Loading...
•
Jun 30, 2024
Weave Q2 2024 Earnings Report
Second quarter results for 2024 were announced, showing revenue growth and improved profitability.
Key Takeaways
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.
Revenue by Segment
Forward Guidance
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.
Positive Outlook
- Revenue is expected to be between $50.7 million and $51.7 million for Q3 2024.
- Full year revenue is projected to be between $201.0 million and $203.0 million.
- Non-GAAP loss from operations is expected to improve to between $(1.2) million and $(0.2) million for Q3 2024.
- The company anticipates a non-GAAP loss from operations between $(3.8) million and $(1.8) million for the full year.
- Weighted average share count is expected to be 72.1 million for Q3 2024 and 71.7 million for the full year.
Challenges Ahead
- The guidance constitutes forward-looking statements and actual results may differ materially.
- Non-GAAP loss from operations excludes estimates for stock-based compensation expense.
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
Loading earnings performance data...
Loading earnings reaction data...