Weave Communications, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved a revenue of $52.4 million for the three months ended September 30, 2024, marking a 20% increase from $43.5 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $150.1 million, up from $124.8 million year-over-year, driven primarily by new customer locations.

Gross profit for the third quarter of 2024 was $37.7 million, compared to $29.9 million in the prior year, resulting in a gross margin improvement to 72% from 69%. The nine-month gross profit also increased to $106.8 million from $84.5 million, with a gross margin of 71% for the period. Despite these gains, Weave reported a net loss of $5.9 million for the third quarter, an improvement from a net loss of $7.1 million in the same quarter of 2023. The nine-month net loss was $21.6 million, down from $24.0 million in the previous year.

Operating expenses increased, with sales and marketing expenses rising by $5.5 million due to higher personnel-related costs and demand generation efforts. Research and development expenses also grew, reflecting investments in platform enhancements and new product development. General and administrative expenses rose by $4.6 million, primarily due to increased personnel costs and professional fees.

As of September 30, 2024, Weave's total assets were $192.0 million, a decrease from $201.0 million at the end of 2023. Total liabilities increased slightly to $123.2 million from $122.1 million. The company reported an accumulated deficit of $284.3 million, up from $262.7 million at the end of 2023.

Weave continues to focus on expanding its customer base within the healthcare sector, particularly among small- and medium-sized businesses. The company has launched new platform features, including an AI-powered assistant, to enhance customer engagement and operational efficiency. Additionally, Weave is exploring opportunities for acquisitions and partnerships to broaden its market presence.

The company maintains a revolving line of credit with a borrowing capacity of $50 million, with no outstanding balance as of September 30, 2024. Weave's cash and cash equivalents stood at $51.1 million, reflecting a slight increase from $50.8 million at the end of 2023. The company believes its current liquidity will support its operational needs for at least the next twelve months.