Fri, Sep 6, 10:05 AM (130 days ago)
Domo, Inc.'s Q2 2024 financial results showed a slight decline in revenue, totaling $78.4 million, a 2% decrease from $79.7 million in Q2 2023. Subscription revenue remained stable at $70.9 million, while professional services revenue fell by 12%. The company reported a net loss of $19.5 million, up from $16.1 million the previous year, with an accumulated deficit of $1.45 billion as of July 31, 2024. Operating expenses rose, primarily due to increased general and administrative costs. Cash flow from operations turned negative, with a cash balance of $55.7 million, including $3.7 million in restricted cash. Domo's shift to a consumption-based pricing model poses uncertainties, particularly regarding customer retention and revenue predictability. The company faces ongoing macroeconomic challenges, including elongated sales cycles and heightened competition. Future operations may be impacted by the need for effective management of growth and customer acquisition costs, as well as potential changes in regulatory environments affecting data privacy and security.