Cloud-based business platform company Domo Inc. (DOMO:NASDAQ) yesterday announced financial results its second quarter 2021 ended July 31, 2020.
The company reported that total revenue in Q2/21 increased by 23% to $51.1 million, compared to $41.7 million in Q2/20. The firm also advised that subscription revenue, which represented 87% of total revenue in Q2/21, increased by 27% to $44.3 million, compared to $34.9 in Q2/20.
The company stated that in Q2/21 it posted a GAAP net loss of $17.9 million and a non-GAAP net loss of $10.7 million. The GAAP net loss per share was $0.62 and non-GAAP net loss per share was $0.37, both of which were based on 29.0 million weighted-average shares outstanding.
The company's founder and CEO Josh James commented, "Domo was built for this new world of work where business agility is imperative to surviving and thriving...Since our IPO, we have been relentlessly focused on growing our business, while at the same time making our growth more efficient and driving to cash flow positive with the cash on our balance sheet. In Q2, we once again made great progress on this front as we help CIOs, CDOs and IT leaders solve some of their most complex and strategic data challenges at a speed and scale our customers have told us they've never seen."
The firm touched on several operating highlights in the second quarter and noted that these are indicators of good things to come for the company. The company indicated that "it was named an overall leader in customer experience and in vendor credibility for Business Intelligence in the Dresner Advisory Services' 2020 Wisdom of Crowds® Industry Excellence Awards for the fourth consecutive year and was also named an experience and credibility Leader in Dresner's Customer Experience and Vendor Credibility models." Additionally, the firm stated that it was named as one of the 2020 Best Companies for Women to Advance List by Parity.org.
Domo Inc. additionally offered some forward guidance for both Q3/21 and FY/21. For Q3/21, the company advised that it expects that revenue will be in the range of $51.2-52.2 million and that it anticipates a Non-GAAP net loss per share of between $0.42-0.46 based upon 29.6 million weighted-average shares outstanding.
For FY/21, the firm expects revenue will be in the range of $202.5-206.5 million and that non-GAAP net loss per share is expected to be between $1.83-1.91 based on 29.3 million weighted-average shares outstanding.
Domo Inc. is a software company headquartered in Silicon Slopes, Utah, which provides cloud-based operating systems to empower organizations of all sizes with BI leverage at cloud scale in record time. The company stated that BI-critical processes that once took months or longer can now be done on-the-fly in real-time.
Domo has a market capitalization of around $1.1 billion with approximately 28.82 million shares outstanding and a short interest of about 11%. DOMO shares opened 14% higher today at $42.50 (+$5.22, +14.00%) over yesterday's $37.28 closing price and reached a new 52-week high price this morning of $47.25. The stock has traded today between $38.35 and $47.25 per share and is currently trading at $40.63 (+$3.35, +8.99%).
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