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Sangoma Technologies Corp (SANG) stock

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NASDAQ: SANG Nasdaq Systems Software Next results ~November 11, 2026

C Fundamentals grade

Sangoma Technologies Corp is a US-listed company in the systems software industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$16

Cash-flow model

Base case. Range ~$12–$22 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 259% above it.

Price used: $4.55, November 3, 2026

Sangoma Technologies Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds8 adding, 13 cuttingOf 3 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Sangoma Technologies files

Where Sangoma Technologies stands after its latest Filing

Revenue for the twelve months was $200m, down 15.5% on a year earlier, a steeper fall than the 4.3% decline a quarter earlier. That puts it 35 of 37 for growth among the systems software companies we cover. Free-cash-flow margin rose to 11.0% from 8.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $16.33 a share, against a share price of $4.67.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 11, 2026 (estimated)

Sangoma Technologies Corp's trailing-twelve-month revenue fell 15.5% year on year, with a free-cash-flow margin of 11.0%. Where it stands out: days sales outstanding of 21 days ranks 1 of 29 systems software companies we cover. Where it lags: revenue growth of -15.5% ranks 35 of 37 systems software companies we cover.

Our discounted-cash-flow model values the business at ~$16 per share in the base case (~$12–$22 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 44.4% while net income fell 1518.6%: a 1474pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $4.63 is 253% below our value per share of $16.

Things to watch

  • Revenue shrinking. Revenue fell 15.5% over the last 12 months.
  • Growth slowing. The growth rate is 11.2 points lower than a quarter earlier.
  • Below peers: net margin. Net margin of -40.5% ranks 32 of 37 systems software companies we cover (median 2.4%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results

Earnings per share
-$2.19 against an average estimate of -$0.07: missed by 3028.6%
Next report
November 11, 2026

Sangoma Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.7%
  • 1 week-0.9%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$200M
Net margin
-40.5%
EPS (TTM, diluted)
$-2.44

Growth

Revenue growth
−15.5%
Change in growth rate
−11.2 pts
Share count change
−0.8%

Cash

Free cash flow (TTM)
$21.9M
FCF margin
11.0%
Stock pay % of revenue
1.2%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for SANG from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Sangoma Technologies Corp valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 16.6% a year for five years.That is slower than the 8.8% a year revenue growth Sangoma Technologies has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in-16.6%
  • Last 12 months-15.5%
  • 3 years a year-7.5%
  • 5 years a year8.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($4.55, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$16
Price used
$4.55close November 3, 2026
Implied change
▲ +259%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Sangoma Technologies Corp's free cash flow after stock-based pay with after-tax interest added back ($30.1M, FY2026 Q4 TTM), growing 4% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$12–~$22 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Sangoma Technologies Corp's free cash flow after stock-based pay ( $30.1M, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Sangoma Technologies Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$16 ~$12–$22 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$16 ~$12–$22 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Sangoma Technologies Corp with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −34%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $13$17$23$32$42$56
8.5% $9$13$17$23$31$40
10% $8$10$14$18$24$31

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 11, 2026, after the close. Analysts expect revenue of $50m for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.24 +90% $207m +3%
Next −$0.16 +34% $209m +1%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +160.7% on 90 days ago. In the last 30 days, 0 analysts raised Sangoma Technologies Corp's forecast and 1 cut it.

Consensus EPS forecast Sangoma Technologies Corp, last 90 days
−$0.30 −$0.20 −$0.10 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.09 Current fiscal year, 60 days ago: −$0.09 Current fiscal year, 30 days ago: −$0.09 Current fiscal year, 7 days ago: −$0.09 Current fiscal year, Now: −$0.24 −$0.24

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal year
90 days ago −$0.09
60 days ago −$0.09
30 days ago −$0.09
7 days ago −$0.09
Now −$0.24

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.07 −$2.19 −3028.6%
Mar 2026 −$0.04 −$0.07 −75.0%
Dec 2025 −$0.06 −$0.06 +4.0%
Sept 2025 −$0.06 −$0.07 −25.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

