- Achieved Q424 Total Revenue of $36.7 million
- Exceeded profitability targets for 7th consecutive quarter
- Generated positive operating and free cash flow for 4th
consecutive quarter
- AI-powered ACE accounted for over 20% of our growth ARR
bookings in Q4, an all-time high
- Exited 2024 with the highest levels of gross retention in the
past 3 years
ON24 (NYSE: ONTF), a leading intelligent engagement platform for
B2B sales and marketing, today announced financial results for the
fourth quarter and full year ended December 31, 2024.
“Our fourth quarter results marked the end of a year in which we
improved our retention rates, executed on our product innovation
roadmap, consistently exceeded our profitability targets, and laid
the foundation for a return to growth,” said Sharat Sharan,
co-founder and CEO of ON24. “We begin the year with renewed
confidence in our business and a focus on returning to ARR growth
in 2025. We expect to drive additional improvements in retention
rates, positive momentum in our new and expansion business,
continued customer winbacks, further product innovation, and
positive cash flow.”
Fourth Quarter 2024 Financial
Highlights
- Revenue:
- Revenue from our Core Platform, including services, was $36.0
million.
- Total revenue was $36.7 million.
- ARR:
- Core Platform ARR of $127.3 million as of December 31,
2024.
- Total ARR of $129.7 million as of December 31, 2024.
- GAAP Operating Loss was $11.8 million, compared to GAAP
operating loss of $12.2 million in the fourth quarter of 2023.
- Non-GAAP Operating Loss was $0.4 million, compared to
non-GAAP operating income of $0.2 million in the fourth quarter of
2023.
- GAAP Net Loss was $8.9 million, or $(0.21) per diluted
share, compared to GAAP net loss of $9.9 million, or $(0.24) per
diluted share in the fourth quarter of 2023.
- Non-GAAP Net Income was $2.5 million, or $0.06 per
diluted share, compared to non-GAAP net income of $2.6 million, or
$0.06 per diluted share in the fourth quarter of 2023.
- Adjusted EBITDA was $0.7 million.
- Cash Flow: Net cash provided by operating activities was
$1.0 million, compared to $0.9 million used in operating activities
in the fourth quarter of 2023. Free cash flow was $0.4 million for
the quarter, compared to $(2.0) million in the fourth quarter of
2023.
- Cash, Cash Equivalents and Marketable Securities totaled
$182.7 million as of December 31, 2024.
Full Year 2024 Financial
Highlights
- Revenue:
- Revenue from our Core Platform, including services, was $144.9
million.
- Total revenue was $148.1 million.
- GAAP Operating Loss was $50.7 million, compared to GAAP
operating loss of $62.0 million in 2023.
- Non-GAAP Operating Loss was $2.4 million, compared to
non-GAAP operating loss of $5.9 million in 2023.
- GAAP Net Loss was $42.2 million, or $(1.01) per diluted
share, compared to GAAP net loss of $51.8 million, or $(1.16) per
diluted share in 2023.
- Non-GAAP Net Income was $6.1 million, or $0.13 per
diluted share, compared to non-GAAP net income of $4.3 million, or
$0.09 per diluted share in 2023.
- Adjusted EBITDA was $2.0 million.
- Cash Flow: Net cash provided by operating activities was
$4.8 million, compared to $12.2 million used in operating
activities in 2023. Free cash flow was $2.6 million for the year,
compared to $(14.4) million in 2023.
For more information regarding non-GAAP operating income (loss),
non-GAAP net income (loss), adjusted EBITDA, and free cash flows,
see the section titled “Non-GAAP Financial Measures” below. For
reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measure, see the tables at the
end of this press release.
Full Year 2024 Customer
Metrics
As of December 31, 2024:
- Multi-Year Contracts: 51% of total ARR.
- Multi-Product Customers: 39% of customers are using two or more
our products.
Recent Business Highlights:
- AI-powered ACE ARR reached a new high as a percentage of growth
ARR bookings.
- Customer winback momentum continues.
- Received recognition and accolades including:
- Ranked as a Top Engagement Platform for Sales and Marketing
Teams in G2 Fall 2024 Report, recognized by customers for strong
market presence and overall customer support and satisfaction.
