Weave Communications Announces Third Quarter 2022 Financial Results

Rhea-AI Summary

Weave Communications reported a strong third quarter with total revenue of $36.2 million, marking a 20% year-over-year increase. Subscription and Payments revenue grew by 23%. The company's gross and operating margins improved due to effective strategic initiatives. Despite a GAAP loss from operations of $11.9 million, this was an improvement from the $13.9 million loss in the same period last year. The company expects fourth quarter revenue of $36.0 - $37.0 million with a non-GAAP loss from operations of $(7.5) - $(6.5) million.

Positive

• Total revenue increased by 20% year-over-year to $36.2 million.
• Subscription and Payments revenue growth of 23% year-over-year.
• Improvement in gross and operating margins due to strategic actions.
• GAAP loss from operations decreased to $11.9 million from $13.9 million year-over-year.
• Non-GAAP loss from operations improved to $6.5 million from $9.9 million year-over-year.
• Dollar-Based Net Retention Rate of 101%.
• Dollar-Based Gross Retention Rate of 94%.

Negative

• GAAP net loss of $11.8 million or $0.18 per share, although improved from a loss of $14.8 million or $1.03 per share year-over-year.
• Continued non-GAAP losses indicate a need for further financial improvement.

• Third quarter total revenue of $36.2 million, up 20% year-over-year
• Subscription and Payments revenue growth of 23% year-over-year
• Significant gross and operating margin improvement year-over-year following strategic and operational actions

LEHI, Utah--(BUSINESS WIRE)-- Weave Communications, Inc. (NYSE: WEAV), a leading all-in-one customer communications and engagement software platform for small and medium-sized businesses, today announced its financial results for the third quarter ended September 30, 2022.

“In the third quarter we continued to improve the efficiency of our business and our go to market and technology innovation execution resulting in favorable revenue and operating margins,” said CEO Brett White. “We will continue to have a laser focus on delivering an experience that our customers love, building a scalable foundation for profitable growth, and fostering an engaged team that lives our corporate values.”

Third Quarter 2022 Financial Highlights

• Total revenue was $36.2 million, representing a 20% year-over-year increase compared to $30.3 million in the third quarter of 2021.
• GAAP loss from operations was $11.9 million, compared to a GAAP loss from operations of $13.9 million in the third quarter of 2021.
• Non-GAAP loss from operations was $6.5 million, compared to a non-GAAP loss from operations of $9.9 million in the third quarter of 2021.
• GAAP net loss attributable to common stockholders was $11.8 million, or $0.18 per share compared to a GAAP net loss attributable to common stockholders of $14.8 million, or $1.03 per share in the third quarter of 2021.
• Non-GAAP net loss attributable to common stockholders was $6.5 million, or $0.10 per share compared to a non-GAAP net loss attributable to common stockholders of $10.3 million, or $0.72 per share in the third quarter of 2021.
• Dollar-Based Net Retention Rate (NRR) was 101% as of September 30, 2022.
• Dollar-Based Gross Retention Rate (GRR) was 94% as of September 30, 2022.

Business Highlights

• Weave added new features to online scheduling tool
• Weave announced Brett White as Chief Executive Officer
• Weave named a Great Place to Work for the fourth year in a row
• Weave named as a leader in five of G2’s Fall 2022 reports
• Weave hosted first ever Virtual Conference for 130,000+ of its users
• Weave appointed Brooke Shreeve as Chief People Officer
• Weave named Best SMB CRM in 5th Annual MarTech Breakthrough Awards
• Weave launched new phone reporting analytics feature for multi-location practices

Financial Fourth Quarter and Full Year 2022 Outlook

The company expects the following financial results for the three months and full year ending December 31, 2022:

	Fourth Quarter	Full Year
	(in millions)
Total revenue	$36.0 - $37.0	$140.5 - $141.5
Non-GAAP loss from operations	$(7.5) - $(6.5)	$(34.0) - $(33.0)
Weighted average share count	65.6	65.1

The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Non-GAAP loss from operations excludes estimates for, among other things, stock-based compensation expense. A reconciliation of this non-GAAP financial guidance measure to a corresponding GAAP financial guidance measure is not available on a forward-looking basis because we do not provide guidance on GAAP net loss from operations and are not able to present the various reconciling cash and non-cash items between GAAP loss from operations and non-GAAP loss from operations without unreasonable effort. In particular, stock-based compensation expense is impacted by our future hiring and retention needs, as well as the future fair market value of our common stock, all of which is difficult to predict and is subject to change. The actual amount of these expenses during 2022 will have a significant impact on our future GAAP financial results.

