OneStream (NASDAQ:OS) has reported a significant financial upturn in its second-quarter results.
The company reported a substantial 36% increase in total revenue year-over-year, reaching $117.5 million.
This growth is spearheaded by a significant 44% surge in subscription revenue, which totaled $103.1 million for the quarter.
Despite a decrease in GAAP operating margin to 10% from 19% in the second quarter of 2023, OneStream successfully reduced its GAAP operating losses to $11.6 million, down from $16.2 million in the corresponding period last year.
This improvement highlights the company's ongoing efforts to enhance operational efficiency.
Looking ahead, OneStream has set an optimistic forecast for the third quarter of 2024, with expected total revenue ranging between $123 million and $125 million.
The company also projects its non-GAAP operating margin to improve, estimating a range from a 2% loss to potentially breaking even.
For the full year, OneStream remains confident in its growth trajectory and expects total revenue to be between $476 million and $480 million.
Following the earnings release, OneStream's share price remained steady at $30.76.