- Received the TrustRadius 2025 Buyers’ Choice Award, recognized
by customers for our comprehensive features, demonstrated ROI and
business impact.
Financial Outlook
For the full year 2025, ON24 expects:
- Core Platform Revenue, including services, to be in the range
of $136.3 million to $139.3 million.
- Total revenue of $138.6 million to $141.6 million.
- Non-GAAP operating loss of $5.5 million to $3.5 million.
- Non-GAAP net income per share of $0.02 to $0.05 using
approximately 47.5 million diluted shares outstanding.
For the first quarter of 2025, ON24 expects:
- Core Platform Revenue, including services, to be in the range
of $33.4 million to $33.9 million.
- Total revenue of $34.0 million to $34.5 million.
- Non-GAAP operating loss of $3.3 million to $2.3 million.
- Non-GAAP net loss per share of $(0.03) to $(0.01) using
approximately 42.0 million basic and diluted shares outstanding.
- Restructuring charge of $0.8 million to $1.0 million, excluded
from above non-GAAP metrics.
Conference Call Information
ON24 will host a conference call and live webcast for analysts
and investors today at 2:00 p.m. Pacific Time. Parties in the
United States can access the call by dialing 877-497-9071 or
201-689-8727.
A webcast and management’s prepared remarks for today’s call
will be accessible on ON24’s investor relations website at
investors.on24.com. Approximately one
hour after completion of the live call, an archived version of the
webcast will be available on the Company’s investor relations
website.
Definitions of Certain Key Business Metrics
Core Platform: The ON24 Core
Platform products include: ON24 Elite:
live, interactive webinar experience that engages prospective
customers in real-time and can be made available in an on-demand
format. ON24 Breakouts: live breakout
room experience that facilitates networking, collaboration and
interactivity between users. ON24
Forums: live, interactive experience that facilitates
video-to-video interaction between presenters and audiences.
ON24 Go Live: live, interactive video
event experience that enables presenters and attendees to engage
face-to-face in real-time and can also be made available in an
on-demand format. ON24 Engagement Hub:
always-on, rich multimedia content experience that prospective
customers can engage anytime, anywhere. ON24
Target: personalize and curate, rich landing page experience
that engages specific segments of prospective customers to drive
desired action. ON24 AI-powered ACE:
the next generation AI-powered analytics and content engine.
Annual Recurring Revenue (“ARR”): ARR is calculated as
the sum of the annualized value of our subscription contracts as of
the measurement date, including existing customers with expired
contracts that we expect to be renewed. Our ARR amounts exclude
professional services, overages from subscription customers and
Legacy revenue.
Non-GAAP Financial Measures
In addition to our results determined in accordance with
generally accepted accounting principles in the United States, or
“GAAP”, we consider our non-GAAP operating income (loss), non-GAAP
net income (loss), Adjusted EBITDA, and free cash flow in
evaluating our operating performance. We define non-GAAP operating
income (loss) as net income (loss) excluding, interest expense,
other (income) expense, net, provision for income taxes,
stock-based compensation, amortization of acquired intangible
assets, shareholder activism related costs, restructuring costs,
impairment charges for underutilized real estate, and certain other
costs. We define non-GAAP net income (loss) as net income (loss)
excluding stock-based compensation, amortization of acquired
intangible assets, shareholder activism related costs,
restructuring costs, charges for underutilized real estate, and
certain other costs. We define Adjusted EBITDA as net income (loss)
excluding interest expense, other (income) expense, net, provision
for income taxes, depreciation and amortization, amortization of
acquired intangible assets, amortization of cloud implementation
costs, stock-based compensation, restructuring costs, impairment
charges for underutilized real estate, and shareholder activism
related costs. We define free cash flow as net cash provided by
(used in) operating activities, less purchases of property and
equipment.
