• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    Brightcove Announces Financial Results for Third Quarter Fiscal Year 2024

    11/4/24 4:25:00 PM ET
    $BCOV
    EDP Services
    Technology
    Get the next $BCOV alert in real time by email

    Brightcove Inc. (NASDAQ:BCOV), the world's most trusted streaming technology company, today announced financial results for the third quarter ended September 30, 2024.

    "We delivered strong third quarter results, highlighted by revenue and profitability meaningfully above the high end of our guidance ranges, and a return to double digit adjusted EBITDA margins. We also continued to strengthen our long-term business with record average revenue per customer and long-term backlog. With our year-to-date performance and our outlook for the fourth quarter we are raising the high-end of our full year guidance range on both the top and bottom line," said Marc DeBevoise, Brightcove's Chief Executive Officer.

    DeBevoise added, "The recent, successful launch of the Brightcove AI Suite also demonstrates our ability and commitment to make the right, targeted investments in innovation to deliver enhanced value for our customers and position us to capture new revenue opportunities in the future."

    Third Quarter 2024 Financial Highlights:

    • Revenue for the third quarter of 2024 was $49.9 million, a decrease of 2% compared to $51.0 million for the third quarter of 2023. Subscription and support revenue was $48.0 million, a decrease of 1% compared to $48.6 million for the third quarter of 2023.
    • Gross profit for the third quarter of 2024 was $31.6 million, representing a gross margin of 63% compared to gross profit of $31.7 million, representing a gross margin of 62% for the third quarter of 2023. Non-GAAP gross profit for the third quarter of 2024 was $32.3 million, representing a non-GAAP gross margin of 65%, compared to non-GAAP gross profit of $32.5 million, representing a non-GAAP gross margin of 64% for the third quarter of 2023. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense, the amortization of acquired intangible assets and restructuring expense.
    • Income (loss) from operations was ($2.8) million for the third quarter of 2024, compared to ($2.3) million for the third quarter of 2023. Non-GAAP operating income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expense, restructuring expense, and gain on sale of assets, was $860,000 for the third quarter of 2024, compared to non-GAAP operating income of $2.3 million during the third quarter of 2023.
    • Net income (loss) was ($3.0) million, or ($0.07) per diluted share, for the third quarter of 2024. This compares to ($2.4) million, or ($0.06) per diluted share, for the third quarter of 2023. Non-GAAP net income, which excludes stock-based compensation expense, the amortization of acquired intangible assets, merger-related expense, restructuring expense, and gain on sale of assets, was $707,000 for the third quarter of 2024, or $0.02 per diluted share, compared to non-GAAP net income of $2.1 million for the third quarter of 2023, or $0.05 per diluted share.
    • Adjusted EBITDA was $5.1 million for the third quarter of 2024, representing an adjusted EBITDA margin of 10% compared to adjusted EBITDA of $5.5 million for the third quarter of 2023. Adjusted EBITDA excludes stock-based compensation expense, depreciation and amortization, merger-related expense, restructuring expense, gain on sales of assets, other income/expense and provision for income taxes.
    • Cash flow provided by operations was $3.4 million for the third quarter of 2024, compared to cash flow provided by operations of $2.1 million for the third quarter of 2023.
    • Free cash flow was $1.6 million after the Company invested $1.8 million in capital expenditures and capitalization of internal-use software during the third quarter of 2024. Free cash flow was negative $2.2 million for the third quarter of 2023.
    • Cash and cash equivalents were $27.0 million as of September 30, 2024 compared to $18.6 million on December 31, 2023.

    A Reconciliation of GAAP to Non-GAAP results has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

    Other Third Quarter and Recent Highlights/Updates:

