ON24(ONTF)2025-05-08 21:24Financial Performance - Total revenue for Q1 2025 was $34.733 million, a decrease of 7% compared to $37.727 million in Q1 2024[17] - Subscription and other platform revenue was $32.301 million, down from $34.829 million year-over-year, representing a decline of 7%[17] - Net loss for Q1 2025 was $8.703 million, an improvement from a net loss of $10.703 million in Q1 2024, reflecting a reduction of approximately 19%[17] - Gross profit for Q1 2025 was $25.630 million, compared to $27.945 million in Q1 2024, indicating a decrease of 8%[17] - For the three months ended March 31, 2025, total revenue decreased to $34.7 million, down 7% from $37.7 million in the same period of 2024[34] - The net loss for the period was $8.7 million, an improvement from a net loss of $10.7 million in the prior year[26] - The Company reported a net loss of $8.70 million in Q1 2025, an improvement from a net loss of $10.70 million in Q1 2024[77][82] - Revenue for Q1 2025 was $34.73 million, a decrease from $37.73 million in Q1 2024[82] Expenses and Costs - Total operating expenses decreased to $36.096 million in Q1 2025 from $40.419 million in Q1 2024, a reduction of 11%[17] - The total stock-based compensation expense for Q1 2025 was $7.13 million, down from $10.34 million in Q1 2024[72] - The Company incurred restructuring costs of $782,000 in Q1 2025, compared to $1.18 million in Q1 2024[79] - The Company expects to incur additional restructuring costs of $0.5 million to $0.8 million in Q2 2025[80] Cash and Assets - Cash and cash equivalents increased to $26.786 million as of March 31, 2025, up from $14.933 million at the end of 2024[15] - Total assets decreased to $245.778 million as of March 31, 2025, down from $250.953 million at the end of 2024[15] - The company reported a significant increase in cash, cash equivalents, and restricted cash, ending the period with $26.9 million, up from $18.4 million at the end of the previous year[26] - The company experienced a decrease in accounts receivable, which amounted to $3.0 million, compared to $8.8 million in the previous year[26] Deferred Revenue and Obligations - Deferred revenue increased to $71.559 million as of March 31, 2025, compared to $66.687 million at the end of 2024, reflecting a growth of 7%[15] - The aggregate amount of transaction price allocated to remaining performance obligations was $126.9 million, with 75% expected to be recognized as revenue over the next 12 months[39] - Deferred revenue increased significantly to $4.9 million, compared to a decrease of $1.2 million in the same period last year[26] Equity and Stock - Total stockholders' equity decreased to $153.726 million as of March 31, 2025, down from $159.412 million at the end of 2024[15] - As of March 31, 2025, the company had 17,692,236 shares of common stock reserved for future issuance under its equity incentive plan and employee share purchase plan[63] - The Company completed a $75 million share repurchase program in February 2024 and approved a new $25 million program in March 2024[65][66] - In Q1 2025, the Company repurchased 708,488 shares at an average price of $6.34, totaling $4.5 million, compared to 702,620 shares at $7.50 for $5.3 million in Q1 2024[66] Marketable Securities - The company’s marketable securities totaled $154.2 million as of March 31, 2025, down from $167.8 million at the end of 2024[45] - As of March 31, 2025, the total marketable securities amounted to $154.195 million, with $123.762 million maturing in one year or less[47] - The company reported a gross unrealized loss of $50,000 on U.S. Treasury securities as of March 31, 2025, compared to a gross unrealized loss of $92,000 as of December 31, 2024[46] Liabilities - Accrued and other current liabilities decreased from $16.394 million as of December 31, 2024, to $13.541 million as of March 31, 2025[51] - The company has non-cancelable unrecognized purchase commitments totaling $3.279 million as of March 31, 2025, primarily related to software license fees and hosting services[57] Tax and Assessments - The Company recorded a provision for income taxes of $205,000 in Q1 2025, down from $495,000 in Q1 2024[74] - The company believes it is reasonably possible that a loss will result from sales and use tax assessments in the range of $0 to $0.5 million, with no accrual recorded as of March 31, 2025[59] Depreciation and Amortization - Depreciation and amortization expense for property and equipment was $1.2 million for the three months ended March 31, 2025, compared to $1.1 million for the same period in 2024[50] - Amortization of deferred contract acquisition costs was $3.6 million for the three months ended March 31, 2025, slightly down from $3.8 million in the same period of 2024[43] Credit Facilities - The company has a revolving line of credit with a maximum borrowing capacity of $25 million, which had not been drawn down as of March 31, 2025[54] - The prime referenced rate for the revolving credit facility was 7.50% as of March 31, 2025[55] Antidilutive Securities - The total antidilutive securities excluded from the diluted net loss per share calculation amounted to 11,297,047 in Q1 2025, down from 12,436,850 in Q1 2024[77]