We use non-GAAP operating income (loss), non-GAAP net income
(loss), and Adjusted EBITDA to evaluate our ongoing operations and
for internal planning and forecasting purposes, and we use free
cash flow to measure and evaluate cash generated through normal
business operations. We believe non-GAAP operating income (loss),
non-GAAP net income (loss), and Adjusted EBITDA may be helpful to
investors because they provide consistency and comparability with
past financial performance. We believe free cash flow may be
helpful to investors because it reflects that some purchases of
property and equipment are necessary to support ongoing operations,
while providing a measure of cash available to acquire customers,
expand within existing customers and otherwise pursue our business
strategies.
However, these non-GAAP financial measures are each presented
for supplemental informational purposes only, have limitations as
analytical tools and should not be considered in isolation or as a
substitute for financial information presented in accordance with
GAAP. Non-GAAP financial measures have no standardized meanings
prescribed by GAAP and are not prepared under a comprehensive set
of accounting rules or principles. In addition, other companies,
including companies in our industry, may calculate similarly-titled
non-GAAP financial measures differently or may use other measures
to evaluate their performance, all of which could reduce the
usefulness of our non-GAAP financial measure as a tool for
comparison.
We do not provide a quantitative reconciliation of the
forward-looking non-GAAP financial measures included in this press
release to the most directly comparable GAAP measures due to the
high variability and difficulty to predict certain items excluded
from these non-GAAP financial measures; in particular, the effects
of stock-based compensation expense, and restructuring and
transaction expenses. We expect the variability of these excluded
items may have a significant, and potentially unpredictable, impact
on our future GAAP financial results.
Reconciliations of these non-GAAP financial measures to their
most directly comparable GAAP financial measure are included in the
tables at the end of this press release.
Forward-Looking Statements
This document contains “forward-looking statements” under
applicable securities laws. Such statements can be identified by
words such as: “outlook,” “expect,” “target,” “believe,” “plan,”
“future,” “may,” “should,” “will,” and similar references to future
periods. Forward-looking statements include express or implied
statements regarding our expected financial and operating results,
the execution of our share repurchase program, the size of our
market opportunity, the success of our new products and
capabilities, including our new AI-powered ACE, and other
statements regarding our ability to achieve our business
strategies, growth, or other future events or conditions. Such
statements are based on our current beliefs, expectations, and
assumptions about future events or conditions, which are subject to
inherent risks and uncertainties, including our ability to grow our
revenue; fluctuation in our performance, our history of net losses
and any increases in our expenses; our ability to attract new
customers and expand sales to existing customers; competition and
technological development in our markets and any decline in demand
for our solutions or generally in our markets; adverse general
economic and market conditions and spending on sales and marketing
technology; our ability to expand our sales and marketing
capabilities and achieve growth; the impact of any
cybersecurity-related attack, significant data breach or disruption
of the information technology systems or networks on which we rely;
disruptions, interruptions, outages or other issues with our
technology or our use of third-party services, data connectors and
data centers; the impact of the resumption of in-person marketing
activities on our customer growth rate; our sales cycle, our
international presence and our timing of revenue recognition from
our sales; interoperability with other devices, systems and
applications; compliance with data privacy, import and export
controls, customs, sanctions and other laws and regulations;
intellectual property matters, including any infringements of
third-party intellectual property rights by us or infringement of
our intellectual property rights by third parties; and the market
for, trading price of and other matters associated with our common
stock; along with the other risks and uncertainties discussed in
the filings we make from time to time with the Securities and
Exchange Commission. Actual results may differ materially from
those indicated in forward-looking statements, and you should not
place undue reliance on them. All statements herein are based only
on information currently available to us and speak only as of the
date hereof. Except as required by law, we undertake no obligation
to update any such statement.
About ON24
ON24 is on a mission to help businesses bring their go-to-market
strategy into the AI era and drive cost-effective revenue growth.
Through its leading intelligent engagement platform, ON24 enables
customers to combine best-in-class experiences with personalization
and content, to capture and act on connected insights at scale.
ON24 provides industry-leading companies, including 4 of the 5
largest global software companies, 3 of the 5 top global asset
management firms, 3 of the 5 largest global pharmaceutical
companies and 3 of the 5 largest global industrial companies, with
a valuable source of first-party data to drive sales and marketing
innovation, improve efficiency and increase business results.
