Exhibit 99.1 FOR IMMEDIATE RELEASE Forrester Research Reports 2025 First-Quarter Financial Results CAMBRIDGE, Mass., May 6, 2025 — Forrester Research, Inc. (Nasdaq: FORR) today announced financial results for the first quarter ended March 31, 2025, with contract value at $290.9 million, down 7% compared with the prior year. "We expect 2025 to be marked by volatility, and this is reflected in our first-quarter metrics and the decline in revenue," said CEO and Chairman George F. Colony. "However, we continue ...

Revenue Performance - Total revenues decreased by 10% from $480.8 million in 2023 to $432.5 million in 2024[106]. - Research revenues declined by 5% from $334.4 million in 2023 to $316.7 million in 2024, primarily due to a decrease in contract value[106][107]. - Consulting revenues fell by 18% from $118.2 million in 2023 to $97.3 million in 2024, attributed to lower client bookings[106][107]. - Events revenues decreased significantly by 34% from $28.2 million in 2023 to $18.5 million in 2024, due to declines in sponsorship and ticket sales[106][107]. - Research segment revenues for 2024 were $316,739, a decrease of 7% compared to 2023[129]. - Consulting segment revenues decreased by 15% in 2024, totaling $97,254, primarily due to lower client bookings[130]. - Event segment revenues saw a significant decline of 34% in 2024, amounting to $18,477, attributed to decreased sponsorship and ticket sales[132]. - Total consolidated revenues for 2024 were $432,470, reflecting a 10% year-over-year decline[129]. Client Metrics - The number of clients decreased by 14%, from 2,257 in 2023 to 1,942 in 2024, primarily due to macroeconomic conditions[91]. - Client retention remained flat at 73% year-over-year, while wallet retention improved by 2 percentage points to 89%[91]. Cost Management - Cost of services and fulfillment reduced by 11% from $204.5 million in 2023 to $182.5 million in 2024, with a decrease in headcount contributing to lower compensation costs[109]. - Selling and marketing expenses decreased by 5% from $167.4 million in 2023 to $159.6 million in 2024, primarily due to reduced headcount and commissions[110]. - General and administrative expenses fell by 14% from $68.5 million in 2023 to $58.8 million in 2024, driven by lower legal and compensation costs[111]. Income and Taxation - Net income loss was reported at (1.3%) in 2024 compared to a net income of 0.6% in 2023[105]. - Income tax expense increased by 159% from $3.2 million in 2023 to $8.4 million in 2024, with an effective tax rate rising from 51% to 318%[124]. Asset and Cash Management - The company recorded $3.6 million of right-of-use asset impairments during 2024[102]. - The company maintained a valuation allowance of $1.1 million for deferred tax assets as of December 31, 2024[103]. - Cash used in operating activities was $3.9 million in 2024, down from $21.7 million generated in 2023, primarily due to increased working capital needs[135]. - The company generated $5.0 million from investing activities in 2024, mainly from the sale of the FeedbackNow product line[136]. - As of December 31, 2024, the company had cash, cash equivalents, and marketable investments totaling $104.7 million[143]. - The company has a credit facility of up to $150 million, with $35 million outstanding as of December 31, 2024[138]. Foreign Currency Exposure - Foreign currency exchange losses amounted to $0.8 million in 2024, indicating exposure to currency fluctuations[149]. Contract and Revenue Recognition - Research revenues as a percentage of total revenues increased from approximately 70% in 2023 to approximately 73% in 2024[88]. - Contract value decreased by 5% from $323.6 million in 2023 to $307.6 million in 2024[91]. - Revenue from consulting projects is recognized as services are provided, based on fixed-fee agreements[87]. - Subscription products are recognized as revenue over the term of the contract, with deferred revenue recorded for billings in excess of revenue recognized[86]. - The company evaluates its accounting estimates and judgments regularly, particularly regarding revenue recognition and goodwill[92]. - Approximately 80% of the overall contract value was in the Forrester Decisions product platform as of December 31, 2024, compared to 62% in 2023[91]. Divestiture - Loss from the sale of divested operation amounted to $1.8 million due to the sale of the FeedbackNow product line in August 2024[120].

