ON24, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $34.7 million, a decrease of 8% from $37.7 million in the same period of 2024. The decline was primarily attributed to a drop in subscription and platform revenue, which fell to $32.3 million from $34.8 million year-over-year. The company also experienced a net loss of $8.7 million, an improvement from the $10.7 million loss reported in the first quarter of 2024. This resulted in a net loss per share of $0.21, compared to $0.26 in the prior year.
In terms of operational metrics, ON24's customer base decreased to 1,604 as of March 31, 2025, down from 1,698 a year earlier. The company reported an annual recurring revenue (ARR) of $128.2 million, a decline from $136.5 million in the same quarter of 2024. The number of customers contributing at least $100,000 in ARR also fell to 299 from 324, indicating challenges in customer retention and expansion. The company attributed these changes to budget pressures in marketing departments and a tightening economic environment.
Strategically, ON24 has focused on cost management, implementing workforce reductions that resulted in restructuring costs of $0.8 million in the first quarter. The company has also launched new products, including ON24 Lumina, a design system aimed at enhancing user engagement, and the AI-powered Analytics and Content Engine (ACE), which utilizes generative AI for content creation. These innovations are part of ON24's strategy to expand its product offerings and improve customer engagement.
Financially, ON24's cash, cash equivalents, and marketable securities totaled $181 million as of March 31, 2025. The company has not drawn on its $25 million revolving credit facility, which was amended in August 2024 to reduce borrowing capacity. The company expects to continue its share repurchase program, having completed a $25 million program in March 2025 and approved a new $50 million program in May 2025. Looking ahead, ON24 anticipates ongoing challenges in customer acquisition and retention but remains committed to investing in its platform and expanding its market presence.
About ON24 INC.
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