Ooma Reports First Quarter Fiscal Year 2022 Financial Results
Ooma, Inc. (NYSE: OOMA) reported its fiscal first quarter 2022 results, revealing a 13% year-over-year revenue growth to $45.6 million. Subscription and services revenue reached $42.0 million, accounting for 92% of total revenue. The GAAP net loss narrowed to $0.9 million or $0.04 per share, while non-GAAP net income increased to $2.8 million or $0.11 per share. Looking ahead, Ooma forecasts Q2 revenue between $46.0 million and $46.8 million with a projected non-GAAP net income of $1.9 million to $2.4 million.
- Revenue increased by 13% year-over-year to $45.6 million.
- Subscription and services revenue rose to $42.0 million, representing 92% of total revenue.
- Non-GAAP net income improved to $2.8 million, up from $2.4 million year-over-year.
- Ooma Business revenue grew 24% year-over-year, now constituting 47% of total revenue.
- GAAP net loss was $0.9 million, showing a slight improvement but remains a concern.
- Projected GAAP net loss for Q2 is estimated between $1.2 million and $1.7 million.
Ooma, Inc. (NYSE: OOMA), a smart communications platform for businesses and consumers, today released financial results for the fiscal first quarter ended April 30, 2021.
First Quarter Fiscal 2022 Financial Highlights:
-
Revenue: Total revenue was
$45.6 million , up13% year-over-year. Subscription and services revenue increased to$42.0 million from$37.6 million in the first quarter of fiscal 2021 and was92% of total revenue, primarily driven by the growth of Ooma Business. -
Net Income/Loss: GAAP net loss was
$0.9 million , or$0.04 per basic and diluted share, compared to GAAP net loss of$1.1 million , or$0.05 per basic and diluted share, in the first quarter of fiscal 2021. Non-GAAP net income was$2.8 million , or$0.11 per diluted share, compared to non-GAAP net income of$2.4 million , or$0.11 per diluted share in the prior year period. -
Adjusted EBITDA: Adjusted EBITDA was
$3.5 million , compared to$3.0 million in the first quarter of fiscal 2021.
For more information about non-GAAP net income and Adjusted EBITDA, see the section below titled "Non-GAAP Financial Measures" and the reconciliation provided in this release.
“Ooma executed well in the first quarter and delivered strong growth and financial results,” said Eric Stang, chief executive officer of Ooma. “Revenues from business customers grew
Business Outlook:
For the second quarter of fiscal 2022, Ooma expects:
-
Total revenue in the range of
$46.0 million to$46.8 million . -
GAAP net loss in the range of
$1.2 million to$1.7 million and GAAP net loss per share in the range of$0.05 t o$0.07 . -
Non-GAAP net income in the range of
$1.9 million to$2.4 million and non-GAAP net income per share in the range of$0.08 t o$0.10 .
For the full fiscal year 2022, Ooma expects:
-
Total revenue in the range of
$185.0 million to$187.0 million . -
GAAP net loss in the range of
$5.0 million to$7.0 million , and GAAP net loss per share in the range of$0.22 t o$0.30 . -
Non-GAAP net income in the range of
$7.5 million to$9.5 million , and non-GAAP net income per share in the range of$0.30 t o$0.38 .
The following is a reconciliation of GAAP net loss to non-GAAP net income and GAAP basic and diluted net loss per share to non-GAAP basic and diluted net income per share guidance for the second fiscal quarter ending July 31, 2021 and the fiscal year ending January 31, 2022 (in millions, except per share data):
Projected range |
||||
Three Months Ending |
|
Fiscal Year Ending |
||
July 31, 2021 |
|
January 31, 2022 |
||
(unaudited) |
||||
| GAAP net loss |
( |
|
( |
|
| Stock-based compensation and related taxes | 3.3 |
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FAQ
What were Ooma's revenue figures for the first quarter of fiscal 2022?
Ooma reported total revenue of $45.6 million for the first quarter of fiscal 2022, a 13% increase year-over-year.
What is Ooma's expected revenue for the second quarter of fiscal 2022?
Ooma expects total revenue for Q2 to range between $46.0 million and $46.8 million.
How did Ooma's net income change in the first quarter of fiscal 2022?
Ooma's non-GAAP net income increased to $2.8 million in Q1 FY 2022, compared to $2.4 million in the same quarter last year.
What is the projected GAAP net loss for Ooma in fiscal year 2022?
Ooma projects a GAAP net loss in the range of $5.0 million to $7.0 million for the full fiscal year 2022.
Ooma, Inc.
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