Glassbox Grows 30% in Revenue (Non-GAAP) While Operating Cash Burn is Reduced by 3%
Strong retention numbers across the board with impressive 99% gross retention rate for large enterprise customers; Company sees strong demand for second half
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 half of 2022 totaling $46 million in annual recurring revenue (ARR). This latest report continues the growth trajectory for the company and is punctuated by an impressive 99% gross retention rate for large enterprise customers, well above the industry average. To aid that growth Glassbox has also improved its non-GAAP gross margins over the course of the first half of 2022. Additionally Glassbox has reduced its YoY operating cash burn to $7.1 million, although having additional new expenses associated with becoming a public company.
“Halfway through 2022, we have a lot to be proud of as a company,” said Glassbox CEO Yaron Morgenstern. “Glassbox has grown every quarter since going public and we continue to win competitive deals in new verticals and geographies. We will continue to invest in innovation and in building the foundations for generating positive cash flow and profitability.”
The second quarter was marked by new innovations and increasing industry recognition. In June Glassbox unveiled Voice of the Customer and User Timelines, its latest digital experience intelligence offerings at the company’s annual conference, DigitalWorld(c). These offerings aimed to humanize the customer journey and provide Glassbox customers deeper insights to meet their users’ needs. The company also continues to bring in more leadership awards from G2, and remains the only company nominated as a leader in all digital CX categories and has a growing position as the leader in the Mobile App Customer Experience space.
“Our recent news that customers can now find and purchase Glassbox solutions through the AWS Marketplace provides additional growth potential. Customers and industry analysts alike are taking note of the value Glassbox brings to the table”, continued Morgenstern. “I know with our continued innovation, existing customers renewing their contracts earlier and for longer engagements, and with our team generating more potential sales opportunities in the first half this year than in all of 2021 combined, Glassbox is poised to take advantage of strong demand in the second half of the year”.