ONTF

MKT CAP:$348M

ON24, Inc.

Market Cap

$348M

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$8.10+$0.14 (+1.76%)

Mar 31, 2026

Company Details

ON24, Inc. provides a cloud-based digital experience platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides...

CEO

Sharat Sharan

IPO Date

Feb 3, 2021

Website

www.on24.com

Key Metrics TTM

Revenue

$139M

-5.9% YoY

Net Income

-$29M

EPS (Diluted)

-$0.68

Free Cash Flow

$4M

Revenue / Share

$3.28

Gross Margin

74.6%

Operating Margin

-25.7%

Net Margin

-20.7%

FCF Margin

2.8%

P/S

2.5x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 12, 2026

$139M-5.9%EPS -$0.68

Q4 2025

Mar 12, 2026

$35M-5.6%EPS -$0.15

Q3 2025

Nov 10, 2025

$35M-4.7%EPS -$0.15

Q2 2025

Aug 8, 2025

$35M-5.4%EPS -$0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$48M	$36M	-$15M
Q2 22	$48M	$35M	-$16M
Q3 22	$48M	$34M	-$15M
Q4 22	$47M	$33M	-$14M
Q1 23	$43M	$30M	-$20M
Q2 23	$42M	$30M	-$16M
Q3 23	$39M	$28M	-$14M
Q4 23	$39M	$29M	-$12M
Q1 24	$38M	$28M	-$12M
Q2 24	$37M	$28M	-$13M
Q3 24	$36M	$27M	-$13M
Q4 24	$37M	$27M	-$12M
Q1 25	$35M	$26M	-$10M
Q2 25	$35M	$27M	-$9M
Q3 25	$35M	$26M	-$8M
Q4 25	$35M	$26M	-$8M

Valuation

Quarter	P/S	P/E
Q1 22	1.7x	—
Q2 22	1.8x	—
Q3 22	1.8x	—
Q4 22	1.8x	—
Q1 23	1.9x	—
Q2 23	1.9x	—
Q3 23	2.0x	—
Q4 23	2.1x	—
Q1 24	2.2x	—
Q2 24	2.3x	—
Q3 24	2.3x	—
Q4 24	2.4x	—
Q1 25	2.4x	—
Q2 25	2.4x	—
Q3 25	2.5x	—
Q4 25	2.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$7M	-$8M
Q2 22	-$3M	-$3M
Q3 22	-$3M	-$4M
Q4 22	-$8M	-$9M
Q1 23	-$4M	-$4M
Q2 23	-$4M	-$5M
Q3 23	-$3M	-$3M
Q4 23	-$859.0K	-$2M
Q1 24	$2M	$1M
Q2 24	$1M	$898.0K
Q3 24	$295.0K	$143.0K
Q4 24	$985.0K	$424.0K
Q1 25	$3M	$2M
Q2 25	$3M	$2M
Q3 25	$3M	$2M
Q4 25	-$1M	-$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$984.0K
Q2 22	$690.0K
Q3 22	$726.0K
Q4 22	$1M
Q1 23	$178.0K
Q2 23	$554.0K
Q3 23	$344.0K
Q4 23	$1M
Q1 24	$1M
Q2 24	$490.0K
Q3 24	$152.0K
Q4 24	$561.0K
Q1 25	$1M
Q2 25	$492.0K
Q3 25	$371.0K
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-3.2%	+21.6%
Q2 22	-7.4%	+17.7%
Q3 22	-3.6%	+6.3%
Q4 22	-10.5%	-2.4%
Q1 23	-11.2%	-1.0%
Q2 23	-12.8%	-10.0%
Q3 23	-17.6%	-14.5%
Q4 23	-15.5%	-14.3%
Q1 24	-12.4%	-20.3%
Q2 24	-11.3%	-12.9%
Q3 24	-7.4%	-6.8%
Q4 24	-6.8%	-6.0%
Q1 25	-7.9%	-10.0%
Q2 25	-5.4%	-11.7%
Q3 25	-4.7%	-14.3%
Q4 25	-5.6%	-11.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$10M	19.6%
Q2 22	$10M	20.1%
Q3 22	$10M	20.8%
Q4 22	$9M	20.3%
Q1 23	$10M	23.5%
Q2 23	$12M	27.6%
Q3 23	$12M	29.5%
Q4 23	$12M	29.8%
Q1 24	$10M	27.4%
Q2 24	$12M	32.3%
Q3 24	$12M	32.7%
Q4 24	$11M	29.7%
Q1 25	$7M	20.5%
Q2 25	$7M	20.9%
Q3 25	$7M	21.0%
Q4 25	$7M	20.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$11M	$11M	$29M
Q2 22	$11M	$11M	$29M
Q3 22	$11M	$11M	$27M
Q4 22	$11M	$11M	$25M
Q1 23	$11M	$14M	$24M
Q2 23	$11M	$12M	$23M
Q3 23	$10M	$11M	$22M
Q4 23	$9M	$12M	$21M
Q1 24	$9M	$11M	$20M
Q2 24	$9M	$12M	$19M
Q3 24	$9M	$12M	$19M
Q4 24	$9M	$11M	$19M
Q1 25	$8M	$10M	$18M
Q2 25	$9M	$10M	$18M
Q3 25	$8M	$9M	$16M
Q4 25	$8M	$10M	$16M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	-3.2%	-29.2%	-32.4
Q2 22	-7.4%	-30.6%	-38.1
Q3 22	-3.6%	-27.1%	-30.7
Q4 22	-10.5%	-20.1%	-30.6
Q1 23	-11.2%	-35.9%	-47.1
Q2 23	-12.8%	-25.6%	-38.3
Q3 23	-17.6%	-28.1%	-45.7
Q4 23	-15.5%	-20.5%	-36.1
Q1 24	-12.4%	-23.8%	-36.2
Q2 24	-11.3%	-25.5%	-36.8
Q3 24	-7.4%	-27.6%	-35.0
Q4 24	-6.8%	-22.2%	-28.9
Q1 25	-7.9%	-20.7%	-28.7
Q2 25	-5.4%	-16.4%	-21.8
Q3 25	-4.7%	-14.7%	-19.4
Q4 25	-5.6%	-15.5%	-21.1

