Upland Software, Inc. reported a total revenue of $274.8 million for the fiscal year ending December 31, 2024, a decrease of 8% from $297.9 million in 2023. The decline was primarily driven by a 7% drop in subscription and support revenue, which amounted to $260.7 million, down from $281.6 million the previous year. The company attributed this decrease to reduced focus on certain non-strategic product lines, referred to as "Sunset Assets," which led to a decline in customer renewals and variable demand fluctuations. Additionally, professional services revenue fell by 19% to $8.3 million, reflecting fewer implementation projects.
In terms of profitability, Upland reported a net loss of $112.7 million for 2024, compared to a net loss of $179.9 million in 2023. The improvement in net loss was influenced by a significant reduction in operating expenses, which totaled $296 million, down from $365.4 million in the prior year. Notably, the company recorded a goodwill impairment charge of $87.2 million, a decrease from $128.8 million in 2023, indicating a less severe impact on its financial position compared to the previous year.
Upland's operational metrics showed a customer base of over 10,000, with a net dollar retention rate of 96% as of December 31, 2024, up from 95% in 2023. The company continues to focus on enhancing its product offerings, particularly through the integration of artificial intelligence capabilities. Upland's annualized recurring revenue (ARR) was reported at $225.6 million, down from $242.1 million in 2023, reflecting the challenges in maintaining revenue growth amid strategic shifts.
Strategically, Upland has emphasized organic growth while remaining open to acquisitions that align with its business model. The company has also implemented a Tax Benefit Preservation Plan to protect its net operating loss carryforwards, which stood at approximately $244.5 million as of December 31, 2024. This plan aims to prevent ownership changes that could limit the utilization of these tax attributes. Looking ahead, Upland anticipates continued challenges in revenue growth but remains committed to improving its operational efficiency and product competitiveness.
About Upland Software, Inc.
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