ON24 Announces Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Summary

ON24 (NYSE: ONTF) reported Q4 2024 financial results with total revenue of $36.7 million and Core Platform revenue of $36.0 million. The company's total ARR reached $129.7 million as of December 31, 2024.

Key Q4 metrics include a GAAP net loss of $8.9 million ($0.21 per share), non-GAAP net income of $2.5 million ($0.06 per share), and positive free cash flow of $0.4 million. The company's AI-powered ACE solution accounted for over 20% of growth ARR bookings in Q4.

For full-year 2024, ON24 achieved total revenue of $148.1 million, with a GAAP net loss of $42.2 million ($1.01 per share) and non-GAAP net income of $6.1 million ($0.13 per share). The company maintains strong financials with $182.7 million in cash and marketable securities.

Looking ahead to 2025, ON24 projects total revenue between $138.6-141.6 million and expects non-GAAP net income per share of $0.02-$0.05.

Positive

• AI-powered ACE reached all-time high at 20%+ of growth ARR bookings
• Positive free cash flow for 4 consecutive quarters
• Highest gross retention levels in 3 years
• Strong cash position of $182.7M
• 51% of total ARR from multi-year contracts

Negative

• Q4 GAAP operating loss of $11.8M
• Full year 2024 GAAP net loss of $42.2M
• Projected revenue decline for 2025 ($138.6-141.6M vs $148.1M in 2024)
• Q1 2025 restructuring charge expected ($0.8-1.0M)

Insights

Financial Analyst

ON24's Q4 and full-year 2024 results paint the picture of a company making progress on profitability while still struggling with top-line growth challenges. The B2B engagement platform provider reported Q4 revenue of $36.7 million and full-year revenue of $148.1 million, while achieving non-GAAP profitability with $2.5 million in Q4 net income ($0.06 per share) and $6.1 million for the full year ($0.13 per share).

The most significant positive indicator is ON24's cash flow trajectory, generating positive operating and free cash flow for the fourth consecutive quarter. The company produced $4.8 million in operating cash flow and $2.6 million in free cash flow for 2024, a substantial improvement from 2023's negative figures. This cash generation, combined with $182.7 million in cash and marketable securities, gives ON24 substantial runway to execute its strategy.

However, the 2025 revenue guidance of $138.6-141.6 million signals a 4-6% year-over-year decline, which contradicts management's narrative about "laying the foundation for a return to growth." This disconnect suggests ongoing challenges in the core business despite retention improvements.

The company's AI-powered ACE product represents a potential bright spot, accounting for over 20% of growth ARR bookings in Q4 - an all-time high. This indicates that ON24's AI strategy may be gaining traction with customers seeking more intelligent engagement solutions.

Customer metrics show some stabilization with 51% of ARR from multi-year contracts and 39% of customers using multiple products. The highest gross retention rates in three years suggest improved product stickiness, though this hasn't translated to revenue growth yet.

From a valuation perspective, ON24's enterprise value (market cap minus cash) is only about $68 million against $129.7 million in ARR, representing an EV/ARR multiple of just 0.52x - extremely low for a SaaS business. This reflects significant investor skepticism about growth prospects despite profitability improvements.

The planned restructuring charge of $0.8-1.0 million for Q1 2025 indicates ongoing operational adjustments as management continues to balance efficiency with growth initiatives. This strategic tension between profitability and growth will likely define ON24's narrative throughout 2025.

Technology Industry Analyst

ON24's Q4 and full-year 2024 results reveal a company making technological progress while navigating the challenging B2B engagement platform market. The standout technical development is their AI-powered Analytics and Content Engine (ACE), which contributed to over 20% of growth ARR bookings in Q4—signaling strong market adoption of their AI capabilities.

The ACE platform represents a significant evolution in ON24's technology stack, moving beyond basic webinar functionality to provide intelligent content optimization, automated audience insights, and predictive analytics that help B2B marketers identify and convert high-value prospects. This AI-driven approach addresses a critical pain point for marketing teams: connecting digital engagement to actual revenue outcomes.