Webcast

The company will host a conference call and webcast for analysts and investors on Wednesday, November 2, 2022, beginning at 5 p.m. EDT.

Individuals interested in listening to the conference call may do so by dialing (786) 697-3501 or (866) 580-3963 for toll free. The live webcast and a webcast replay of the conference call can be accessed from the investor relations page of Weave’s website at investors.getweave.com.

About Weave

Weave is the all-in-one customer communication and engagement platform for small and medium-sized businesses. From the first phone call to the final invoice and every touchpoint in between, Weave connects the entire customer journey. Weave’s software solutions transform how local businesses attract, communicate with and engage customers to grow their business. Weave has set the bar for Utah startup achievement & work culture. In the past year, Weave has been named a member of the Forbes Cloud 100, a Certified Great Place to Work, and a G2 leader in Patient Engagement, Optometry, Dental Practice Management and Patient Relationship Management software. To learn more, visit www.getweave.com/newsroom/

Forward Looking Statements

This press release and the accompanying conference call contain forward-looking statements including, among others, current estimates of fourth quarter and full year 2022 revenue and non-GAAP loss from operations and statements in the quotes of our Chief Executive Officer relating to our plans for the company’s business.

These forward-looking statements involve risks and uncertainties. If any of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, our actual results could differ materially from the results expressed or implied by these forward-looking statements. These risks and uncertainties include risks associated with: our ability to attract and retain talent; transitions in company leadership; our ability to attract new customers, retain existing customers and increase our customers’ use of our platform; our ability to manage our growth; the impact of the global COVID-19 pandemic on our company; our ability to maintain and enhance our brand and increase market awareness of our company, platform and products; customer adoption of our platform and products; expansion into new vertical markets; customer acquisition costs and sales and marketing strategies; competition; our ability to enhance our platform and products; interruptions in service; general business and economic conditions; and the risks described in the filings we make from time to time with the Securities and Exchange Commission (SEC), including the risks described under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the three months ended June 30, 2022, filed with the SEC on August 12, 2022, which should be read in conjunction with our financial results and forward-looking statements and is available on the SEC Filings section of the Investor Relations page of our website at investors.getweave.com/.

All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Channels for Disclosure of Information

Weave Communications uses the investor relations page on our website, blog posts on our website, press releases, public conference calls, webcasts, our twitter feed (@getweave), our Facebook page, and our LinkedIn page as the means of complying with our disclosure obligations under Regulation FD. We encourage investors, the media, and others to follow the channels listed above, in addition to following Weave Communications’ press releases, SEC filings, and public conference calls and webcasts, and to review the information disclosed through such channels.

Supplemental Financial Information

Dollar-Based Net Revenue Retention (NRR)

For retention rate calculations, we use adjusted monthly revenue (AMR), which is calculated for each location as the sum of (i) the subscription component of revenue for each month and (ii) the average of the trailing-three-month recurring payments revenue. To calculate our NRR, we first identify the cohort of locations (the Base Locations) that were active in a particular month (the Base Month). We then divide AMR for the Base Locations in the same month of the subsequent year (the Comparison Month), by AMR in the Base Month to derive a monthly NRR. We derive our annual NRR as of any date by taking a weighted average of the monthly net retention rates over the trailing twelve months prior to such date.

Dollar-Based Gross Revenue Retention (GRR)

To calculate our GRR, we first identify the cohort of locations (the Base Locations) that were under subscription in a particular month (the Base Month). We then calculate the effect of reductions in revenue from customer location terminations by measuring the amount of AMR in the Base Month for Base Locations still under subscription twelve months subsequent to the Base Month (Remaining AMR). We then divide Remaining AMR for the Base Locations by AMR in the Base Month for the Base Locations to derive a monthly gross retention rate. We calculate GRR as of any date by taking a weighted average of the monthly gross retention rates over the trailing twelve months prior to such date. GRR reflects the effect of customer locations that terminate their subscriptions, but does not reflect changes in revenue due to revenue expansion, revenue contraction, or addition of new customer locations.

Non-GAAP Financial Measures

In this press release, Weave Communications has provided financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We disclose the following historical non-GAAP financial measures in this press release: non-GAAP loss from operations, non-GAAP net loss or non-GAAP net loss attributable to common stockholders, non-GAAP net loss per share, adjusted EBITDA and free cash flow. We use these non-GAAP financial measures internally in analyzing our financial results and evaluating our ongoing operational performance. We believe that these non-GAAP financial measures provide an additional tool for investors to use in understanding and evaluating ongoing operating results and trends in the same manner as our management and board of directors. Our use of these non-GAAP financial measures has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Because of these and other limitations, you should consider these non-GAAP financial measures along with other GAAP-based financial performance measures, including various cash flow metrics, operating income (loss), net loss, and our GAAP financial results. We have provided a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures in the tables included in this press release, and investors are encouraged to review the reconciliation.

