Glassbox Reports Strong Q1 with 49% YoY Non-GAAP Revenue Growth
Driving the company’s strong revenue growth was a record gross retention rate of 96%; Lower than expected cash burn
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 quarter of 2022 totaling $45.5 million in annual recurring revenue (ARR). This marks the fourth consecutive quarter of accelerated growth catapulted by a record 96% gross customer retention rate. Glassbox continues to be in a strong position for continued growth thanks to its lower than expected operating cash burn of $330,000 in the first quarter, and at the same time building the foundations for positive cash flow and profitability. In addition the company reported strong revenue of $12.7 million representing 49% non-GAAP quarter over quarter growth.
“Our global teams have worked diligently to kick off Q1 with a competitive edge and positive momentum,” said Yaron Morgenstern, CEO of Glassbox. “We’re continuously innovating with our platform and offerings to provide an all-encompassing service for our clients. We’re proud to see these efforts have been effective in attaining new clients and setting Glassbox apart to retain existing ones.”
Glassbox welcomed many new customers in Q1 and witnessed notable expansion in global financial services, retail and insurance markets. The company continues to focus on building strategic alliances with existing clients and new partnerships as it recently announced a 3-year approximately $10 million dollar renewal and expansion with one of the largest banks in the United States.
“The growing industry diversification of our customers demonstrates that frictionless digital journeys are important for every company with a digital presence,” continued Morgenstern. “I look forward to sharing our vision and upcoming product releases on June 1 and 2 at our annual conference, Digital World. Many of our customers, prospects and partners like iHeartMedia, Western Union, Danone and Blue Shield will also present, sharing their insights as to how Glassbox adds value to their companies.”
Also announced in Q1, the company received 150 accolades in the G2 Spring Reports, surpassing the 40 it received in Q4 of 2021. Glassbox was recognized as the leader in nine categories, including: Customer Journey Analytics, Digital Experience Platform (DXP), Mobile App Optimization, Heatmap Tools, Mobile App Analytics, Product Analytics, Mobile Analytics, Session Replay and Digital Analytics.