Exhibit 99.1

IDT Corporation Reports First Quarter Fiscal Year 2023 Results

Highest Level of Quarterly Income from Operations since 2015

Highest Level of Quarterly Adjusted EBITDA in Company History

NRS, BOSS Money and net2phone Businesses Drive Robust, YoY Increase in EPS

NEWARK, NJ — December 5, 2022: IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications services, today reported results for the first quarter of its fiscal year 2023, the three months ended October 31, 2022.

FIRST QUARTER FISCAL YEAR 2023 HIGHLIGHTS

(Throughout this release, unless otherwise noted, results for the first quarter of fiscal year 2023 (1Q23) are compared to the first quarter of fiscal year 2022 (1Q22). All earnings per share (EPS) and other ‘per share’ results are per diluted share unless otherwise noted.

Effective August 1, 2022, IDT revised its reportable business segments. Results of a new NRS segment were previously included in the Fintech segment and certain lines of business were reclassified to the Fintech segment from the Traditional Communications segment. Comparative segment information has been reclassified and restated in all periods presented.)

Adjusted EBITDA, Non-GAAP net income (loss), and Non-GAAP EPS are Non-GAAP 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 measure. Please see the final page of this release for the explanation of asterisked key performance metrics.

REMARKS BY SHMUEL JONAS, CEO

“In the first quarter, we achieved our second consecutive quarter of record Adjusted EBITDA. Our rapidly expanding NRS, BOSS Money and net2phone businesses contributed twenty-five percent of our consolidated Adjusted EBITDA in the period, and their continued expansion positions us for significantly enhanced profitability in the coming years.

“We are focused on improving the bottom-line performance of all our businesses. And this quarter both net2phone and the Fintech segment, which now primarily tracks the performance of our BOSS Money remittance business, turned the corner and generated positive Adjusted EBITDA. NRS also had another very good quarter, more than tripling its Adjusted EBITDA contribution compared to the year-ago quarter.”

CONSOLIDATED RESULTS

RESULTS BY SEGMENT

A table later in this release provides additional quarterly results by segment including those impacted by the reclassification referred to earlier in this release: NRS, Fintech, and Traditional Communications. Results for the net2phone segment were not impacted by the reclassification.

NRS

National Retail Solutions (NRS) is an operator of a nationwide point-of-sale (POS) network providing independent retailers with store management software, and with credit, debit, and other electronic payment processing as well as ancillary merchant services. NRS’ POS platform provides marketers with digital out-of-home (DOOH) advertising and transaction data.

In 1Q23 and 1Q22, NRS contributed 6.0% and 2.7% of IDT’s consolidated revenue, respectively.

NRS Take-Aways:

Fintech

The Fintech segment comprises BOSS Money, a provider of international money remittances as well as other, significantly smaller financial services businesses.

In 1Q23 and 1Q22, the Fintech segment contributed 6.2% and 3.8% of IDT’s consolidated revenue, respectively.

Fintech Take-Aways:

net2phone

In 1Q23 and 1Q22, the net2phone segment accounted for 5.3% and 3.5% of IDT’s consolidated revenue, respectively.

net2phone Take-aways:

Traditional Communications

In 1Q23 and 1Q22, the Traditional Communications segment accounted for 82.5% and 90.0% of IDT’s consolidated revenue, respectively.

Traditional Communications Take-Aways:

REPORTABLE BUSINESS SEGMENTS – QUARTERLY RESULTS

The table below provides additional quarterly results for IDT’s segments including those impacted by the reclassification of certain lines of business within NRS, Fintech, and Traditional Communications.

NOTES ON FINANCIAL STATEMENTS

Consolidated results for all periods presented include corporate overhead. Corporate G&A expense in 1Q23 decreased to $1.9 million from $2.0 million in 1Q22.

As of October 31, 2022, IDT held $137.1 million in cash, cash equivalents, debt securities, and current equity investments. Current assets totaled $361.1 million and current liabilities totaled $292.8 million. IDT had no outstanding debt at quarter end.

Net cash provided by operating activities during 1Q23 was $18.2 million compared to net cash used in operating activities of $5.9 million during 1Q22. Exclusive of changes in customer deposit balances at our Gibraltar-based bank, net cash provided by operating activities during 1Q23 was $15.3 million compared to $7.2 million during 1Q22.

Capital expenditures increased to $5.2 million in 1Q23 from $4.4 million in 1Q22.

IDT EARNINGS ANNOUNCEMENT & 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 6:00 PM Eastern with management’s discussion of results, outlook, and strategy 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: 820449).

A replay of the conference call will be available approximately three hours after the call concludes through December 19, 2022. 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 number: 47065. The replay will also be accessible via streaming audio at the IDT investor relations website.

ABOUT IDT:

IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud communications, and traditional communications services. We make it easy for families to contact and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.

Our BOSS Money international remittance, IDT Digital Payments and BOSS Revolution international calling services make sending money, paying for products and services, and speaking with friends and family around the world convenient and reliable. National Retail Solutions’ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone’s communications-as-a-service solutions provide businesses with intelligently integrated cloud communications and collaboration tools across channels and devices. Our IDT Global and IDT Express wholesale offerings enable communications service enterprises to provision and manage international voice and SMS services.

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 OPERATIONS

(Unaudited)

IDT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Reconciliation of Non-GAAP Financial Measures for the

First Quarter Fiscal 2023 and 2022

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 Adjusted EBITDA for 1Q23 and each fiscal quarter in fiscal 2022 and fiscal 2021, and non-GAAP net income (loss), and non-GAAP earnings (loss) per diluted share (EPS) for 1Q23, 4Q22, and1Q22, all 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 net income (loss) starts with net income (loss) 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 2023 and fiscal 2022 periods.

IDT’s measure of non-GAAP EPS is calculated by dividing non-GAAP net income (loss) by the diluted weighted-average shares.

Management believes that IDT’s Adjusted EBITDA, non-GAAP net income (loss), 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, non-GAAP net income (loss), 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 (loss), 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, non-GAAP net income (loss), 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, non-GAAP net income (loss), and non-GAAP EPS. Other operating gain (expense), net includes a gain from the write-off of a contingent consideration liability, legal fees net of insurance claims related to Straight Path Communications Inc.’s stockholders’ putative class action and derivative complaint, and expense for the indemnification of a net2phone cable telephony customer related to patent infringement claims brought against the customer. From time-to-time, IDT may have gains or incur costs related to non-routine legal 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 net income (loss) and 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, non-GAAP net income (loss), 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 (loss), 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, non-GAAP net income (loss), and non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

Following are reconciliations of Adjusted EBITDA, non-GAAP net income (loss), 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 (loss) for IDT on a consolidated basis, (b) for non-GAAP net income (loss), net income (loss), and (c) for non-GAAP EPS, diluted earnings (loss) 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 Loss to Adjusted EBITDA

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

IDT Corporation

Reconciliations of Net Income (Loss) to Non-GAAP Net Income (Loss) and Earnings (Loss) per share to Non-GAAP EPS

(unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.