ON24's product portfolio has expanded from its webinar roots into a comprehensive engagement ecosystem with six integrated products (Elite, Breakouts, Forums, Go Live, Engagement Hub, and Target). This multi-product strategy appears to be gaining traction, with 39% of customers now using two or more products. The integration across this suite creates data synergies that standalone point solutions cannot match—enabling marketers to track buyer journeys across multiple touchpoints.

The improved retention rates (highest in three years) suggest that product enhancements and deeper platform integration are creating stickier customer relationships. However, the projected revenue decline for 2025 raises questions about whether ON24's technology investments are sufficiently addressing evolving market demands, particularly as in-person marketing activities resume post-pandemic.

Competitively, ON24 faces pressure from both specialized webinar platforms and broader marketing technology suites that are incorporating engagement capabilities. Their recognition in G2's Fall 2024 Report and the TrustRadius 2025 Buyers' Choice Award indicates customer satisfaction, but the revenue guidance suggests challenges in expanding market share.

The planned $0.8-1.0 million restructuring charge for Q1 2025 likely indicates a realignment of technical resources to focus on high-growth areas like AI while potentially scaling back on legacy features. This strategic prioritization reflects the reality that ON24 must focus its R&D investments on differentiating capabilities rather than attempting to compete across all fronts.

ON24's technical evolution represents a bet that AI-enhanced engagement tools will become essential for B2B marketing teams seeking to demonstrate ROI in an increasingly data-driven environment. Their challenge will be accelerating this transition while maintaining the positive cash flow they've achieved for four consecutive quarters.

• Achieved Q424 Total Revenue of $36.7 million
• Exceeded profitability targets for 7^th consecutive quarter
• Generated positive operating and free cash flow for 4^th consecutive quarter
• AI-powered ACE accounted for over 20% of our growth ARR bookings in Q4, an all-time high
• Exited 2024 with the highest levels of gross retention in the past 3 years

SAN FRANCISCO--(BUSINESS WIRE)-- ON24 (NYSE: ONTF), a leading intelligent engagement platform for B2B sales and marketing, today announced financial results for the fourth quarter and full year ended December 31, 2024.

“Our fourth quarter results marked the end of a year in which we improved our retention rates, executed on our product innovation roadmap, consistently exceeded our profitability targets, and laid the foundation for a return to growth,” said Sharat Sharan, co-founder and CEO of ON24. “We begin the year with renewed confidence in our business and a focus on returning to ARR growth in 2025. We expect to drive additional improvements in retention rates, positive momentum in our new and expansion business, continued customer winbacks, further product innovation, and positive cash flow.”

Fourth Quarter 2024 Financial Highlights

• Revenue:
  • Revenue from our Core Platform, including services, was $36.0 million.
  • Total revenue was $36.7 million.
• ARR:
  • Core Platform ARR of $127.3 million as of December 31, 2024.
  • Total ARR of $129.7 million as of December 31, 2024.
• GAAP Operating Loss was $11.8 million, compared to GAAP operating loss of $12.2 million in the fourth quarter of 2023.
• Non-GAAP Operating Loss was $0.4 million, compared to non-GAAP operating income of $0.2 million in the fourth quarter of 2023.
• GAAP Net Loss was $8.9 million, or $(0.21) per diluted share, compared to GAAP net loss of $9.9 million, or $(0.24) per diluted share in the fourth quarter of 2023.
• Non-GAAP Net Income was $2.5 million, or $0.06 per diluted share, compared to non-GAAP net income of $2.6 million, or $0.06 per diluted share in the fourth quarter of 2023.
• Adjusted EBITDA was $0.7 million.
• Cash Flow: Net cash provided by operating activities was $1.0 million, compared to $0.9 million used in operating activities in the fourth quarter of 2023. Free cash flow was $0.4 million for the quarter, compared to $(2.0) million in the fourth quarter of 2023.
• Cash, Cash Equivalents and Marketable Securities totaled $182.7 million as of December 31, 2024.

