Crosslink Capital has stated that the reporting was made jointly with related entities but not as a group, clarifying that each reporting person disclaims beneficial ownership of the securities except to the extent of their respective pecuniary interests. For deeper insights into Weave Communications' financial health and growth prospects, including 8 additional exclusive ProTips and comprehensive valuation metrics, visit InvestingPro. For deeper insights into Weave Communications' financial health and growth prospects, including 8 additional exclusive ProTips and comprehensive valuation metrics, visit InvestingPro.
Following this transaction, Crosslink Capital holds 7,191,943 shares indirectly, according to the filing with the Securities and Exchange Commission. This transaction was disclosed in a Form 4 filing, which indicates that Crosslink Capital maintains its position as a ten percent owner of Weave Communications.
The shares were sold in multiple transactions at prices ranging from $13.99 to $14.25, as noted in the filing. Crosslink Capital, along with its related entities, manages these securities on behalf of various private investment funds. The company emphasizes that the securities may be deemed to be beneficially owned indirectly by Crosslink as the investment adviser and by Michael J. Stark, a key figure at Crosslink, as the control person.
Crosslink Capital has stated that the reporting was made jointly with related entities but not as a group, clarifying that each reporting person disclaims beneficial ownership of the securities except to the extent of their respective pecuniary interests.
In other recent news, Weave Communications reported a significant year-over-year revenue increase in its third quarter of 2024, reaching $52.4 million, surpassing the expected guidance by $1.2 million. The company also marked a milestone with its first positive non-GAAP operating income of $1.4 million. Weave's gross margin improved to 72.5%, maintaining an 11-quarter streak of growth. The net revenue retention rate increased to 98%, with a gross revenue retention rate of 92%.
Piper Sandler confirmed its Overweight rating on Weave Communications, following meetings with the company's top executives. The firm expressed confidence in Weave's strategic direction, which includes plans for new products, partnerships, and payment solutions. These initiatives are expected to serve as catalysts for the company's performance.
Looking forward, Weave raised its 2024 revenue guidance to between $202.7 million and $203.7 million and expects continued positive non-GAAP operating income. The company anticipates Q4 2024 revenue to be in the range of $52.6 million to $53.6 million. These recent developments underscore Weave's commitment to growth and operational efficiency.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.