Qumu Corp (NASDAQ:QUMU) stock is trading weak in the pre-market session after the company posted quarterly results. The stock has jumped 33% over the past week.
Market Action
In the pre-market session, QUMU stock is down 17% to $3.19 with more 5k shares traded hands.
Major Trigger:
Qumu Reports Preliminary Second Quarter 2021 Financial Results and Updates 2021 Business Outlook
Key Highlights:
- 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.
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