Weave reported a strong second quarter with a 21.4% increase in revenue year-over-year, significant improvements in gross and operating margins, and positive adjusted EBITDA for the first time. The company's financial performance reflects the continued demand for its software and payments platform.
Total revenue increased by 21.4% year-over-year to $50.6 million.
GAAP gross margin improved to 71.4%, up from 67.3% in the second quarter of 2023.
Net cash provided by operating activities was $22.7 million, a significant increase from $1.6 million in the same quarter last year.
Free cash flow reached $21.2 million, up $20.3 million from $0.9 million in the second quarter of 2023.
The company expects to achieve revenue between $50.7 million and $51.7 million for the third quarter of 2024 and between $201.0 million and $203.0 million for the full year 2024. Non-GAAP loss from operations is expected to be between $(1.2) million and $(0.2) million for the third quarter and between $(3.8) million and $(1.8) million for the full year.
Visualization of income flow from segment revenue to net income
Analyze how earnings announcements historically affect stock price performance