    • Launched the Brightcove AI Suite, featuring five new solutions aimed at driving customer growth and efficiency, including AI Content Multiplier, AI Universal Translator, AI Metadata Optimizer, AI Engagement Maximizer, and AI Cost-to-Quality Optimizer. The Suite, developed in partnership with industry leaders including Anthropic, AWS, and Google, is being piloted with key customers and addresses four strategic priorities: content creation, management, engagement/monetization, and quality/efficiency optimization. Additionally, in Q4, we announced new pilots and capabilities to be added to the AI suite in the current and coming quarters.
    • Signed new, renewed or expanded the relationship with a diverse set of notable customers in the third quarter. This includes media companies like Antenna Group, Canela Media, Gaia, KDDI, Now That's TV, and Tap Digital Media Ventures, and enterprise customers like Abbott Labs, Acquia, Apollo, Chick-fil-a, Deloitte, HP, Palo AltoNetworks, Marriott, Rakuten, RBC, S&P Global, ServiceNow, United Healthcare and Wendy's.
    • Named the winner of the "Best Overall Marketing Company" award in the 7th annual MarTech Breakthrough Awards program, recognizing Brightcove's innovative Marketing Studio solution that empowers enterprise clients to enhance customer engagement and accelerate sales through simplified video creation, management, and analytics tools.
    • Released Marketing Insights, which leverages our powerful Insights platform to enable our enterprise marketing customers to deeply track and derive actionable intelligence from their consumer's engagement with their video content. Marketing Insights is designed to serve as a marketing funnel manager's dashboard that tracks both generalized and individual user usage data to better target marketing content in a more cost effective manner.
    • Signed our second win for our newest use case serving large sales teams, which we plan to officially launch as our latest solution in the 4th quarter. This use case capitalizes on the same platform technologies as our other solutions, mainly Marketing Studio, reimagined and purpose built to serve potentially thousands of sales professionals. Our first two customers have been in the real estate brokerage industry, putting the power of Brightcove in the hands of over 30,000 real estate brokers to drive deeper engagement with prospective clients.
    • 12-month Backlog (which we define as the aggregate amount of committed subscription revenue related to future performance obligations in the next 12 months) was $122.4 million, a 1% increase year-over-year from $121.1 million at the end of the third quarter 2023. Total backlog was $183.2 million, a 5% increase year-over-year from $174.2 million at the end of the third quarter 2023. Greater than 12-month backlog hit an all-time high of $60.8 million, up 15% year-over-year.
    • Average annual subscription revenue per premium customer hit an all-time record of $101,400 in the third quarter of 2024, excluding starter edition customers who had average annualized revenue of $4,200 per customer. The average annual subscription revenue per premium customer increased 6% year-over-year compared to $95,900 in the third quarter of 2023.
    • Ended the third quarter of 2024 with 2,392 customers, of which 1,923 were premium.

    Business Outlook:

    Based on information as of today, November 4, 2024, the Company is issuing the following business updates and financial guidance.

    Fourth Quarter 2024 Guidance:

    • Revenue is expected to be in the range of $48.0 million to $49.0 million, including approximately $2.0 million of professional services revenue and $1.0 million of overages.
    • Non-GAAP income (loss) from operations is expected to be in the range of ($1.3) million to ($0.3) million, which excludes stock-based compensation of approximately $2.6 million and the amortization of acquired intangible assets of approximately $0.9 million.
    • Adjusted EBITDA is expected to be in the range of $3.0 million to $4.0 million, which excludes stock-based compensation of approximately $2.6 million, depreciation and amortization of $5.2 million (including amortization of acquired intangible assets of approximately $0.9 million), and other (income) expense and the provision for income taxes of approximately $0.3 million.
    • Non-GAAP net income (loss) per diluted share is expected to be ($0.04) to ($0.01), which excludes stock-based compensation of approximately $2.6 million, the amortization of acquired intangible assets of approximately $0.9 million, and assumes approximately 45.3 million weighted-average shares outstanding.

    Full Year 2024 Guidance:

    • Revenue is expected to be in the range of $197.7 million to $198.7 million, an increase from our previous guidance of $195.5 million to $198.0 million, including approximately $8.3 million of professional services revenue and approximately $5.0 million of overages.
    • Non-GAAP income (loss) from operations is expected to be in the range of $0.1 million to $1.1 million, an increase from our previous guidance of ($2.5) million to ($1.0) million, which excludes stock-based compensation of approximately $10.6 million, the amortization of acquired intangible assets of approximately $3.7 million, restructuring and other expenses of $2.4 million, and gain on sale of assets of $6.0 million.
    • Adjusted EBITDA is expected to be in the range of $16.8 million to $17.8 million, an increase from our previous guidance of $14.5 million to $16.0 million, which excludes stock-based compensation of approximately $10.6 million, depreciation and amortization of $20.4 million (including amortization of acquired intangible assets of approximately $3.7 million), restructuring and other expenses of $2.4 million, gain on sale of assets of $6.0 million, and other (income) expense and the provision for income taxes of approximately $1.1 million.
    • Non-GAAP net income (loss) per diluted share is expected to be ($0.02) to $0.00, an increase from our previous guidance of ($0.08) to ($0.05), which excludes stock-based compensation of approximately $10.6 million, the amortization of acquired intangible assets of approximately $3.7 million, restructuring and other expenses of $2.4 million, gain on sale of assets of $6.0 million, and assumes approximately 44.7 million weighted-average shares outstanding.

    Earnings Stream Information:

    Brightcove earnings will be streamed on November 4, 2024, at 5:00 p.m. (Eastern Time) to discuss the Company's financial results and current business outlook. To access the live stream, visit the "Investors" page of the Company's website, http://investor.brightcove.com. Once the live stream concludes, an on-demand recording will be available on Brightcove's Investor page for a limited time at http://investor.brightcove.com.

