Q2 Q1 2023 Earnings Report
Key Takeaways
Q2 Holdings reported a revenue of $153.0 million, a GAAP gross margin of 47.9%, and a GAAP net loss of $0.5 million for the first quarter of 2023. The company signed three Tier 1 digital banking contracts and experienced growth in registered users on the Q2 digital banking platform.
Revenue for the first quarter was $153.0 million, up 14 percent year-over-year.
GAAP gross margin for the first quarter was 47.9 percent, up from 45.1 percent in the prior-year quarter.
GAAP net loss for the first quarter was $0.5 million, compared to a net loss of $23.6 million for the prior-year quarter.
Adjusted EBITDA for the first quarter was $16.5 million, up from $8.1 million for the prior-year quarter.
Q2
Q2
Forward Guidance
Q2 Holdings provided guidance for its second quarter of 2023 and updated guidance for its full-year 2023.
Positive Outlook
- Total non-GAAP revenue of $153.1 million to $155.1 million for Q2 2023, representing year-over-year growth of 9 percent to 10 percent.
- Adjusted EBITDA of $14.0 million to $16.0 million for Q2 2023, representing 9 to 10 percent of non-GAAP revenue.
- Total non-GAAP revenue of $618.0 million to $630.0 million for full-year 2023, representing year-over-year growth of 9 percent to 11 percent.
- Adjusted EBITDA of $67.0 million to $71.0 million for full-year 2023, representing 11 percent of non-GAAP revenue for the year.