Ooma Inc (NYSE:OOMA)
Ooma Inc (NYSE:OOMA) a communications platform for consumers and small businesses announced financial results for 4Q2017 and fiscal year 2017 closed January 31, 2017. The revenue in 4Q2017 surged 13% YoY to $27.6 million. Subscription and services revenue jumped 17% YoY to $24 million. It accounted 87% of total revenue. During the same period, product and other revenue dropped 6% YoY to $3.5 million, and accounted 13% of total revenue.
Ooma reported that in 4Q2017, GAAP net loss came at $2.8 million against GAAP net loss of $3.2 million in the fourth quarter of FY2016. Non-GAAP net loss came at $0.2 million versus non-GAAP net loss of over $1.5 million, in 4Q2016. Adjusted EBITDA stood at $0.2 million for 4Q2017 as against ($1.3) million in the preceding year period.
For FY2017, total revenue jumped 18% YoY to $104.5 million. Subscription and services revenue surged 25% YoY to $91.1 million, and accounted 87% of total revenue. During the same period, product and other revenue dropped 15% YoY to $13.4 million, and accounted 13% of total revenue.
GAAP net loss stood at $12.9 million versus GAAP net loss of around $14 million, in FY2016. Non-GAAP net loss came at $2.7 million as against non-GAAP net loss of over $8 million, in FY2016. Adjusted EBITDA stood at ($1.4) million for FY2017 versus ($6.5) million in the preceding year period.
Eric Stang, the CEO of Ooma, reported that they are implementing well on their extensive vision to advance small business client base and extend beyond telephony into latest services. The company delivered impressive financial report in the 4Q2017 and for fiscal 2017, led mainly by high growth in Ooma Office. Discussing about FY2018, they plan to continue the development of their small business client base, add new services on their platform, and invest in fresh associations and innovation. The collaboration with WeWork is a thrilling new development for them and provides a new channel with a key international partner.
Ooma Office was chosen as a formal provider of cloud-based corporate phone services to WeWork affiliates in the U.S. and Canada. The company launched Ooma Home Security, which is a broad do-it-yourself home security and monitoring offering that alerts customers of events within their houses.
In the last trading session, the stock price of Ooma declined more than 1% to close at $9.40. The decline came at a share volume of 1,240 compared to average share volume of 82,524.
|Last Price a/o 3:21 PM EST||$9.40|
|Market Cap (mlns)||171.55M|
|Shares Outstanding (mlns)||18.25M|
|Share Float (mlns)||16.48M|
|Short Interest Ratio||2.88|
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.