Exhibit 99.1

IDT Corporation Reports First Quarter Fiscal Year 2024 Results

BOSS Money revenue increased 38% to $24.2 million

NRS’ recurring revenue^* increased 25% to $22.4 million

net2phone subscription revenue^* increased 19% to $18.5 million

NEWARK, NJ — December 4, 2023: IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications services, today reported results for the first quarter of fiscal year 2024, the three months ended October 31, 2023.

HIGHLIGHTS

(Throughout this release, unless otherwise noted, results are for the first quarter of fiscal year 2024 (1Q24) and are compared to the first quarter of fiscal year 2023 (1Q23). All earnings per share (EPS) and other ‘per share’ results are per diluted share.)

(See ‘Notes’ later in this release for supplemental information on asterisked metrics).

REMARKS BY SHMUEL JONAS, CEO

“Our three primary high-growth, high-margin businesses delivered strong revenue growth in the first quarter, while the businesses in our Traditional Communications segment performed as expected.

In the first quarter, the ongoing growth of BOSS Money, NRS, and net2phone drove a 370 basis point year-over-year increase in gross profit margin and record gross profit. They are steadily becoming more significant contributors to our top and bottom lines, while the cash generation of our paid-minute businesses has been relatively resilient.

“BOSS Money continued to grow at a rapid clip, helped by the accelerating expansion of our retail money transfer channel. Retail money transfer channel revenue increased by 55% year-over-year, while digital channel revenue – for transactions initiated on the BOSS Money and BOSS Revolution Calling apps – increased 31% year-over-year. We continue to improve the user experience for both retailer agents and digital customers, and we see that investment paying off in BOSS Money’s robust topline growth. Much of the investment we’ve made in money transfer to date is in the expectation that we are only in the early innings of our money transfer growth. As we continue to expand, we expect to capture more of the benefit of our growth in our bottom line profitability.

“NRS continued to expand its network and upgrade existing accounts, helping to drive strong increases in Merchant Services and SaaS Fee revenues, while Advertising & Data revenue increased sequentially propelled by seasonal tailwinds and the gradual recovery of advertising demand in the digital out-of-home advertising space – a trend which has accelerated since the quarter close. NRS’ income from operations was a record $5.5 million in the first quarter. We’re now in the process of introducing some of the new POS formats that I’ve mentioned previously, and I’m excited about their potential to help us drive long-term expansion.

“net2phone delivered steady sequential customer base and topline growth, while its unit economics are strengthening as the business scales and our higher ARPU, higher margin, CCaaS offerings gradually become a more significant part of the business. net2phone generated positive Adjusted EBITDA of $1.4 million and was near cash-flow positive. Now in the second quarter, our Beta rollout of net2phone AI is underway, and it has been very well received by customers. We are very optimistic that net2phone AI and net2phone’s forthcoming premium plans will help to drive meaningful ARPU and margin expansion.

“We’re working very hard to innovate exciting new offerings, features and functionalities– and not just in our growth businesses. At BOSS Revolution Calling, we’ve redesigned the look and feel of our popular calling app and added a bunch of new products and features. We have also introduced advertising placements into the app, and we have already begun to generate some nice revenue from it as a result. We also continue to focus on streamlining overhead and wringing significant costs out of our operations -- especially in our Traditional Communications segment. This effort will help preserve the cash generation of our paid-minute businesses despite their continued, expected topline declines in the quarters ahead. It also will allow us to continue investing in innovative new products and promising initiatives in our existing growth businesses.

“We also returned value directly to our stockholders in the first quarter, repurchasing 125,470 shares of our Class B common stock for $2.8 million. Going forward, we will continue to purchase shares opportunistically.

“We are very well positioned as we head into the second quarter of our fiscal year 2024. To wrap up, I want to wish our employees, stockholders and their families a very joyous holiday season, and to thank each of you for everything you do for the IDT family.”

CONSOLIDATED RESULTS

RESULTS BY SEGMENT

National Retail Solutions (NRS)

During 1Q24 and 1Q23, the NRS segment contributed 8.0% and 6.0% of IDT’s consolidated revenue, respectively.

Take-Aways:

net2phone

During 1Q24 and 1Q23, the net2phone segment contributed 6.6% and 5.3% of IDT’s consolidated revenue, respectively.

Take-Aways:

Fintech

During 1Q24 and 1Q23, the Fintech segment contributed 8.8% and 6.2% of IDT’s consolidated revenue, respectively.

