Glassbox Reports Strong Q1 with 49% YoY Non-GAAP Revenue Growth

Driving the company’s strong revenue growth was a record gross retention rate of 96%; Lower than expected cash burn

TEL AVIV, Israel--(BUSINESS WIRE)--Glassbox (TASE:GLBX), a leading provider of digital experience analytics for web and mobile applications, today announced its financial results for the first quarter of 2022 totaling $45.5 million in annual recurring revenue (ARR). This marks the fourth consecutive quarter of accelerated growth catapulted by a record 96% gross customer retention rate. Glassbox continues to be in a strong position for continued growth thanks to its lower than expected operating cash burn of $330,000 in the first quarter. At the same time, Glassbox is building the foundations for positive cash flow and profitability. In addition, the company reported strong revenue of $12.7 million representing 49% non-GAAP quarter over quarter growth.

“Our global teams have worked diligently to kick off Q1 with a competitive edge and positive momentum,” said Yaron Morgenstern, CEO of Glassbox. “We’re continuously innovating our platform and offerings to provide an all-encompassing service for our clients. We’re proud to see these efforts have been effective in attaining new clients and setting Glassbox apart to retain existing ones.”

Glassbox welcomed many new customers in Q1 and witnessed notable expansion in global financial services, retail and insurance markets. The company continues to focus on building strategic alliances with existing clients and new partnerships as it recently announced a 3-year approximately $10 million renewal and expansion with one of the largest banks in the United States.

“The growing industry diversification of our customers demonstrates that frictionless digital journeys are important for every company with a digital presence,” continued Morgenstern. “I look forward to sharing our vision and upcoming product releases on June 1 and 2 at our annual conference, Digital World. Many of our customers, prospects and partners like iHeartMedia, Western Union, Danone and Blue Shield will also present, sharing their insights as to how Glassbox adds value to their companies.”

Also announced in Q1, the company received 150 accolades in the G2 Spring Reports, surpassing the 40 it received in Q4 of 2021. Glassbox was recognized as the leader in nine categories, including: Customer Journey Analytics, Digital Experience Platform (DXP), Mobile App Optimization, Heatmap Tools, Mobile App Analytics, Product Analytics, Mobile Analytics, Session Replay and Digital Analytics.

For more information on Glassbox’s financial performance and to learn more about the company, please visit www.glassbox.com.

About Glassbox:

Glassbox empowers organizations to create frictionless digital journeys for their customers. Our digital experience analytics platform works real-time across mobile apps and the web to accelerate loyalty and growth. Through AI-driven visualization and analytics tools, Glassbox enables teams to prioritize customer experience and digital product enhancements from a single collaborative system. From IT (Information Technology) and product management to marketing and compliance, teams can understand user struggles, visualize the customer journey, and optimize every step. Hundreds of enterprises across multiple industries have chosen Glassbox for easy, secure, and private cloud-based deployments.