The following is a summary of the ON24, Inc. (ONTF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ON24 reported Q1 2024 revenue of $37.7 million, with $34.8 million from subscription and other platform revenues, and $2.9 million from professional services. It reported an Annual Recurring Revenue (ARR) of $133.3 million.

• Total subscription and other platform revenue were $34.8 million. Professional Services revenue was $2.9 million, a decrease of 22% year-over-year.

• The Operating loss reduced to $0.8 million from $4.2 million in the same period last year. There was an improvement in net income to $1 million, or $0.02 per share.

• Fourth consecutive quarter of positive adjusted EBITDA and non-GAAP EPS profitability was achieved.

Business Progress:

• The launch of ON24's Intelligent Engagement Platform and AI-powered ACE showed increased customer engagement with over 20% and 15% of clients turning on the personalization and AI capabilities respectively.

• ON24 showed improved stability in its client base, expecting a return to sequential ARR growth in the second half of 2024.

• It reported stronger business performance in Q1 due to a focus on life sciences and financial services.

• Several cost-saving measures helped improve the gross margin profile while maintaining a healthy cash flow. The company plans to further its investment to focus on AI, regulated industries, and certain categories. ON24 aims to reach EBITDA breakeven or better by the end of 2024, with long-term goals aimed at improving gross margins and operating margin.

More details: ON24 Inc IR

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