Revenue Increase and Improved EBITDA
First quarter 2025 revenues increased 11% year-over-year to $21.9 million, with adjusted EBITDA coming in at $1.5 million, an improvement of nearly $2 million year-over-year.
Strong Contracted Revenue Growth
Contracted revenue increased more than 20% year-over-year, positioning the company favorably for the rest of the year.
Increased Guidance for 2025
The company increased its guidance for the year, expecting revenue between $101 million and $106 million, with adjusted EBITDA between $13 million and $15 million.
Progress in Subscription-Based Model
Over 5% of projected annual revenue for 2025 has been converted to subscription contracts, indicating early momentum in transitioning to a subscription-based model.
Significant Improvement in Net Loss
Net loss for the first quarter of 2025 was $2.2 million, a substantial improvement from a net loss of $6.9 million in the same period of 2024.
Strong Operating Cash Flow
Operating cash flow came in at $3.9 million for the first quarter, with a cash balance of $16.6 million at the end of the quarter.
Decrease in Operating Expenses
Operating expenses for the quarter ended March 31, 2025, decreased by $1.8 million year-over-year.