NYSE$WEAV
Weave Communications Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Weave's financial performance improved in Q2 2023, marked by revenue growth, enhanced profitability, and positive free cash flow.
Weave reported a strong second quarter in 2023, with a 19.3% increase in total revenue year-over-year, reaching $41.7 million. The company saw improvements in both GAAP and non-GAAP gross margins, as well as a significant reduction in GAAP and non-GAAP operating losses. Weave also achieved positive free cash flow and net cash provided by operating activities.
- Total revenue increased by 19.3% year-over-year to $41.7 million.
- GAAP gross margin improved to 67.3% from 60.6% in the prior year.
- The company achieved positive free cash flow of $0.9 million, compared to negative free cash flow of $2.4 million in the second quarter of 2022.
- Net cash provided by operating activities was $1.6 million, up from net cash used in operating activities of $1.7 million last year.
Headline financials
Revenue & EPS history
Weave · Revenue · Quarterly
$41.7M
Revenue by segment
Weave · $41.7M total across 3 segments · Q2 2023
- Subscription and payment processing$39.7M+18.4%95.3%
- Phone Hardware$1.1M+2.9%2.6%
- Onboarding$867K+171.8%2.1%
Forward guidance
The company updated its financial guidance for the third quarter and full year 2023.
Tailwinds
- Expects total revenue between $41.7 million and $42.7 million for Q3 2023.
- Expects total revenue between $164.7 million and $166.7 million for the full year 2023.
- Expects Non-GAAP loss from operations between $(4.5) million and $(3.5) million for Q3 2023.
- Expects Non-GAAP loss from operations between $(16.9) million and $(14.9) million for the full year 2023.
- Expects weighted average share count of 68.1 million for Q3 2023 and 67.6 million for the full year 2023.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-0.9%
Avg return
Earnings day
-3.2%
Avg return
5 days after
-3.3%
Avg return
30 days after
39%
9 / 23 earnings
Positive
+28.0%
Q1 2023
Best reaction
-19.1%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | +22.4% | +22.6% | |
| Q4 2025 | -4.7% | -14.0% | -16.7% | |
| Q3 2025 | -0.6% | -0.9% | -3.0% | |
| Q1 2025 | -11.5% | -2.5% | -9.3% | |
| Q4 2024 | -15.6% | -24.1% | -30.7% | |
| Q3 2024 | +3.9% | -3.6% | +1.3% | |
| Q2 2024 | +6.4% | -0.1% | +10.2% | |
| Q1 2024 | -19.1% | -22.1% | -19.1% | |
| Q4 2023 | -11.9% | +2.9% | -6.0% | |
| Q3 2023 | +18.4% | +15.9% | +37.7% | |
| Q2 2023 | -4.8% | -12.5% | -10.4% | |
| Q1 2023 | +28.0% | +30.4% | +83.5% | |
| Q4 2022 | +10.5% | +1.8% | -2.2% | |
| Q3 2022 | -10.1% | -10.5% | -27.4% | |
| Q2 2021 | +2.2% | -0.8% | +7.8% | |
| Q2 2022 | +7.2% | +0.0% | +16.9% | |
| Q1 2021 | +0.2% | +3.4% | -7.4% | |
| Q1 2022 | +15.0% | -7.2% | +10.0% | |
| Q4 2019 | -2.7% | -5.5% | -20.7% | |
| Q4 2021 | -18.9% | -34.4% | -38.7% | |
| Q4 2020 | -3.7% | -1.6% | -24.0% | |
| Q3 2020 | -3.7% | -1.6% | -24.0% | |
| Q3 2021 | -4.2% | -7.8% | -26.0% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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