Sangoma Technologies is a cash-producing communications platform whose public tape still treats the company as a fading cloud-phone vendor. The third quarter of fiscal 2026 made that gap explicit. Management cut full-year guidance and opened a Board-led strategic review after inbound interest, while the operating story split in two. Voice infrastructure and managed services kept growing. The applications layer, the part the market still uses to price the equity, stayed under pricing pressure.
The print was $51 million of revenue and just under $8 million of adjusted EBITDA. Services still dominate the mix, and monthly customer loss stayed below one percent. Gross margin slipped because product sales mixed higher, a reversal of the software-heavy second quarter rather than a structural break. Cash from operations still converted most of that adjusted profit, which is why the Board can run a review from a position of liquidity rather than distress. Debt is now low enough that net leverage no longer dictates strategy.
Guidance now sits in a tighter band around $204 million of revenue with a mid-teens adjusted margin, a comedown from the range set in February. The open question is not whether Sangoma can generate cash. It already does. The question is whether a buyer, or a patient public market, pays for the infrastructure and recurring base before the commoditized applications layer defines the whole company.