ON24, Inc. Reports Stable Q3 2024 Financial Performance
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ON24, Inc. Reports Stable Q3 2024 Financial Performance

On24, Inc. ( (ONTF) ) has released its Q3 earnings. Here is a breakdown of the information On24, Inc. presented to its investors.

ON24, Inc., a prominent intelligent engagement platform for B2B sales and marketing, has reported its financial results for the third quarter of 2024, showcasing a steady performance in its core business operations. The San Francisco-based company continues to leverage AI-driven solutions to enhance its market position across various industries, including life sciences and healthcare.

In the third quarter, ON24 reported a total revenue of $36.3 million, with its core platform contributing $35.6 million. The company exceeded its profitability targets for the sixth consecutive quarter and maintained positive operating and free cash flow for the third quarter in a row. Notably, there was a high single-digit year-over-year improvement in gross retention, and a record percentage of customers engaged in multi-year agreements using multiple products.

Key financial metrics include a GAAP operating loss of $13.3 million, an improvement from the previous year’s $14.1 million. The non-GAAP operating loss was $0.8 million, a slight improvement from $1.1 million in the third quarter of 2023. ON24 achieved a non-GAAP net income of $1.1 million, with an adjusted EBITDA of $0.2 million. The company’s cash and marketable securities totaled $188.8 million as of September 30, 2024.

Looking ahead, ON24 remains focused on achieving sustainable growth by leveraging its strategic pillars and expanding its AI-powered ACE solution’s reach. The company anticipates a total revenue range of $35.4 million to $36.4 million for the fourth quarter of 2024, with a non-GAAP operating loss estimated between $1.3 million and $0.3 million. The management’s disciplined approach to operating expenses and its commitment to customer retention are expected to support ongoing stability and growth.

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