Take-Aways:

Traditional Communications

During 1Q24 and 1Q23, the Traditional Communications segment contributed 76.6% and 82.5% of IDT’s consolidated revenue, respectively.

Take-Aways:

OTHER FINANCIAL STATEMENTS HIGHLIGHTS

Consolidated results for all periods presented include corporate overhead. Corporate G&A expense increased to $2.8 million in 1Q24 from $1.9 million in 1Q23 reflecting an increase in audit and accounting fees and higher employee compensation expense.

As of October 31, 2023, IDT held $159.7 million in cash, cash equivalents, debt securities, and current equity investments. Current assets totaled $382.2 million and current liabilities totaled $275.9 million. IDT had no outstanding debt at the fiscal quarter’s end.

Net cash provided by operating activities during 1Q24 was $14.8 million – a decrease from $18.2 million during 1Q23. Exclusive of changes in customer deposit balances at IDT’s Gibraltar-based bank, net cash provided by operating activities increased to $17.1 million from $15.3 million during 1Q23. This increase was primarily due to the timing of operating cash receipts and payments.

Capital expenditures decreased to $4.3 million in 1Q24 from $5.2 million in 1Q23.

IDT EARNINGS ANNOUNCEMENT AND SUPPLEMENTAL INFORMATION

This release is available for download in the “Investors & Media” section of the IDT Corporation website (https://www.idt.net/investors-and-media) and has been filed on a current report (Form 8-K) with the SEC.

IDT will host an earnings conference call beginning at 5:30 PM Eastern today with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and request the IDT Corporation call (participant access code: 637334).

A replay of the conference call will be available approximately three hours after the call concludes through December 18, 2023. To access the call replay, dial 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and provide this replay passcode: 49441. The replay will also be accessible via streaming audio at the IDT investor relations website.

NOTES

^*See ‘Explanation of Key Performance Metrics’ at the end of this release.

^** Beginning in 1Q24, IDT is including depreciation and amortization expense in direct cost of revenues or SG&A expense, as appropriate, and reporting gross profit and gross margin in accordance with GAAP. Results for all prior periods presented have been reclassified to conform to the current period’s presentation.

^***Adjusted EBITDA and Non-GAAP EPS are Non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measures later in this release for an explanation of these terms and their respective reconciliations to the most directly comparable GAAP measures.

ABOUT IDT CORPORATION

IDT Corporation (NYSE: IDT) is a global provider of fintech and communications services through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT’s fintech and neo-banking services include BOSS Money, a popular international remittance business, as well as other services that make saving, spending, and sharing money easy and secure; IDT Digital Payments and BOSS Revolution Calling make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

CONTACT

IDT Corporation Investor Relations

Bill Ulrey

william.ulrey@idt.net

973-438-3838

IDT CORPORATION

CONSOLIDATED BALANCE SHEETS

IDT CORPORATION

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

IDT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

^***Reconciliation of Non-GAAP Financial Measures for the

First Quarter Fiscal 2024 and 2023

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed for 1Q24, 4Q23, 3Q23, 2Q23, and 1Q23, Adjusted EBITDA and non-GAAP earnings per diluted share (EPS), both of which are non-GAAP measures.

Generally, a non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

IDT’s measure of non-GAAP EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares. IDT’s measure of non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expense, and deducts other operating gains. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2024 and fiscal 2023 periods.

Management believes that IDT’s Adjusted EBITDA and non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting.

Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT’s Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance.

Severance expense is excluded from the calculation of Adjusted EBITDA and non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.

Other operating gain (expense), net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and non-GAAP EPS. Other operating gain (expense), net includes, among other items, gain from the write-off of contingent consideration liabilities, legal fees net of insurance claims related to Straight Path Communications Inc.’s stockholders’ class action, gain from the sale of state income tax credits, and fixed asset write-offs. From time-to-time, IDT may have gains or incur costs related to non-routine legal, tax, and other matters, however, these various items generally do not occur each quarter. IDT believes the gain and losses from these non-routine matters are not components of IDT’s or the relevant segment’s core operating results.

Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance.

Adjusted EBITDA and non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA and non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

Following are reconciliations of Adjusted EBITDA and non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, income (loss) from operations for IDT’s reportable segments and net income for IDT on a consolidated basis, and (b) for non-GAAP EPS, diluted earnings per share.

IDT Corporation

Reconciliation of Net Income to Adjusted EBITDA

(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

IDT Corporation

Reconciliation of Net Income to Adjusted EBITDA

(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions