Glassbox Continues to Grow while Accelerating Path to Profitability
Company sees 25% Non-GAAP Revenue Growth YoY Reaching $35 Million for the First 9 Months of 2022 and ARR YoY Growth of 17& to $46.7 Million
TEL AVIV - Glassbox (TASE:GLBX), a leading provider of digital experience analytics for web and mobile applications, today announced its financial results for the first 9 months of 2022, totaling revenues of $35 million, 25% growth (Non-GAAP) from the same period in the previous year, and $46.7 million in annual recurring revenue (ARR), growing 17% YoY. Glassbox continues its focus on efficiencies which resulted in lower operating expenses in Q3-22 compared to the previous two quarters while continuing overall revenue growth and reconfirming its target of $100 million ARR. The company continues to well outpace the industry standard for customer retention, with 98% of enterprise customers renewing their contracts during the first 9 months of 2022. The company has also seen impressive growth in new bookings in APAC, which have tripled YoY. Glasssbox cash burn in the 9 months period was $14.2 million which includes the additional new expenses associated with becoming a public company, while also maintaining the company’s non-GAAP gross margins at 67%.
“Glassbox has grown every quarter since we went public in 2021,” said Glassbox CEO Yaron Morgenstern. “As we continue to grow Glassbox, it’s imperative that our fundamentals remain strong. Glassbox continues to focus on growth as well as building the path to positive cash flow and profitability. Several trends have emerged that are contributing to our growth strategy such as more small-medium transactions which lead to faster sales cycles. We are also increasing sales to existing customers (expansions) by offering a wide range of solutions.”
The third quarter saw more accolades for Glassbox. In the G2 Fall Report, Glassbox remains the only Digital Customer Experience vendor that is rated an average of 5 stars by all customers. Additionally, Glassbox set a new company record of over 200 awards in the most recent report and remains the leader in several mobile app analytics, product analytics and session replay categories.
“With a focus on the customer, we have started to implement several improvements in our own processes including strategic product enhancements, improving customer onboarding time and cost and increasing the number of products per customer,” continued Morgenstern. ““With the high satisfaction among our existing customers, our own internal improvements as well as rapidly growing opportunities in new markets and spaces, the future for Glassbox looks bright.”