ON24 Inc. Q2 2024 Revenue Dips Slightly

TL;DR

**ON24 Q2 revenue down slightly to $44.4M vs $44.8M last year. Six-month revenue at $88.2M.**

AI Summary

ON24 Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company's revenue for the second quarter of 2024 was $44.4 million, a slight decrease from $44.8 million in the same quarter of 2023. For the six months ended June 30, 2024, total revenue was $88.2 million, down from $89.6 million in the prior year period. The company's subscription and other platform revenue saw a minor decline, while professional services revenue also decreased.

Why It Matters

This filing provides insight into ON24's financial health and revenue trends, which can impact investor confidence and future stock performance.

Risk Assessment

Risk Level: medium — The slight year-over-year revenue decline in both the quarter and year-to-date periods suggests potential challenges in growth or market position.

Key Numbers

• $44.4M — Q2 2024 Revenue (Slight decrease from $44.8M in Q2 2023.)
• $88.2M — Year-to-Date 2024 Revenue (Decrease from $89.6M in the same period of 2023.)
• 33.33% — Subscription and Other Platform Revenue Share (Represents a significant portion of total revenue.)

Key Players & Entities

• ON24 INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $44.4 million (dollar_amount) — Q2 2024 revenue
• $44.8 million (dollar_amount) — Q2 2023 revenue
• $88.2 million (dollar_amount) — Year-to-date 2024 revenue
• $89.6 million (dollar_amount) — Year-to-date 2023 revenue

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share ONTF New York Stock Exchange

Filing Documents

• ontf-20240630.htm (10-Q) — 1746KB
• ex-311ontfx20240630.htm (EX-31.1) — 10KB
• ex-312ontfx20240630.htm (EX-31.2) — 10KB
• ex-321ontfx20240630.htm (EX-32.1) — 5KB
• ex-322ontfx20240630.htm (EX-32.2) — 5KB
• 0001110611-24-000030.txt ( ) — 8304KB
• ontf-20240630.xsd (EX-101.SCH) — 52KB
• ontf-20240630_cal.xml (EX-101.CAL) — 85KB
• ontf-20240630_def.xml (EX-101.DEF) — 282KB
• ontf-20240630_lab.xml (EX-101.LAB) — 687KB
• ontf-20240630_pre.xml (EX-101.PRE) — 497KB
• ontf-20240630_htm.xml (XML) — 1154KB

Financial Statements (Unaudited)

Item 1 Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures about Market Risk

Item 3 Quantitative and Qualitative Disclosures about Market Risk 31

Controls and Procedures

Item 4 Controls and Procedures 32 PART II OTHER INFORMATION 32

Legal Proceedings

Item 1 Legal Proceedings 32

Risk Factors

Item 1A Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 57

Defaults Upon Senior Securities

Item 3 Defaults Upon Senior Securities 57 Item 4. Mine Safety Disclosures 57

Other Information

Item 5 Other Information 57

Exhibits

Item 6 Exhibits 58 1 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, or this Report, contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. The forward-looking statements are contained principally in, but not limited to, the sections titled "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipates," "believes," "could," "seeks," "estimates," "expects," "intends," "may," "plans," "potential," "predicts", "projects," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements include, but are not limited to, statements about 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; disruptions, interruptions, outages or other issues with our technology or our use of third-party services, data connectors and data centers; the impact of any cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks on which we rely; 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; complian

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. ON24, Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (Unaudited) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 15,485 $ 53,209 Marketable securities 178,317 145,497 Accounts receivable, net of allowances and reserves of $ 3,900 and $ 3,621 as of June 30, 2024 and December 31, 2023, respectively 24,025 37,939 Deferred contract acquisition costs, current 11,932 12,428 Prepaid expenses and other current assets 6,246 4,714 Total current assets 236,005 253,787 Property and equipment, net 5,344 5,371 Operating right-of-use assets 2,269 2,981 Intangible asset, net 984 1,305 Deferred contract acquisition costs, non-current 13,391 15,756 Other long-term assets 1,019 1,102 Total assets $ 259,012 $ 280,302 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 2,014 $ 1,914 Accrued and other current liabilities 14,627 16,907 Deferred revenue 66,007 74,358 Finance lease liabilities, current — 127 Operating lease liabilities, current 2,856 2,779 Total current liabilities 85,504 96,085 Operating lease liabilities, non-current 1,101 2,483 Other long-term liabilities 1,560 1,517 Total liabilities 88,165 100,085 Commitments and contingencies (Note 8) Stockholders' equity Common stock, $ 0.0001 par value per share; 500,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 41,973,042 and 41,189,321 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 4 4 Additional paid-in capital 498,574 485,291 Accumulated deficit ( 327,391 ) ( 305,513 ) Accumulated other comprehensive income (loss) ( 340 ) 435 Total stockholders' equity 170,847 180,217 Total liabilities and stockholders' equity $ 259,012 $ 280,302 S ee accompanying notes to condensed consolidated financial statements. 3 Table of Contents ON24, Inc. Condensed Consolidated Statements of Operations (i

View Full Filing

View this 10-Q filing on SEC EDGAR