ON24 (NYSE: ONTF), a leading sales and marketing platform for B2B digital engagement, today announced financial results for the first quarter ended March 31, 2023.
“I am pleased with our first quarter results and the progress we have made accelerating our path to profitability. We are on track to reach break-even non-GAAP EPS by Q2 and are now targeting break-even non-GAAP EBITDA by Q4 2023, with continued improvement in the quarters ahead,” said Sharat Sharan, co-founder and CEO of ON24. “While many marketing budgets are facing temporary economic pressure, resulting in greater deal scrutiny and softness in our key customer verticals which has impacted our near-term top-line, we believe we are well positioned to capture market share and are confident in our ability to deliver profitable growth.”
First Quarter 2023 Financial Highlights
- Core Platform ARR of $149.2 million as of March 31, 2023, a decrease of 4% year-over-year.
- Total ARR of $155.6 million as of March 31, 2023, a decrease of 7% year-over-year.
- Revenue from our Core Platform, including services, was $41.2 million, a decrease of 7% year-over-year.
- Total revenue was $43.1 million, a decrease of 11% year-over-year.
- GAAP Operating Loss was $19.9 million, compared to GAAP operating loss of $15.2 million in the first quarter of 2022.