Full Year 2024 Financial Highlights

• Revenue:
  • Revenue from our Core Platform, including services, was $144.9 million.
  • Total revenue was $148.1 million.
• GAAP Operating Loss was $50.7 million, compared to GAAP operating loss of $62.0 million in 2023.
• Non-GAAP Operating Loss was $2.4 million, compared to non-GAAP operating loss of $5.9 million in 2023.
• GAAP Net Loss was $42.2 million, or $(1.01) per diluted share, compared to GAAP net loss of $51.8 million, or $(1.16) per diluted share in 2023.
• Non-GAAP Net Income was $6.1 million, or $0.13 per diluted share, compared to non-GAAP net income of $4.3 million, or $0.09 per diluted share in 2023.
• Adjusted EBITDA was $2.0 million.
• Cash Flow: Net cash provided by operating activities was $4.8 million, compared to $12.2 million used in operating activities in 2023. Free cash flow was $2.6 million for the year, compared to $(14.4) million in 2023.

For more information regarding non-GAAP operating income (loss), non-GAAP net income (loss), adjusted EBITDA, and free cash flows, see the section titled “Non-GAAP Financial Measures” below. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure, see the tables at the end of this press release.

Full Year 2024 Customer Metrics

As of December 31, 2024:

• Multi-Year Contracts: 51% of total ARR.
• Multi-Product Customers: 39% of customers are using two or more our products.

Recent Business Highlights:

• AI-powered ACE ARR reached a new high as a percentage of growth ARR bookings.
• Customer winback momentum continues.
• Received recognition and accolades including:
  • Ranked as a Top Engagement Platform for Sales and Marketing Teams in G2 Fall 2024 Report, recognized by customers for strong market presence and overall customer support and satisfaction.
  • Received the TrustRadius 2025 Buyers’ Choice Award, recognized by customers for our comprehensive features, demonstrated ROI and business impact.

Financial Outlook

For the full year 2025, ON24 expects:

• Core Platform Revenue, including services, to be in the range of $136.3 million to $139.3 million.
• Total revenue of $138.6 million to $141.6 million.
• Non-GAAP operating loss of $5.5 million to $3.5 million.
• Non-GAAP net income per share of $0.02 to $0.05 using approximately 47.5 million diluted shares outstanding.

For the first quarter of 2025, ON24 expects:

• Core Platform Revenue, including services, to be in the range of $33.4 million to $33.9 million.
• Total revenue of $34.0 million to $34.5 million.
• Non-GAAP operating loss of $3.3 million to $2.3 million.
• Non-GAAP net loss per share of $(0.03) to $(0.01) using approximately 42.0 million basic and diluted shares outstanding.
  • Restructuring charge of $0.8 million to $1.0 million, excluded from above non-GAAP metrics.

Conference Call Information

ON24 will host a conference call and live webcast for analysts and investors today at 2:00 p.m. Pacific Time. Parties in the United States can access the call by dialing 877-497-9071 or 201-689-8727.

A webcast and management’s prepared remarks for today’s call will be accessible on ON24’s investor relations website at investors.on24.com. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website.

Definitions of Certain Key Business Metrics

Core Platform: The ON24 Core Platform products include:
ON24 Elite: live, interactive webinar experience that engages prospective customers in real-time and can be made available in an on-demand format.
ON24 Breakouts: live breakout room experience that facilitates networking, collaboration and interactivity between users.
ON24 Forums: live, interactive experience that facilitates video-to-video interaction between presenters and audiences.
ON24 Go Live: live, interactive video event experience that enables presenters and attendees to engage face-to-face in real-time and can also be made available in an on-demand format.
ON24 Engagement Hub: always-on, rich multimedia content experience that prospective customers can engage anytime, anywhere.
ON24 Target: personalize and curate, rich landing page experience that engages specific segments of prospective customers to drive desired action.
ON24 AI-powered ACE: the next generation AI-powered analytics and content engine.

Annual Recurring Revenue (“ARR”): ARR is calculated as the sum of the annualized value of our subscription contracts as of the measurement date, including existing customers with expired contracts that we expect to be renewed. Our ARR amounts exclude professional services, overages from subscription customers and Legacy revenue.

Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States, or “GAAP”, we consider our non-GAAP operating income (loss), non-GAAP net income (loss), Adjusted EBITDA, and free cash flow in evaluating our operating performance. We define non-GAAP operating income (loss) as net income (loss) excluding, interest expense, other (income) expense, net, provision for income taxes, stock-based compensation, amortization of acquired intangible assets, shareholder activism related costs, restructuring costs, impairment charges for underutilized real estate, and certain other costs. We define non-GAAP net income (loss) as net income (loss) excluding stock-based compensation, amortization of acquired intangible assets, shareholder activism related costs, restructuring costs, charges for underutilized real estate, and certain other costs. We define Adjusted EBITDA as net income (loss) excluding interest expense, other (income) expense, net, provision for income taxes, depreciation and amortization, amortization of acquired intangible assets, amortization of cloud implementation costs, stock-based compensation, restructuring costs, impairment charges for underutilized real estate, and shareholder activism related costs. We define free cash flow as net cash provided by (used in) operating activities, less purchases of property and equipment.

We use non-GAAP operating income (loss), non-GAAP net income (loss), and Adjusted EBITDA to evaluate our ongoing operations and for internal planning and forecasting purposes, and we use free cash flow to measure and evaluate cash generated through normal business operations. We believe non-GAAP operating income (loss), non-GAAP net income (loss), and Adjusted EBITDA may be helpful to investors because they provide consistency and comparability with past financial performance. We believe free cash flow may be helpful to investors because it reflects that some purchases of property and equipment are necessary to support ongoing operations, while providing a measure of cash available to acquire customers, expand within existing customers and otherwise pursue our business strategies.

However, these non-GAAP financial measures are each presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Non-GAAP financial measures have no standardized meanings prescribed by GAAP and are not prepared under a comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison.

We do not provide a quantitative reconciliation of the forward-looking non-GAAP financial measures included in this press release to the most directly comparable GAAP measures due to the high variability and difficulty to predict certain items excluded from these non-GAAP financial measures; in particular, the effects of stock-based compensation expense, and restructuring and transaction expenses. We expect the variability of these excluded items may have a significant, and potentially unpredictable, impact on our future GAAP financial results.

Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measure are included in the tables at the end of this press release.

Forward-Looking Statements

This document contains “forward-looking statements” under applicable securities laws. Such statements can be identified by words such as: “outlook,” “expect,” “target,” “believe,” “plan,” “future,” “may,” “should,” “will,” and similar references to future periods. Forward-looking statements include express or implied statements regarding our expected financial and operating results, the execution of our share repurchase program, the size of our market opportunity, the success of our new products and capabilities, including our new AI-powered ACE, and other statements regarding our ability to achieve our business strategies, growth, or other future events or conditions. Such statements are based on our current beliefs, expectations, and assumptions about future events or conditions, which are subject to inherent risks and uncertainties, including our ability to grow our revenue; fluctuation in our performance, our history of net losses and any increases in our expenses; our ability to attract new customers and expand sales to existing customers; competition and technological development in our markets and any decline in demand for our solutions or generally in our markets; adverse general economic and market conditions and spending on sales and marketing technology; our ability to expand our sales and marketing capabilities and achieve growth; the impact of any cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks on which we rely; disruptions, interruptions, outages or other issues with our technology or our use of third-party services, data connectors and data centers; the impact of the resumption of in-person marketing activities on our customer growth rate; our sales cycle, our international presence and our timing of revenue recognition from our sales; interoperability with other devices, systems and applications; compliance with data privacy, import and export controls, customs, sanctions and other laws and regulations; intellectual property matters, including any infringements of third-party intellectual property rights by us or infringement of our intellectual property rights by third parties; and the market for, trading price of and other matters associated with our common stock; along with the other risks and uncertainties discussed in the filings we make from time to time with the Securities and Exchange Commission. Actual results may differ materially from those indicated in forward-looking statements, and you should not place undue reliance on them. All statements herein are based only on information currently available to us and speak only as of the date hereof. Except as required by law, we undertake no obligation to update any such statement.

About ON24

ON24 is on a mission to help businesses bring their go-to-market strategy into the AI era and drive cost-effective revenue growth. Through its leading intelligent engagement platform, ON24 enables customers to combine best-in-class experiences with personalization and content, to capture and act on connected insights at scale.

ON24 provides industry-leading companies, including 4 of the 5 largest global software companies, 3 of the 5 top global asset management firms, 3 of the 5 largest global pharmaceutical companies and 3 of the 5 largest global industrial companies, with a valuable source of first-party data to drive sales and marketing innovation, improve efficiency and increase business results. Headquartered in San Francisco, ON24 has offices globally in North America, EMEA and APAC. For more information, visit www.ON24.com.

