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ONTF

ON24, Inc.

ONTF

ON24, Inc. • NYSE
$5.66 ▲ 1.43% (+0.08)
Market Cap $239.39 M
52w High $7.04
52w Low $4.35
Dividend Yield 0%
P/E -7.65
Volume 82.75K
Outstanding Shares 42.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $34.602M ▼ $33.852M ▼ $-6.375M ▲ -18.424% ▲ $-0.15 ▲ $-5.081M ▲
Q2-2025 $35.333M ▲ $35.704M ▼ $-7.277M ▲ -20.595% ▲ $-0.17 ▲ $-5.798M ▲
Q1-2025 $34.733M ▼ $36.096M ▼ $-8.703M ▲ -25.057% ▼ $-0.21 $-7.195M ▲
Q4-2024 $36.68M ▲ $39.105M ▼ $-8.872M ▲ -24.188% ▲ $-0.21 ▲ $-8.128M ▲
Q3-2024 $36.325M $40.332M $-11.406M -31.4% $-0.27 $-10.036M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $175.167M ▼ $224.788M ▼ $80.463M ▼ $144.325M ▼
Q2-2025 $179.56M ▼ $235.116M ▼ $85.099M ▼ $150.017M ▼
Q1-2025 $180.981M ▼ $245.778M ▼ $92.052M ▲ $153.726M ▼
Q4-2024 $182.736M ▼ $250.953M ▲ $91.541M ▲ $159.412M ▼
Q3-2024 $188.846M $250.931M $86.048M $164.883M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.375M ▲ $2.533M ▼ $13.733M ▲ $-6.78M ▼ $9.509M ▼ $2.162M ▲
Q2-2025 $-7.277M ▲ $2.567M ▼ $12.125M ▼ $-3.852M ▲ $10.949M ▼ $2.075M ▲
Q1-2025 $-8.703M ▲ $3.412M ▲ $12.608M ▲ $-4.247M ▲ $11.857M ▲ $1.939M ▲
Q4-2024 $-8.872M ▲ $985K ▲ $10.05M ▲ $-6.523M ▲ $3.905M ▲ $424K ▲
Q3-2024 $-11.406M $295K $2.44M $-7.637M $-4.468M $143K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Professional Services
Professional Services
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Subscription And Other Platform
Subscription And Other Platform
 $100.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been roughly flat to slightly down over the past few years, suggesting the business is still searching for a new growth engine after the pandemic-era surge in virtual events. Gross profitability remains solid, meaning the core service is still economically attractive once sold. The pressure comes from operating expenses, especially sales, marketing, and product investment, which keep the company in a consistent loss-making position. Losses widened after the IPO period and only recently show signs of slowly narrowing, but the path back to true profitability is not yet clear. Overall, the income statement reflects a company in transition: strong underlying unit economics, but not yet right-sized for its current scale of revenue.

Balance Sheet

Balance Sheet The balance sheet shows a company that is still relatively conservatively financed, with little reliance on debt and most funding coming from shareholder equity. Asset levels have come down from their post-IPO peak, reflecting a gradual use of the capital raised earlier. Cash is materially lower than it was right after the IPO, reducing the cushion available to absorb ongoing losses, but there is still a reasonable base to work from. Equity has been eroded over time by cumulative losses, yet the company is not overleveraged. In short, the balance sheet is clean but no longer as comfortably capitalized as it was in the early public years.

Cash Flow

Cash Flow Cash generation has been inconsistent, swinging from clearly positive in the early period to modestly negative during the more difficult years, and now hovering around breakeven. This pattern suggests the business can be managed close to cash-neutral, but has not demonstrated a stable ability to fund itself from operations. Free cash flow closely tracks operating cash flow because capital spending is very light, reflecting an asset-light, software-driven model. The key question going forward is whether management can hold or improve this near-breakeven cash posture while still investing enough in growth and product development. Sustained negative cash flow would slowly eat into the remaining cash reserves, while stable or improving cash flow would meaningfully extend the company’s runway.

Competitive Edge

Competitive Edge ONTF occupies a specialist niche in B2B digital engagement, trying to go beyond basic webinars into a data-rich, AI-driven marketing and sales platform. Its main competitive strengths are deep first-party engagement data, strong analytics, and tight integrations with systems like Salesforce, which increase switching costs for established customers. Compared with broad collaboration platforms from large players, ONTF is more focused on marketing outcomes, personalization, and sales intelligence rather than generic meetings. However, it operates in a crowded space with powerful rivals that can bundle event tools into larger suites and compete on price or convenience. The company’s differentiation rests on remaining clearly better for serious B2B marketers than generalist tools, and on proving that its richer data and AI actually translate into higher revenue and better lead quality for customers.

Innovation and R&D

Innovation and R&D Innovation is central to the ONTF story: the company is heavily emphasizing AI for content creation, personalization, and predictive insights. Its Analytics and Content Engine and related AI tools aim to turn a single event or webinar into many tailored content pieces, and to surface buying signals that sales teams can act on. Continuous product updates, deeper integrations, and a push into industry-specific solutions (like life sciences and financial services) show a strategy of using R&D to move up the value chain from “event hosting” to “revenue intelligence.” This innovation engine is likely a big reason operating costs are high and profits are negative, so the financial payoff depends on customers adopting and paying for these advanced capabilities. The long-term opportunity is meaningful if ONTF can maintain a technology lead, but there is also execution risk if new features fail to materially boost demand or pricing power.

Summary

ONTF looks like a post-pandemic restructuring story: a company that benefited from a surge in virtual engagement, then faced a tougher environment as demand normalized and competition intensified. Financially, it has solid gross margins and a clean, mostly debt-free balance sheet, but revenue has drifted down and the business remains unprofitable, with a thinner cash cushion than in its early public years. Cash flow is near breakeven, which buys time, but does not yet provide the comfort of a self-funding model. Strategically, the company is betting on an AI-powered, data-heavy engagement platform to differentiate it from generic webinar and event tools, targeting more sophisticated B2B marketing and sales use cases. The key things to watch are whether revenue can stabilize and return to growth, whether cash flow can stay at or above breakeven, and whether ONTF’s innovation in AI and first-party data is strong enough to secure a durable, defensible position in a competitive market.

NEWS

November 24, 2025 · 8:00 AM UTC

The Cambridge MBA at the University of Cambridge Judge Business School Scales Recruitment with ON24, Driving 30% of Leads Through Events

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November 17, 2025 · 8:00 AM UTC

ON24 Granted U.S. Patent for AI-Powered ‘Key Moments' Technology in Long-Form Video and Virtual Events

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November 10, 2025 · 4:15 PM UTC

ON24 Announces Third Quarter 2025 Financial Results

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November 5, 2025 · 8:00 AM UTC

ON24® Announces Integration with LinkedIn® to Drive Next Generation of Event Marketing

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November 3, 2025 · 8:00 AM UTC

ON24 Ranked #1 Enterprise Webinar Platform in G2 Fall 2025 Report

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