Brightcove Inc. (BCOV) stock falls in the pre-market trading. What has happened?

Brightcove Inc. (NASDAQ: BCOV) stock plunged by 0.15% at last close while the BCOV stock keeps on declining by 13.37% in the pre-market trading session after Brightcove has announced its financial results for the first quarter of 2021. Brightcove’s award-winning technology has been helping consumers explore and experience the amazing power of video since 2004, enabling organizations in more than 70 countries around the world to reach audiences in bold and creative ways.

Financial Highlights

On April 28, 2021, BCOV reported its financial results for the first quarter ended March 31, 2021. Given below are the highlights:

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  • For the first quarter of 2021, revenue was $54.8 million, up 18% from $46.7 million in the first quarter of 2020.
  • In the first quarter of 2021, gross profit was $35.6 million, with a net margin of 65%, relative to $28.0 million and 60% in Q1 2020.
  • In the first quarter of 2021, income from operations was $6.1 million, opposed to a loss of $7.1 million in the first quarter of 2020.
  • For the first quarter of 2021, net income was $5.1 million, or $0.12 per diluted share whereas in the Q1 2020, BCOV had a net loss of $7.9 million, or $0.20 per diluted share.
  • BCOV’s net income for the first quarter of 2021 was $5.1 million, or $0.12 per diluted share. In the first quarter of 2020, the company had a net loss of $7.9 million, or $0.20 per diluted share.
  • For the first quarter of 2021, adjusted EBITDA was $8.6 million, relative to $3.7 million in the first quarter of 2020.
  • The first quarter of 2021 saw $604,000 in cash flow used by operations, relative to $2.4 million in cash flow generated by operations in the Q1 of 2020.
  • On March 31, 2021, cash and cash equivalents totaled $35.2 million, down from $37.5 million on December 31, 2020.

Future Outlook

Giving an idea about BCOV’s future business progress, the revenue for the second quarter of 2021 is estimated to be in the range of $49.5 million to $50.5 million, including about $2.7 million in professional services revenue, while revenue for the year is expected to be in the range of $211.0 million to $217.0 million, including about $12.5 million in professional services revenue.

Non-GAAP income from operations is estimated to be between $1.0 million to $2.0 million in Q2 2021, except $9.2 million in stock-based compensation, $3.0 million in amortization of acquired intangible assets, and ($2.0) million in other (benefit) cost. Non-GAAP income from operations is forecast to be in the range of $20.0 million to $25.0 million for the full year 2021.

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