Glassbox Reports Q3 Financials: $40M in ARR, 186% Increase in Net New ARR and Non-GAAP Revenues of $27.7M for the First 9 Months of 2021
Nov 16, 2021 | Financial
TEL AVIV – Glassbox (TASE:GLBX), a leading provider of digital experience analytics for web and mobile applications, today announced its financial results for the third quarter and first nine months of 2021. The company reported non-GAAP revenues of $10.0M in Q3 and $27.7M in the first nine months, yielding 29% year-over-year growth in cloud subscription revenues. Recurring revenues accounted for 95% of total revenues.
The company crossed $40 million in annual recurring revenue (ARR) in the third quarter of 2021 reflecting 31% YoY growth on a pro-forma basis. This is the second consecutive quarter of accelerated growth since Glassbox went public on the Tel Aviv Stock Exchange in June, further expediting the company’s continuous trajectory and progress toward its long term vision to reach $100 million in ARR in the 2-4 years following the IPO.
“This is an exciting time at Glassbox. We continue to see huge investments in our market and industry, towards the continuous improvement of digital channels and we feel very optimistic about the future,” said Yaron Morgenstern, CEO of Glassbox. “In addition to our strong organic growth, we are also continuing to invest in new areas to expand our product set.”
Driving Glassbox’s strong growth is a 186% increase in net new ARR for the first nine months of 2021, compared to the previous period on a pro forma basis. Building on this momentum, the company continues to gain market share in enterprise and mid-market, including a significant increase in mobile deals, with additional 50 new customers across various verticals including notable key brands. Glassbox also has over $60 million in cash and short term deposits to invest in R&D, sales and marketing and potential acquisitions to expand its Experience Intelligence platform.
Currently positioned as the market’s only Experience Intelligence solution, Glassbox has established a strategic partnership with Microsoft, enabling the closure of new, pivotal deals. The company continues to establish its product leadership through its dedication to increasing value to its customers. Additionally, the company’s growth was fueled by the acquisition of A/B testing technology from Convertize, allowing Glassbox to expand its Experience Intelligence capabilities.
In recognition of its forward-trending efforts, Glassbox has received over 40 G2 Awards and most recently ranked #1 in the Best Relationship Index in Fall 2021. This is in addition to being named a G2 Momentum Leader in Fall 2021 for Digital Analytics Software and Mobile App Analytics.