Core Insights - Forrester's share price has declined over 20% to approximately $11.5 per share following the release of their Q4 2024 results, down from the mid-teens range they were previously trading at [1] Financial Performance - The decline in share price is justified by the company's sales and operating income performance, indicating potential concerns regarding financial health and future growth prospects [1]

Group 1 - The core viewpoint of the analysis is that caution is warranted regarding Forrester Research (NASDAQ: FORR) until there are clear signs of revenue stabilization, as Q4 revenue declined by 9% year over year [1] - The analyst has a focus on undercovered companies, particularly in technology, software, electronics, and energy transition sectors, with over 50 companies on the watchlist [1] - The analyst has over 7 years of personal investment experience and a Master's degree in Electrical Engineering, currently working as an automotive battery R&D engineer in Sweden [1] Group 2 - The analysis emphasizes the importance of identifying asymmetric investment opportunities to achieve market-beating returns, particularly in small to mid-cap companies that are less researched [1]

Financial Data and Key Metrics Changes - For Q4 2024, overall revenue was $108 million, representing a 9% decline from Q4 2023 revenues of $118.1 million [37] - Full year revenue came in at $432.5 million, a 10% decline from $480.8 million in 2023 [37] - Net income for Q4 increased by 42% to $6.8 million, with earnings per share at $0.36, compared to $4.8 million and $0.25 in Q4 2023 [49] - Operating income increased by 32% to $8.9 million, or 8.3% of revenue, compared to $6.8 million or 5.8% of revenue in Q4 2023 [47] Business Line Data and Key Metrics Changes - Research segment contract value (CV) was $307.6 million, a 5% decline from December 2023 [39] - Consulting revenues for Q4 were $25.9 million, down 8% year-over-year, while full year revenues were $97.3 million, down 18% [44] - Events business revenues were $2.7 million for Q4, a 42% decline compared to Q4 2023, and $18.5 million for the full year, down 34% [45] Market Data and Key Metrics Changes - Client retention remained stable at 73%, with an improvement in wallet retention from 87% to 89% in 2024 [40] - The percentage of CV in multi-year contracts increased from 62% at the end of 2023 to 69% at year-end 2024 [13] Company Strategy and Development Direction - The company has completed its transition to Forrester Decisions, with 80% of contract value now in this portfolio [9] - Focus areas for 2025 include improving retention, driving growth, and enhancing events to boost retention and CV growth [22] - The company aims to shift marketing dollars to expand event audiences and incentivize sales to sign up clients for events [26] Management's Comments on Operating Environment and Future Outlook - Management expects flat contract value growth in 2025, driven by ongoing adjustments in sales culture and economic uncertainties [21] - The company anticipates revenue to decline in 2025 due to negative contract value increases in 2024, but expects cash flow to return to historical levels [22] - Management remains optimistic about the potential of Forrester Decisions and the consulting business, expecting stabilization and growth moving forward [56] Other Important Information - The company has reduced its workforce by approximately 6% to align costs with declining revenue [38] - The transition to the new in-house site has brought operational efficiencies and cost savings [16] Q&A Session Summary Question: Can you unpack the bookings commentary for Q4? - The Chief Sales Officer noted challenges in the smaller high-tech field and the government sector, attributing issues to execution rather than broader trends [62][63] Question: What is the outlook for CV growth in 2025? - Management indicated that while execution is crucial, the exposure to smaller tech clients has decreased, and they are focusing on larger clients [71][73] Question: Any developments on AI and operational efficiency? - The Chief Product Officer mentioned that Izola is being leveraged for internal efficiency, helping customer success teams find answers faster [75] Question: Can you elaborate on challenges in India? - Management indicated that challenges in India were execution-related and not indicative of a long-term problem [82] Question: How is the company improving engagement with larger customers? - Management is focusing on training salespeople to engage with senior executives and has seen success in early renewal programs [86]

