Shares of cloud platform provider Domo Inc. traded 15% higher and set a new 52-week high price after the company reported Q1 FY21 financial results that included a 19% increase in y-o-y revenue.
Cloud-based business platform company Domo Inc. (DOMO:NASDAQ) yesterday announced financial results for the first quarter of 2021 ended April 30, 2020.
The company reported total revenue increased by 19% year-over-year to $48.6 million in Q1 FY21 and that subscription revenue, which represents 87% of total revenue, increased by 23% y-o-y to $42.4 million. The firm added that subscription gross margin was 79%, an improvement of 2% from Q1 FY21.
The company posted a GAAP net loss of $24.9 million, or $0.88 net loss per share and a non-GAAP net loss of $18.4 million, or $0.65 net loss per share, noting that the per share data were based on 28.5 million weighted-average shares outstanding.
The company's Founder and CEO Josh James commented, "Our company was built to deliver exactly what is needed today—real-time information packaged for easy consumption, for widespread distribution on any device, at massive scale, and available in record time...We are pleased we could help the governors of three states have access to the actionable data they need to manage through the current health crisis. We are now applying the same capabilities to the private sector to help them manage their employee base and help them safely get back to work with apps and solutions built on our platform to address this specific opportunity."
The firm additionally highlighted some of its ongoing business activities and mentioned that it recently received several industry awards for its tools, platform and service.
The company stated that it introduced the Crisis Command Center and Get Back to Work solutions, which it claimed leverages the Domo platform to quickly gather and combine massive amounts of new data types and sources making it consumable and actionable to a highly distributed group of decision makers.
The firm stated that "it built and deployed several door opener apps, including its Global COVID-19 Tracker and its Zoom Productivity Tracker app, to introduce the power of the Domo platform to decision makers for whom speed and agility are imperative."
The company also provided some forward guidance for Q2/21 and FY/21. For Q2/21, Domo expects that revenue will be in the range of $48.5–49.5 million. In the same corresponding period, a non-GAAP net loss per share is expected to be between $0.48–0.52 based on 29.0 million weighted-average shares outstanding. For FY/21, the company expects revenue of $194.0–200.0 million and a non-GAAP net loss per share of between $1.96–2.06 based on 29.2 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 $837.2 million approximately 28.81 million shares outstanding and a short interest of about 11%. DOMO shares opened almost 7% higher today at $31.01 (+$1.95, +6.71%) over yesterday's $1.95 closing price and later reached a new 52-week high price this morning of $35.64. The stock has traded today between $31.01 and $35.64 per share and is currently trading at $33.55 (+$4.49, +15.45%).
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