Headquartered in San Francisco, ON24 has offices globally in North
America, EMEA and APAC. For more information, visit
www.ON24.com.
© 2025 ON24, Inc. All rights reserved. ON24 and the ON24 logo
are trademarks owned by ON24, Inc., and are registered in the
United States Patent and Trademark Office and in other
countries.
ON24, INC.
Condensed Consolidated Balance
Sheets (Unaudited)
(in thousands)
December 31, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
14,933
$
53,209
Marketable securities
167,803
145,497
Accounts receivable, net
28,616
37,939
Deferred contract acquisition costs,
current
10,784
12,428
Prepaid expenses and other current
assets
6,194
4,714
Total current assets
228,330
253,787
Property and equipment, net
6,673
5,371
Operating right-of-use assets
2,297
2,981
Intangible asset, net
660
1,305
Deferred contract acquisition costs,
non-current
12,199
15,756
Other long-term assets
794
1,102
Total assets
$
250,953
$
280,302
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
2,746
$
1,914
Accrued and other current liabilities
16,394
16,907
Deferred revenue
66,687
74,358
Finance lease liabilities, current
—
127
Operating lease liabilities, current
2,372
2,779
Total current liabilities
88,199
96,085
Operating lease liabilities,
non-current
1,016
2,483
Other long-term liabilities
2,326
1,517
Total liabilities
91,541
100,085
Stockholders’ equity
Common stock
4
4
Additional paid-in capital
507,188
485,291
Accumulated deficit
(347,669
)
(305,513
)
Accumulated other comprehensive (loss)
income
(111
)
435
Total stockholders’ equity
159,412
180,217
Total liabilities and stockholders’
equity
$
250,953
$
280,302
ON24, INC.
Condensed Consolidated
Statements of Operations (Unaudited)
(in thousands, except share
and per share data)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Revenue:
Subscription and other platform
$
33,576
$
35,752
$
136,412
$
149,882
Professional services
3,104
3,585
11,669
13,826
Total revenue
36,680
39,337
148,081
163,708
Cost of revenue:
Subscription and other platform(1)(4)
6,523
7,406
28,037
34,751
Professional services(1)(4)
2,831
2,604
9,975
11,512
Total cost of revenue
9,354
10,010
38,012
46,263
Gross profit
27,326
29,327
110,069
117,445
Operating expenses:
Sales and marketing(1)(4)
19,048
20,645
78,077
89,200
Research and development(1)(2)(4)
8,880
9,363
36,250
41,122
General and administrative(1)(3)(4)
11,177
11,541
46,399
49,124
Total operating expenses
39,105
41,549
160,726
179,446
Loss from operations
(11,779
)
(12,222
)
(50,657
)
(62,001
)
Interest expense
7
13
34
93
Other income, net
(2,458
)
(2,820
)
(9,168
)
(11,303
)
Loss before provision for income taxes
(9,328
)
(9,415
)
(41,523
)
(50,791
)
(Benefit from) provision for income
taxes
(456
)
460
633
995
Net loss
(8,872
)
(9,875
)
(42,156
)
(51,786
)
Net loss per share:
Basic and diluted
$
(0.21
)
$
(0.24
)
$
(1.01
)
$
(1.16
)
Weighted-average shares used in computing
net loss per share:
Basic and diluted
41,860,807
41,646,792
41,759,879
44,644,792
(1)
Includes stock-based compensation as follows:
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Cost of revenue
Subscription and other platform
$
565
$
682
$
2,612
$
2,814
Professional services
166
126
535
545
Total cost of revenue
731
808
3,147
3,359
Sales and marketing
2,722
3,669
12,371
13,974
Research and development
2,215
2,410
8,911
9,126
General and administrative
5,230
4,839
20,758
18,558
Total stock-based compensation expense
$
10,898
$
11,726
$
45,187
$
45,017
(2)
Research and development expense includes
amortization of acquired intangible asset of $135 thousand and $551
thousand for the three and twelve months ended December 31, 2024,
respectively, and $139 thousand and $558 thousand for the three and
twelve months ended December 31, 2023, respectively, in connection
with the Vibbio acquisition in April 2022.
