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Mar 31, 2024
Weave Q1 2024 Earnings Report
Achieved revenue growth and margin improvements.
Key Takeaways
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.
Revenue by Segment
Forward Guidance
The company expects to achieve the following financial results for the three months ending June 30, 2024, and full year ending December 31, 2024:
Positive Outlook
- Second Quarter Total revenue $48.2 - $49.2 million
- Full Year Total revenue $197.0 - $200.0 million
- Second Quarter Non-GAAP loss from operations $(2.5) - $(1.5) million
- Full Year Non-GAAP loss from operations $(6.0) - $(2.0) million
- Weighted average share count 71.3 million
Challenges Ahead
- Second Quarter Non-GAAP loss from operations $(2.5) - $(1.5) million
- Full Year Non-GAAP loss from operations $(6.0) - $(2.0) million
- Actual results could differ materially
- 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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