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Sep 30, 2023
ON24 Q3 2023 Earnings Report
Delivered results ahead of guidance across all metrics, and saw positive momentum in the business.
Key Takeaways
ON24 announced financial results for Q3 2023, exceeding profitability targets with total revenue of $39.2 million. The company launched a new AI-powered solution, ACE, and continued its capital return program, returning approximately $25 million to stockholders.
Total revenue for the third quarter was $39.2 million.
Core Platform ARR was $136.5 million as of September 30, 2023.
GAAP Net Loss was $11.5 million, or $(0.26) per diluted share.
Launched ACE, a new AI-powered Analytics and Content Engine.
ON24
ON24
Forward Guidance
For the fourth quarter of 2023, ON24 expects total revenue of $36.8 million to $37.8 million and a non-GAAP operating loss of $1.4 million to $0.8 million. For the full year 2023, ON24 now expects total revenue of $161.2 million to $162.2 million and a non-GAAP operating loss of $7.5 million to $6.9 million.
Positive Outlook
- Core Platform Revenue, including services, to be in the range of $35.8 million to $36.8 million for Q4 2023.
- Total revenue of $36.8 million to $37.8 million for Q4 2023.
- Non-GAAP net income per share of $0.01 to $0.02 for Q4 2023.
- Core Platform Revenue, including services, to be in the range of $155.6 million to $156.6 million for the full year 2023.
- Total revenue of $161.2 million to $162.2 million for the full year 2023.
Challenges Ahead
- Non-GAAP operating loss of $1.4 million to $0.8 million for Q4 2023.
- Restructuring charge of $0.4 million to $0.8 million for Q4 2023.
- Non-GAAP operating loss of $7.5 million to $6.9 million for the full year 2023.
- Non-GAAP net income per share of $0.04 to $0.06 per share for the full year 2023 using approximately 49.2 million diluted shares outstanding.
- Tough macroeconomic environment