BRIGHTCOVE INC: restructuring charge — Brightcove Q1 revenue down 8% to $49.1M, net loss $11.7M; announces 10% workforce reduction

BRIGHTCOVE INC

2023-Q1 EPS reported -$0.28 revenue$49,063,000

Revenue $49.1M (down 8% YoY); subscription revenue $47.1M (down 9% YoY).
GAAP net loss $11.7M ($0.28 loss per share); non-GAAP net loss $6.6M ($0.15 loss per share).
Cash and equivalents $12.5M (down from $31.9M Dec 2022) due to SVB collapse; majority collected by May 3.
Restructuring plan cuts ~10% of workforce; expects $2.0-2.2M severance charges, substantially complete by Q2 2023.
Terminated ATM program with Cowen; no sales were made under it.

item 1.02 item 2.02 item 2.05

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BRIGHTCOVE INC reported the first quarter ended March 31, 2023 results: revenue $49.1 million, net income $11.7 million, or a loss of $0.28 per diluted share, EPS $0.28 per diluted share.

Period: the first quarter ended March 31, 2023
Revenue: $49.1 million
Net income: $11.7 million, or a loss of $0.28 per diluted share
EPS: $0.28 per diluted share
Result: reported results

Exact text from the filing

Revenue for the first quarter of 2023 was $49.1 million, a decrease of 8% compared to $53.4 million for the first quarter of 2022.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

BRIGHTCOVE INC terminated Sales Agreement with Cowen and Company, LLC valued at Termination of Sales Agreement for ATM Program (effective 2023-05-01).

Action: termination
Agreement: atm program
Counterparty: Cowen and Company, LLC
Value: Termination of Sales Agreement for ATM Program
Effective: 2023-05-01

Exact text from the filing

On May 1, 2023, Brightcove Inc. (the “Company”) notified Cowen and Company, LLC (“Cowen”) of its decision to terminate the Sales Agreement, dated as of February 23, 2023 (the “Sales Agreement”) between the Company and Cowen, effective as of May 1, 2023 (the “Termination Date”).

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

BRIGHTCOVE INC announced a restructuring with charges of between $2.0 million and $2.2 million (approximately 10%).

Type: restructuring
Charge: between $2.0 million and $2.2 million
Headcount: approximately 10%

Exact text from the filing

On April 28, 2023, the Board of Directors of the Company authorized a restructuring (the “Plan”) that is designed to reduce operating costs, improve operating margins and focus on key growth and strategic priorities. The Plan includes a reduction of the Company’s current workforce by approximately 10%. In connection with the Plan, the Company estimates that it will incur charges of between $2.0 million and $2.2 million related to employee severance costs, consisting primarily of cash expenditures.

View on SEC.gov

Browse all earnings releases →

Source: SEC EDGAR

accession 0001193125-23-134408

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.