Weave Communications reported a 19% year-over-year increase in total revenue, reaching $39.6 million for Q1 2023. The company achieved positive cash flow from operations and positive free cash flow, marking progress towards profitability. Significant improvements were also noted in gross and operating margins.
Total revenue for the first quarter reached $39.6 million, reflecting a 19% increase compared to the previous year.
The company reported positive free cash flow of $0.6 million, a significant improvement from negative $5.1 million in the same quarter last year.
GAAP gross margin increased to 67.1%, compared to 58.7% in the first quarter of 2022.
Weave launched Response Assistant and Bulk Texting to enhance customer communication and engagement.
The company provided financial outlook for the second quarter and full year 2023.
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