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Jun 30, 2023
Weave Q2 2023 Earnings Report
Weave's financial performance improved in Q2 2023, marked by revenue growth, enhanced profitability, and positive free cash flow.
Key Takeaways
Weave reported a strong second quarter in 2023, with a 19.3% increase in total revenue year-over-year, reaching $41.7 million. The company saw improvements in both GAAP and non-GAAP gross margins, as well as a significant reduction in GAAP and non-GAAP operating losses. Weave also achieved positive free cash flow and net cash provided by operating activities.
Total revenue increased by 19.3% year-over-year to $41.7 million.
GAAP gross margin improved to 67.3% from 60.6% in the prior year.
The company achieved positive free cash flow of $0.9 million, compared to negative free cash flow of $2.4 million in the second quarter of 2022.
Net cash provided by operating activities was $1.6 million, up from net cash used in operating activities of $1.7 million last year.
Revenue by Segment
Forward Guidance
The company updated its financial guidance for the third quarter and full year 2023.
Positive Outlook
- Expects total revenue between $41.7 million and $42.7 million for Q3 2023.
- Expects total revenue between $164.7 million and $166.7 million for the full year 2023.
- Expects Non-GAAP loss from operations between $(4.5) million and $(3.5) million for Q3 2023.
- Expects Non-GAAP loss from operations between $(16.9) million and $(14.9) million for the full year 2023.
- Expects weighted average share count of 68.1 million for Q3 2023 and 67.6 million for the full year 2023.
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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