On November 2, 2023, eGain Corp (EGAN, Financial), a leading provider of knowledge automation platform for customer engagement, announced its financial results for the first quarter of fiscal 2024, which ended on September 30, 2023. The company reported improved profitability and operating cash flow, exceeding both its projections and street expectations.
Financial Performance
eGain reported a total revenue of $24.2 million for Q1 2024, a slight decrease from $24.8 million in Q1 2023. The company's net income for the quarter was $2.6 million, compared to a net loss of $16,000 in the same quarter of the previous year. The company's earnings per share (EPS) for the quarter was $0.08, a significant improvement from a loss per share of $0.00 in Q1 2023.
Stock Repurchase Program
The company's board of directors has extended the stock repurchase program, originally effective on November 14, 2022, by an additional year, until November 14, 2024. Under this program, eGain may purchase up to an aggregate of $20 million shares of common stock through open market transactions or privately negotiated transactions at prices deemed appropriate by the company.
Non-GAAP Financial Measures
eGain reported non-GAAP income from operations of $2.6 million for Q1 2024, compared to $1.4 million in Q1 2023. The company's non-GAAP net income for the quarter was $3.8 million, compared to $2.0 million in the same quarter of the previous year. The company's non-GAAP earnings per share for the quarter was $0.12, compared to $0.06 in Q1 2023.
Balance Sheet Highlights
As of September 30, 2023, eGain had cash and cash equivalents of $79.8 million, an increase from $73.2 million as of June 30, 2023. The company's total assets were $122.9 million, a decrease from $130.1 million as of June 30, 2023. The company's total liabilities were $58.7 million, a decrease from $68.4 million as of June 30, 2023.
eGain's CEO, Ashu Roy, commented on the results, saying,
We delivered top and bottom-line results ahead of both our projections and street expectations. Our disciplined execution significantly improved profitability and operating cash flow in the quarter. And our recently launched eGain AssistGPTâ„¢ solution, the first-of-its-kind to automate knowledge for customer engagement, is being enthusiastically received by the market."
Explore the complete 8-K earnings release (here) from eGain Corp for further details.
