Loading...
•
Mar 31, 2023
ON24 Q1 2023 Earnings Report
Announced first quarter 2023 financial results, showing progress towards profitability and revenue of $43.1 million.
Key Takeaways
ON24 reported a decrease in revenue and an increased GAAP operating loss compared to the first quarter of 2022, but is on track to reach break-even non-GAAP EPS by Q2 and targeting break-even non-GAAP EBITDA by Q4 2023. The company's total revenue for the first quarter was $43.1 million, a decrease of 11% year-over-year. Despite facing temporary economic pressure, ON24 believes it is well-positioned to capture market share and deliver profitable growth.
Core Platform ARR of $149.2 million as of March 31, 2023, a decrease of 4% year-over-year.
Total revenue was $43.1 million, a decrease of 11% year-over-year.
GAAP Operating Loss was $19.9 million, compared to GAAP operating loss of $15.2 million in the first quarter of 2022.
Net cash used in operating activities was $4.2 million, compared to $6.8 million used in operating activities in the first quarter of 2022.
Revenue by Segment
Forward Guidance
For the second quarter of 2023, ON24 expects total revenue of $41.1 million to $42.1 million and Non-GAAP net income per share of $0.00.
Positive Outlook
- Core Platform Revenue, including services, to be in the range of $39.5 million to $40.5 million.
- Total revenue of $41.1 million to $42.1 million.
- Non-GAAP operating loss of $2.4 million to $1.8 million.
- Non-GAAP net income per share of $0.00 per share, or break-even EPS, using approximately 50.5 million diluted shares outstanding.
- Restructuring charge of $1.5 million to $2.3 million, excluded from the non-GAAP amounts above.
Challenges Ahead
- While many marketing budgets are facing temporary economic pressure, resulting in greater deal scrutiny and softness in our key customer verticals which has impacted our near-term top-line
- GAAP Operating Loss was $19.9 million, compared to GAAP operating loss of $15.2 million in the first quarter of 2022.
- GAAP Net Loss was $17.6 million, or $(0.37) per diluted share, compared to GAAP net loss of $15.5 million, or $(0.32) per diluted share in the first quarter of 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...