Services-Prepackaged SoftwareIFRS · EUR

On24 Inc.

ON24 is a U.S.-based software company that provides a digital experience platform for webinars, virtual events, content hubs, and personalized landing pages. Its products are used by businesses to engage prospects and customers through interactive online experiences, analytics, and integrations with marketing, CRM, and BI systems.

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Revenue139m EUR
−5.9 %y/y
Operating profit (EBIT)-35.8m EUR
+29.4 %y/y
EBIT margin-25.7%
+8.5 ppy/y
Net income-28.9m EUR
+31.6 %y/y
Free cash flow4.0m EUR
+54.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300m EUR2020: 157 m EUR2020: EBIT 22 m EUR20202021: 204 m EUR2021: EBIT -24 m EUR20212022: 191 m EUR2022: EBIT -60 m EUR20222023: 164 m EUR2023: EBIT -62 m EUR20232024: 148 m EUR2024: EBIT -51 m EUR20242025: 139 m EUR2025: EBIT -36 m EUR2025139-36
RevenueOperating profit (EBIT)
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Business

Share of revenue
Core platform experiences70 %

Live webinars, virtual events, breakout rooms, and content hubs used to engage audiences.

Personalization and conversion tools10 %

Targeted landing pages and AI-driven experiences designed to drive buyer action.

Analytics and data products10 %

First-party data, reporting, benchmarking, and intelligence tools for marketers.

Integrations and platform ecosystem5 %

Connectors and integrations with marketing automation, CRM, and BI systems.

Services and support5 %

Professional services, onboarding, training, and platform support.

Products

Reported · share of revenue
92.2%FY2025100 %
  • Subscription and Other Platform92.2 %
  • Professional Services7.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

ON24 sells primarily to B2B organizations that use digital experiences to generate and nurture pipeline, especially enterprise and commercial marketing teams. Its customer base spans fast-growing companies through Fortune 100 enterprises, with concentration in technology, financial services, life sciences, manufacturing, and professional services. Buyers typically choose ON24 to run webinars and virtual events, capture first-party engagement data, and connect those interactions to sales and marketing workflows.

Enterprise customers

Large organizations buying platform subscriptions for webinars, events, and content experiences to support demand generation and account-based marketing.

Commercial customers

Mid-market and smaller businesses using ON24 to create scalable digital engagement and qualify leads efficiently.

Technology

Technology companies using ON24 for product marketing, lead generation, and customer education.

Financial services

Banks, insurers, and asset managers using secure digital experiences for marketing and thought leadership.

Life sciences and healthcare

Pharma and healthcare-related customers using webinars and content hubs for education and engagement.

Strategy

ON24’s strategy centers on expanding wallet share within enterprise accounts, driving adoption in the commercial market, and increasing product attachments across its platform. The company also emphasizes international expansion and deeper integration into customer marketing stacks, which supports retention and makes the platform harder to replace.

Enterprise account expansionShort term

Large customers can generate recurring platform usage and additional product adoption over time.

Commercial market growthMedium term

A broader base of smaller customers can diversify revenue and improve scale.

Product attachment and innovationMedium term

More modules and higher usage increase stickiness and customer lifetime value.

International expansionLong term

Non-U.S. markets provide additional growth runway for digital engagement software.

Geography

ON24 is headquartered in the United States and generates most of its revenue domestically, with roughly 22-23% coming from outside the U.S. in recent reported quarters. The company serves customers globally and is pursuing additional international expansion, which increases exposure to local regulatory, privacy, and geopolitical differences. Its business is delivered through a software platform, so geography matters mainly through customer location, compliance requirements, and sales coverage rather than manufacturing footprint.

Risks

ON24 depends on customer acquisition, renewal, and expansion in a competitive software market where demand can shift with marketing budgets and macro conditions. Its platform also handles sensitive customer and user data, so cybersecurity, privacy regulation, and third-party service reliability are material operational risks. International growth adds exposure to local compliance requirements and geopolitical disruptions, while the company’s product mix and revenue can be affected by the return of in-person events.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Slower customer acquisition or weaker renewals1Cybersecurity incident or data breach2Shift away from virtual events toward in-person formats3Privacy and data regulation changes4International and geopolitical disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Slower customer acquisition or weaker renewalsImpact: HighLikelihood: High

    The business relies on subscription adoption and expansion across enterprise and commercial accounts.

    Exposure: Revenue growth and ARR

  2. Cybersecurity incident or data breachImpact: HighLikelihood: Medium

    The platform stores and transmits sensitive customer and attendee information, making it a target.

    ExposurePlatform uptimeReputationLegal liability
  3. Shift away from virtual events toward in-person formatsImpact: MediumLikelihood: High

    Some managed virtual event offerings may see lower demand as physical events recover.

    Exposure: Virtual Conference product line

  4. Privacy and data regulation changesImpact: MediumLikelihood: Medium

    GDPR, CCPA, and similar rules can require product modifications and increase compliance burden.

    Exposure: Product features and customer demand

  5. International and geopolitical disruptionImpact: MediumLikelihood: Medium

    Cross-border selling exposes the company to local laws, customs, and regional instability.

    Exposure: Non-U.S. revenue

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Accounting

Judgemental items
Revenue recognition

Contracts can include platform access plus professional services, requiring judgment on distinct performance obligations.

Impact: Affects timing of recognized revenue and deferred revenue balances

Deferred revenue and billing timing

Subscription billing frequency can cause revenue and cash collection to differ across quarters.

Impact: Can create seasonal or timing-driven fluctuations in reported results

Lease obligations

Office leases and new headquarters commitments affect balance sheet liabilities and future cash needs.

Impact: Impacts operating lease liabilities and expense recognition

Restructuring accruals

Workforce reduction charges depend on severance and termination benefit estimates.

Impact: Affects operating expenses and comparability across periods

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Last updated: 24/09/2026