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Sep 30, 2024
Weave Q3 2024 Earnings Report
Weave reported strong Q3 2024 results with revenue growth and improved margins.
Key Takeaways
Weave reported a solid third quarter in 2024, achieving a 20.3% year-over-year increase in total revenue, reaching $52.4 million. The company saw substantial improvements in gross margins, operating margins, and free cash flow. Weave reported positive non-GAAP operating income for the first time in the company’s history.
Total revenue reached $52.4 million, a 20.3% increase year-over-year.
GAAP gross margin improved to 72.0%, up 330 basis points year-over-year.
Non-GAAP operating income was $1.4 million, a $3.2 million improvement year-over-year.
Free cash flow increased to $3.5 million, up from $2.1 million in the previous year.
Revenue by Segment
Forward Guidance
The company expects to achieve total revenue between $52.6 million and $53.6 million and non-GAAP income from operations between $0.9 million and $1.9 million for the fourth quarter of 2024. For the full year 2024, the company expects total revenue between $202.7 million and $203.7 million and non-GAAP income from operations between $0.0 million and $1.0 million.
Positive Outlook
- Total revenue is expected to be between $52.6 million and $53.6 million for Q4 2024.
- Full year total revenue is projected to be between $202.7 million and $203.7 million.
- Non-GAAP income from operations is expected to be between $0.9 million and $1.9 million for Q4 2024.
- Full year non-GAAP income from operations is projected to be between $0.0 million and $1.0 million.
- Weighted average share count is expected to be 72.7 million for Q4 2024 and 71.6 million for the full year.
Challenges Ahead
- Actual results may differ materially from forward-looking statements.
- Stock-based compensation expense is excluded from the non-GAAP income from operations guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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