Domo Reports Fiscal Q2 2024 Financial Results
Intellectia.AI2024-08-30
Domo Reports Fiscal Q2 2024 Financial Results
Domo, Inc. (NASDAQ: DOMO) announced its financial results for the fiscal second quarter ended July 31, 2024.
Key Financial Metrics
| Metric | Q2 FY2024 | YoY Change |
|---|---|---|
| Total Revenue | $78.4M | -2% |
| Subscription Revenue | $70.9M | N/A |
| Billings | $68.6M | -3% |
| Remaining Performance Obligations (RPO) | $358.9M | N/A |
| GAAP Net Loss | $19.5M | N/A |
| GAAP Net Loss per Share | $0.51 | N/A |
| Non-GAAP Net Loss | $2.7M | N/A |
| Non-GAAP Net Loss per Share | $0.07 | N/A |
| Cash, Cash Equivalents, and Restricted Cash | $55.7M | N/A |
The company saw a slight decrease in total revenue year-over-year, down by 2% to $78.4 million. Billings also declined by 3% year-over-year to $68.6 million. The GAAP net loss was reported at $19.5 million, with a GAAP net loss per share of $0.51. On a non-GAAP basis, the net loss was $2.7 million, or $0.07 per share. The company maintains a solid cash position with $55.7 million in cash, cash equivalents, and restricted cash.
Revenue Performance by Segment
| Segment | Revenue | YoY Comparison |
|---|---|---|
| Total Revenue | $78.4M | -2% |
| Subscription Revenue | $70.9M | N/A |
Domo’s subscription revenue stood at $70.9 million, demonstrating the company's focus on its subscription-based model. Performance in both segments aligns closely with previous guidance, showcasing stability in their revenue streams.
Operational Highlights
- Ecosystem Partnerships : Significant progress in Q2 with ecosystem partnerships and consumption customers.
- Industry Recognition :
- Named a leader in Nucleus Research's 2024 Business Intelligence and Analytics Technology Value Matrix.
- Honored with a 2024 Nucleus Research ROI Award alongside Manulife Financial Corporation.
- Top-ranked vendor in Dresner's 2024 Collective Insights report.
- Named to multiple Q3 2024 Constellation ShortLists for various analytics and BI platforms.
- Recognized at the Forrester B2B Summit North America 2024 as a B2B Program of the Year winner.
- Included in the 2024 Parity.Org Best Companies for Women to AdvanceTM list for the fifth consecutive year.
Executive Comments
Josh James, founder and CEO of Domo, emphasized the company's advancements with ecosystem partnerships and the strategic initiatives bearing fruit. He expressed optimism about Domo's positioning, particularly in the data and AI landscape, underscoring the company's readiness to compete vigorously in the market.
Dividends and Share Repurchase Program
There were no announcements regarding dividends or share repurchase programs in this earnings release.
Forward Guidance
Q3 Fiscal 2025: - Expected Revenue: $77.0 million to $78.0 million - Non-GAAP Net Loss per Share: $0.14 to $0.18
Full Year Fiscal 2025: - Expected Revenue: $313.0 million to $315.0 million - Non-GAAP Net Loss per Share: $0.69 to $0.77
Stock Price Movement
Following the earnings release, Domo’s stock saw a modest increase of 0.13%.
In summary, Domo's fiscal Q2 2024 results show steady performance in a challenging market environment. The company continues to advance its strategic initiatives and secure significant industry recognitions. Future guidance remains optimistic, reflecting confidence in sustained growth and market positioning.
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