Weave Q1 revenue $47.2M (+19% YoY), non-GAAP gross margin tops 70% for first time

Weave Communications, Inc.

2024-Q1 EPS reported -$0.10 revenue$47,173,000

Revenue $47.2M (+19.2% YoY); GAAP net loss $7.2M ($0.10/sh) vs $7.9M ($0.12/sh) prior year.
Non-GAAP gross margin 70.4% (all-time high); non-GAAP net loss $0.4M ($0.01/sh) vs $3.3M ($0.05/sh).
Free cash flow -$20.5M due to billing system timing ($15M deferral) and early bonus payout ($7M); expects normalization in H1 2024.
Dollar-based net retention rate 96%, gross retention rate 92% as of March 31, 2024.
Q2 2024 guidance: revenue $48.2-49.2M; full-year revenue $197-200M; non-GAAP op loss $(2.5)-(1.5)M Q2, $(6.0)-(2.0)M FY.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Weave Communications, Inc. reported the first quarter ended March 31, 2024 results: revenue $47.2 million, net income GAAP net loss was $7.2 million, or $0.10 per share, EPS $0.10 per share.

Period: the first quarter ended March 31, 2024
Revenue: $47.2 million
Net income: GAAP net loss was $7.2 million, or $0.10 per share
EPS: $0.10 per share
Result: reported results

Exact text from the filing

be expressly set forth by specific reference in such filing. --- EX-99.1 (EX-99.1) --- Weave Announces First Quarter 2024 Financial Results • First quarter total revenue of $47.2 million, up 19.2% year over year • GAAP gross margin of 69.9%, up 280 basis points year over year • Non GAAP gross margin of 70.4%, up 280 basis points year over year LEHI, Utah—May 1,

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Source: SEC EDGAR

accession 0001609151-24-000048

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