal 2024 Q1, second quarter revenues increased by 4%. GAAP net loss decreased by 32% and non-GAAP net loss decreased by 54%.
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