    About Brightcove Inc. (NASDAQ:BCOV)

    Brightcove creates the world's most reliable, scalable, and secure streaming technology solutions to build a greater connection between companies and their audiences, no matter where they are or on which devices they consume content. In more than 60 countries, Brightcove's intelligent video platform enables businesses to sell to customers more effectively, media leaders to stream and monetize content more reliably, and every organization to communicate with team members more powerfully. With two Technology and Engineering Emmy® Awards for innovation, uptime that consistently leads the industry, and unmatched scalability, we continuously push the boundaries of what video can do. Follow Brightcove on LinkedIn, X, Facebook, Instagram, Threads, and YouTube. Visit Brightcove.com.

    Forward-Looking Statements

    This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning our financial guidance for the fourth fiscal quarter and full year 2024, our growth strategy and strategic priorities, and expected customer uses of and benefits from our products. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "builds," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: the effect of macro-economic conditions currently affecting the global economy; our ability to retain existing customers and acquire new ones; our history of losses; expectations regarding the widespread adoption of customer demand for our products; the effects of increased competition and commoditization of services we offer, including data delivery and storage; keeping up with the rapid technological change required to remain competitive in our industry; our ability to manage our growth effectively and successfully recruit additional highly-qualified personnel; our restructuring efforts, including risks that the related costs and charges may be greater than anticipated and that the restructuring efforts may not generate their intended benefits, may adversely affect the Company's internal programs and the Company's ability to recruit and train skilled and motivated personnel, and may be distracting to employees and management; the price volatility of our common stock; and other risks set forth under the caption "Risk Factors" in our most recently filed Annual Report on Form 10-K and similar disclosures in our subsequent filings with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

    Non-GAAP Financial Measures

    Brightcove has provided in this release the non-GAAP financial measures of non-GAAP gross profit, non-GAAP gross margin, non-GAAP income (loss) from operations, non-GAAP net income (loss), adjusted EBITDA, non-GAAP diluted net income (loss) per share, and revenue and adjusted EBITDA on a constant currency basis. Brightcove uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Brightcove's ongoing operational performance. Brightcove believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in Brightcove's industry, many of which present similar non-GAAP financial measures to investors. As noted, the non-GAAP financial results discussed above of non-GAAP gross profit, non-GAAP gross margin, non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share exclude stock-based compensation expense, amortization of acquired intangible assets, merger-related expense, gain on sales of assets, and restructuring expense. The non-GAAP financial results discussed above of adjusted EBITDA is defined as consolidated net income (loss), plus other income/expense, including interest expense and interest income, the provision for income taxes, depreciation and amortization expense, including the amortization of acquired intangible assets, stock-based compensation expense, merger-related expense, gain on sales of assets, and restructuring expense. Merger-related expenses include fees incurred in connection with an acquisition and restructuring expenses include primarily cash severance costs. Revenue and adjusted EBITDA on a constant currency basis reflect our revenues and adjusted EBITDA using exchange rates used for Brightcove's Fiscal Year 2024 outlook on Brightcove's press release on February 22, 2024. Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. As previously mentioned, a reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. The Company's earnings press releases containing such non-GAAP reconciliations can be found on the Investors section of the Company's web site at http://www.brightcove.com.

    Brightcove Inc.
    Condensed Consolidated Balance Sheets
    (in thousands)
     
    September 30, 2024 December 31, 2023
    Assets
    Current assets:
    Cash and cash equivalents

    $

    26,965

     

    $

    18,615

     

    Accounts receivable, net of allowance

     

    27,772

     

     

    33,451

     

    Prepaid expenses and other current assets

     

    17,735

     

     

    18,333

     

    Total current assets

     

    72,472

     

     

    70,399

     

    Property and equipment, net

     

    36,712

     

     

    42,476

     

    Operating lease right-of-use asset

     

    17,484

     

     

    16,233

     

    Intangible assets, net

     

    3,602

     

     

    6,368

     

    Goodwill

     

    74,859

     

     

    74,859

     

    Other assets

     

    5,409

     

     

    5,772

     

    Total assets

    $

    210,538

     

    $

    216,107

     

    Liabilities and stockholders' equity
    Current liabilities:
    Accounts payable

    $

    7,534

     

    $

    14,422

     

    Accrued expenses

     

    21,357

     

     

    17,566

     

    Operating lease liability

     

    4,236

     

     

    4,486

     

    Deferred revenue

     

    63,213

     

     

    68,155

     

    Total current liabilities

     

    96,340

     

     

    104,629

     

    Operating lease liability, net of current portion

     

    18,452

     

     

    17,358

     

    Other liabilities

     

    304

     

     

    207

     

    Total liabilities

     

    115,096

     

     

    122,194

     

     
    Stockholders' equity:
    Common stock

     

    45

     

     

    44

     

    Additional paid-in capital

     

    336,996

     

     

    328,918

     

    Treasury stock, at cost

     

    (871

    )

     

    (871

    )

    Accumulated other comprehensive loss

     

    (1,158

    )

     

    (1,236

    )

    Accumulated deficit

     

    (239,570

    )

     

    (232,942

    )

    Total stockholders' equity

     

    95,442

     

     

    93,913

     

    Total liabilities and stockholders' equity

    $

    210,538

     