Core Insights - Forrester Research reported a revenue of $108.04 million for Q4 2024, reflecting a year-over-year decline of 8.5% but exceeding the Zacks Consensus Estimate by 1.69% [1] - The earnings per share (EPS) for the same quarter was $0.36, up from $0.25 a year ago, surpassing the consensus EPS estimate of $0.34 by 5.88% [1] Revenue Breakdown - Research revenue was $79.43 million, slightly below the average estimate of $80.37 million, marking a year-over-year decline of 6.8% [4] - Consulting revenue reached $25.93 million, exceeding the average estimate of $23.07 million, but still showing an 8.3% decline year-over-year [4] - Event revenue was reported at $2.68 million, below the average estimate of $2.87 million, representing a significant year-over-year decline of 42.1% [4] Stock Performance - Forrester Research shares have returned +5.4% over the past month, outperforming the Zacks S&P 500 composite's +4.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1: Earnings Performance - Forrester Research reported quarterly earnings of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, and up from $0.25 per share a year ago, representing an earnings surprise of 5.88% [1] - The company posted revenues of $108.04 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.69%, but down from year-ago revenues of $118.09 million [2] - Over the last four quarters, Forrester has surpassed consensus EPS estimates just once, while it has topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Forrester Research shares have declined approximately 3.9% since the beginning of the year, contrasting with the S&P 500's gain of 3.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.19 on revenues of $98.33 million, and for the current fiscal year, it is $1.66 on revenues of $437.45 million [7] Group 3: Industry Context - The Computer - Services industry, to which Forrester belongs, is currently ranked in the top 10% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The current estimate revisions trend for Forrester Research is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

Financial Performance - Forrester's total revenues for Q4 2024 were $108.0 million, a decline of 8.6% from $118.1 million in Q4 2023[5] - The company's net income for Q4 2024 was $0.4 million, or $0.02 per diluted share, compared to a net loss of $0.7 million, or $0.03 per diluted share, in Q4 2023[5] - For the full year 2024, total revenues were $432.5 million, down 10.0% from $480.8 million in 2023[7] - Forrester reported a net loss of $5.7 million for 2024, or $0.30 per diluted share, compared to a net income of $3.1 million, or $0.16 per diluted share, in 2023[7] - Adjusted net income for Q4 2024 was $6.8 million, or $0.36 per diluted share, compared to $4.8 million, or $0.25 per diluted share, in Q4 2023[6] - Forrester reported a net income of $432,000 for Q4 2024, compared to a net loss of $663,000 in Q4 2023, representing a significant turnaround[18] - Adjusted net income for Q4 2024 was $6.816 million, up from $4.797 million in Q4 2023, reflecting a 42% increase year-over-year[18] Future Guidance - The company expects total revenues for 2025 to be approximately $400.0 million to $415.0 million, representing a decline of 7.5% to 4.0% compared to 2024[10] - Forrester's adjusted financial guidance for 2025 excludes stock-based compensation of $14.5 million to $15.5 million and restructuring costs of $1.4 million to $1.6 million[11] - Forrester's operating margin for 2025 is projected to be approximately 1.8% to 2.8%[10] Client Metrics - The number of clients decreased to 1,942 in 2024 from 2,257 in 2023, indicating a reduction of about 14%[20] - Client retention remained stable at 73% for both 2024 and 2023, while wallet retention improved to 89% from 87%[20] Cash and Investments - Total cash, cash equivalents, and marketable investments decreased to $104.669 million in 2024 from $124.489 million in 2023, a decline of approximately 16%[20] - Net cash used in operating activities was $(3.861) million in 2024, a significant decline from $21.673 million provided in 2023[20] Restructuring and Headcount - The company incurred restructuring costs of $4.130 million in Q4 2024, compared to $1.132 million in Q4 2023, reflecting increased expenses related to restructuring efforts[18] - Total headcount decreased to 1,571 in 2024 from 1,744 in 2023, a reduction of approximately 10%[21] Deferred Revenue and Stock Buybacks - Deferred revenue decreased to $145.404 million in 2024 from $156.798 million in 2023, a decline of about 7%[20] - The company repurchased $15.920 million in common stock in 2024, compared to $4.082 million in 2023, indicating an increase in buyback activity[20] Platform Migration - The migration to the new Forrester Decisions platform is nearly complete, with 80% of contract value now on the new platform[3] - The company aims to improve retention rates and drive growth in both existing and new accounts in 2025[4]