(3)
General and administrative expense
includes professional advisory expenses associated with activism
defense and related costs of nil and $2,656 thousand for the three
and twelve months ended December 31, 2023, respectively. We did not
incur such costs in the three and twelve months ended December 31,
2024.
(4)
The results of operations for the three
and twelve months ended December 31, 2024 and 2023 includes
restructuring costs, which primarily represent severance and
related expense due to restructuring activities, and impairment
charge on our headquarters’ lease, as follows:
Three Months Ended December
31, 2024
Twelve Months Ended December
31, 2024
Severance
and Related
Charges
Lease
Impairment
Charge
Total
Severance
and Related
Charges
Lease
Impairment
Charge
Total
Cost of revenue
Subscription and other platform
$
27
$
—
$
27
$
377
$
—
$
377
Professional services
3
—
3
23
—
23
Total cost of revenue
30
—
30
400
—
400
Sales and marketing
358
—
358
1,705
—
1,705
Research and development
—
—
—
112
—
112
General and administrative
—
—
—
339
—
339
Total restructuring costs
$
388
$
—
$
388
$
2,556
$
—
$
2,556
Three Months Ended December
31, 2023
Twelve Months Ended December
31, 2023
Severance
and Related
Charges
Lease
Impairment
Charge
Total
Severance
and Related
Charges
Lease
Impairment
Charge
Total
Cost of revenue
Subscription and other platform
$
81
$
—
$
81
$
2,215
$
108
$
2,323
Professional services
6
—
6
149
119
268
Total cost of revenue
87
—
87
2,364
227
2,591
Sales and marketing
288
—
288
2,246
256
2,502
Research and development
110
—
110
1,397
569
1,966
General and administrative
88
—
88
391
409
800
Total restructuring costs
$
573
$
—
$
573
$
6,398
$
1,461
$
7,859
ON24, INC.
Condensed Consolidated
Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Cash flows from operating
activities:
Net loss
$
(8,872
)
$
(9,875
)
$
(42,156
)
$
(51,786
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
1,193
1,319
4,828
5,360
Stock-based compensation expense
10,898
11,726
45,187
45,017
Amortization of deferred contract
acquisition cost
3,629
3,968
14,862
15,589
Provision for allowance for doubtful
accounts and billing reserves
623
699
2,159
3,059
Non-cash lease expense
396
371
1,573
1,710
Accretion of marketable securities
(882
)
(1,863
)
(5,169
)
(7,716
)
Lease impairment charge
—
—
—
1,461
Other
23
38
123
244
Change in operating assets and
liabilities:
Accounts receivable
(5,489
)
(12,753
)
7,164
2,759
Deferred contract acquisition cost
(2,867
)
(4,183
)
(9,661
)
(12,864
)
Prepaid expenses and other assets
403
2,104
(1,536
)
2,061
Accounts payable
(772
)
(769
)
(105
)
(2,897
)
Accrued liabilities
664
1,038
(1,985
)
(1,999
)
Deferred revenue
3,056
7,755
(7,671
)
(9,095
)
Other liabilities
(1,018
)
(434
)
(2,807
)
(3,105
)
Net cash provided by (used in) operating
activities
985
(859
)
4,806
(12,202
)
Cash flows from investing
activities:
Purchase of property and equipment
(561
)
(1,107
)
(2,241
)
(2,183
)
Purchase of marketable securities
(43,681
)
(43,706
)
(196,606
)
(276,210
)
Proceeds from maturities of marketable
securities
48,500
103,503
163,048
422,969
Proceeds from sale of marketable
securities
5,792
—
16,348
17,739
Net cash provided by (used in) investing
activities
10,050
58,690
(19,451
)
162,315
Cash flows from financing
activities:
Proceeds from exercise of stock
options
350
81
2,034
1,422
Proceeds from issuance of common stock
under ESPP
301
462
668
1,008
Payment for repurchase of common stock
(7,174
)
(15,330
)
(25,777
)
(74,569
)
Payment of cash dividend
—