Non-GAAP net loss and non-GAAP net loss per share

We define non-GAAP net loss or non-GAAP net loss attributable to common stockholders as GAAP net loss attributable to common stockholders less stock-based compensation expense and non-cash cumulative dividends on redeemable convertible preferred stock. Non-GAAP net loss per share is calculated as non-GAAP net loss divided by the diluted weighted-average shares outstanding.

Non-GAAP gross profit

We define non-GAAP gross profit as GAAP gross profit less stock-based compensation expense.

Non-GAAP operating expenses

We define non-GAAP operating expenses, in the aggregate or its individual components (i.e., sales and marketing, research and development or general and administrative), as the applicable GAAP operating expenses less the applicable stock-based compensation expense.

Non-GAAP loss from operations

We define non-GAAP loss from operations as GAAP loss from operations less stock-based compensation expense.

Adjusted EBITDA

EBITDA is defined as earnings before interest expense, provision for income taxes, depreciation, and amortization. Our depreciation adjustment includes depreciation on operating fixed assets and does not include depreciation on phone hardware provided to our customers. We further adjust EBITDA to exclude stock-based compensation expense, a non-cash item. We believe that adjusted EBITDA provides management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations. Additionally, management uses adjusted EBITDA to measure our financial and operational performance and prepare our budgets.

Free Cash Flow

We define free cash flow as net cash used in operating activities, less purchases of property and equipment and capitalized internal-use software costs. We believe that free cash flow is a useful indicator of liquidity that provides useful information to management and investors, even if negative, as it provides information about the amount of cash consumed by our combined operating and investing activities. For example, as free cash flow has been negative, we have needed to access cash reserves or other sources of capital for these investments.

The foregoing non-GAAP financial measures have a number of limitations. For example, the non-GAAP financial information presented above may be determined or calculated differently by other companies and may not be directly comparable to that of other companies. In addition, free cash flow does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period. Further, Adjusted EBITDA excludes some costs, namely, non-cash stock-based compensation expense. Therefore, adjusted EBITDA does not reflect the non-cash impact of stock-based compensation expense or working capital needs, that will continue for the foreseeable future. All of these limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools.

WEAVE COMMUNICATIONS, INC CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except share and per share data)
	September 30, 2022				December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	118,358			$	135,996
Accounts receivable		3,653				3,059
Deferred contract acquisition costs, net		9,391				8,931
Prepaid expenses and other current assets		4,886				6,461
Total current assets		136,288				154,447
Non-current assets:
Property and equipment, net		10,929				24,502
Operating lease right-of-use assets		45,740				—
Finance lease right-of-use assets		10,612				—
Deferred contract acquisition costs, net, less current portion		7,810				7,873
Other non-current assets		1,161				663
TOTAL ASSETS	$	212,540			$	187,485
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	3,398			$	4,061
Accrued liabilities		15,773				12,250
Deferred revenue		32,722				29,511
Current portion of operating lease liabilities		5,149				—
Current portion of finance lease liabilities		7,718				8,485
Current portion of long-term debt		10,000				—
Total current liabilities		74,760				54,307
Non-current liabilities:
Deferred rent		—				4,319
Operating lease liabilities, less current portion		45,964				—
Finance lease liabilities, less current portion		5,290				6,558
Long-term debt		—				10,000
Total liabilities		126,014				75,184
Stockholders' equity:
Preferred stock, $0.00001 par value per share; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2022 and December 31, 2021		—				—
Common stock, $0.00001 par value per share; 500,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 65,453,292 and 64,324,628 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively		—				—
Additional paid-in capital		309,023				294,230
Accumulated deficit		(222,369	)			(181,898	)
Accumulated other comprehensive (loss) income		(128	)			(31	)
Total stockholders' equity		86,526				112,301
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	212,540			$	187,485