    $

    216,107

     

     
    Brightcove Inc.
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
     
     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

    2024

     

    2023

     

    2024

     

    2023

    Revenue:
    Subscription and support revenue

    $

    47,963

     

    $

    48,571

     

    $

    143,329

     

    $

    144,686

     

    Professional services and other revenue

     

    1,987

     

     

    2,409

     

     

    6,349

     

     

    6,345

     

    Total revenue

     

    49,950

     

     

    50,980

     

     

    149,678

     

     

    151,031

     

    Cost of revenue: (1) (2)
    Cost of subscription and support revenue

     

    16,574

     

     

    16,892

     

     

    50,658

     

     

    51,760

     

    Cost of professional services and other revenue

     

    1,804

     

     

    2,369

     

     

    6,749

     

     

    6,269

     

    Total cost of revenue

     

    18,378

     

     

    19,261

     

     

    57,407

     

     

    58,029

     

    Gross profit

     

    31,572

     

     

    31,719

     

     

    92,271

     

     

    93,002

     

    Operating expenses: (1) (2)
    Research and development

     

    8,742

     

     

    8,730

     

     

    26,566

     

     

    28,941

     

    Sales and marketing

     

    16,393

     

     

    17,222

     

     

    49,927

     

     

    55,721

     

    General and administrative

     

    9,241

     

     

    7,941

     

     

    27,607

     

     

    27,410

     

    Merger-related

     

    -

     

     

    117

     

     

    -

     

     

    307

     

    Gain on sale of assets

     

    -

     

     

    -

     

     

    (6,000

    )

     

    -

     

    Total operating expenses

     

    34,376

     

     

    34,010

     

     

    98,100

     

     

    112,379

     

    Loss from operations

     

    (2,804

    )

     

    (2,291

    )

     

    (5,829

    )

     

    (19,377

    )

    Other income, net

     

    139

     

     

    130

     

     

    150

     

     

    9

     

    Loss before income taxes

     

    (2,665

    )

     

    (2,161

    )

     

    (5,679

    )

     

    (19,368

    )

    Provision for income taxes

     

    292

     

     

    260

     

     

    949

     

     

    1,004

     

    Net loss

    $

    (2,957

    )

    $

    (2,421

    )

    $

    (6,628

    )

    $

    (20,372

    )

     
    Net loss per share—basic and diluted
    Basic

    $

    (0.07

    )

    $

    (0.06

    )

    $

    (0.15

    )

    $

    (0.47

    )

    Diluted

     

    (0.07

    )

     

    (0.06

    )

     

    (0.15

    )

     

    (0.47

    )

     
    Weighted-average shares—basic and diluted
    Basic

     

    44,970

     

     

    43,332

     

     

    44,563

     

     

    42,976

     

    Diluted

     

    44,970

     

     

    43,332

     

     

    44,563

     

     

    42,976

     

     
    (1) Stock-based compensation included in above line items:
    Cost of subscription and support revenue

    $

    105

     

    $

    122

     

    $

    333

     

    $

    389

     

    Cost of professional services and other revenue

     

    75

     

     

    92

     

     

    186

     

     

    284

     

    Research and development

     

    494

     

     

    598

     

     

    1,285

     

     

    1,837

     

    Sales and marketing

     

    795

     

     

    1,057

     

     

    2,332

     

     

    3,157

     

    General and administrative

     

    1,162

     

     

    1,541

     

     

    3,867

     

     

    4,773

     

     
    (2) Amortization of acquired intangible assets included in the above line items:
    Cost of subscription and support revenue

    $

    521

     

    $

    547

     

    $

    1,561

     

    $

    1,749

     

    Sales and marketing

     

    401

     

     

    406

     

     

    1,205

     

     

    1,239

     

     
    Brightcove Inc.
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

    Operating activities

    2024

     

    2023

     

    2024

     

    2023

    Net loss

    $

    (2,957

    )

    $

    (2,421

    )

    $

    (6,628

    )

    $

    (20,372

    )

    Adjustments to reconcile net loss to net cash used in operating activities:
    Depreciation and amortization

     

    5,115

     

     

    4,236

     

     

    15,199

     

     

    12,244

     

    Stock-based compensation

     

    2,631

     

     

    3,410

     

     

    8,003

     

     

    10,440

     

    Provision for reserves on accounts receivable

     

    22

     

     

    (84

    )

     

    6

     

     

    138

     

    Gain on sale of assets

     

    -

     

     

    -

     

     

    (6,000

    )

     

    -

     

    Changes in assets and liabilities:
    Accounts receivable

     

    564

     

     

    (337

    )

     

    5,651

     

     

    (4,556

    )

    Prepaid expenses and other current assets

     

    604

     

     

    1,198

     

     

    (431

    )

     

    (684

    )

    Other assets

     

    (699

    )

     

    240

     

     

    271

     

     

    1,042

     

    Accounts payable

     

    1,928

     

     

    (311

    )

