Posted on Friday, May 13th 2022
According to a recent report,
the global digital experience platform market, valued at $11.7 billion in 2022, is expected to grow at 13% CAGR through 2030. San Francisco-based ON24 (NYSE: ONTF) continues to expand its presence in the market through acquisitions and product expansion. ON24’s Financials Recently, ON24 announced its first-quarter financials. Revenues for the quarter fell 3% to $48.5 million, ahead of the market’s forecast by 2.22%. Non GAAP loss was $0.13 per share, ahead of the market’s estimates of a loss of $0.16 per share.
By segment, Subscription revenues grew 1% to $43.5 million, Professional service revenues grew 30% to $5 million.
Among key metrics, ARR increased 3% over the year to $167.7 million at the end of the quarter.
For the second quarter, ON24 expects revenues of $47-$48 million and a loss per share of $0.17-$0.15. For the current year, ON24 expects revenues of $191-$195 and a loss per share of $0.64-$0.58. The market forecast revenues of $48.77 million and a loss of $0.15 per share for the quarter and revenues of $201.36 million and a loss of $0.59 per share for the year.
ON24’s VIBBIO Acquisition
Recently, ON24 announced the acquisition of Norway-based VIBBIO, a cloud video software company, for an undisclosed sum. VIBBIO’s solution enables businesses to easily create and edit professional videos without requiring professional experience. Users have the ability to create short and long form videos to promote digital events, reuse event content by creating highlight clips available on demand, produce assets for social media engagement, or deliver personalized messages for landing pages or email and ABM campaigns. The acquisition will allow ON24 customers to leverage VIBBIO across their webinar, event, and personalized content marketing activities, and generate more first-person data. Prior to the acquisition, VIBBIO had raised $2.1 million in four rounds of funding led by Investinor, Skagerak Maturo, and Orkala Ventures. Its most recent round was held in May 2019 where it raised NOK 13 million (~$1.3 million).
ON24 also announced the launch of ON24 Forums, a service that will allow customers to expand the type of digital experiences produced to deliver a consistent, branded, and professional look and feel including an executive engagement to host executive briefing centers and roundtables to showcase product offerings and provide hands-on demonstrations, focus groups to bring together user groups and customer advisory boards to get instant feedback and guide market research, expert-led training to easily deliver curriculum and moderate group discussions to increase the reach and effectiveness of certification programs, and open enrolment to educate employees about benefits and services, improving internal awareness and driving immediate sign-ups.
ON24’s growth will be slowing down in the coming quarters. With the pandemic restrictions easing, organizations are transitioning from video streaming and virtual events to in-person events. ON24 believes that its previous quarter would be the last to benefit from the buoying effect of the “
Covid cohort”, the set of event clients who had migrated to virtual platforms as a stop-gap solution during the pandemic. Its stock is trading at $10.25 with a market capitalization of $484.11 million. It reached a 52-week high of $41.33 in July last year and a 52-week low of $8.54 earlier this week. Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. 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