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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.
ON24
ON24
ON24 Revenue by Segment
Revenue by Segment
Core Platform Revenue
CapyFin.comVirtual Conference Revenue
CapyFin.com 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.
- Total ARR of $155.6 million as of March 31, 2023, a decrease of 7% year-over-year.
- Core Platform ARR of $149.2 million as of March 31, 2023, a decrease of 4% year-over-year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income