ON24, Inc. reported a revenue of $148.1 million for the fiscal year ending December 31, 2024, a decrease of 10% from $163.7 million in 2023. The decline in revenue was attributed to a reduction in customer count and annual recurring revenue (ARR), which fell to $129.7 million from $139.7 million year-over-year. The company also recorded a net loss of $42.2 million, compared to a net loss of $51.8 million in the previous year, indicating a slight improvement in profitability despite ongoing challenges.
The company experienced a significant reduction in its customer base, with the total number of customers decreasing to 1,645 from 1,784 in 2023. This decline was primarily due to customer churn and a decrease in new customer acquisitions, which was exacerbated by budget constraints in marketing departments. Additionally, ON24's dollar-based net retention rate improved to 89% in 2024 from 82% in 2023, reflecting better customer retention and expansion within existing accounts.
Strategically, ON24 has focused on enhancing its product offerings, launching the ON24 AI-powered Analytics and Content Engine (ACE) in January 2024, which aims to provide hyper-personalization and advanced analytics capabilities. The company has also emphasized cost management, implementing workforce reductions and other cost-cutting measures to streamline operations. As of December 31, 2024, ON24 had 437 full-time employees, down from previous years, as part of its restructuring efforts.
Geographically, ON24 generated approximately 23% of its revenue from international markets, with a slight decrease in revenue from the EMEA region compared to 2023. The company continues to explore opportunities for international expansion, particularly in markets where it currently operates. Looking ahead, ON24 aims to drive growth through new customer acquisition, expanding its existing customer relationships, and further developing its platform capabilities, particularly in the realm of artificial intelligence and digital engagement solutions.
About ON24 INC.
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