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Appian Corp (NASDAQ:APPN) reported fiscal second-quarter 2024 revenue growth of 15% year-on-year to $146.45 million, beating the analyst consensus estimate of $142.95 million.
Adjusted EPS loss of 26 cents beat the analyst consensus loss of 31 cents. The stock price plunged after the results.
Total subscription revenue increased 15% year over year to $113.5 million. Professional services revenue was $33.5 million, down 1% year over year.
“Due to enhanced functionality launched this quarter, Appian AI usage nearly doubled,” said Matt Calkins, CEO & Founder. “Looking ahead, we are accelerating our path to profitability. We now expect to achieve adjusted EBITDA breakeven for the full year 2024.”
Appian ended the quarter with cash and equivalents of $149.1 million. It used 17.6 million in operating cash flow compared to using $11.9 million last year.
Outlook: Appian expects third-quarter revenue of $149.00 million–$153.00 million, up by 9%–12% Y/Y against the consensus of $155.56 million. It projects an adjusted EPS loss of 10 cents–6 cents versus the 18 cents consensus loss.
The company expects fiscal 2024 revenue of $610.0 million–$615.0 million (prior $615.00 million–$617.00 million), up by 12%–13% Y/Y, below the consensus of $615.69 million.
It projects adjusted EPS loss of $(0.61)–$(0.52) (prior $(0.85)–$(0.79)), against the consensus loss of $(0.80).
Appian stock has lost 36% in the last 12 months. On July 30, DA Davidson downgraded the stock’s rating from Buy to Neutral, with a price target of $33, down from $48.
Price Action: APPN shares traded lower by 12.30% at $32.10 at the last check on Thursday.
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