© 2025 ON24, Inc. All rights reserved. ON24 and the ON24 logo are trademarks owned by ON24, Inc., and are registered in the United States Patent and Trademark Office and in other countries.

ON24, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands)
	December 31, 2024				December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	14,933			$	53,209
Marketable securities		167,803				145,497
Accounts receivable, net		28,616				37,939
Deferred contract acquisition costs, current		10,784				12,428
Prepaid expenses and other current assets		6,194				4,714
Total current assets		228,330				253,787
Property and equipment, net		6,673				5,371
Operating right-of-use assets		2,297				2,981
Intangible asset, net		660				1,305
Deferred contract acquisition costs, non-current		12,199				15,756
Other long-term assets		794				1,102
Total assets	$	250,953			$	280,302
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	2,746			$	1,914
Accrued and other current liabilities		16,394				16,907
Deferred revenue		66,687				74,358
Finance lease liabilities, current		—				127
Operating lease liabilities, current		2,372				2,779
Total current liabilities		88,199				96,085
Operating lease liabilities, non-current		1,016				2,483
Other long-term liabilities		2,326				1,517
Total liabilities		91,541				100,085
Stockholders’ equity
Common stock		4				4
Additional paid-in capital		507,188				485,291
Accumulated deficit		(347,669	)			(305,513	)
Accumulated other comprehensive (loss) income		(111	)			435
Total stockholders’ equity		159,412				180,217
Total liabilities and stockholders’ equity	$	250,953			$	280,302

ON24, INC. Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data)
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
Revenue:
Subscription and other platform	$	33,576			$	35,752			$	136,412			$	149,882
Professional services		3,104				3,585				11,669				13,826
Total revenue		36,680				39,337				148,081				163,708
Cost of revenue:
Subscription and other platform(1)(4)		6,523				7,406				28,037				34,751
Professional services(1)(4)		2,831				2,604				9,975				11,512
Total cost of revenue		9,354				10,010				38,012				46,263
Gross profit		27,326				29,327				110,069				117,445
Operating expenses:
Sales and marketing(1)(4)		19,048				20,645				78,077				89,200
Research and development(1)(2)(4)		8,880				9,363				36,250				41,122
General and administrative(1)(3)(4)		11,177				11,541				46,399				49,124
Total operating expenses		39,105				41,549				160,726				179,446
Loss from operations		(11,779	)			(12,222	)			(50,657	)			(62,001	)
Interest expense		7				13				34				93
Other income, net		(2,458	)			(2,820	)			(9,168	)			(11,303	)
Loss before provision for income taxes		(9,328	)			(9,415	)			(41,523	)			(50,791	)
(Benefit from) provision for income taxes		(456	)			460				633				995
Net loss		(8,872	)			(9,875	)			(42,156	)			(51,786	)
Net loss per share:
Basic and diluted	$	(0.21	)		$	(0.24	)		$	(1.01	)		$	(1.16	)
Weighted-average shares used in computing net loss per share:
Basic and diluted		41,860,807				41,646,792				41,759,879				44,644,792

(1)	Includes stock-based compensation as follows:

	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
Cost of revenue
Subscription and other platform	$	565			$	682			$	2,612			$	2,814
Professional services		166				126				535				545
Total cost of revenue		731				808				3,147				3,359
Sales and marketing		2,722				3,669				12,371				13,974
Research and development		2,215				2,410				8,911				9,126
General and administrative		5,230				4,839				20,758				18,558
Total stock-based compensation expense	$	10,898			$	11,726			$	45,187			$	45,017

(2)	Research and development expense includes amortization of acquired intangible asset of $135 thousand and $551 thousand for the three and twelve months ended December 31, 2024, respectively, and $139 thousand and $558 thousand for the three and twelve months ended December 31, 2023, respectively, in connection with the Vibbio acquisition in April 2022.
(3)	General and administrative expense includes professional advisory expenses associated with activism defense and related costs of nil and $2,656 thousand for the three and twelve months ended December 31, 2023, respectively. We did not incur such costs in the three and twelve months ended December 31, 2024.
(4)	The results of operations for the three and twelve months ended December 31, 2024 and 2023 includes restructuring costs, which primarily represent severance and related expense due to restructuring activities, and impairment charge on our headquarters’ lease, as follows:

	Three Months Ended December 31, 2024									Twelve Months Ended December 31, 2024
	Severance and Related Charges			Lease Impairment Charge			Total			Severance and Related Charges			Lease Impairment Charge			Total
Cost of revenue
Subscription and other platform	$	27		$	—		$	27		$	377		$	—		$	377
Professional services		3			—			3			23			—			23
Total cost of revenue		30			—			30			400			—			400
Sales and marketing		358			—			358			1,705			—			1,705
Research and development		—			—			—			112			—			112
General and administrative		—			—			—			339			—			339
Total restructuring costs	$	388		$	—		$	388		$	2,556		$	—		$	2,556

	Three Months Ended December 31, 2023									Twelve Months Ended December 31, 2023
	Severance and Related Charges			Lease Impairment Charge			Total			Severance and Related Charges			Lease Impairment Charge			Total
Cost of revenue
Subscription and other platform	$	81		$	—		$	81		$	2,215		$	108		$	2,323
Professional services		6			—			6			149			119			268
Total cost of revenue		87			—			87			2,364			227			2,591
Sales and marketing		288			—			288			2,246			256			2,502
Research and development		110			—			110			1,397			569			1,966
General and administrative		88			—			88			391			409			800
Total restructuring costs	$	573		$	—		$	573		$	6,398		$	1,461		$	7,859

ON24, INC. Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
Cash flows from operating activities:
Net loss	$	(8,872	)		$	(9,875	)		$	(42,156	)		$	(51,786	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		1,193				1,319				4,828				5,360
Stock-based compensation expense		10,898				11,726				45,187				45,017
Amortization of deferred contract acquisition cost		3,629				3,968				14,862				15,589
Provision for allowance for doubtful accounts and billing reserves		623				699				2,159				3,059
Non-cash lease expense		396				371				1,573				1,710
Accretion of marketable securities		(882	)			(1,863	)			(5,169	)			(7,716	)
Lease impairment charge		—				—				—				1,461
Other		23				38				123				244
Change in operating assets and liabilities:
Accounts receivable		(5,489	)			(12,753	)			7,164				2,759
Deferred contract acquisition cost		(2,867	)			(4,183	)			(9,661	)			(12,864	)
Prepaid expenses and other assets		403				2,104				(1,536	)			2,061
Accounts payable		(772	)			(769	)			(105	)			(2,897	)
Accrued liabilities		664				1,038				(1,985	)			(1,999	)
Deferred revenue		3,056				7,755				(7,671	)			(9,095	)
Other liabilities		(1,018	)			(434	)			(2,807	)			(3,105	)
Net cash provided by (used in) operating activities		985				(859	)			4,806				(12,202	)
Cash flows from investing activities:
Purchase of property and equipment		(561	)			(1,107	)			(2,241	)			(2,183	)
Purchase of marketable securities		(43,681	)			(43,706	)			(196,606	)			(276,210	)
Proceeds from maturities of marketable securities		48,500				103,503				163,048				422,969
Proceeds from sale of marketable securities		5,792				—				16,348				17,739
Net cash provided by (used in) investing activities		10,050				58,690				(19,451	)			162,315
Cash flows from financing activities:
Proceeds from exercise of stock options		350				81				2,034				1,422
Proceeds from issuance of common stock under ESPP		301				462				668				1,008
Payment for repurchase of common stock		(7,174	)			(15,330	)			(25,777	)			(74,569	)
Payment of cash dividend		—				—				—				(49,872	)
Repayment of equipment loans		—				(49	)			(72	)			(236	)
Repayment of finance lease obligations		—				(218	)			(127	)			(1,533	)
Acquisition holdback payment		—				(403	)			—				(403	)
Net cash used in financing activities		(6,523	)			(15,457	)			(23,274	)			(124,183	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(607	)			35				(366	)			199
Net increase (decrease) in cash, cash equivalents and restricted cash		3,905				42,409				(38,285	)			26,129
Cash, cash equivalents and restricted cash, beginning of period		11,108				10,889				53,298				27,169
Cash, cash equivalents and restricted cash, end of period	$	15,013			$	53,298			$	15,013			$	53,298
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	$	14,933			$	53,209			$	14,933			$	53,209
Restricted cash included in other assets, non-current		80				89				80				89
Total cash, cash equivalent and restricted cash	$	15,013			$	53,298			$	15,013			$	53,298

