- IronSource Ltd IS reported first-quarter FY22 revenue growth of 58% year-on-year to $189.7 million, beating the consensus of $183.6 million.
- The non-GAAP gross margin contracted 200 bps to 85% as the costs soared 99% Y/Y.
- The non-GAAP adjusted EBITDA margin contracted 200 bps to 31%.
- Non-GAAP EPS of $0.05 beat the consensus of $0.03.
- IronSource held $444.7 million in cash and equivalents and generated $20.6 million in operating cash flow.
- “We’ve had an excellent quarter, with record revenue of $190 million, growing 58% year-over-year, and a dollar-based net expansion rate of 153%, as ironSource has become the gateway to the App Economy and the platform of choice for app developers turning their apps into successful businesses,” CEO Tomer Bar-Zeev said.
- Outlook: IS sees Q2 revenue of $180 million – $185 million, below the consensus of $194.2 million.
- IronSource cut the FY22 revenue guidance from $790 million – $820 million to $750 million – $780 million, below the consensus of $810.9 million.
- Price Action: IS shares traded lower by 7.61% at $2.93 in the premarket on the last check Thursday.
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