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Mar 31, 2023
Weave Q1 2023 Earnings Report
Weave Communications' Q1 2023 financial results were announced, demonstrating strong operating results and accelerating revenue growth.
Key Takeaways
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.
Revenue by Segment
Forward Guidance
The company provided financial outlook for the second quarter and full year 2023.
Positive Outlook
- Total revenue for Q2 2023 is expected to be between $39.5 million and $40.5 million.
- Full year 2023 total revenue is projected to range from $160.5 million to $163.5 million.
- Non-GAAP loss from operations for Q2 2023 is expected to be between $(5.0) million and $(4.0) million.
- Full year 2023 non-GAAP loss from operations is forecasted to be between $(18.5) million and $(15.5) million.
- Weighted average share count is expected to be 66.8 million for Q2 2023 and 67.3 million for the full year.
Challenges Ahead
- Second Quarter Non-GAAP loss from operations is expected
- Full year Non-GAAP loss from operations is expected
- Stock-based compensation expense is impacted by our future hiring and retention needs
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
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