WEAVE COMMUNICATIONS, INC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Revenue	$	36,230			$	30,302			$	104,432			$	84,031
Cost of revenue		13,023				12,868				40,525				35,693
Gross profit		23,207				17,434				63,907				48,338
Operating expenses:
Sales and marketing		16,292				16,021				49,259				42,475
Research and development		7,897				6,183				22,529				19,890
General and administrative		10,876				9,131				32,077				22,717
Total operating expenses		35,065				31,335				103,865				85,082
Loss from operations		(11,858	)			(13,901	)			(39,958	)			(36,744	)
Other income (expense):
Interest expense		(380	)			(303	)			(1,005	)			(876	)
Other income (expense)		451				(4	)			574				10
Loss before income taxes		(11,787	)			(14,208	)			(40,389	)			(37,610	)
Provision for income taxes		(31	)			(12	)			(82	)			(12	)
Net loss	$	(11,818	)		$	(14,220	)		$	(40,471	)		$	(37,622	)
Less: cumulative dividends on redeemable convertible preferred stock		—				(585	)			—				(1,691	)
Net loss attributable to common stockholders	$	(11,818	)		$	(14,805	)		$	(40,471	)		$	(39,313	)
Net loss per share attributable to common stockholders - basic and diluted	$	(0.18	)		$	(1.03	)		$	(0.62	)		$	(2.97	)
Weighted-average common shares outstanding - basic and diluted		65,143,929				14,317,575				64,898,948				13,250,767

WEAVE COMMUNICATIONS, INC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(11,818	)		$	(14,220	)		$	(40,471	)		$	(37,622	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization		3,151				3,165				9,844				8,751
Amortization of operating right-of-use assets		920				—				2,742				—
Provision for losses on accounts receivable		159				155				458				227
Amortization of contract acquisition and fulfillment costs		2,828				2,458				8,236				6,846
Loss on disposal of assets		10				—				10				—
Stock-based compensation		5,322				3,954				13,227				11,047
Changes in operating assets and liabilities:
Accounts receivable		(831	)			244				(1,052	)			(2,263	)
Contract acquisition costs		(3,196	)			(3,922	)			(8,490	)			(10,041	)
Prepaid expenses and other assets		(774	)			(1,725	)			934				(1,466	)
Accounts payable		(1,304	)			(743	)			(712	)			(335	)
Accrued liabilities		1,902				4,681				3,923				5,832
Operating lease liabilities		(717	)			—				(1,688	)			—
Deferred revenue		325				1,508				3,114				5,567
Deferred rent		—				1,171				—				3,140
Net cash used in operating activities		(4,023	)			(3,274	)			(9,925	)			(10,317	)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of assets		9				—				9				—
Purchases of property and equipment		(270	)			(2,292	)			(1,191	)			(5,730	)
Capitalized internal-use software costs		(325	)			(823	)			(1,003	)			(1,929	)
Net cash used in investing activities		(586	)			(3,115	)			(2,185	)			(7,659	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from advance on line of credit		—				5,995				—				5,995
Principal payments on finance leases		(2,234	)			(2,081	)			(6,694	)			(5,821	)
Proceeds from stock option exercises		316				1,115				1,009				3,240
Proceeds from the employee stock purchase plan		828				—				828				—
Paid offering costs		(271	)			(745	)			(671	)			(745	)
Net cash provided by (used in) financing activities		(1,361	)			4,284				(5,528	)			2,669
NET DECREASE IN CASH AND CASH EQUIVALENTS		(5,970	)			(2,105	)			(17,638	)			(15,307	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		124,328				42,496				135,996				55,698
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	118,358			$	40,391			$	118,358			$	40,391
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	380			$	303			$	1,005			$	876
Cash paid during the period for income taxes		31				—				82				—
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Equipment purchases financed with accounts payable		29				103				49				334
Finance lease liabilities arising from obtaining finance lease right-of-use assets		1,335				2,281				4,659				7,433
Accrued unpaid offering costs		—				1,075				—				1,075

WEAVE COMMUNICATIONS, INC DISAGGREGATED REVENUE AND COST OF REVENUE (GAAP) (unaudited, in thousands)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Subscription and payment processing:
Revenue	$	34,943			$	28,377			$	100,431			$	78,509
Cost of revenue		(8,544	)			(7,523	)			(26,374	)			(21,052	)
Gross profit	$	26,399			$	20,854			$	74,057			$	57,457
Gross margin		76	%			73	%			74	%			73	%
Onboarding:
Revenue	$	278			$	1,016			$	859			$	3,088
Cost of revenue		(2,431	)			(3,055	)			(7,519	)			(8,048	)
Gross profit	$	(2,153	)		$	(2,039	)		$	(6,660	)		$	(4,960	)
Gross margin		(774	) %			(201	) %			(775	) %			(161	) %
Hardware:
Revenue	$	1,009			$	909			$	3,142			$	2,434
Cost of revenue		(2,048	)			(2,290	)			(6,632	)			(6,593	)
Gross profit	$	(1,039	)		$	(1,381	)		$	(3,490	)		$	(4,159	)
Gross margin		(103	) %			(152	) %			(111	) %			(171	) %