Rule of 40

Revenue Segments

Quarter	Professional Services	Subscription And Other Platform
Q1 22	$5M	$43M
Q2 22	$5M	$43M
Q3 22	$4M	$43M
Q4 22	$5M	$42M
Q1 23	$4M	$39M
Q2 23	$4M	$38M
Q3 23	$3M	$36M
Q4 23	$4M	$36M
Q1 24	$3M	$35M
Q2 24	$3M	$34M
Q3 24	$2M	$34M
Q1 25	$3M	$32M
Q2 25	$3M	$32M
Q3 25	$3M	$32M
Q4 25	$3M	$32M

Revenue by Geography

Quarter	Emea	Other Geographical Area	United States
Q1 22	$8M	$4M	$37M
Q2 22	$8M	$4M	$36M
Q3 22	$8M	$4M	$36M
Q4 22	$8M	$3M	$36M
Q1 23	$7M	$3M	$33M
Q2 23	$7M	$2M	$33M
Q3 23	$7M	$2M	$30M
Q4 23	$7M	$2M	$30M
Q1 24	$6M	$2M	$29M
Q2 24	$7M	$2M	$29M
Q3 24	$6M	$2M	$28M
Q1 25	$6M	$2M	$27M
Q2 25	$6M	$2M	$27M
Q3 25	$6M	$2M	$27M
Q4 25	$6M	$2M	$27M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$98M	$262M	$359M
Q2 22	$80M	$265M	$345M
Q3 22	$36M	$305M	$342M
Q4 22	$27M	$301M	$328M
Q1 23	$101M	$215M	$316M
Q2 23	$25M	$215M	$241M
Q3 23	$11M	$203M	$214M
Q4 23	$53M	$145M	$199M
Q1 24	$18M	$178M	$196M
Q2 24	$15M	$178M	$194M
Q3 24	$11M	$178M	$189M
Q4 24	$15M	$168M	$183M
Q1 25	$27M	$154M	$181M
Q2 25	$38M	$142M	$180M
Q3 25	$47M	$128M	$175M
Q4 25	$37M	$131M	$168M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	48M	-0.3%	+46.0%
Q2 22	47M	-0.9%	+1.3%
Q3 22	48M	+1.0%	+1.1%
Q4 22	48M	+0.7%	+0.5%
Q1 23	47M	-1.4%	-0.7%
Q2 23	46M	-3.0%	-2.8%
Q3 23	44M	-4.4%	-8.0%
Q4 23	42M	-5.0%	-13.2%
Q1 24	41M	-0.8%	-12.7%
Q2 24	42M	+1.6%	-8.4%
Q3 24	42M	-0.3%	-4.5%
Q4 24	42M	-0.0%	+0.5%
Q1 25	42M	+0.5%	+1.9%
Q2 25	43M	+1.2%	+1.4%
Q3 25	43M	+0.2%	+1.9%
Q4 25	42M	-0.4%	+1.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$67.6K	717
Q2 22	$67.3K	717
Q3 22	$66.4K	717
Q4 22	$72.8K	640
Q1 23	$67.3K	640
Q2 23	$65.8K	640
Q3 23	$61.3K	640
Q4 23	$85.1K	462
Q1 24	$81.7K	462
Q2 24	$80.8K	462
Q3 24	$78.6K	462
Q4 24	$18.3K	2K
Q1 25	$17.4K	2K
Q2 25	$17.7K	2K
Q3 25	$17.3K	2K
Q4 25	$17.3K	2K

Revenue / Employee