Summary
Fiscal 2024 ended with Domo showing modest top-line growth and much better bottom-line discipline. Total revenue was $80.2 million in Q4, up 0.7% from the prior-year quarter. For the full fiscal year, revenue was $319.0 million, up 3.4%. Gross profit was $61.1 million in Q4, flat compared with the prior-year quarter. Gross margin was 76.3%, down 0.9 percentage points year over year. Full-year gross margin was also 76.3%, flat year over year. The company still lost money on a GAAP basis, but losses shrank. Q4 operating loss narrowed to $13.3 million, and operating margin improved to -16.6%, up 3.6 percentage points. Full-year operating loss narrowed to $54.9 million, and operating margin improved to -17.2%, up 11.6 percentage points. Net loss narrowed to $18.7 million in Q4 and to $75.6 million for the full year. Full-year diluted EPS improved to -$2.10.
Billings, a non-GAAP measure, were $105.4 million in Q4, up 1% year over year. Full-year billings were $321.1 million, down 1%. Remaining performance obligations stood at $373.3 million as of January 31, 2024, and Domo expects to recognize $241.2 million of that amount as revenue in the next twelve months. Customer retention weakened. ARR net retention rate was 91% in Q4 fiscal 2024, down from 101% in Q4 fiscal 2023. Gross retention rate was 86% for the twelve months ended January 31, 2024, down from 89% for the prior-year period. Domo had over 2,600 customers at January 31, 2024, and customer count increased 3% from January 31, 2023. Enterprise customers made up a smaller share of fiscal 2024 revenue than in fiscal 2023. Management said enterprise revenue declined for the year and expects it to keep declining in the near term.
Cash generation improved. Net cash provided by operating activities was $5.4 million in Q4, up from a negative prior-year quarter. For the full year, operating cash flow was $2.6 million, up from a negative prior-year figure. Capital expenditures were $2.5 million in Q4, down 13.8% from the prior-year quarter. Full-year capital expenditures rose to $11.7 million. Deferred revenue was $188.0 million at January 31, 2024, up 1.1% from the prior-year date. On a non-GAAP basis, Q4 net loss was $1.9 million, or $0.05 per share. Full-year non-GAAP net loss was $8.8 million, or $0.25 per share.
Guidance points to little growth. For the first quarter of fiscal 2025, Domo expects revenue of $79.0 million to $80.0 million and non-GAAP net loss per share of $0.21 to $0.25. For the full fiscal year 2025, the company guides revenue to $315.0 million to $323.0 million and non-GAAP net loss per share to $0.36 to $0.46. Management said it expects total revenue in fiscal 2025 to be flat compared with fiscal 2024. The macro backdrop remains difficult. Domo cited an elongated software sales cycle, increased deal scrutiny, and more challenging renewal discussions. Those factors have hurt enterprise customers most. The shift to consumption-based pricing adds uncertainty because Domo has limited experience with that model. The company also has a history of net losses and an accumulated deficit. Domo says existing cash and cash equivalents should meet projected operating requirements for at least the next twelve months. In February 2024, it amended its credit facility to extend maturity from April 1, 2025 to April 1, 2026.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2024 | Q3 FY2024 | QoQ | Q4 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $80.2M | $79.7M | +0.6% | $79.6M | +0.7% |
| Gross profit | $61.1M | $60.9M | +0.4% | $61.4M | -0.5% |
| Gross margin | 76.3% | 76.4% | -0.2 pp | 77.2% | -0.9 pp |
| Research & development | $21.1M | $19.7M | +7.0% | $22.0M | -3.9% |
| Sales & marketing | $39.4M | $40.3M | -2.0% | $42.0M | -6.1% |
| General & administrative | $13.9M | $12.1M | +14.9% | $13.5M | +3.0% |
| Total operating expenses | $74.5M | $72.1M | +3.3% | $77.5M | -3.9% |
| Operating income (loss) | -$13.3M | -$11.2M | -18.9% | -$16.1M | +17.0% |
| Operating margin | -16.6% | -14.1% | -2.6 pp | -20.2% | +3.6 pp |
| Net income (loss) | -$18.7M | -$16.4M | -13.8% | -$19.8M | +5.7% |
| Net margin | -23.3% | -20.6% | -2.7 pp | -24.9% | +1.6 pp |
| Diluted EPS | -$0.52 | -$0.45 | -$0.07 | -$0.58 | +$0.06 |
Risks
Domo is transitioning to consumption-based pricing and has limited experience with it. MD&A says revenue will be negatively impacted in the near term, and customers may use less data than initially contracted, lowering net retention in future years.
ARR net retention rate declined to 91% in Q4 FY2024 from 108% in Q1 FY2023. Gross retention rate declined to 86% for the 12 months ended Jan 31, 2024, from 89% and 90% in the prior two fiscal years, with management citing slowing upsells and challenging renewals.
Enterprise customer revenue declined 3% for FY2024 to $155.7 million from $160.6 million in FY2023, and MD&A expects it to continue to decline in the near term. Enterprise customers were 49% of revenue in FY2024, down from 52% in FY2023 and 56% in FY2022.
MD&A says macroeconomic conditions have elongated the software sales cycle, increased deal scrutiny, and made renewal discussions more challenging. Enterprise sales cycles can run from about six months to multiple years, and many negotiations are concentrated at the end of the quarter.
As of Jan 31, 2024, cash, cash equivalents, and restricted cash were $60.9 million, the $100 million credit facility was fully drawn, and no amounts were available to draw. Domo had an accumulated deficit of $1,405.6 million and may need additional financing that could be unavailable or dilutive.
The credit facility contains restrictive covenants and a financial covenant based on indebtedness to annualized recurring revenue, with a maximum ratio of 0.500. Non-compliance could cause outstanding principal, interest, and fees to become due immediately.
The platform uses machine learning and artificial intelligence, and risk factors warn algorithms may be flawed, datasets may be biased, and outputs may appear correct but be factually inaccurate. Evolving laws such as the proposed E.U. Artificial Intelligence Act could increase regulatory scrutiny and compliance costs.
Competitors include Microsoft, Oracle, SAP, IBM, Tableau, and salesforce.com, many with greater resources that may bundle analytics products at significant discounts or no charge. This could lead to price cuts, longer sales cycles, and loss of market share.
Founder and CEO Joshua G. James beneficially controlled approximately 80% of voting power as of Jan 31, 2024, and has pledged his shares to secure a loan. A default or sale of pledged shares could cause the Class B common stock price to decline or be volatile.
As of Jan 31, 2024, federal and state NOL carryforwards were approximately $1,178.3 million and $1,352.8 million, respectively. Ownership changes under Section 382 could limit their use, and the federal NOLs begin to expire in various years beginning in 2032.
Platform success depends on access to data maintained on third-party software and service platforms. Domo generally lacks guaranteed access agreements, and third parties could restrict data connectors or the speed of data delivery, harming customer access and operating results.
Subscription agreements with many top customers include service level commitments. Failure to meet them or extended downtime could require service credits, trigger terminations, or harm Domo's reputation.
SaaS KPIs
All quarters →Total Customers
Summary, forecast, risks and KPIs are extracted from Huckleberry.ai, Inc.'s SEC filings for Q4 FY2024 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 1, 2026.