Clearwater Analytics Holdings, Inc. [CWAN] has reported a net loss of $23,083,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $368.2 million
Based in BOISE, Idaho, Clearwater Analytics Holdings, Inc. operates in the SERVICES sector.
In the Consolidated Statements of Operations for Clearwater Analytics Holdings, Inc., expressed in thousands of USD, the comparison between the 12 months ended December 31, 2023, and the prior periods showed the following financial results:
- Revenue for the current period was $368.2 million, a significant increase from $303.4 million in the same period of 2022 and $252.0 million in 2021.
- Cost of revenue amounted to $107.1 million, higher than the $87.8 million in 2022 and $67.9 million in 2021.
- Gross profit rose to $261.0 million in 2023 from $215.6 million in 2022 and $184.2 million in 2021.
- The total operating expenses, including research and development, sales and marketing, and general and administrative costs, totaled $277.8 million in 2023, up from $210.5 million in 2022 and $155.7 million in 2021.
- The company reported a loss from operations of $16.7 million in 2023, a decrease from the income of $5.1 million in 2022 and $28.5 million in 2021.
- The net loss attributable to Clearwater Analytics Holdings, Inc. for the current period was $21.6 million, compared to $8.0 million in 2022 and $8.2 million in 2021.
- The basic and diluted net loss per share attributable to Class A and Class D common stock was $0.11 in 2023, $0.04 in 2022, and $0.05 in 2021.
- The weighted average shares outstanding for basic and diluted calculations increased over the three years, reflecting potential dilution for the respective periods.
Furthermore, equity-based compensation expenses were detailed across different expense categories, showing an increasing trend in such costs over the reporting periods. The financial performance of Clearwater Analytics Holdings, Inc. indicated revenue growth but also raised operating expenses leading to a net loss in 2023, compared to prior years.
Also Read: