Glassbox Ramps Cloud Subscription Revenue Growth While Continuing to Increase Margins
In Q2 2023, the company increased cloud subscription revenues 16% YoY, improved cloud margins by 5% and cut non-GAAP operating loss by half compared to the previous period
Tel Aviv – Glassbox (TASE:GLBX), a leading provider of digital experience intelligence for web and mobile applications, today announced its financial results for Q2 2023 with revenues of $11.2 million in the quarter, representing 9% YoY growth and a cloud subscription YoY revenue growth of 16%. The company’s annual recurring revenue (ARR) increased YoY by 4% to $48 million, while cloud ARR increased by 17% YoY to $35 million. Operating loss was reduced by almost 50% and cloud subscription gross margins in the quarter increased to 71.4%, showcasing the company’s financial foundation and commitment to reaching profitability. The fastest growing region globally continues to be Asia Pacific (APAC) where ARR grew close to 50% in the past twelve months. The company also added a new credit facility with Bank Hapoalim to ensure access to capital if necessary for rapid investment or strategic initiatives. In addition, the company added 33 customers in the first half of 2023, including major brands Southern Gas and AssetMark, and continued to expand revenues across its entire portfolio of large customers, including in financial services, retail and telecommunications.
”Glassbox is continuing to build momentum as we add major global brands to our customer family, grow our subscription revenues and reduce our costs,” said Yaron Morgenstern, CEO. “We remain on target to achieve our 2023 new customer acquisition goals as we successfully increase the efficiency of our operations and our gross margins. The credit facility provides Glassbox financial flexibility and expands financing sources while continuing to enable our growth trend. I am also excited about our continued innovation, including our vision for artificial intelligence in the digital experience market.”
Glassbox has been on the forefront of artificial intelligence technology within the digital experience market and has proven that AI can be very beneficial in analyzing mountains of data and surfacing meaningful insights. The power of AI is based on the underlying data, and due to Glassbox’s tagless data capture, the ability to seamlessly capture data continues to be a major strength of the company. AI is a powerful element in Glassbox capabilities such as struggle identification, anomaly detection, conversion rate insights, page grouping and the Glassbox’s industry first voice-of-the-silent offering.
Glassbox also continued to receive multiple industry accolades reinforcing its best-in-industry customer sentiment. Glassbox added over 150 new awards in G2’s Summer Reports and was the only company recognized as a leader in all of G2’s Customer Experience and Voice of the Customer categories for both web and mobile. In addition, Gartner Digital Markets recently awarded Glassbox its Best Value and Best Ease of Use badges for 2023. These results are based on real software buyers and are a trusted source for validated, authentic reviews of software products.
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Osi Sessler
