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Weave Communications, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $52,386,000 from $43,544,000 in the same quarter the previous year. The increase is attributed to new customer locations.
Cost of revenue for the quarter was $14,659,000, representing 28% of revenue, compared to 31% in the same quarter of the previous year. This decrease in cost ratio is due to successful efforts to reduce third-party costs.
The company reported a gross profit of $37,727,000 for the quarter, compared to $29,935,000 in the previous year, with the improvement attributed to increased revenue and cost management.
Sales and marketing expenses increased to $21,159,000 from $17,801,000, primarily due to increased personnel-related expenses and demand generation efforts.
Net loss for the quarter was $5,879,000, compared to $7,145,000 in the previous year. The improvement is due to increased revenue and improved gross margin.
Cash provided by operating activities was $4,500,000, while cash used in investing and financing activities was $22,000 and $5,034,000, respectively.
Weave had a working capital of $68,836,000 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including a revolving line of credit with Silicon Valley Bank (SIVB) with a borrowing capacity of $50,000,000.
Weave continues to focus on expanding its customer base and increasing the adoption of its products, with a strategy that includes targeting medium-sized businesses and expanding into new healthcare vertical markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Weave Communications Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.