—
—
(49,872
)
Repayment of equipment loans
—
(49
)
(72
)
(236
)
Repayment of finance lease obligations
—
(218
)
(127
)
(1,533
)
Acquisition holdback payment
—
(403
)
—
(403
)
Net cash used in financing activities
(6,523
)
(15,457
)
(23,274
)
(124,183
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(607
)
35
(366
)
199
Net increase (decrease) in cash, cash
equivalents and restricted cash
3,905
42,409
(38,285
)
26,129
Cash, cash equivalents and restricted
cash, beginning of period
11,108
10,889
53,298
27,169
Cash, cash equivalents and restricted
cash, end of period
$
15,013
$
53,298
$
15,013
$
53,298
Reconciliation of cash, cash
equivalents, and restricted cash to the condensed consolidated
balance sheets:
Cash and cash equivalents
$
14,933
$
53,209
$
14,933
$
53,209
Restricted cash included in other assets,
non-current
80
89
80
89
Total cash, cash equivalent and restricted
cash
$
15,013
$
53,298
$
15,013
$
53,298
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results (Unaudited)
(in thousands, except share
and per share data)
Reconciliation of gross profit
and gross margin
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
GAAP gross profit
$
27,326
$
29,327
$
110,069
$
117,445
Add:
Stock-based compensation
731
808
3,147
3,359
Restructuring costs
30
87
400
2,364
Impairment charge
—
—
—
227
Non-GAAP gross profit
$
28,087
$
30,222
$
113,616
$
123,395
GAAP gross margin
74
%
75
%
74
%
72
%
Non-GAAP gross margin
77
%
77
%
77
%
75
%
Reconciliation of operating
expenses
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
GAAP sales and marketing
$
19,048
$
20,645
$
78,077
$
89,200
Less:
Stock-based compensation
(2,722
)
(3,669
)
(12,371
)
(13,974
)
Restructuring costs
(358
)
(288
)
(1,705
)
(2,246
)
Impairment charge
—
—
—
(256
)
Non-GAAP sales and marketing
$
15,968
$
16,688
$
64,001
$
72,724
GAAP research and development
$
8,880
$
9,363
$
36,250
$
41,122
Less:
Stock-based compensation
(2,215
)
(2,410
)
(8,911
)
(9,126
)
Restructuring costs
—
(110
)
(112
)
(1,397
)
Impairment charge
—
—
—
(569
)
Amortization of acquired intangible
asset
(135
)
(139
)
(551
)
(558
)
Non-GAAP research and
development
$
6,530
$
6,704
$
26,676
$
29,472
GAAP general and administrative
$
11,177
$
11,541
$
46,399
$
49,124
Less:
Stock-based compensation
(5,230
)
(4,839
)
(20,758
)
(18,558
)
Restructuring costs
—
(88
)
(339
)
(391
)
Impairment charge
—
—
—
(409
)
Fees related to shareholder activism
—
—
—
(2,656
)
Non-GAAP general and
administrative
$
5,947
$
6,614
$
25,302
$
27,110
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results (Unaudited)
(in thousands, except share
and per share data)
Reconciliation of net loss to non-GAAP
operating income (loss)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net loss
$
(8,872
)
$
(9,875
)
$
(42,156
)
$
(51,786
)
Add:
Interest expense
7
13
34
93
Other income, net
(2,458
)
(2,820
)
(9,168
)
(11,303
)
(Benefit from) provision for income
taxes
(456
)
460
633
995
Stock-based compensation
10,898
11,726
45,187
45,017
Amortization of acquired intangible
asset
135
139
551
558
Restructuring costs
388
573
2,556
6,398
Impairment charge
—
—
—
1,461
Fees related to shareholder activism
—
—
—
2,656
Non-GAAP operating (loss)
income
$
(358
)
$
216
$
(2,363
)
$
(5,911
)
Reconciliation of net loss to Adjusted
EBITDA
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net loss
$
(8,872
)
$
(9,875
)
$
(42,156
)
$
(51,786
)
Add:
Interest expense
7
13
34
93
Other income, net
(2,458
)
(2,820
)
(9,168
)
(11,303
)
(Benefit from) provision for income
taxes
