OneStream (OS) Q4 2024 earnings summary

Executive summary

• Achieved 31% year-over-year revenue growth in 2024, reaching $489.4M, with Q4 revenue up 29% to $132.5M, driven by strong subscription growth and finance AI innovations.

• Subscription revenue grew 41% for the year to $428.2M and 35% in Q4 to $118.6M.

• Ended 2024 with 1,601 customers, a 15% increase year-over-year, and 96 customers with ARR over $1M, up 35%.

• Achieved non-GAAP profitability in both Q4 and FY 2024, with $59M in free cash flow and 98% gross retention.

• Launched 15 new innovations, including AI-powered finance solutions, CPM Express, and expanded Microsoft integrations.

Financial highlights

• Q4 non-GAAP operating income was $8.7M (7% margin); FY non-GAAP operating income was $1.2M (0% margin); free cash flow for FY 2024 was $58.5M (12% margin).

• Q4 non-GAAP gross margin was 70%; non-GAAP software gross margin was 77%.

• Q4 GAAP operating loss was $47.4M, impacted by $52.6M equity-based compensation; FY GAAP operating loss was $319.5M.

• Q4 non-GAAP net income per share was $0.07; FY non-GAAP net income per share was $0.14.

• Ended 2024 with $544.2M in cash and cash equivalents.

Outlook and guidance

• FY 2025 revenue guidance is $583M–$587M; Q1 2025 revenue expected between $130M–$132M.

• FY 2025 non-GAAP operating margin expected between -1% and +1%; Q1 2025 margin between -9% and -7%.

• FY 2025 non-GAAP net income per share guidance is $0.01–$0.09.

• Equity-based compensation for 2025 projected at $125M–$135M.

• Subscription revenue growth expected to outpace total revenue growth; professional services revenue to remain flat.