OneStream, Inc. reported significant financial growth in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated total revenue of $489.4 million, marking a 31% increase from $374.9 million in 2023. This growth was primarily driven by a 41% rise in subscription revenue, which reached $428.2 million, accounting for 87% of total revenue. The increase in subscription revenue was attributed to the acquisition of new customers and the expansion of existing customer usage of the platform. However, the company also reported a net loss of $306.7 million, a substantial increase from a loss of $28.9 million in the previous year, largely due to increased operating expenses related to sales and marketing, research and development, and general administrative costs.
In terms of operational metrics, OneStream's customer base grew to 1,601 by the end of 2024, up from 1,388 in 2023, reflecting a 15% increase. The company also reported an annual recurring revenue (ARR) of $568.1 million, a 23% increase from $460.4 million in 2023. The shift towards a Software-as-a-Service (SaaS) model has been a key strategic focus, with over 90% of new customers opting for SaaS contracts since 2023. The company continues to leverage its partner ecosystem, which includes over 300 go-to-market and implementation partners, to enhance customer acquisition and service delivery.
OneStream's recent strategic developments include the completion of its initial public offering (IPO) on July 25, 2024, which raised approximately $409.6 million in net proceeds. The funds were primarily used to purchase LLC Units from existing members, facilitating a non-dilutive "synthetic secondary" transaction. Additionally, the company acquired DataSense LLC in May 2024, enhancing its capabilities in artificial intelligence and machine learning, which are integral to its Digital Finance Cloud platform.
Geographically, OneStream's revenue from international customers accounted for 32% of total revenue in 2024, up from 27% in 2022, indicating a growing global footprint. The company maintains offices in several countries, including Australia, Europe, and Singapore, and serves customers in approximately 45 countries. The continued expansion into international markets is a key component of OneStream's growth strategy.
Looking ahead, OneStream aims to sustain its growth trajectory by focusing on customer success, expanding its international presence, and enhancing its platform through ongoing research and development investments. The company acknowledges the challenges of maintaining profitability amid rapid growth and increased operational costs but remains committed to leveraging its unified platform to drive long-term value for its customers and shareholders.
About OneStream, Inc.
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