(456
)
460
633
995
Depreciation and amortization
1,058
1,180
4,277
4,802
Amortization of acquired intangible
asset
135
139
551
558
Amortization of cloud implementation
costs
24
38
125
149
Stock-based compensation
10,898
11,726
45,187
45,017
Restructuring costs
388
573
2,556
6,398
Impairment charge
—
—
—
1,461
Fees related to shareholder activism
—
—
—
2,656
Adjusted EBITDA
$
724
$
1,434
$
2,039
$
(960
)
Reconciliation of net loss to non-GAAP
net income
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net loss
$
(8,872
)
$
(9,875
)
$
(42,156
)
$
(51,786
)
Add:
Stock-based compensation
10,898
11,726
45,187
45,017
Amortization of acquired intangible
asset
135
139
551
558
Restructuring costs
388
573
2,556
6,398
Impairment charge
—
—
—
1,461
Fees related to shareholder activism
—
—
—
2,656
Non-GAAP net income
$
2,549
$
2,563
$
6,138
$
4,304
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results (Unaudited)
(in thousands, except share
and per share data)
Reconciliation of GAAP to
Non-GAAP basic and diluted net income (loss) per share
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
GAAP basic and diluted net loss per
share:
Net loss
$
(8,872
)
$
(9,875
)
$
(42,156
)
$
(51,786
)
Weighted average common stock outstanding,
basic and diluted
41,860,807
41,646,792
41,759,879
44,644,792
Net loss per share, basic and diluted
$
(0.21
)
$
(0.24
)
$
(1.01
)
$
(1.16
)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Non-GAAP basic and diluted net income
per share:
Net loss
$
(8,872
)
$
(9,875
)
$
(42,156
)
$
(51,786
)
Add:
Stock-based compensation
10,898
11,726
45,187
45,017
Amortization of acquired intangible
asset
135
139
551
558
Restructuring costs
388
573
2,556
6,398
Impairment charge
—
—
—
1,461
Fees related to shareholder activism
—
—
—
2,656
Non-GAAP net income
$
2,549
$
2,563
$
6,138
$
4,304
Non-GAAP weighted-average common stock
outstanding
Basic
41,860,807
41,646,792
41,759,879
44,644,792
Diluted
45,339,578
46,002,784
45,587,866
49,131,426
Non-GAAP net income per share of common
stock:
Basic
$
0.06
$
0.06
$
0.15
$
0.10
Diluted
$
0.06
$
0.06
$
0.13
$
0.09
ON24, INC.
Reconciliation of GAAP to
Non-GAAP Results (Unaudited)
(in thousands)
Reconciliation of GAAP Cash Flow from
Operating Activities to Free Cash Flow
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Net cash provided by (used in) operating
activities:
$
985
$
(859
)
$
4,806
$
(12,202
)
Less: Purchases of property and
equipment
(561
)
(1,107
)
(2,241
)
(2,183
)
Free cash flow
$
424
$
(1,966
)
$
2,565
$
(14,385
)
ON24, INC.
Revenue
(in thousands)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2024
2023
2024
2023
Core Platform
Subscription and other platform
$
33,030
$
34,907
$
133,841
$
145,223
Professional services
3,007
3,377
11,104
12,876
Total core platform revenue
$
36,037
$
38,284
$
144,945
$
158,099
Virtual Conference
Subscription and other platform
$
546
$
845
$
2,571
$
4,659
Professional services
97
208
565
950
Total virtual conference revenue
$
643
$
1,053
$
3,136
$
5,609
Revenue
Subscription and other platform
$
33,576
$
35,752
$
136,412
$
149,882
Professional services
3,104
3,585
11,669
13,826
Total revenue
$
36,680
$
39,337
$
148,081
$
163,708
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250225938606/en/
Media Contact: Gabriella Kose press@on24.com
Investor Contact: Lauren Sloane, The Blueshirt Group for
ON24 investorrelations@on24.com
ON24 (NYSE:ONTF)
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ON24 (NYSE:ONTF)
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