4 analysts, Nov 2026
Buy125%
Hold125%
Sell250%

Monthly trend

  1. Nov 20261124

Counts of recommendations published by analysts covering Sangoma Technologies Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
0.59
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
39%
of shares
Held by insiders
26.6%
of shares
Employees
569
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Sangoma Technologies Corp in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Sangoma Technologies Corp
$100M $150M $200M $250M $300M FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Revenue (TTM), FY21 Q4: $131.4M Revenue (TTM), FY22 Q4: $224.4M Revenue (TTM), FY23 Q4: $252.5M Revenue (TTM), FY24 Q4: $247.3M Revenue (TTM), FY25 Q4: $236.7M Revenue (TTM), FY26 Q4: $200.1M $200.1M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY21 Q4 $131.4M
FY22 Q4 $224.4M
FY23 Q4 $252.5M
FY24 Q4 $247.3M
FY25 Q4 $236.7M
FY26 Q4 $200.1M
Revenue growth, TTM YoY Sangoma Technologies Corp
-50% 0% 50% 100% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 Revenue growth, TTM YoY, FY22 Q4: 70.8% Revenue growth, TTM YoY, FY23 Q4: 12.6% Revenue growth, TTM YoY, FY24 Q4: -2.1% Revenue growth, TTM YoY, FY25 Q4: -4.3% Revenue growth, TTM YoY, FY26 Q4: -15.5% -15.5%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY22 Q4 70.8%
FY23 Q4 12.6%
FY24 Q4 -2.1%
FY25 Q4 -4.3%
FY26 Q4 -15.5%
FCF margin (TTM) Sangoma Technologies Corp
5% 10% 15% 20% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Q4 FCF margin (TTM), FY21 Q4: 13.2% FCF margin (TTM), FY22 Q4: 8.6% FCF margin (TTM), FY23 Q4: 8.9% FCF margin (TTM), FY24 Q4: 16.2% FCF margin (TTM), FY25 Q4: 16.6% FCF margin (TTM), FY26 Q4: 11.0% 11.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY21 Q4 13.2%
FY22 Q4 8.6%
FY23 Q4 8.9%
FY24 Q4 16.2%
FY25 Q4 16.6%
FY26 Q4 11.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 40-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Jun 2021 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026
Income
Revenue 131 224 253 247 237 200
Gross profit 89 157 173 173 162 141
Net income 0 −111 −29 −9 −5 −81
Diluted EPS $0.01 −$3.52 −$0.88 −$0.26 −$0.15 −$2.44
Growth (year on year)
Revenue — +70.8% +12.6% −2.1% −4.3% −15.5%
Margins
Gross margin 68.1% 69.9% 68.4% 69.9% 68.3% 70.3%
Net margin 0.2% −49.4% −11.5% −3.5% −2.1% −40.5%
Free-cash-flow margin 13.2% 8.6% 8.9% 16.2% 16.6% 11.0%
Cash flow
Cash from operations 19 21 26 44 42 24
Capital spending 1 2 4 4 2 2
Free cash flow 17 19 22 40 39 22
Stock-based pay 4 10 3 3 3 2
Free cash flow after stock pay 14 9 19 37 36 19
Balance sheet
Cash 22 13 11 16 13 10
Total debt 75 105 101 78 48 27
Net debt (negative = net cash) 53 92 90 62 34 17
Diluted shares 29m 31m 33m 33m 33m 33m
Returned to shareholders
Buybacks — — — 0 3 1
Total returned — — — 0 3 1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · June 30, 2026
What it owns · $236m
Short-term assets $34mLonger-term assets $202m
What it owes, and who funded it · $236m
Short-term liabilities $43mLonger-term liabilities $18mShareholders' equity $175m
  • Short-term assets cover short-term liabilities $34m of assets due within a year against $43m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $34m short-term assets against $18m of longer-dated liabilities.
  • More cash than debt $10m of cash against $27m of debt.
  • Debt below 40% of shareholders' equity Debt is 16% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 16% to 16% over five years.
  • A year's operating cash flow covers at least 20% of debt $24m of operating cash flow against $27m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Sangoma Technologies Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q4 TTM
Buybacks (TTM)
$1M
Returned to shareholders
5%
of free cash flow
Buybacks, last 3 fiscal years
$3.9M
Diluted share count
−0.8%
year over year
Total shareholder yield
0.7%
dividends 0.0% + buybacks 0.7% of market value
R&D spending
21.4%
of revenue
Days sales outstanding
21 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated SANG RDWR GRRR NYAX CINT SVCO Median
Revenue, last 12 months $200m $302m $101m $400m $490m $72m $1.1bn
Revenue growth, last 12 months −15.5% 9.8% 35.7% 27.5% 11.5% 31.9% 16.9%
Gross margin 70.3% 80.7% 33.4% 48.2% 32.0% 83.1% 69.6%
Operating margin — 3.8% −13.5% 9.4% 13.4% −35.6% 3.7%
Operating margin, 3-year average — 2.3% — — — −53.2% 4.0%
Net margin −40.5% 6.7% −11.1% 8.9% 8.3% −30.4% 2.4%
Cash from operations / revenue 11.8% 16.6% −28.3% 10.1% 12.4% −46.7% 16.6%
Free-cash-flow margin 11.0% 13.8% −28.9% 8.7% 8.5% −47.2% 15.0%
Free-cash-flow margin, 3-year average — 16.1% — — — −38.6% 18.8%
Stock pay / revenue 1.2% 8.0% 0.3% 1.8% 1.0% 16.9% 8.2%
Change in share count −0.8% 3.1% 110.6% 5.3% −2.7% 8.2% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth -15.5% 16.9% 35 of 37
Change in growth rate Growth -11.2pp -0.3pp 33 of 37
Gross margin Profitability 70.3% 70.4% 17 of 32
Net margin Profitability -40.5% 2.4% 32 of 37
Free-cash-flow margin Cash generation 11.0% 17.3% 22 of 34
Stock pay as % of revenue Cash generation 1.2% 8.5% 6 of 36
Long-term debt as % of assets Balance sheet 3.8% 4.3% 9 of 23
Change in share count Balance sheet -0.8% 3.1% 12 of 34
Days sales outstanding Balance sheet 21 days 72 days 1 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$29.6M
Institutions reporting
22
Shares held vs prior quarter
▲ 8.6%
Positions opened / closed
2 / 2

