ON24 (NYSE: ONTF), a leading cloud-based digital experience platform provider, today announced financial results for its first quarter ended March 31, 2021.
“We have started the year with strong momentum in the business. During the first quarter, total revenue grew 102% while ARR grew 90% year-over-year. Today, we are enabling thousands of companies to convert millions of prospects into customers,” said Sharat Sharan, co-founder and CEO of ON24. “We believe our cloud-based platform stands alone when it comes to driving engagement and delivering first-person data. As we move forward in a digital-first hybrid world, we believe that we are ideally positioned with a data-rich, digital system of engagement that enables measurable business growth for our customers.”
First Quarter 2020 Financial Highlights
- ARR: ARR increased 90% year-over-year to $163.1 million as of March 31, 2021.
- Revenue: Total revenue was $50.1 million, an increase of 102% year-over-year.
- Digital Experience Platform Business Revenue: Digital experience platform business revenue (excluding legacy revenue) was $50 million, an increase of 111% year-over-year.
- Operating Loss: Operating loss was $2.2 million, compared to an operating loss of $1.5 million in the first quarter of 2020.
- Non-GAAP Operating Income (Loss): Non-GAAP operating income was $2.8 million, compared to a non-GAAP operating loss of $1.1 million in the first quarter of 2020.
- Net Loss Attributable to Common Stockholders: Net loss attributable to common stockholders was $3.4 million, or $0.10 per diluted share, compared to a net loss attributable to common stockholders of $3.4 million, or $0.37 per diluted share in the first quarter of 2020.
- Non-GAAP Net Income (Loss): Non-GAAP net income was $2.2 million, or $0.05 per diluted share, compared to a non-GAAP net loss of $1.7 million, or $0.18 per diluted share in the first quarter of 2020.
- Cash Flow: Net cash provided by operating activities was $3.7 million, compared to $1.3 million provided in operating activities in the first quarter of 2020. Free cash flow was $3.2 million for the quarter, compared to $1.2 million in the first quarter of 2020.