Octave Intelligence plc (NASDAQ: OCTV) shares began Wednesday lower, having announced financial results for the second quarter ended June 30.
"Our second-quarter results reflect the continued momentum we are building as a newly independent company, with ARR of $1,143 million, up 7% year-over-year, and SaaS revenue growth of 21%," said CEO Mattias Stenberg.
Total revenue of $398 million, a decrease of 4% on a quarterly as-reported year-over-year basis and a decrease of 1% on an organic constant currency basis
Recurring revenue of $283 million, an increase of 6% on a quarterly as-reported year-over-year basis and organic constant currency basis.
Annualized recurring revenue of $1,143 million, compared to $1,066 million in the prior year, an increase of 7% year-over-year. Cash flow from operations of $125 million and Free cash flow of $93 million.
"We are moving faster and investing with focus, delivering strong free cash flow in the quarter while executing on our go-to-market priorities and deepening the platform and agentic capabilities that make our customers' operating context more valuable to them.
“The deliberate shift in our business model means recurring revenue growth and ARR are the better indicators of underlying performance than reported total revenue. We remain confident in the path and the medium-term financial objectives we shared at our March investor day"
OCTV shares dropped $2.06, or 10.5%, to $17.66
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