Glassbox Software ARR grew 24% YoY, Reaching $46 Million in Q2 2022 and Sees Strong Demand for the Second Half of the Year

The company’s first half cash burn did not see a significant change compared to the first half of 2021

Tel Aviv – Glassbox (TASE:GLBX), a software as a service (SaaS) company that provides digital experience analytics for web and mobile applications, announced today that it reached $46 million in annual recurring revenue (ARR) in the second quarter of 2022. This represents year-over-year ARR growth of 24% and the fifth consecutive quarter of growth since the company’s IPO in June 2021, continuing the company’s momentum toward its long term goal to reach $100 million in ARR in the 2-4 years following the IPO. Cash burn in the first half of 2022 is expected to be between $7.5-8.1 million. Excluding the costs of a public company it has not materially changed compared to the first half of 2021 ($7.3 million).

“We are in a strong position for the second half of the year,” said Yaron Morgenstern, CEO of Glassbox. “We’ve generated more sales pipeline in the first half of 2022 than all of 2021. In a difficult global environment our teams have continued to push the envelope in product development and sustain our growth trajectory. Glassbox is in an advantageous spot for the rest of 2022.”

New customers are signing longer term contracts and existing customers are renewing and expanding their contracts at an earlier time. In addition, several contracts that were expected to sign and close in Q2 are on track to be realized in Q3.

“The entire company is energized to have a strong second half of the year,” continued Morgenstern. “After the amazing customer feedback we received at our annual conference, Digital World, the record-setting sales pipeline that’s been generated and growing recognition of Glassbox as an industry leader, the second half of 2022 is set up for success.”

The company once again received growing accolades from G2. In their Summer Reports, Glassbox was recognized in over 190 categories, including being named a leader in ten categories:

● Customer Journey Analytics
● Mobile App Optimization
● Heatmap Tools
● Mobile App Analytics
● Product Analytics
● Mobile Analytics
● Session Replay
● Digital Analytics
● Digital Analytics Platforms
● Digital Experience Monitoring

Contacts:

Osi Sessler
[email protected]

Kat Aronofsky
[email protected]