WEAVE COMMUNICATIONS, INC RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands, except share and per share data)
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below:
Non-GAAP gross profit
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Gross profit	$	23,207			$	17,434			$	63,907			$	48,338
Stock-based compensation add back		190				139				514				418
Non-GAAP gross profit	$	23,397			$	17,573			$	64,421			$	48,756
Non-GAAP gross margin		65	%			58	%			62	%			58	%
Non-GAAP operating expenses
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Sales and marketing	$	16,292			$	16,021			$	49,259			$	42,475
Stock-based compensation excluded		(844	)			(693	)			(2,296	)			(1,504	)
Non-GAAP sales and marketing	$	15,448			$	15,328			$	46,963			$	40,971
Research and development	$	7,897			$	6,183			$	22,529			$	19,890
Stock-based compensation excluded		(1,292	)			(575	)			(2,922	)			(2,991	)
Non-GAAP research and development	$	6,605			$	5,608			$	19,607			$	16,899
General and administrative	$	10,876			$	9,131			$	32,077			$	22,717
Stock-based compensation excluded		(2,996	)			(2,547	)			(7,495	)			(6,134	)
Non-GAAP general and administrative	$	7,880			$	6,584			$	24,582			$	16,583

Non-GAAP loss from operations
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Loss from operations	$	(11,858	)		$	(13,901	)		$	(39,958	)		$	(36,744	)
Stock-based compensation add back		5,322				3,954				13,227				11,047
Non-GAAP loss from operations	$	(6,536	)		$	(9,947	)		$	(26,731	)		$	(25,697	)
Non-GAAP loss from operations margin		(18	) %			(33	) %			(26	) %			(31	) %
Non-GAAP net loss
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Net loss attributable to common stockholders	$	(11,818	)		$	(14,805	)		$	(40,471	)		$	(39,313	)
Stock-based compensation add back		5,322				3,954				13,227				11,047
Non-cash cumulative dividends on redeemable convertible preferred stock		—				585				—				1,691
Non-GAAP net loss attributable to common stockholders	$	(6,496	)		$	(10,266	)		$	(27,244	)		$	(26,575	)
Non-GAAP net loss margin		(18	) %			(34	) %			(26	) %			(32	) %
GAAP net loss per share attributable to common stockholders - basic and diluted	$	(0.18	)		$	(1.03	)		$	(0.62	)		$	(2.97	)
Non-GAAP net loss per share attributable to common stockholders - basic and diluted	$	(0.10	)		$	(0.72	)		$	(0.42	)		$	(2.01	)
Weighted-average common shares outstanding - basic and diluted		65,143,929				14,317,575				64,898,948				13,250,767

Adjusted EBITDA
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Net loss	$	(11,818	)		$	(14,220	)		$	(40,471	)		$	(37,622	)
Interest on outstanding debt		380				303				1,005				876
Provision for income taxes		31				12				82				12
Depreciation		645				620				2,003				1,583
Amortization		285				239				852				513
Stock-based compensation		5,322				3,954				13,227				11,047
Adjusted EBITDA	$	(5,155	)		$	(9,092	)		$	(23,302	)		$	(23,591	)
Free Cash Flow
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Net cash used in operating activities	$	(4,023	)		$	(3,274	)		$	(9,925	)		$	(10,317	)
Less: Purchases of property and equipment		(270	)			(2,292	)			(1,191	)			(5,730	)
Less: Capitalized internal-use software costs		(325	)			(823	)			(1,003	)			(1,929	)
Free cash flow	$	(4,618	)		$	(6,389	)		$	(12,119	)		$	(17,976	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221102005325/en/

Investor Relations Contact

The Blueshirt Group

ir@getweave.com

Media Contact

Kali Geldis

Director of Communications

pr@getweave.com

Source: Weave Communications, Inc.

FAQ

What were Weave's total revenues for the third quarter of 2022?

Weave reported total revenues of $36.2 million for the third quarter of 2022.

How much did Weave's revenue grow compared to the previous year?

Weave's revenue increased by 20% year-over-year.

What was Weave's GAAP loss from operations in Q3 2022?

Weave's GAAP loss from operations in Q3 2022 was $11.9 million.

What is Weave's guidance for total revenue in Q4 2022?

Weave expects total revenue to be between $36.0 million and $37.0 million for Q4 2022.

What financial performance metrics did Weave report for Q3 2022?

Weave reported a non-GAAP loss from operations of $6.5 million and a Dollar-Based Net Retention Rate of 101%.