ON24, INC. Reconciliation of GAAP to Non-GAAP Results (Unaudited) (in thousands, except share and per share data)
Reconciliation of gross profit and gross margin
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
GAAP gross profit	$	27,326			$	29,327			$	110,069			$	117,445
Add:
Stock-based compensation		731				808				3,147				3,359
Restructuring costs		30				87				400				2,364
Impairment charge		—				—				—				227
Non-GAAP gross profit	$	28,087			$	30,222			$	113,616			$	123,395
GAAP gross margin		74	%			75	%			74	%			72	%
Non-GAAP gross margin		77	%			77	%			77	%			75	%

Reconciliation of operating expenses
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
GAAP sales and marketing	$	19,048			$	20,645			$	78,077			$	89,200
Less:
Stock-based compensation		(2,722	)			(3,669	)			(12,371	)			(13,974	)
Restructuring costs		(358	)			(288	)			(1,705	)			(2,246	)
Impairment charge		—				—				—				(256	)
Non-GAAP sales and marketing	$	15,968			$	16,688			$	64,001			$	72,724
GAAP research and development	$	8,880			$	9,363			$	36,250			$	41,122
Less:
Stock-based compensation		(2,215	)			(2,410	)			(8,911	)			(9,126	)
Restructuring costs		—				(110	)			(112	)			(1,397	)
Impairment charge		—				—				—				(569	)
Amortization of acquired intangible asset		(135	)			(139	)			(551	)			(558	)
Non-GAAP research and development	$	6,530			$	6,704			$	26,676			$	29,472
GAAP general and administrative	$	11,177			$	11,541			$	46,399			$	49,124
Less:
Stock-based compensation		(5,230	)			(4,839	)			(20,758	)			(18,558	)
Restructuring costs		—				(88	)			(339	)			(391	)
Impairment charge		—				—				—				(409	)
Fees related to shareholder activism		—				—				—				(2,656	)
Non-GAAP general and administrative	$	5,947			$	6,614			$	25,302			$	27,110

ON24, INC. Reconciliation of GAAP to Non-GAAP Results (Unaudited) (in thousands, except share and per share data)
Reconciliation of net loss to non-GAAP operating income (loss)
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
Net loss	$	(8,872	)		$	(9,875	)		$	(42,156	)		$	(51,786	)
Add:
Interest expense		7				13				34				93
Other income, net		(2,458	)			(2,820	)			(9,168	)			(11,303	)
(Benefit from) provision for income taxes		(456	)			460				633				995
Stock-based compensation		10,898				11,726				45,187				45,017
Amortization of acquired intangible asset		135				139				551				558
Restructuring costs		388				573				2,556				6,398
Impairment charge		—				—				—				1,461
Fees related to shareholder activism		—				—				—				2,656
Non-GAAP operating (loss) income	$	(358	)		$	216			$	(2,363	)		$	(5,911	)

Reconciliation of net loss to Adjusted EBITDA
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
Net loss	$	(8,872	)		$	(9,875	)		$	(42,156	)		$	(51,786	)
Add:
Interest expense		7				13				34				93
Other income, net		(2,458	)			(2,820	)			(9,168	)			(11,303	)
(Benefit from) provision for income taxes		(456	)			460				633				995
Depreciation and amortization		1,058				1,180				4,277				4,802
Amortization of acquired intangible asset		135				139				551				558
Amortization of cloud implementation costs		24				38				125				149
Stock-based compensation		10,898				11,726				45,187				45,017
Restructuring costs		388				573				2,556				6,398
Impairment charge		—				—				—				1,461
Fees related to shareholder activism		—				—				—				2,656
Adjusted EBITDA	$	724			$	1,434			$	2,039			$	(960	)

