OneStream, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $129.1 million for the three months ended September 30, 2024, marking a 21% increase from $107.0 million in the same period of 2023. Subscription revenues were particularly strong, reaching $110.7 million, up 39% from $79.4 million year-over-year, driven by new customer acquisitions and expanded usage among existing clients. For the nine months ended September 30, 2024, total revenues were $356.9 million, a 31% increase from $272.3 million in the prior year.
Despite the revenue growth, OneStream reported a net loss of $249.3 million for the third quarter of 2024, a stark contrast to a net income of $6.8 million in the same quarter of 2023. The nine-month net loss also widened to $262.2 million from $31.7 million in the previous year. The increase in losses was attributed to a substantial rise in operating expenses, which soared to $319.9 million for the third quarter, compared to $70.5 million in the same period last year. This increase was largely driven by higher sales and marketing expenses, which rose to $162.7 million, and research and development costs, which increased to $83.0 million.
OneStream's total assets grew significantly to $750.1 million as of September 30, 2024, up from $361.6 million at the end of 2023. Cash and cash equivalents also saw a substantial increase, reaching $495.5 million compared to $117.1 million at the end of 2023, bolstered by net proceeds of $409.6 million from its initial public offering (IPO) on July 25, 2024. The IPO allowed the company to raise funds for strategic initiatives, including the acquisition of DataSense LLC for $10.5 million, which was completed on May 1, 2024.
The company’s business model continues to emphasize software as a service (SaaS), with subscription revenue accounting for 86% of total revenue in Q3 2024, up from 74% in Q3 2023. OneStream's customer base expanded to 1,534 as of September 30, 2024, an 18% increase from the previous year. The company plans to invest further in sales, marketing, and research and development to enhance its platform and capitalize on market opportunities, despite the challenges of maintaining profitability amid rising operational costs.
About OneStream, Inc.
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