Benzinga | Jun 29, 2021 04:08PM EDT

Qumu Sees Q2 2021 Revs $5.7M-$5.9M Vs $6.57M Est

Qumu Corporation (NASDAQ:QUMU), a leading provider of cloud-based enterprise video technology for organizations of all sizes, today announced select preliminary financial results for the second quarter ending June 30, 2021, which remain subject to customary quarterly review procedures. The Company also updated its financial guidance for the full year ending December 31, 2021.

Qumu executive management team will be hosting a conference call to discuss these results today (June 29, 2021) at 5:00 p.m. Eastern time.

U.S. Dial-In Number: +1 (833) 644-0679

International Dial-In Number: +1 (918) 922-6755

Investors can also access a webcast of the live conference call by linking through the investor relations section of the Qumu website at https://ir.qumu.com.

Preliminary Q2 2021 Financial Results

Based on preliminary unaudited results, the Company expects revenue for Q2 2021 to range between $5.7 million and $5.9 million. This compares to revenue of $9.3 million in Q2 2020 and $5.8 million in Q1 2021.

Subscription, maintenance, and support revenue for Q2 2021 is expected to range between $4.9 million and $5.1 million. This compares to subscription, maintenance, and support revenue of $4.7 million in Q2 2020 and $5.0 million in Q1 2021.

Subscription annual recurring revenue (ARR) is expected to range between $12.0 million and $12.2 million for Q2 2021, compared to $9.7 million in Q2 2020 and $11.9 million in Q1 2021.

Gross margin for Q2 2021 is expected to range between 72.5% and 73.5%. This compares to 68.5% in Q2 2020 and 73.1% in Q1 2021.

Net loss for Q2 2021 is expected to range between $(4.9) million and $(4.3) million as compared to net loss of $(692,000) in Q2 2020 and $(4.5) million in Q1 2021. Adjusted EBITDA loss, a non-GAAP measure, for Q2 2021 is expected to range between $(5.1) million and $(4.8) million. This compares to adjusted EBITDA of $809,000 in Q2 2020 and adjusted EBITDA loss of $(4.1) million in Q1 2021.

Complete financial results for Q2 2021 will be released in late July. The details of the conference call will be provided prior to the event.