Edgio to Restate Financials; 4Q Prelim Rev. $107m to $109m

Edgio Inc. expects to revise its 2020 and 2021 revenue down after identifying an error in its Open Edge transactions.

• Anticipates adjustments may lead to a reduction in revenues of 5.8% on a consolidated pro-forma basis for the nine months ending September 30, 2022, and a reduction in previously reported revenue of 7.7% in 2021 and 2.9% in 2020
• Does not expect impact to cash or cash equivalents for all prior periods
  • Total cash, cash equivalents and short-term investment balance of approximately $74 million
• Prelim 4Q 2022 revenue $107 million to $109 million and CAPEX ~$2.5 million
• Audit committee has ...