Contract Value and Client Metrics - Contract value (CV) decreased by 5% to $315.2 million as of September 2024 compared to $331.2 million in the prior year period[69][70] - Client retention remained flat at 73% and wallet retention remained flat at 89% as of September 2024 compared to the prior year period[69][70] - Number of clients decreased by 14% to 2,002 as of September 2024 compared to 2,338 in the prior year period[70] - Approximately 78% of the company's overall CV was in the Forrester Decisions product platform as of September 2024, with an anticipated increase to over 80% by the end of 2024[70] Revenue Breakdown - Research products and services accounted for 75.2% of total revenues for the three months ended September 30, 2024, up from 71.1% in the prior year period[71] - Consulting projects and advisory services accounted for 22.8% of total revenues for the three months ended September 30, 2024, down from 24.9% in the prior year period[71] - Events revenues accounted for 2.0% of total revenues for the three months ended September 30, 2024, down from 4.0% in the prior year period[71] Expense Breakdown - Cost of services and fulfillment accounted for 41.1% of total revenues for the three months ended September 30, 2024, down from 42.3% in the prior year period[71] - Selling and marketing expenses accounted for 37.3% of total revenues for the three months ended September 30, 2024, up from 35.2% in the prior year period[71] - General and administrative expenses accounted for 15.4% of total revenues for the three months ended September 30, 2024, up from 13.3% in the prior year period[71] Revenue Performance - Total revenues decreased by 10% to $102.5 million in Q3 2024 compared to $113.4 million in Q3 2023[72] - Research revenues decreased by 4% to $77.1 million in Q3 2024 compared to $80.6 million in Q3 2023[72] - Consulting revenues decreased by 17% to $23.4 million in Q3 2024 compared to $28.2 million in Q3 2023[72] - Events revenues decreased by 54% to $2.1 million in Q3 2024 compared to $4.6 million in Q3 2023[72] - Revenues from customers outside the U.S. decreased by 9% to $23.6 million in Q3 2024 compared to $25.8 million in Q3 2023[72] Expense Performance - Cost of services and fulfillment decreased by 12% to $42.2 million in Q3 2024 compared to $48.0 million in Q3 2023[74] - Selling and marketing expenses decreased by 4% to $38.3 million in Q3 2024 compared to $40.0 million in Q3 2023[75] - General and administrative expenses increased by 4% to $15.7 million in Q3 2024 compared to $15.1 million in Q3 2023[77] - Depreciation expense decreased by $0.3 million in Q3 2024 compared to the prior year period[78] - Amortization of intangible assets decreased by $0.6 million in Q3 2024 compared to the prior year period[79] Other Income and Taxes - Other income, net decreased by $0.1 million for the three months and increased by $1.1 million for the nine months ended September 30, 2024, primarily due to a $1.9 million increase in interest income, partially offset by a $0.9 million increase in foreign currency exchange losses[84] - Income tax expense increased by $2.3 million (99%) for the three months and $4.1 million (106%) for the nine months ended September 30, 2024, with an effective tax rate of 461% for the nine months, driven by discrete tax items including $3.5 million from the disposition of assets related to the FeedbackNow product line[85] Segment Performance - Research segment revenues decreased by 7% for both the three and nine months ended September 30, 2024, with consulting product revenues within this segment decreasing by 33% and 32%, respectively, due to lower client bookings for advisory services[91] - Consulting segment revenues decreased by 12% and 17% for the three and nine months ended September 30, 2024, respectively, primarily due to lower client bookings for consulting services[91] - Events segment revenues decreased by 54% and 33% for the three and nine months ended September 30, 2024, respectively, primarily due to a decline in sponsorship and event ticket revenues[91] Cash Flow and Financing - The company used $2.0 million of cash in operating activities during the nine months ended September 30, 2024, a decrease of $11.8 million compared to the prior year period, primarily due to a $9.9 million decrease in net income[92] - The company generated $4.8 million from investing activities during the nine months ended September 30, 2024, including $6.0 million from the sale of the FeedbackNow product line[92] - The company used $13.0 million in financing activities during the nine months ended September 30, 2024, primarily for $13.0 million in common stock repurchases[92] - As of September 30, 2024, the company had a remaining stock repurchase authorization of approximately $82.9 million[92] - The company has a $150.0 million revolving credit facility, with $35.0 million drawn as of September 30, 2024, maturing in December 2026[92] Cash and Investments - The company had cash, cash equivalents, and marketable investments totaling $114.9 million as of September 30, 2024, with $81.0 million held outside the U.S.