Weave reported a strong start to the year with solid top-line performance and significant improvements in gross and operating margin and adjusted EBITDA. The company achieved greater than 70% non-GAAP gross margin for the first time.
Total revenue was $47.2 million, representing a 19.2% year-over-year increase.
GAAP gross margin was 69.9%, compared to 67.1% in the first quarter of 2023.
Non-GAAP gross margin was 70.4%, compared to 67.6% in the first quarter of 2023.
GAAP net loss was $7.2 million, or $0.10 per share, compared to a GAAP net loss of $7.9 million, or $0.12 per share, in the first quarter of 2023.
The company expects to achieve the following financial results for the three months ending June 30, 2024, and full year ending December 31, 2024:
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