The Israeli technology company Similrave published the reports for the second quarter of the year, and presented revenues of 47.6 million dollars, above market forecasts and above the estimates it gave itself in the past, for revenues of 45.5-45.9 million dollars. The operating loss was also reduced compared to the previous forecasts.
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similrv Developed a platform for measuring, examining and predicting the behaviors of internet surfers. The company is traded on the New York Stock Exchange with a value of 623 million dollars, about a year and a quarter after it was issued at a value of 1.6 billion dollars.
The revenues in the second quarter, amounting to 47.6 million dollars, reflect a growth of 46.4% compared to the corresponding quarter, and in the first half the revenues grew by 48.4% to 91.9 million dollars.
According to generally accepted accounting rules (GAAP), the net loss in the quarter amounted to $22.1 million, an increase compared to the loss of $15.7 million in the corresponding quarter. At the half level, a net loss of $47.7 million was recorded, compared to $27.8 million in the corresponding period in 2021. On a non-GAAP basis the company recorded an operating loss of 19.8 million dollars, which is 26 cents per share.
Wall Street analysts expected an adjusted quarterly loss of 31 cents per share and revenues of $45.74 million, and as mentioned, the company met the forecasts.
In the third quarter, Similrav expects revenues of 48.8-49.2 million dollars, reflecting a more moderate growth rate of 38%. The company expects a non-GAAP operating loss of 20.9-21.5 million dollars. The annual revenue forecast remains unchanged, $196-197 million, a 43% growth compared to 2021, and the company slightly improves the Non-GAAP operating loss forecast – it is expected to amount to $80-81 million instead of $82-83 million .
Attests to its success among existing and new customers
The company stated that the results of the second quarter testify to its success among existing and new customers, and mention a 25% increase in the number of customers compared to the corresponding quarter, to 3,849. The number of customers paying over $100,000 increased by 40% to 309.
The company recorded a negative flow of $13.1 million from current operations in the quarter and at the end of the period its cash balances totaled $93.9 million.
“I am happy to report good performance in the second quarter and as you can see we are in a momentum that is producing results,” said Or OfR, founder and CEO of SimilarRov. “Precisely in times of uncertainty like now, our customers need more than ever the critical insights that SimilarRov produces, which help them lead and beat the competition. We believe we are well positioned to lead in these challenging times, and we are focused on helping our customers succeed and navigate forward.”