     

    (5,603

    )

     

    3,065

     

    Accrued expenses

     

    1,800

     

     

    (1,263

    )

     

    4,238

     

     

    (6,737

    )

    Operating leases

     

    (138

    )

     

    (117

    )

     

    (400

    )

     

    (291

    )

    Deferred revenue

     

    (5,465

    )

     

    (2,423

    )

     

    (4,853

    )

     

    6,017

     

    Net cash provided by operating activities

     

    3,405

     

     

    2,128

     

     

    9,453

     

     

    306

     

     
    Investing activities
    Gain on sale of patents

     

    -

     

     

    -

     

     

    6,000

     

     

    -

     

    Purchases of property and equipment, net of returns

     

    (96

    )

     

    (1,492

    )

     

    (1,253

    )

     

    (2,820

    )

    Capitalization of internal-use software costs

     

    (1,707

    )

     

    (2,804

    )

     

    (5,736

    )

     

    (10,037

    )

    Net cash used in investing activities

     

    (1,803

    )

     

    (4,296

    )

     

    (989

    )

     

    (12,857

    )

     
    Financing activities
    Deferred acquisition payments

     

    -

     

     

    -

     

     

    -

     

     

    (1,700

    )

    Other financing activities

     

    -

     

     

    -

     

     

    (239

    )

     

    (256

    )

    Net cash used in financing activities

     

    -

     

     

    -

     

     

    (239

    )

     

    (1,956

    )

     
    Effect of exchange rate changes on cash and cash equivalents

     

    1,193

     

     

    (503

    )

     

    125

     

     

    (965

    )

     
    Net increase (decrease) in cash and cash equivalents

     

    2,795

     

     

    (2,671

    )

     

    8,350

     

     

    (15,472

    )

    Cash and cash equivalents at beginning of period

     

    24,170

     

     

    19,093

     

     

    18,615

     

     

    31,894

     

    Cash and cash equivalents at end of period

    $

    26,965

     

    $

    16,422

     

    $

    26,965

     

    $

    16,422

     

     
    Brightcove Inc.
    Reconciliation of GAAP Gross Profit, GAAP Loss From Operations, GAAP Net Loss and GAAP Net Loss Per Share to
    Non-GAAP Gross Profit, Non-GAAP Income (Loss) From Operations, Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per Share
    (in thousands, except per share amounts)
     
     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

    2024

     

    2023

     

    2024

     

    2023

    GROSS PROFIT:
    GAAP gross profit

    $

    31,572

     

    $

    31,719

     

    $

    92,271

     

    $

    93,002

     

    Stock-based compensation expense

     

    180

     

     

    214

     

     

    519

     

     

    673

     

    Amortization of acquired intangible assets

     

    521

     

     

    547

     

     

    1,561

     

     

    1,749

     

    Restructuring expense

     

    -

     

     

    6

     

     

    193

     

     

    104

     

    Non-GAAP gross profit

    $

    32,273

     

    $

    32,486

     

    $

    94,544

     

    $

    95,528

     

    GAAP gross profit as a percentage of revenue

     

    63

    %

     

    62

    %

     

    62

    %

     

    62

    %

    Stock-based compensation expense

     

    0.4

    %

     

    0.4

    %

     

    0.3

    %

     

    0.4

    %

    Amortization of acquired intangible assets

     

    1.0

    %

     

    1.1

    %

     

    1.0

    %

     

    1.2

    %

    Restructuring expense

     

    0.0

    %

     

    0.0

    %

     

    0.1

    %

     

    0.1

    %

    Non-GAAP gross profit as a percentage of revenue

     

    65

    %

     

    64

    %

     

    63

    %

     

    63

    %

    INCOME (LOSS) FROM OPERATIONS:
    GAAP loss from operations

    $

    (2,804

    )

    $

    (2,291

    )

    $

    (5,829

    )

    $

    (19,377

    )

    Stock-based compensation expense

     

    2,631

     

     

    3,410

     

     

    8,003

     

     

    10,440

     

    Amortization of acquired intangible assets

     

    922

     

     

    953

     

     

    2,766

     

     

    2,988

     

    Merger-related expense

     

    -

     

     

    117

     

     

    -

     

     

    307

     

    Restructuring expense

     

    111

     

     

    74

     

     

    2,427

     

     

    2,830

     

    Gain on sale of assets

     

    -

     

     

    -

     

     

    (6,000

    )

     

    -

     

    Non-GAAP income (loss) from operations

    $

    860

     

    $

    2,263

     

    $

    1,367

     

    $

    (2,812

    )

    NET (LOSS) INCOME:
    GAAP net loss

    $

    (2,957

    )

    $

    (2,421

    )

    $

    (6,628

    )

    $

    (20,372

    )

    Stock-based compensation expense

     

    2,631

     

     

    3,410

     

     

    8,003

     

     

    10,440

     

    Amortization of acquired intangible assets

     

    922

     

     

    953

     

     

    2,766

     

     

    2,988

     

    Merger-related expense

     

    -

     

     

    117

     

     

    -

     

     

    307

     

    Restructuring expense

     

    111

     

     

    74

     

     

    2,427

     

     

    2,830

     

    Gain on sale of assets

     

    -

     

     

    -

     

     

    (6,000

    )

     

    -

     

    Non-GAAP net income (loss)

    $

    707

     

    $

    2,133

     

    $

    568

     

    $

    (3,807

    )

    GAAP diluted net loss per share

    $

    (0.07

    )

    $

    (0.06

    )

    $

    (0.15

    )

    $

    (0.47

    )

    Non-GAAP diluted net income (loss) per share

    $

    0.02

     

    $

    0.05

     

    $

    0.01

     

    $

    (0.09

    )

     
    Shares used in computing GAAP diluted net loss per share

     

    44,970

     

     

    43,332

     

     

    44,563

     

     

    42,976

     

    Shares used in computing Non-GAAP diluted net income per share

     

    46,159

     

     

    43,364

     

     

    45,153

     

     

    42,976

     

     

    Brightcove Inc.

    Calculation of Adjusted EBITDA

    (in thousands)

       
     

    Three Months Ended September 30,

    Nine Months Ended September 30,

    2024

    2023

    2024

    2023

    Net loss

    $

    (2,957

    )

    $

    (2,421

    )

    $

    (6,628

    )

    $

    (20,372

    )

    Stock-based compensation expense

     

    2,631

     

     

    3,410

     

     

    8,003

     

     

    10,440

     

    Depreciation and amortization

     

    5,115

     

     

    4,236

     

     

    15,199

     

     

    12,244

     

    Merger-related expense

     

    -

     

     

    117

     

     

    -

     

     

    307

     

    Restructuring expense

     

    111

     

     

    74

     

     

    2,427

     

     

    2,830

     

    Gain on sale of assets

     

    -

     

     

    -

     

     

    (6,000

    )

     

    -

     

    Other (income) expense, net

     

    (139

    )

     

    (130

    )

     

    (150

    )

     

    (9

    )

    Provision for income taxes

     

    292

     

     

    260

     

     

    949

     

     

    1,004

     

    Adjusted EBITDA

    $

    5,053

     

    $

    5,546

     

    $

    13,800

     

    $

    6,444

     

    Brightcove Inc.
    Reconciliation of Revenue on a Constant Currency Basis and Calculation of Adjusted EBITDA on a Constant Currency Basis
    (in thousands)
     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

    2024

     

    2024

    Total revenue

    $

    49,950

    $

    149,678

    Constant currency adjustment

     

    171

     

    850

    Total revenue on a constant currency basis

    $

    50,121

    $

    150,528

     
     
    Three Months Ended September 30, Nine Months Ended September 30,

     

    2024

     

    2024

    Adjusted EBITDA

    $

    5,053

    $

    13,800

    Constant currency adjustment

     

    33

     

    391

    Adjusted EBITDA on a constant currency basis

    $

    5,086

    $

    14,191

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241104478084/en/

    Get the next $BCOV alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $BCOV

    DatePrice TargetRatingAnalyst
    11/5/2024$3.50Hold → Buy
    Lake Street
    7/31/2023Hold → Buy
    Lake Street
    2/13/2023$8.00 → $10.00Neutral → Buy
    Rosenblatt
    9/9/2022$8.00Neutral
    Rosenblatt
    2/17/2022$14.00 → $9.00Buy → Hold
    Lake Street
    10/28/2021$23.00Outperform → Market Perform
    Northland Capital
    10/28/2021Outperform → Market Perform
    Northland Capital Markets
    More analyst ratings

    $BCOV
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Neeley Tsedal returned $431,770 worth of shares to the company (97,027 units at $4.45), closing all direct ownership in the company (SEC Form 4)

      4 - BRIGHTCOVE INC (0001313275) (Issuer)

      2/4/25 5:07:20 PM ET
      $BCOV
      EDP Services
      Technology
    • Chief Executive Officer Debevoise Marc returned $8,097,981 worth of shares to the company (1,819,771 units at $4.45), closing all direct ownership in the company (SEC Form 4)

      4 - BRIGHTCOVE INC (0001313275) (Issuer)

      2/4/25 5:01:15 PM ET
      $BCOV
      EDP Services
      Technology
    • Chief Financial Officer Wagner John Brandon returned $1,223,750 worth of shares to the company (275,000 units at $4.45), closing all direct ownership in the company (SEC Form 4)

      4 - BRIGHTCOVE INC (0001313275) (Issuer)

      2/4/25 5:00:44 PM ET
      $BCOV
      EDP Services
      Technology

    $BCOV
    SEC Filings

    See more
    • SEC Form 15-12G filed by Brightcove Inc.

