Cerence(US:CRNC)2025-02-06 22:36Financial Performance - Q1 FY25 - Total revenue was $50.9 million, compared to $138.3 million in Q1 FY24[5] - Gross margin was 65%, a decrease from 81% in Q1 FY24[5] - Net loss was $24.3 million, compared to a net income of $23.9 million in Q1 FY24[5] - Adjusted EBITDA was $1.4 million, significantly lower than $70.4 million in Q1 FY24[5] Revenue Breakdown - Q1 FY25 - Total license revenue was $22.7 million, comprised entirely of variable license revenue[7] - Connected services revenue was $13.7 million, compared to $96.8 million in Q1 FY24, which included $86.6 million from a legacy contract with Toyota that was decommissioned[7, 5] - Professional services revenue was $14.5 million, down from $20.7 million in Q1 FY24[7] Key Performance Indicators - Q1 FY25 - Adjusted Total Billings TTM increased by 3% to $227 million[11] - Total Billings for Q1 increased by 7% to $69 million[11] - Units shipped with Cerence technology in Q1 were approximately 11 million, down 10% year-over-year[11] Guidance - Q2 FY25 and Full Year FY25 - Q2 FY25 revenue is projected to be between $74 million and $77 million[14] - Full year FY25 revenue is projected to be between $236 million and $247 million[14] - Full year FY25 Free Cash Flow is expected to be between $20 million and $30 million[14]