Glassbox Continues YoY Revenues and ARR Growth While Reducing Costs in Q1
The company achieved 11% increase in revenues YoY excluding one-time impact of multi year on-premise deal and grew cloud revenue 15% YoY
Tel Aviv – Glassbox (TASE:GLBX), a leading provider of digital experience analytics for web and mobile applications, today announced its financial results for Q1 2023 with revenues of $11.2 million, representing 11% YoY growth (excluding one time impact of multi year on premise deals signed in Q1-22), and a cloud subscription YoY revenue growth of 15%. The company’s $48 million in annual recurring revenue (ARR) at the conclusion of Q1 is an increase of 5% YoY and cloud ARR increase by 18% YoY to $34 million. The company maintains a strong financial position having increased gross margin, reduced 19% in sales and marketing expenses, and will generate additional annual cost savings by an estimated $7.4M due to recent cost cutting measures. In addition, the company added new customers in the period, including ANZ Bank and Quicken Loans, and expanded with existing large customers (e.g. one of the top 3 US banks and ACE Hardware).
”Glassbox continues to showcase strong fundamentals in its business during a challenging time for many software companies,” said Yaron Morgenstern, CEO. “We are on target to achieve our 2023 new customer acquisition goals, added new leadership talent, as well as significant product innovations, setting us up for success throughout the year.”
Extending its technology lead, Glassbox was the first digital customer experience platform to announce its integration with the groundbreaking AI tool, ChatGPT, making customer data and insights more accessible than ever for Glassbox customers. Glassbox also strengthened its differentiation in mobile app analytics with two new patents focused on allowing customers to safely analyze first-party data.
“Integrating with groundbreaking AI tools such as ChatGPT allows customers to gain even further insights into their users’ digital experience and leverage the Glassbox platform,” Morgenstern continued. “And the value of our solution continues to shine through industry leading feedback by our customers.”
Glassbox also received several new awards, showcasing outstanding customer sentiment towards the company and its offerings. Glassbox received nine awards in G2’s 2023 Best Software wards, including being named a Top 100 Software Product–all based on customer reviews and market presence scores. TrustRadius, another leading customer review site, recognized Glassbox for Best Feature Set, Best Relationship and Best Value for Price in the Digital Experience Intelligence category. In addition, Glassbox added industry veteran Chad Nuss as Chief Commercial Officer.