Upland Software ( (UPLD) ) has released its Q3 earnings. Here is a breakdown of the information Upland Software presented to its investors.
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Upland Software, Inc. is a company specializing in cloud-based tools for digital transformation, offering a range of AI-integrated solutions across industries such as digital marketing, knowledge management, and sales productivity. With over 25 products, Upland supports more than 10,000 global customers in optimizing operations and enhancing productivity.
In its third-quarter earnings report for 2024, Upland Software announced a total revenue of $66.7 million, marking a 10% decline compared to the same period in 2023. Despite this decrease, the company managed to reduce its GAAP net loss significantly from $8.7 million in the previous year to $1.7 million. The company also reported an adjusted EBITDA of $14.0 million, representing 21% of total revenue.
Key highlights from the report include the addition of 122 new customers and the expansion of relationships with 312 existing ones, with a notable focus on generative AI solutions. Upland’s products received recognition in G2’s market reports and industry awards, highlighting the company’s strong position in AI-enabled solutions. Additionally, Upland announced the availability of its BA Insight for Microsoft Azure AI Search in the Azure Marketplace, demonstrating its commitment to expanding its AI capabilities.
Looking forward, Upland Software anticipates a decline in revenue for the fourth quarter and the full fiscal year of 2024, with expectations of total revenue between $65.9 million and $71.9 million for the next quarter. However, the company foresees an increase in adjusted EBITDA, reflecting a focus on improving profitability. This outlook suggests that while facing revenue challenges, Upland is strategically positioned to leverage its AI advancements and market validation to drive future growth.
