Increased Subscription Revenue
Subscription revenue reached $30.9 million, marking an 18% year-over-year increase and now represents 55% of total revenue compared to 43% a year ago.
Improved Gross Margin
GAAP gross margin expanded to 52% compared to 37% a year ago due to greater software and services revenue.
Significant Reduction in Operating Expenses
Operating expenses decreased by 16% compared to last year, with sales and marketing expenses dropping by 46%.
Positive Guidance Adjustment
Full-year adjusted EBITDA guidance improved to a range of negative $45 million to negative $42 million from the prior range of negative $50 million to negative $45 million.
Strong Cash Position
The company ended the quarter with approximately $201 million in cash and marketable securities with zero debt.