NYSE$ONTF
ON24 Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Announced first quarter 2023 financial results, showing progress towards profitability and revenue of $43.1 million.
ON24 reported a decrease in revenue and an increased GAAP operating loss compared to the first quarter of 2022, but is on track to reach break-even non-GAAP EPS by Q2 and targeting break-even non-GAAP EBITDA by Q4 2023. The company's total revenue for the first quarter was $43.1 million, a decrease of 11% year-over-year. Despite facing temporary economic pressure, ON24 believes it is well-positioned to capture market share and deliver profitable growth.
- Core Platform ARR of $149.2 million as of March 31, 2023, a decrease of 4% 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.
- Net cash used in operating activities was $4.2 million, compared to $6.8 million used in operating activities in the first quarter of 2022.
Headline financials
Revenue & EPS history
ON24 · Revenue · Quarterly
$43.1M
Revenue by segment
ON24 · $43.1M total across 2 segments · Q1 2023
- Core Platform$41.2M—95.7%
- Virtual Conference$1.86M—4.3%
Forward guidance
For the second quarter of 2023, ON24 expects total revenue of $41.1 million to $42.1 million and Non-GAAP net income per share of $0.00.
Tailwinds
- Core Platform Revenue, including services, to be in the range of $39.5 million to $40.5 million.
- Total revenue of $41.1 million to $42.1 million.
- Non-GAAP operating loss of $2.4 million to $1.8 million.
- Non-GAAP net income per share of $0.00 per share, or break-even EPS, using approximately 50.5 million diluted shares outstanding.
- Restructuring charge of $1.5 million to $2.3 million, excluded from the non-GAAP amounts above.
Headwinds
- 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
- GAAP Operating Loss was $19.9 million, compared to GAAP operating loss of $15.2 million in the first quarter of 2022.
- GAAP Net Loss was $17.6 million, or $(0.37) per diluted share, compared to GAAP net loss of $15.5 million, or $(0.32) per diluted share in the first quarter of 2022.
- Total ARR of $155.6 million as of March 31, 2023, a decrease of 7% year-over-year.
- Core Platform ARR of $149.2 million as of March 31, 2023, a decrease of 4% year-over-year.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
-4.1%
Avg return
Earnings day
-3.0%
Avg return
5 days after
-3.5%
Avg return
30 days after
29%
7 / 24 earnings
Positive
+14.1%
Q3 2025
Best reaction
-31.5%
Q2 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -0.1% | +0.1% | +0.9% | |
| Q3 2025 | +14.1% | +11.4% | +20.4% | |
| Q2 2025 | +3.8% | +10.6% | +15.9% | |
| Q1 2025 | +0.6% | +14.6% | +17.2% | |
| Q4 2024 | -4.1% | -8.9% | -11.1% | |
| Q3 2024 | -0.8% | -1.7% | +0.0% | |
| Q2 2024 | +1.2% | +3.4% | +1.7% | |
| Q1 2024 | -6.5% | -4.4% | -15.8% | |
| Q4 2023 | -9.5% | -6.4% | -11.7% | |
| Q3 2023 | +2.0% | +7.3% | +16.9% | |
| Q2 2023 | -14.4% | -15.4% | -17.3% | |
| Q1 2023 | -1.1% | -3.3% | -8.6% | |
| Q4 2022 | -19.0% | -16.1% | -13.2% | |
| Q3 2022 | +4.3% | +7.8% | +4.3% | |
| Q2 2022 | +0.3% | -1.3% | -9.6% | |
| Q1 2022 | -6.7% | -12.0% | -2.8% | |
| Q4 2019 | -1.9% | +17.3% | +9.2% | |
| Q4 2021 | -9.6% | -14.6% | -11.6% | |
| Q3 2020 | -2.2% | +2.3% | -0.7% | |
| Q3 2021 | -1.7% | -5.7% | -4.9% | |
| Q2 2020 | -1.5% | -6.8% | -5.2% | |
| Q2 2021 | -31.5% | -32.5% | -34.0% | |
| Q1 2021 | -12.8% | -12.0% | -4.8% | |
| Q4 2020 | -2.2% | -4.5% | -19.5% | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — |
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