Toronto-based software-as-a-service learning management system Docebo has announced a net loss of US$1.2 million, compared to a net loss of $3.7 million reported for the third quarter of 2019.
Revenue for the quarter was $16.1 million, up from $10.6 million reported for Q3 2019.
The company also reported results for the first nine months of 2020. Its net loss for the period was $3.9 million, compared to a net loss of $8.6 million reported for the first nine months of 2019. Revenue for the nine-month period was $44.2 million, up from $29.1 million reported for the same period in the previous year.
Docebo stated its product is now used by 2,025 customers, an increase from 1,632 customers at the end of September last year.
Year-to-date, Decebo’s share price has rocketed 220% to C$54.53.
Docebo founder and chief executive Claudio Erba said: “Customer momentum remained strong in the third quarter as we reported 55% year-over-year growth in annual recurring revenue and 54% year-over-year growth in subscription revenue, driven by another quarter of record new logo and upsell performance.
“This resulted in our first quarter of positive adjusted EBITDA as a public company as we are seeing strong returns from our investments in growth. We will continue to focus on increasing our sales reach, expanding our relationships with our customers, and broadening our product offering, to capitalise on the tailwinds we are seeing for Docebo and the LMS industry.”
Date published: 13 November 2020