Weave munications(WEAV) - 2024 Q4 - Annual Results

Revenue Performance - Fourth quarter total revenue reached $54.2 million, representing an 18.6% year-over-year increase from $45.7 million in Q4 2023[5] - Full year total revenue was $204.3 million, up 19.9% year-over-year compared to $170.5 million in 2023[9] - Revenue for Q4 2024 was $54,169,000, representing a 18.8% increase from $45,692,000 in Q4 2023[37] - Total revenue for the year ended December 31, 2024, was $196,106,000, up from $162,715,000 in 2023, marking a growth of 20.5%[43] - Subscription and payment processing revenue increased to $52,126,000 in Q4 2024 from $43,726,000 in Q4 2023, representing a growth of 8.5%[43] Profitability and Loss - Fourth quarter GAAP operating loss improved to $7.4 million, a $0.6 million improvement year-over-year[5] - Full year GAAP operating loss was $31.4 million, an improvement of $3.0 million from the previous year[5] - Net loss for Q4 2024 was $6,711,000, a slight improvement from a net loss of $7,039,000 in Q4 2023[37] - Non-GAAP net income for Q4 2024 was $2,424,000, compared to a loss of $792,000 in Q4 2023, showing a turnaround in profitability[51] - The company reported a GAAP net loss margin of 12.4% for Q4 2024, an improvement from 15.4% in Q4 2023[51] Cash Flow and Assets - Fourth quarter net cash provided by operating activities was $6.7 million, up from $3.7 million in Q4 2023[5] - Full year free cash flow increased to $10.4 million, compared to $6.5 million in 2023[5] - Free cash flow was positive at $6,674,000 for Q4 2024, compared to $3,742,000 in Q4 2023[40] - Free cash flow for Q4 2024 was $6,125,000, compared to $2,935,000 in Q4 2023, indicating a year-over-year increase of 108%[53] - Cash and cash equivalents at the end of Q4 2024 were $51,596,000, compared to $50,756,000 at the end of Q4 2023[39] Customer Growth and Retention - The company added 3,995 net new customer locations in 2024, totaling 34,997 customer locations as of December 31, 2024[9] - The Dollar-Based Net Retention Rate (NRR) was 98% as of December 31, 2024[9] Expenses - Operating expenses for the year ended December 31, 2024, totaled $177,295,000, an increase from $150,457,000 in 2023[37] - Stock-based compensation for the year ended December 31, 2024, amounted to $32,220,000, compared to $22,823,000 in 2023[40] - Research and development expenses increased to $10,760,000 in Q4 2024 from $9,133,000 in Q4 2023, reflecting a focus on innovation[48] Gross Profit and Margins - Gross profit for the year ended December 31, 2024, was $145,882,000, up 25.7% from $116,091,000 in 2023[37] - Gross profit for subscription and payment processing reached $40,723,000 in Q4 2024, up from $33,505,000 in Q4 2023, with a gross margin of 78.1%[43] - Non-GAAP gross profit for Q4 2024 was $39,338,000, compared to $31,830,000 in Q4 2023, reflecting a year-over-year increase of 23.5%[47] - The gross margin for hardware sales improved to (44.6)% in Q4 2024 from (63.6)% in Q4 2023, indicating better cost management[43] Future Projections - The company expects first quarter 2025 total revenue to be between $54.0 million and $55.0 million[10] - Non-GAAP net income for the first quarter of 2025 is projected to be between $(0.7) million and $0.3 million[10]