8 High Growth Penny Stocks That Are Profitable in 2024

4. Crexendo, Inc. (NASDAQ:CXDO)

Share Price: $5.00

5-Year Net Income Growth: 49.76%

5-Year Revenue Growth: 33.93%

TTM Net Income: $2.79 Million

Number of Hedge Fund Holders: 7

Crexendo, Inc. (NASDAQ:CXDO) is a technology company specializing in cloud communication services. They help businesses manage their communications more effectively via the Internet through VoIP technology. Their services include voicemail, call forwarding, and conference calling, which can be essential for businesses of all sizes.

Their software solution makes it easier for businesses to manage communications through a single AI-based platform and has scalability features that allow businesses to change the platform as per the requirement.

The second quarter of 2024, marked the fourth consecutive quarter of GAAP profitability indicating a strong growth trajectory for the company. Revenue for the quarter was $14.7 million up 16% year-over-year and net income was up more than 220% during the same time.

The software solutions of Crexendo, Inc. (NASDAQ:CXDO) were the major contributors to growth. The consolidated software revenue was up more than 35% year-over-year. Looking ahead the growth trajectory looks impressive with a backlog that has grown 39% over the year. Management has invested in Oracle cloud infrastructure and NetSuite to support future growth and has plans to expand to Europe.

It is one of the high-growth penny stocks that are profitable in 2024.