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ON24 Inc. (ONTF+1.12%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $148.1 million, a decrease from $163.7 million in 2023. Subscription and other platform revenue was $136.4 million, down from $149.9 million the previous year.
Professional services revenue decreased to $11.7 million from $13.8 million in 2023. The company attributes the decline to more customers opting for self-service rather than utilizing professional services.
Cost of revenue was $38.0 million, down from $46.3 million in 2023, reflecting cost management efforts and headcount reductions.
The company reported a net loss of $42.2 million, an improvement from a net loss of $51.8 million in 2023.
ON24 had 1,645 customers as of December 31, 2024, compared to 1,784 customers at the end of 2023.
The company's annual recurring revenue (ARR) was $129.7 million, a decrease from $139.7 million in 2023.
The dollar-based net retention rate increased to 89% from 82% in 2023, indicating improved customer retention.
ON24 continues to focus on cost reduction initiatives, including workforce reductions, to improve its financial position.
The company ended the year with $182.7 million in cash, cash equivalents, and marketable securities, compared to $198.7 million at the end of 2023.
ON24's management anticipates continued cost management and strategic investments in its platform to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ON24 Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.