Reconciliation of net loss to non-GAAP net income
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
Net loss	$	(8,872	)		$	(9,875	)		$	(42,156	)		$	(51,786	)
Add:
Stock-based compensation		10,898				11,726				45,187				45,017
Amortization of acquired intangible asset		135				139				551				558
Restructuring costs		388				573				2,556				6,398
Impairment charge		—				—				—				1,461
Fees related to shareholder activism		—				—				—				2,656
Non-GAAP net income	$	2,549			$	2,563			$	6,138			$	4,304

ON24, INC. Reconciliation of GAAP to Non-GAAP Results (Unaudited) (in thousands, except share and per share data)
Reconciliation of GAAP to Non-GAAP basic and diluted net income (loss) per share
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
GAAP basic and diluted net loss per share:
Net loss	$	(8,872	)		$	(9,875	)		$	(42,156	)		$	(51,786	)
Weighted average common stock outstanding, basic and diluted		41,860,807				41,646,792				41,759,879				44,644,792
Net loss per share, basic and diluted	$	(0.21	)		$	(0.24	)		$	(1.01	)		$	(1.16	)

	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
Non-GAAP basic and diluted net income per share:
Net loss	$	(8,872	)		$	(9,875	)		$	(42,156	)		$	(51,786	)
Add:
Stock-based compensation		10,898				11,726				45,187				45,017
Amortization of acquired intangible asset		135				139				551				558
Restructuring costs		388				573				2,556				6,398
Impairment charge		—				—				—				1,461
Fees related to shareholder activism		—				—				—				2,656
Non-GAAP net income	$	2,549			$	2,563			$	6,138			$	4,304
Non-GAAP weighted-average common stock outstanding
Basic		41,860,807				41,646,792				41,759,879				44,644,792
Diluted		45,339,578				46,002,784				45,587,866				49,131,426
Non-GAAP net income per share of common stock:
Basic	$	0.06			$	0.06			$	0.15			$	0.10
Diluted	$	0.06			$	0.06			$	0.13			$	0.09

ON24, INC. Reconciliation of GAAP to Non-GAAP Results (Unaudited) (in thousands)
Reconciliation of GAAP Cash Flow from Operating Activities to Free Cash Flow
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
Net cash provided by (used in) operating activities:	$	985			$	(859	)		$	4,806			$	(12,202	)
Less: Purchases of property and equipment		(561	)			(1,107	)			(2,241	)			(2,183	)
Free cash flow	$	424			$	(1,966	)		$	2,565			$	(14,385	)

ON24, INC. Revenue (in thousands) (Unaudited)
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2024				2023				2024				2023
Core Platform
Subscription and other platform	$	33,030			$	34,907			$	133,841			$	145,223
Professional services		3,007				3,377				11,104				12,876
Total core platform revenue	$	36,037			$	38,284			$	144,945			$	158,099
Virtual Conference
Subscription and other platform	$	546			$	845			$	2,571			$	4,659
Professional services		97				208				565				950
Total virtual conference revenue	$	643			$	1,053			$	3,136			$	5,609
Revenue
Subscription and other platform	$	33,576			$	35,752			$	136,412			$	149,882
Professional services		3,104				3,585				11,669				13,826
Total revenue	$	36,680			$	39,337			$	148,081			$	163,708

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250225938606/en/

Media Contact:

Gabriella Kose

press@on24.com

Investor Contact:

Lauren Sloane, The Blueshirt Group for ON24

investorrelations@on24.com

Source: ON24

FAQ

What was ON24's (ONTF) Q4 2024 revenue and how did it perform?

ON24's Q4 2024 total revenue was $36.7 million, with Core Platform revenue of $36.0 million. The company achieved positive free cash flow for the fourth consecutive quarter.

How much ARR did ON24 (ONTF) report for Q4 2024?

ON24 reported total ARR of $129.7 million and Core Platform ARR of $127.3 million as of December 31, 2024.

What is ON24's (ONTF) financial outlook for 2025?

ON24 expects 2025 total revenue of $138.6-141.6 million and non-GAAP net income per share of $0.02-$0.05.

How did ON24's (ONTF) AI-powered ACE perform in Q4 2024?

ON24's AI-powered ACE reached an all-time high, accounting for over 20% of growth ARR bookings in Q4 2024.

What was ON24's (ONTF) cash position at the end of 2024?

ON24 held $182.7 million in cash, cash equivalents, and marketable securities as of December 31, 2024.