Everbridge, Inc. (EVBG) concluded Wednesday trading rising 1.44% to $116.32. The U.S. software company last week issued quarterly results for third quarter 2020. Analysts were expecting stronger results from the company but EVBG remained unable to surpass even the most optimistic forecasts.
Revenue of U.S.-based corporate cyber protection provider rose 36 percent year-on-year to $71.3 million in the reported quarter. Compared to $12.9 million a year ago, the GAAP net loss was $24.2 million. The loss per share, compared to $0.39 in Q3 2019, was $0.7. Operating ash flow was negative at $0.5 million compared to a positive cash flow of $12.3 million a year ago.
The rise in the number of Everbridge’s corporate customers to 5,467 was a clear positive indicator compared with 4,851 corporate clients attached with the company in the third quarter of 2019. For the year, the number of transactions increased by 48 percent and the number of transactions of $500 thousand or above increased to a record high. The Everbridge virtual symposium “COVID-19: Journey to Recovery” was an additional positive signal, bringing together several experts from 150 nations, including former US President George W. Bush and many representatives of leading public health organizations in the United States.
Critical Event Management (CEM) solutions that have received updates in recent months, such as tools for reacting to natural disasters, tracing contacts during and after COVID-19 and many more, have been the primary driver of Everbridge’s revenue.
The Business has steadily increased its services’ average price and boosted its 2020 outlook. The company expects sales of $264-$266 million in 2020, and a GAAP loss of between $93.6 million and $94 million.
The Burlington, Massachusetts-headquartered Everbridge, Inc. (EVBG) added 2.87% to its stock’s value over the past week while that from beginning of the year is a gain of 48.98%.