      15-12G - BRIGHTCOVE INC (0001313275) (Filer)

      2/18/25 12:51:00 PM ET
      $BCOV
      EDP Services
      Technology
    • Amendment: SEC Form SCHEDULE 13G/A filed by Brightcove Inc.

      SCHEDULE 13G/A - BRIGHTCOVE INC (0001313275) (Subject)

      2/7/25 6:27:38 PM ET
      $BCOV
      EDP Services
      Technology
    • SEC Form S-8 POS filed by Brightcove Inc.

      S-8 POS - BRIGHTCOVE INC (0001313275) (Filer)

      2/4/25 5:12:15 PM ET
      $BCOV
      EDP Services
      Technology

    $BCOV
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Large owner Edenbrook Capital, Llc bought $50,415 worth of shares (16,806 units at $3.00) (SEC Form 4)

      4 - BRIGHTCOVE INC (0001313275) (Issuer)

      11/25/24 4:32:34 PM ET
      $BCOV
      EDP Services
      Technology
    • Large owner Edenbrook Capital, Llc bought $23,595 worth of shares (11,369 units at $2.08) (SEC Form 4)

      4 - BRIGHTCOVE INC (0001313275) (Issuer)

      10/22/24 4:22:21 PM ET
      $BCOV
      EDP Services
      Technology
    • Large owner Edenbrook Capital, Llc bought $41,400 worth of shares (20,000 units at $2.07) (SEC Form 4)

      4 - BRIGHTCOVE INC (0001313275) (Issuer)

      9/30/24 4:50:34 PM ET
      $BCOV
      EDP Services
      Technology

    $BCOV
    Financials

    Live finance-specific insights

    See more
    • Brightcove Enters into Definitive Agreement to be Acquired by Bending Spoons for $233 Million

      Brightcove Stockholders to Receive $4.45 Per Share in Cash Bending Spoons enters the enterprise SaaS market and will draw on its technology expertise to further strengthen Brightcove and bring its cutting-edge platform to new heights Brightcove Inc. (NASDAQ:BCOV), the world's most trusted streaming technology company, today announced that it has entered into a definitive agreement to be acquired by Bending Spoons, in an all-cash transaction valued at approximately $233 million. Under the terms of the agreement, Brightcove shareholders will receive $4.45 per share in cash for each share of Brightcove common stock that they own. The per share purchase price represents a 90% premium over B

      11/25/24 8:00:00 AM ET
      $BCOV
      EDP Services
      Technology
    • Brightcove Announces Financial Results for Third Quarter Fiscal Year 2024

      Brightcove Inc. (NASDAQ:BCOV), the world's most trusted streaming technology company, today announced financial results for the third quarter ended September 30, 2024. "We delivered strong third quarter results, highlighted by revenue and profitability meaningfully above the high end of our guidance ranges, and a return to double digit adjusted EBITDA margins. We also continued to strengthen our long-term business with record average revenue per customer and long-term backlog. With our year-to-date performance and our outlook for the fourth quarter we are raising the high-end of our full year guidance range on both the top and bottom line," said Marc DeBevoise, Brightcove's Chief Executive

      11/4/24 4:25:00 PM ET
      $BCOV
      EDP Services
      Technology
    • Brightcove Announces Date of Third Quarter Fiscal Year 2024 Results and Earnings Live Stream

      Brightcove Inc. (NASDAQ:BCOV), the world's most trusted streaming technology company, today announced it will report its third quarter fiscal year 2024 results for the period ended September 30, 2024, after the U.S. financial markets close on November 4, 2024. In conjunction with this announcement, Brightcove earnings will be streamed on November 4, 2024, at 5:00 p.m. (Eastern Time), where CEO Marc DeBevoise and CFO John Wagner will discuss the Company's financial results and current business outlook. To access the live stream, visit the "Investors" page of the Company's website, http://investor.brightcove.com. Once the live stream concludes, an on-demand recording will be available on Bri

      10/16/24 4:05:00 PM ET
      $BCOV
      EDP Services
      Technology

    $BCOV
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by Brightcove Inc.

      SC 13G - BRIGHTCOVE INC (0001313275) (Subject)

      12/3/24 5:05:52 PM ET
      $BCOV
      EDP Services
      Technology
    • Amendment: SEC Form SC 13G/A filed by Brightcove Inc.

      SC 13G/A - BRIGHTCOVE INC (0001313275) (Subject)

      11/7/24 10:26:54 AM ET
      $BCOV
      EDP Services
      Technology
    • SEC Form SC 13G filed by Brightcove Inc.