Top buyers and sellers, Q2 2026: 8 institutions bought and 13 sold ; the biggest buyer was Penderfund Capital Management Ltd (+1.6M shares) and the biggest seller Alberta Investment Management Corp (−766K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Penderfund Capital Management Ltd. $16.7M 4.4M 56.6% ▲ 55.5%
Intact Investment Management Inc. $2.7M 695K 9.0% ▼ 3.1%
Ewing Morris & Co. Investment Partners Ltd. $2.6M 669K 8.6% ▲ 0.1%
Ppm America Inc $2.5M 689K 8.6% 0.0%
TD Waterhouse Canada Inc. $1.7M 457K 5.7% 0.0%
Connor, Clark & Lunn Investment Management Ltd. $809,150 216K 2.7% ▼ 7.9%
Claret Asset Management Corp $651,000 171K 2.2% ▲ 2.0%
Acadian Asset Management LLC $617,000 164K 2.1% ▼ 0.2%
Arrowstreet Capital, Limited Partnership $558,003 146K 1.9% ▼ 14.7%
Goldman Sachs Group Inc $149,891 40K 0.5% ▲ 14.4%
Royal Bank Of Canada $133,000 35K 0.4% ▼ 41.6%
National Bank Of Canada $110,440 31K 0.4% ▼ 67.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Sangoma Technologies Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Sangoma Technologies Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Sangoma Technologies Corp in brief

What does Sangoma Technologies Corp do?
Sangoma Technologies Corp is a US-listed company in the systems software industry. Its financial year ends in June.
What is Sangoma Technologies Corp's stock ticker?
Sangoma Technologies Corp trades under the ticker SANG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Sangoma Technologies Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Sangoma Technologies Corp reported revenue of $200M, 15.5% lower than a year earlier, according to its SEC filings.
What is Sangoma Technologies Corp's free cash flow?
Sangoma Technologies Corp's free-cash-flow margin is 11.0% of revenue over the trailing twelve months, ranking 22 of the 34 systems software companies we cover.
What is Sangoma Technologies Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Sangoma Technologies Corp's free cash flow after stock-based pay gives ~$16 per share in the base case, and ~$12–$22 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Sangoma Technologies Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Penderfund Capital Management Ltd., Intact Investment Management Inc. and Ewing Morris & Co. Investment Partners Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Sangoma Technologies Corp buying back stock, and does it pay a dividend?
Sangoma Technologies Corp spent $1M on share repurchases over the trailing twelve months, and its diluted share count fell 0.8% over the year.
How much debt does Sangoma Technologies Corp have?
Sangoma Technologies Corp's debt-to-equity ratio is 15.6%, from its latest balance sheet (16.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Sangoma Technologies Corp's competitors?
In our Systems Software peer group, the companies closest to Sangoma Technologies Corp are Radware LTD, Gorilla Technology Group Inc., Nayax Ltd., CI&T Inc and Silvaco Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Sangoma Technologies Corp's.
When is Sangoma Technologies Corp's next earnings date?
Around November 11, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Sangoma Technologies Corp announces its own schedule.