Q3 2024 Financial Result Leaders

November 13, 2024

DENVER, Colo., Nov 13, 2024 (247marketnews.com)- Dave (NASDAQ: DAVE), Rocket Lab (NASDAQ: RKLB), and CyberArk (NASDAQ: CYBR), are trading higher, following this morning’s round of third quarter 2024 results announcements, and the market’s reaction highlights the importance of finding the next quarterly results gem, like Siyata Mobile (NASDAQ: SYTA), which reports tomorrow.

Siyata Mobile (NASDAQ: SYTA) wrapped up what appears to be a breakout quarter, in line with Marc Seelenfreund’s, CEO of Siyata, previous quarter’s projections, “Second quarter revenue growth was tempered in large part due to the timing of the delivery of customer orders. However, we have a backlog of more than $7 million of confirmed orders, which gives us strong visibility into the second half of 2024. As such, we expect the third quarter will be a break-out quarter with high double-digit year-over-year growth as the delivery of orders accelerates. We have achieved ‘stocked’ status for our SD7 handsets with four of the largest North American cellular carriers and continue to tap into new vertical markets reinforcing a growth trajectory that extends into 2025 and beyond.”

After focusing a sizable portion of its efforts to get the largest carriers to stock its products, including AT&T (NYSE: T), Verizon (NYSE: VZ), and T-Mobile (NASDAQ: TMUS), Siyata announced that it booked more than $4.5 million in aggregate sales from these wireless carriers.

Siyata followed up by announcing sales to Bensalem Township School District, a large follow-on order from a international EMS service provider, and that a couple of Californian governmental organizations replaced their legacy two-way radios with Siyata’s SD7 Push-to-Talk (PTT) Handsets and VK7 Vehicle Kits.

Dave (NASDAQ: DAVE) reported record third quarter revenue of $92.5 Million, representing a 41% year-over-year increase and raised its 2024 revenue and adjusted EBITDA guidance.

Jason Wilk, Dave’s Founder and CEO, stated, “As we announced last week when issuing preliminary results, we once again exceeded growth and profitability expectations in the third quarter.

“Our fourth consecutive quarter of accelerating year-over-year revenue growth resulted from double-digit increases in both ARPU and monthly transacting members to quarterly records for both metrics. We delivered another record quarter of variable margin, which expanded nearly 1,300 basis points year-over-year, driven by stellar credit performance enabled by CashAI. We achieved highly efficient customer acquisition costs at greater scale and significant operating leverage as we remained disciplined in managing our fixed costs. This resulted in 63% sequential growth in Adjusted EBITDA. We plan to continue executing on our growth and profitability initiatives as we aim to deliver value for both Dave customers and shareholders.

“Given the scale we’ve achieved and the strong member growth we continue to experience, earlier today we announced that we entered into a non-binding letter of intent to form a strategic partnership with what we believe to be one of the most highly respected fintech sponsor banks in order to further diversify our key commercial relationships. This new bank partner, whose parent is publicly traded, will leverage its strong compliance and risk management capabilities to sponsor our current and future credit and banking products in support of Dave’s mission of leveling the financial playing field for everyday Americans.”

Rocket Lab’s (NASDAQ: RKLB) third quarter financial results report included a 55% year-on-year growth in revenue to $105 million and is forecasting further revenue growth for the fourth quarter to $125-135 million.

Sir Peter Beck, Rocket Lab’s founder and CEO, commented, “In the third quarter 2024 we once again executed against our end-to-end space strategy with successes and key achievements reached across small and medium launch, as well as space systems. Revenue grew 55% year-on-year to $105 million and we continue to see strong demand growth with our backlog at $1.05 billion. Significant achievements for the quarter included signing a launch service agreement for multiple launches on Neutron with a confidential commercial satellite constellation customer; successfully launching twelve Electron launches year-to-date, making 2024 a record year for launches with more still to come; signing $55 million in new Electron launches, further cementing Electron’s position as a global launch leader; and being selected by NASA to complete a study contract for a proposal to retrieve samples from Mars and return them to Earth as part of a world-first mission. We expect to close out the year strongly with more Electron launches scheduled in November and December, alongside continued progress across Neutron and space systems, that is behind our guidance for a record $125-$135 million revenue quarter in Q4.”

CyberArk’s (NASDAQ: CYBR) third quarter financial results exceeded all guided metrics, as set a total revenue record of $240.1 million, representing a 26% year-over-year growth rate.

Matt Cohen, CyberArk’s Chief Executive Officer, said, “CyberArk reported strong results and outperformed guidance across all metrics. Our best-in-class execution and industry leadership in identity security is helping us deliver strong net new ARR, record revenue and increased profitability and cash flow.

“The security first approach is at the core of CyberArk’s DNA and differentiating us from competitors. We continue to deliver on our vision of securing every identity – human and machine – with the right level of privilege controls. Demand for our solutions remains strong as customers continue to embrace our industry leading solutions across workforce, IT, developer and machine identities. Given the tremendous market opportunity, the mission critical nature of securing all identities, and durable demand drivers, we are confidently raising our guidance for the full year 2024 across all metrics.

“We are thrilled to have closed the acquisition of Venafi on October 1, extending our platform leadership and setting a new standard for end-to-end machine identity security. Feedback from both customers and partners has further validated our excitement. Machine identities are the fastest growing and most complex identities today, and Venafi’s cloud native, modern machine identity management solution is the leader in a market that is ready for an inflection.”

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