These transactions were made under a pre-established Rule 10b5-1 trading plan, primarily to cover tax withholding obligations related to the vesting of restricted stock units. Following these sales, Jayesh holds 700,479 shares directly. While the company is not currently profitable, analysts tracked by InvestingPro expect ON24 (NYSE:ONTF) to achieve profitability this year, with the stock currently showing signs of undervaluation based on their Fair Value analysis. For deeper insights into ON24's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro. While the company is not currently profitable, analysts tracked by InvestingPro expect ON24 to achieve profitability this year, with the stock currently showing signs of undervaluation based on their Fair Value analysis. For deeper insights into ON24's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro. These transactions were made under a pre-established Rule 10b5-1 trading plan, primarily to cover tax withholding obligations related to the vesting of restricted stock units. Following these sales, Jayesh holds 700,479 shares directly.
In other recent news, ON24, a prominent webinar and virtual event platform, released its Q3 2024 financial results, indicating a path towards profitability by 2025. The company reported a revenue of $36.3 million, exceeding its guidance, with a noteworthy contribution of $33.9 million from subscription revenue. ON24 marked its sixth consecutive quarter of positive adjusted EBITDA, with a free cash flow of $2.1 million, showing a significant year-over-year improvement of $14.5 million.
The company's core platform Annual Recurring Revenue (ARR) exhibited a slight quarter-over-quarter decline, dropping about 1% to $129.7 million. However, ON24's AI-powered ACE solution is gaining momentum, assisting in new customer acquisitions and retention. The company is strategically focusing on the enterprise market, particularly regulated industries like life sciences.
ON24 is targeting full-year profitability in 2025, with positive adjusted EBITDA and EPS anticipated in 2024, and plans to achieve double-digit EBITDA margins over the long term. The company foresees a return to ARR growth in 2025, propelled by AI innovations and a stable customer base. These recent developments underscore ON24's strategic focus on growth and profitability, supported by a robust cash position of $188.8 million at the end of Q3 2024.
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