[94] - Non-cancelable lease payments due as of September 30, 2024: $4.0 million in 2024, $26.4 million within 2025 and 2026, $8.8 million within 2027 and 2028, and $6.2 million beyond 2028[94] - The company expects to remain in compliance with its credit facility covenants, including maximum leverage ratio and minimum interest coverage ratio, through the next 12 months[94] - The company intends to permanently reinvest $81.0 million held outside the U.S. and does not plan to repatriate these funds for U.S. operations[94] - The company's current cash balance and cash flows from operations are expected to meet working capital, financing activities, and capital expenditure requirements for the next twelve months[94] Accounting and Risk - No material changes to the company's critical accounting policies and estimates since the last annual report[96] - No material changes in the company's assessment of sensitivity to market risk since the last annual report[98]

Financial Data and Key Metrics Changes - Revenue decreased by 10% in Q3 2024, totaling $102.5 million compared to $113.4 million in the prior year period [21] - Contract value (CV) declined by 5% to $315.2 million, compared to a 4% decline in Q2 [21] - Net income decreased by 35% to $5.6 million, with earnings per share at $0.29, down from $0.44 in Q3 2023 [26] Business Line Data and Key Metrics Changes - Research revenues decreased by 4%, with subscription research products down by 1% [21] - Consulting business revenues were $23.4 million, down 17% compared to the prior year, but showed signs of stabilization [23] - Events business revenues were $2.1 million, representing a 54% decrease compared to Q3 2023, driven by event mergers and lower sponsorship [24] Market Data and Key Metrics Changes - The company reported good performance in Premier high-tech, International, and government sectors, with significant deals including a $2.5 million contract with a multinational tech company and a $1.6 million deal with a U.S. government agency [9] - Overall client retention was 73%, up slightly from Q2, while wallet retention remained stable at 89% [21] Company Strategy and Development Direction - The company is focused on completing the migration to Forrester Decisions, with 78% of CV now in this platform, targeting over 80% by year-end [7][22] - The launch of new services in response to AI demand, including a dedicated FD service for data, AI, and analytics leaders, is part of the strategic direction [10] - The sales strategy emphasizes selling to C-level executives and maintaining a standardized sales process to drive growth [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the economic environment but expressed confidence in the ongoing stabilization of CV and retention metrics [19][30] - The transition to Forrester Decisions is nearing completion, and the company is optimistic about the potential for growth in 2025 [18][30] Other Important Information - The company divested its FeedbackNow product line for $6 million in cash and a $9 million note due in 2025, which has been reflected in the updated client metrics [20] - Operating expenses decreased by 7%, primarily due to lower compensation costs, while operating income decreased by 33% [25] Q&A Session Summary Question: What is the health of the end market and the performance of CV bookings? - Management noted good performance across several sectors but acknowledged weakness in one group, with adjustments made to improve execution [34] Question: What are the expectations for client budgets in 2025? - Research indicates that tech budgets are increasing in 2025, aligning with Forrester's strategy [35] Question: How does the company measure traction in its go-to-market strategy? - The company tracks progress through various metrics, including pipeline and retention, and is focused on executing its retention lifecycle [37][38] Question: What is the outlook for contract value bookings and revenue growth for next year? - While not providing specific guidance, management expects stabilization and potential growth in CV, with improvements in consulting and events bookings [43][44] Question: What is the status of the sales team and their ability to penetrate senior executives? - The sales organization has undergone extensive training and is focused on connecting with senior executives, with ongoing support for continuous improvement [48][49] Question: What pushback is the company hearing from clients regarding expanding FD seats? - Budget constraints are a common pushback, but management emphasizes the need to demonstrate value to overcome this challenge [53]