Arlo Technologies ( (ARLO) ) has released its Q3 earnings. Here is a breakdown of the information Arlo Technologies presented to its investors.
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Arlo Technologies is a leading smart home security company known for its innovative wireless security solutions and advanced analytics, providing seamless protection for homes and businesses.
In its third quarter of 2024, Arlo Technologies announced record service revenue and strong financial performance, highlighting its operational excellence and commitment to innovation.
The company reported a total revenue of $137.7 million, with service revenue reaching a record $61.9 million, marking a 21.2% increase year over year. The non-GAAP service gross margin was 77.4%, and the company achieved a non-GAAP net income per share of $0.11, reflecting significant profitability improvements. Free cash flow stood at $17.4 million with a margin of 12.6%. Additionally, Arlo’s annual recurring revenue grew by 20.8% to $241.6 million, and cumulative paid accounts surged by 70.4% year over year.
Arlo Technologies continues to focus on expanding its subscription services, as evidenced by the launch of Arlo Secure 5.0, which is expected to further enhance its market position. The company ended the quarter with $146.6 million in cash and short-term investments, providing a strong financial footing for future growth initiatives.
Looking ahead, Arlo’s management is optimistic about achieving long-range targets and continuing its trajectory of innovation and operational excellence, positioning the company for sustained success in the smart home security market.
