Brightcove Reports Q1 Net Loss Of $4.3 Million, Revenue Up 53% to $19.9 Million
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Video platform Brightcove just released its first earnings report after going public in March. Brightcove posted a net loss of $4.3 million – that’s down from $5.8 million last quarter. The company’s revenue for the first financial quarter of 2012 was $19.9 million, an increase of 53% compared to the first quarter of 2011 when the company made $13.1 million. Non-GAAP net loss per share was $0.17. Analysts expected a loss of $0.16 per share.
Brightcove’s gross profit for the first quarter was $13.6 million (up 56% from $8.7 million in Q1 2011). Non-GAAP loss from operations was $2.3 million for the first quarter of 2012, an improvement compared to a non-GAAP loss of $3.4 million during the first quarter of 2011. Brightcove also announced that it had 4,254 customers at the end of the quarter. That’s up 49% compared to Q1 2011.
“We are pleased to announce strong financial results, highlighted by 53% revenue growth year-over-year, in our first quarter as a public company,” said Jeremy Allaire, Chairman and Chief Executive Officer of Brightcove. “Brightcove continues to expand its market share leadership position, and we believe the company is well positioned at the center of multiple powerful growth trends – video, mobile, cloud and social.”
Brightcove raised $54.6 million through its IPO earlier this year. Thanks to this, the company currently has $60.6 million in cash and cash equivalents – up from $17.2 million at the end of 2011.
For the next quarter, Brightcove expects revenue to be $19.5 to 19.9 million and a non-GAAP operating loss between $3.5 and $3.8 million. For the full year, Brightcove currently expects revenue to be $81 to $82.5 million and a non-GAAP operating loss around $10 million to $11 million.
A few more highlights from the earnings report:
- Added 264 Express customers and 118 Premium customers during the quarter, including Allianz France, Pfizer International Operations, Toyota and Starwood Hotels & Resorts.
- Successful initial public offering raised $54.6 million in net proceeds through the sale of 5,750,000 million shares of common stock.
- Unveiled a major new release of Brightcove App Cloud, which adds new cloud services for intelligent cross-platform push notifications and content-level analytics that are intended to enable app owners to more easily engage their installed base, track campaign effectiveness, and identify their most impactful content.
- Announced that NBC chose the Brightcove App Cloud content app platform to support the first-ever Emmy screener app for iPad, NBCU Screen It. With App Cloud, NBC was able to quickly roll out a powerful native iOS app for the iPad that can also be easily extended to other iOS and Google Android devices in the future.
- Announced the Brightcove Content Exchange, which enables Video Cloud media customers to access libraries of third-party video content and to execute advertising strategies around licensed content. Third-party video content libraries that are making their content accessible include AOL Video, Diagonal View, Internet Video Archive, NewsLook, ScreenPlay Inc., and Touchstorm.
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