Galaxy Next Generation Inc (OTCMKTS: GAXY) is trading with a modest gain in the early session.
Market Action
As of 9:52, GAXY stock is trading at $0.0143, up by 0.70%. More than 3.93 million shares have changed hands. The stock opened at $0.0159 and moved within a range of $0.0142-$0.0159.
GAXY Reports Q3 Results
Galaxy Next Generation released its third quarter results on Friday. Here are some key points:
- Revenue increased 123% to $777K, Deferred revenue of $800K.
- Product Gross Margin improved to 54%, Inventory increased to $2.2 million.
- Cash increased 280% to $742K, Accounts Receivable increased to $1.3 million.
- Backlog of $1.9 million with product due in this month for order fulfillment prior to June 30.
“We continue to successfully build upon a solid year, with 123% revenue growth quarter over quarter from Q3 2020 to 2021, led by interactive panels, Our Bell, Paging, and Intercom product line, G2 communication software(s) and our related OEM partnerships,” commented Gary LeCroy, Galaxy’s Chief Executive Officer.
Trader Notes
GAXY has been coming back to earth after its huge run in February. The last few sessions look like GAXY is trying to find a bottom. The stock really needs to get past .016 to rally. Potential pivot points are .0153, .0164 and .0181 above and .0136 .0130 and .0113 below.
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