Glassbox Announces $45.5 Million in Software ARR in Q1 2022, Reflecting 30% YoY Growth With Low Cash Burn and High Retention Rates

The company signed an expansion and renewal deal with one of the 10 largest banks in the US with total value of 10 million dollars, including $2.3 million in Q1 revenue

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 $45.5 million in annual recurring revenue (ARR) in the first quarter of 2022. This represents an organic year over year ARR growth of 30% and the fourth consecutive quarter of accelerating growth since the Company’s IPO in June 2021. Glassbox also expects negative operating cash flow of between $0.5-1.0M in Q1 2022. ARR from new customers increased by 22% YoY while net new ARR decreased by 34% YoY mainly due to lower expansions that were partially offset by improved churn and downsell.

“Looking ahead to the remainder of 2022, we’re excited to have the opportunity to build upon our promising trajectory,” said Yaron Morgenstern, CEO of Glassbox. “With our low cash burn thanks to near universal retention of existing customers, investments in innovative technology, partnerships, acquisitions and expanded go to market initiatives to meet increased market demand, Glassbox is in a strong position as one of the fastest growing companies across the digital analytics landscape.”

The company welcomed many new clients and deepened relationships with existing ones, including a nearly 10 million dollar expansion with one of the largest banks in the United States. New clients came from across the globe and include industries such as financial services, automotive, healthcare, travel and food and beverage. It also received 150 accolades in the G2 Spring Reports, surpassing the 37 it received in Q4 of 2021. Glassbox was recognized as the leader in nine categories, including:

• Customer Journey Analytics
• Digital Experience Platforms (DXP)
• Mobile App Optimization
• Heatmap Tools
• Mobile App Analytics
• Product Analytics
• Mobile Analytics
• Session Replay
• Digital Analytics

“Glassbox customers continue to realize tangible business value from our solutions and endorsements such as this are a true testament to the hard work put forth by our global teams,” said Morgenstern. “While there is still work to be done, we enter Q2 energized by our accelerated momentum and strong market position.”

Contacts
Osi Sessler
[email protected]

Kat Aronofsky
[email protected]