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Weave Communications Inc. (WEAV) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Weave's revenue increase to $204.3 million in 2024 from $170.5 million in 2023, representing a 20% growth. This growth is attributed to new customer acquisitions and increased revenue from existing customers.
Weave reported a net loss of $28.3 million for 2024, compared to a net loss of $31.0 million in 2023. The decrease in net loss is primarily due to increased revenue and improved gross margins.
Operating expenses for the year totaled $177.3 million, up from $150.5 million in the previous year. This increase was driven by higher sales and marketing expenses, research and development costs, and general and administrative expenses.
The company reported a gross margin of 71% for 2024, an improvement from 68% in 2023, due to a favorable customer mix and cost management efforts.
Weave's cash and cash equivalents totaled $51.6 million as of December 31, 2024, with short-term investments of $47.5 million.
The company highlighted its focus on expanding its customer base in the healthcare sector, with more than 30,000 customers and approximately 35,000 customer locations under subscription by the end of 2024.
Weave continues to invest in its platform, introducing new products and enhancing existing features to drive customer engagement and retention.
The filing also notes that Weave has no outstanding balance on its $50 million revolving line of credit and is in compliance with all related covenants.
Weave's management remains focused on achieving profitability and further expanding its market presence in the coming years.
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. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.