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Upland Software Inc. (UPLD-1.53%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Upland Software's financial performance, reporting total revenue of $274.8 million for the year, a decrease from $297.9 million in 2023. This decline was primarily attributed to reduced sales and marketing focus on non-strategic product offerings, referred to as 'Sunset Assets'.
Subscription and support revenue decreased to $260.7 million from $281.6 million in the previous year, while perpetual license revenue slightly decreased to $5.8 million from $6.1 million. Professional services revenue also declined to $8.3 million from $10.2 million.
Cost of revenue decreased to $81.1 million from $96.4 million, resulting in a gross profit of $193.7 million, compared to $201.5 million in 2023.
Operating expenses totaled $296.0 million, down from $365.4 million in 2023. This included a significant decrease in general and administrative expenses to $49.5 million from $61.3 million, and a goodwill impairment charge of $87.2 million, compared to $128.8 million in 2023.
The company reported a net loss of $112.7 million, an improvement from the $179.9 million loss reported in 2023. After accounting for preferred stock dividends, the net loss attributable to common stockholders was $118.3 million.
Upland Software's cash and cash equivalents decreased to $57.1 million from $236.6 million at the end of 2023, primarily due to additional principal payments on its term loans.
The filing also highlights Upland's strategic focus on core organic growth, with plans to continue evaluating potential acquisitions to complement its existing product offerings.
Upland Software identified a material weakness in its internal controls over financial reporting in the prior year, which has since been remediated.
The company did not declare or pay any dividends on its common stock and does not anticipate doing so in the foreseeable future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Upland Software Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.