CXDO // Crexendo Inc.

DES <GO> NASDAQ RQD COCKPIT → CIK 0001075736 ↗

Communication Services • Telecommunications Equipment

$5.79 ▼ -0.43 (-6.91%)

MKT CAP: $207.6M • VOL: 200.6K

52W L $5 52W H $11

ALTMAN Z

9.04 SAFE

PIOTROSKI

7 / 9

CXDO // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

▼ DOWNGRADE // C+ (RQD 66) -> D+ (RQD 54) AS OF 2026-11-02

ROARABLE D+

RQD CONFIDENCE

54 / 100 -12D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim

01 MASSIVE / SEC XBRL

Forensic Fundamentals

12 / 20

NEUTRAL

FCF +48.3% vs NI +200% • ROIC-WACC -2.8% • Z 9.04

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

8 / 20

WARNING

52W RANGE 15% • VS 200D -9.6% • RSI 57.9

03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

05 10-K REDLINE AUDIT

Forensic 10-K Risk

15 / 20

SOLID

20 BASE - 5 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON CXDO)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // MACRO TAILWIND SCORE (30/100)SIFTER 05 // TRUE NET LIQUIDITY BETA

SEVERITY: 80/100 Z-SCORE: +2.10σ

CXDO Exhibits 1.86x True Net Liquidity Elasticity as Fed-TGA-RRP Prints $5,746B

TRUE NET LIQUIDITY

$5,746B (-0.64% 4W)

NET LIQUIDITY ELASTICITY

1.86x BETA (r=+0.21)

MACRO TAILWIND SCORE

30 / 100

[GEEK DESK FORENSIC NOTE // FRED WALCL - TGA - RRP × 5Y BETA]

FRED Fed Assets (WALCL)US Treasury TGA (WTREGEN) + ON RRPICE BofA High-Yield OAS + 5Y Equity Beta

Wall Street's True Net Liquidity Index (WALCL minus Treasury General Account WTREGEN minus Overnight RRP) stands at $5,745.73B (-0.64% 4-week RoC; High-Yield OAS +2 bps). Rolling 5-year regression assigns Crexendo Inc. (CXDO) a 1.86x Net Liquidity beta (r = +0.21), placing it in the top decile of liquidity-sensitive equities. Current plumbing translates to a deterministic Macro Tailwind Score of 30/100.

CXDO // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -29.13%⚡ TESTING RESISTANCE

2026-11-02O $6.15H $6.22L $5.79C $5.79VOL 143.0K

RES: $6.20SUP: $5.25SMA50: $5.90SMA200: $6.88

CXDO // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 47/100

BEAR 0

100 BULL

Crexendo Inc. (CXDO) exhibits 45.0% gross margins and 5.8% return on invested capital within Communication Services (Telecommunications Equipment), balanced against a 44.1x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 45.0% gross profitability converts into 6.9% operating margin and 5.8% ROIC, outpacing sector cost of capital.

ROIC: 5.8% // GM: 45.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +12.0% paired with 4.47% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +12.0% // FCF YLD: 4.47%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 9.04 and Piotroski F-Score of 7/9 indicate low near-term refinancing stress.

ALTMAN Z: 9.04 // F-SCORE: 7/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 40.9x trailing P/E (38.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 40.9x // EV/EBITDA: 44.1x

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $5.79 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Telecommunications Equipment require continuous execution to defend 7.4% net margins.

NET MARGIN: 7.4% // D/E: 0.45x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 38.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 40.9x

FORWARD P/E 38.0x

EV / EBITDA 44.1x

FCF YIELD 4.47%

GROSS MARGIN —

OPERATING MARGIN 6.9%

NET MARGIN 7.4%

ROIC % 5.8%

REV GROWTH YOY +12.0%

DILUTED EPS TTM $0.15

DEBT / EQUITY —

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 57.9

5Y EQUITY BETA —

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // CXDOPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $5.30

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for CXDO & activate live FRED threshold breach alerts.

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