ON24 (NYSE: ONTF), a leading cloud-based digital experience platform provider, today announced financial results for its third quarter ended September 30, 2021.
“We delivered a solid third quarter and strengthened our core enterprise customer base. We made steady progress and remain confident in the underlying strength of our business and the large market opportunity that lies ahead for us, although, as expected, we continued to face some headwinds with respect to first time renewals,” said Sharat Sharan, co-founder and CEO of ON24. “I’m proud of the exciting platform innovations that our team is bringing to market for customers which we believe will drive our next phase of durable growth.”
Third Quarter 2021 Financial Highlights
- ARR: Ending Annualized Recurring Revenue of $167.2 million as of September 30, 2021, an increase of 20% year-over-year.
- Revenue: Total revenue was $49.4 million, an increase of 16% year-over-year. Subscription and Other Platform Revenue, was $43.6 million, an increase of 27% year-over-year.
- GAAP Operating Loss was $9.3 million, compared to GAAP operating income of $6.8 million in the third quarter of 2020.
- Non-GAAP Operating Loss was $1.4 million, compared to non-GAAP operating income of $7.5 million in the third quarter of 2020.
- GAAP Net Loss attributable to common stockholders was $9.4 million, or $(0.20) per diluted share, compared to net income attributable to common stockholders of $5.1 million, or $0.12 per diluted share in the third quarter of 2020.
- Non-GAAP Net Loss was $1.6 million, or $(0.03) per diluted share, compared to a non-GAAP net income of $7.2 million, or $0.42 per diluted share in the third quarter of 2020.
- Cash Flow: Net cash used in operating activities was $0.9 million, compared to $11.5 million provided by operating activities in the third quarter of 2020.
- Free Cash Flow was negative $1.6 million for the quarter, compared to $11.1 million in the third quarter of 2020.
- Cash, Cash Equivalents and Marketable securities totaled $399.7 million as of September 30, 2021.