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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
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ON24 (ONTF) investor relations material
ON24 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 revenue was $34.6 million, exceeding guidance, with strong gross margins, positive free cash flow for the seventh consecutive quarter, and improved profitability metrics.
Total ARR at quarter-end was $124.5 million, with core ARR at $122.4 million; customer count was 1,521, and 294 customers generated over $100,000 in ARR.
Major new partnership with LinkedIn announced to enhance event marketing and audience reach, with phased integration and future monetization opportunities.
AI offerings gained traction, with nearly 20% of customers paying for AI solutions and new products like AI Translate and AI Propel Plus launched.
Indications of interest for a potential acquisition have been received; the board is evaluating options with Goldman Sachs.
Financial highlights
Q3 2025 total revenue was $34.6 million; subscription and platform revenue was $32 million; professional services revenue was $2.6 million (8% of total).
Gross margin in Q3 was 76% non-GAAP and 75% GAAP; year-to-date gross margin through Q3 was 77%.
Operating loss for Q3 was $0.4 million non-GAAP and $8 million GAAP; net income was $1.2 million non-GAAP, net loss $6.4 million GAAP.
Positive adjusted EBITDA and free cash flow of $2.2 million in Q3, with operating cash flow for the nine months at $8.5 million.
Cash and investments at quarter-end totaled $175.2 million.
Outlook and guidance
Q4 2025 revenue expected between $33.9M–$34.5M; core platform revenue $33.3M–$33.9M; gross margin 76%–77%.
Q4 non-GAAP operating loss expected between $0.8M–$0.2M; non-GAAP EPS $0.01–$0.02; adjusted EBITDA positive.
Full-year 2025 revenue guidance: $138.6M–$139.2M; core platform revenue $136M–$136.6M; non-GAAP operating loss $4.2M–$3.6M; non-GAAP EPS $0.05–$0.06; gross margin 76%–77%.
Additional Q4 restructuring costs of $0.5–$0.8 million anticipated, excluded from non-GAAP guidance.
Sales and marketing expenses as a percentage of revenue targeted to decrease to mid-30s in 12 months and low 30s in two years.
AI solutions' path to top expansion driver?
LinkedIn partnership's top-line inflection point?
S&M reduction without disrupting growth?
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Frequently asked questions
ON24, Inc. provides a cloud-based digital experience platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. Leveraging the company's proprietary technologies, clients connect with their customers in one-to-many and many-to-many ways to build brand goodwill and drive revenue through Internet applications. From creation to management and delivery, the company's cloud-based digital experience platform aims to provide a seamless interactive experience that turns customers into buyers.
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