Launch of AI Access
AI Access, a self-service AI offering, was launched on September 9. It has received significant interest with a multimillion-dollar fast-growing sales pipeline. The product aims to democratize access to Forrester's research and is expected to have a positive impact on future performance.
Record Research Deal
Forrester secured one of the largest research deals in its history with a large government agency. The ability to offer an enterprise-wide pricing model via AI Access was a key differentiator.
Improved Operating Income
Operating income increased by 21% to $9.9 million, or 10.5% of revenue, compared to $8.2 million or 8% of revenue in the third quarter of 2024.
Increase in Net Income and EPS
Net income and earnings per share increased 30% and 28%, respectively, compared to Q3 of last year, with net income at $7.2 million and earnings per share of $0.37.
Cash and Debt Management
The balance sheet remains strong with cash at the end of the quarter of approximately $132 million and debt of only $35 million.