Digi International sees FY24 adjusted EBITDA up 5%

The company said, “With our three 100 goals secured, Digi has set new long term strategic goals. Resilient execution in a large and growing Industrial Internet of Things market provides confidence we will double ARR and Adjusted EBITDA to $200 million within the next five years on an organic basis. Potential acquisitions are also focused on these metrics, which could help Digi reach these milestones even earlier. We expect global macroeconomic headwinds to persist. In addition, some strategic customers supported by our console server team will need more time than expected to deploy previously shipped solutions. The demand for Digi offerings remains strong, however the time to close deals has extended compared to historical measures. Our outlook for fiscal 2024 projects our ARR and Adjusted EBITDA to grow 5% and our revenue projects to be flat year over year.”