      SC 13G - BRIGHTCOVE INC (0001313275) (Subject)

      2/14/24 5:14:00 PM ET
      $BCOV
      EDP Services
      Technology

    $BCOV
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Brightcove upgraded by Lake Street with a new price target

      Lake Street upgraded Brightcove from Hold to Buy and set a new price target of $3.50

      11/5/24 9:20:44 AM ET
      $BCOV
      EDP Services
      Technology
    • Brightcove upgraded by Lake Street

      Lake Street upgraded Brightcove from Hold to Buy

      7/31/23 11:33:20 AM ET
      $BCOV
      EDP Services
      Technology
    • Brightcove upgraded by Rosenblatt with a new price target

      Rosenblatt upgraded Brightcove from Neutral to Buy and set a new price target of $10.00 from $8.00 previously

      2/13/23 7:29:40 AM ET
      $BCOV
      EDP Services
      Technology

    $BCOV
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Bending Spoons closes $233 million acquisition of Brightcove

      Bending Spoons, the Italy-based technology company, completed its previously announced acquisition of US-based streaming technology company Brightcove Inc. (NASDAQ:BCOV) for $4.45 per share (or approximately $233 million), in an all-cash transaction. The definitive acquisition agreement was entered into in November 2024. Luca Ferrari, the Bending Spoons CEO and co-founder, today said of the acquisition: "It's with great pleasure, and a deep sense of responsibility, that we can now welcome Brightcove into the Bending Spoons portfolio of leading digital businesses. We look forward to learning from the current Brightcove team, and are confident that the expertise we've accumulated and the pr

      2/4/25 9:09:00 AM ET
      $BCOV
      EDP Services
      Technology
    • Brightcove Launches AI Content Suite, The First General Availability Release From Its Successful AI Pilot Program, To Maximize Content Creation and Production for Customers

      The new AI-driven solution empowers creators and marketers to increase productivity, create more impactful content, and extend global reach with minimal effort Brightcove (NASDAQ:BCOV), the world's most trusted intelligent video engagement platform company, announces the launch of its AI Content Suite, the company's first official general availability release following a successful customer pilot program in 2024. This innovative suite introduces a range of AI-powered tools to increase the impact of video content while also improving business productivity, making it a seamless and easy experience for content creators to get more from their content and drive greater engagement across their

      1/29/25 10:27:00 AM ET
      $BCOV
      EDP Services
      Technology
    • Brightcove Earns Top ISO Security Certification, Bolstering Commitment to Data Security for Its Customers

      The respected certification differentiates Brightcove and its award-winning intelligent video engagement platform, ensuring top-tier security for its global customers Brightcove (NASDAQ:BCOV), the world's most trusted streaming technology company, today announced it has earned the ISO/IEC 27001 certification. This internationally recognized standard confirms Brightcove's dedication to maintaining the highest level of information security management for the company and its global customers across various sectors, including media, enterprise, tech, retail, financial services, and hospitality. The ISO/IEC 27001 certification further advances Brightcove's strict approach to data security. E

      1/16/25 8:58:00 AM ET
      $BCOV
      EDP Services
      Technology

    $BCOV
    Leadership Updates

    Live Leadership Updates

    See more
    • Brightcove Appoints New CMO and CRO, Creates COO Position

      Industry veterans Kathy Klingler and Jim Norton join as CMO and CRO, David Beck elevated to newly created COO role in Executive Team build-out Brightcove (NASDAQ:BCOV), the world's most trusted streaming technology company, today announced two additions and a newly formed role to its executive leadership team. Kathy Klingler has been appointed Chief Marketing Officer (CMO), and Jim Norton as Chief Revenue Officer (CRO), effective January 8, 2024. Additionally, Brightcove's current Chief Strategy and Corporate Development Officer, David Beck, is taking on an expanded role as Chief Operating Officer (COO). "With the addition of Kathy and Jim and the evolution of David's role, our world-cl

      12/19/23 8:30:00 AM ET
      $BCOV
      EDP Services
      Technology
    • Brightcove Appoints Trisha Stiles as Chief People Officer

      Former Salesforce Employee Success Leader and Head of HR at CBSi Joins Brightcove to Lead Human Resources Brightcove Inc. (NASDAQ:BCOV), the trusted leader in streaming technology, has appointed Trisha Stiles as Chief People Officer (CPO). Stiles will assume responsibilities on Aug. 29, leading human resource strategy, including talent and performance management, spearheading diversity, equity, and inclusion initiatives, developing competitive people practices, and reinforcing the company's strategic direction and business growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220726005414/en/Trisha Stiles, CPO Brightcove (Photo

      7/26/22 8:30:00 AM ET
      $BCOV
      EDP Services
      Technology
    • Brightcove Appoints Dan Freund as Chief Revenue Officer

      Former Oracle Global Sales Executive Joins Brightcove to Further Sales and Customer Success Brightcove Inc. (NASDAQ:BCOV), a trusted leader in streaming technology, today announced Dan Freund will join the company as its Chief Revenue Officer (CRO) on August 1, 2022. In this role, Freund will be responsible for all aspects of Brightcove's revenue performance, including managing its global sales and customer success organizations and executing its go-to-market strategy. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220720005312/en/DAN FREUND BRIGHTCOVE CRO (Photo: Business Wire) Freund will report directly to Brightcove's Chief

      7/20/22 8:30:00 AM ET
      $BCOV
      EDP Services
      Technology