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Mar 31, 2024
Digi Q2 2024 Earnings Report
Digi reported second fiscal quarter 2024 results with revenue of $108M and record end of quarter ARR of $110M.
Key Takeaways
Digi International reported a slight decrease in revenue but maintained a strong ARR growth. The company's operating cash flow increased significantly due to inventory management and improved debt structure. While pleased with our first half results, we find our customers are more cautious on second half demand than we previously expected.
Revenue was $108 million, a decrease of 3%.
Gross profit margin was 57.9%, an increase of 130 basis points.
Net income was $4 million, compared to $6 million.
Annualized Recurring Revenue (ARR) was $110 million at quarter end, an increase of 11%.
Digi
Digi
Digi Revenue by Segment
Revenue by Segment
IoT Product & Services Revenue
CapyFin.comIoT Solutions Revenue
CapyFin.com Forward Guidance
For the third fiscal quarter, revenues are estimated to be $103 million to $107 million. Adjusted EBITDA is estimated to be between $24.0 million and $25.5 million. Adjusted net income per share is anticipated to be between $0.47 and $0.51 per diluted share.
Revenue & Expenses
Visualization of income flow from segment revenue to net income