OneStream, Inc. reported significant financial developments in its recent 10-Q filing, reflecting a robust performance following its initial public offering (IPO) on July 25, 2024. The company achieved total revenue of $117.5 million for the three months ended June 30, 2024, marking a 36% increase from $86.5 million in the same period of 2023. For the six months ended June 30, 2024, total revenue reached $227.8 million, up 38% from $165.3 million year-over-year. Subscription revenue was a key driver, amounting to $103.1 million in Q2 2024, a 44% increase from $71.8 million in Q2 2023.
Gross profit for the three months ended June 30, 2024, was $80.5 million, compared to $57.8 million in the prior year, resulting in a gross margin of 69%, up from 67%. However, total operating expenses increased to $92.1 million from $74.0 million, leading to a loss from operations of $11.6 million, an improvement from a loss of $16.2 million in Q2 2023. The net loss for the same quarter was $7.9 million, down from $15.4 million a year earlier.
OneStream's cash and cash equivalents rose to $140.5 million as of June 30, 2024, compared to $117.1 million at the end of 2023. The company reported net cash provided by operating activities of $33.7 million for the six months ended June 30, 2024, a significant turnaround from a net cash outflow of $1.2 million in the same period of 2023.
Strategically, OneStream completed the acquisition of DataSense LLC on May 1, 2024, for a total consideration of $10.5 million, aimed at enhancing its AI and machine learning capabilities. The company also underwent a reorganization prior to its IPO, transitioning from a wholly owned subsidiary of OneStream Software LLC, which now operates under a new structure with OneStream, Inc. as the sole manager.
The IPO generated net proceeds of $409.6 million, with $352.9 million allocated to purchasing newly issued common units of OneStream Software LLC. The company plans to invest in expanding its sales and marketing efforts, as well as in research and development to enhance its platform.
As of June 30, 2024, OneStream had 1,482 customers, a 19% increase from the previous year, with over 90% of new contracts being SaaS-based. The company continues to focus on maximizing customer lifetime value and expanding its international presence, with 31% of revenue derived from international customers.
About OneStream, Inc.
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