Apple edges up premarket as investors weigh estimated tariff costs, iPhone sales
SAN FRANCISCO—Sahasi Jayesh, Executive Vice President, Product and Chief Technology Officer at ON24 Inc. (NYSE:ONTF), recently sold shares of the company's stock totaling approximately $20,920. ON24, currently valued at $276 million, maintains a strong financial position with more cash than debt and a healthy current ratio of 2.75, according to InvestingPro data. The transactions, executed on December 5, were part of a pre-arranged trading plan under Rule 10b5-1.
Jayesh sold a total of 3,187 shares of ON24 common stock at a weighted average price of $6.5643 per share. The shares were sold in multiple transactions, with prices ranging between $6.50 and $6.62. Following these sales, Jayesh holds 697,292 shares directly.
The transactions were conducted to cover tax withholding obligations related to the vesting of restricted stock units.
In other recent news, ON24 reported its Q3 2024 results, revealing a revenue of $36.3 million, surpassing its guidance, and a core platform revenue of $35.6 million. Despite a slight quarter-over-quarter decline in core platform Annual Recurring Revenue (ARR) to $129.7 million, the company showed signs of stabilization. ON24's AI-powered ACE solution is gaining traction, contributing to new customer acquisitions and retention.
The company has set its sights on achieving full-year profitability by 2025, with positive adjusted EBITDA and EPS in 2024, and targeting double-digit EBITDA margins in the long term. ON24 expects to return to ARR growth in 2025, driven by AI innovations and a stable customer base.
ON24 forecasts Q4 total revenue between $35.4 million and $36.4 million, with a strong cash position of $188.8 million at the end of Q3 supporting the company's growth and profitability focus for 2025. The company anticipates a non-GAAP operating loss of $3.3 million to $2.3 million for the full year 2024. ON24's leadership team emphasized their strategic focus on optimizing execution and enhancing solution offerings to drive growth, profitability, and cash flow.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.