iCoreConnect Inc. reports a 66% revenue increase in Q2 2024, signs agreements with customers

From GlobeNewswire: 2024-08-16 16:30:00

iCoreConnect Inc. (NASDAQ: ICCT) announces financial results for Q2 2024, reporting a 66% revenue increase to $3.1 million compared to $1.6 million in Q2 2023. Gross profit margins also rose from 74% to 80%. The company signed agreements with customers waiting for installation, showcasing high demand for its solutions.

As part of operational and strategic developments, iCoreConnect saw increased operating expenses due to a $4.8 million charge related to stock-based compensation. The company is integrating artificial intelligence (AI) in its support division and testing AI across various solutions. iCoreConnect expanded channel relationships to enhance end user value.

To improve cash flow management, iCoreConnect successfully restructured debt agreements with convertible noteholders, covering approximately $3.6 million due in 2024. The majority of maturities have been extended to August 1, 2027, with an option for noteholders to convert notes into common stock.

iCoreConnect Inc. (NASDAQ: ICCT) is a market-leading cloud-based software company focused on enhancing workflow productivity and practice profitability. The company offers a platform of 16 SaaS enterprise solutions and has more than 130 product endorsements with healthcare associations across the U.S. Forward-looking statements are included, emphasizing known risks and uncertainties.



Read more at GlobeNewswire:: iCoreConnect Inc. Reports Strong Revenue and Subscriber