0001609151FALSE00016091512024-10-302024-10-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 30, 2024
WEAVE COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
Delaware001-4099826-3302902
(State or other jurisdiction of incorporation or organization)(Commission
File Number)		(I.R.S. Employer
Identification No.)


1331 W Powell Way
Lehi, Utah
84043
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (888) 579-5668
Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13d-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange
on which registered
Common Stock, $0.00001 par valueWEAVNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02 Results of Operations and Financial Condition.
On October 30, 2024, Weave Communications, Inc. issued a press release announcing its financial results for the third quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The foregoing information (including the exhibit hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, regardless of any general incorporation language in such filings, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WEAVE COMMUNICATIONS, INC.
Date:
October 30, 2024
By:/s/ Brett White
Name:Brett White
Title:Chief Executive Officer





Weave Announces Third Quarter 2024 Financial Results

•Third quarter total revenue of $52.4 million, up 20.3% year over year
•GAAP gross margin of 72.0%, up 330 basis points year over year
•Non-GAAP gross margin of 72.5%, up 320 basis points year over year
•GAAP Operating Loss of $6.6 million, an improvement of $1.4 million year over year
•Non-GAAP Operating Income of $1.4 million, an improvement of $3.2 million year over year
•Third quarter net cash provided by operating activities of $4.5 million, up from net cash provided by operating activities of $3.3 million last year.
•Free cash flow of $3.5 million, up from free cash flow of $2.1 million last year.
LEHI, Utah—October 30, 2024 – Weave (NYSE: WEAV), a leading all-in-one customer experience and payments software platform for small and medium-sized healthcare businesses, today announced its financial results for the third quarter ended September 30, 2024.

“We delivered another strong quarter, with solid top-line performance and substantial improvements in gross margins, operating margins, and free cash flow. Notably, we achieved another major performance milestone by reporting positive non-GAAP operating income for the first time in the company’s history," said CEO Brett White. "This success reflects our commitment to putting our customers first and delivering innovative solutions that meet their needs.”

Third Quarter 2024 Financial Highlights
•    Total revenue was $52.4 million, representing a 20.3% year-over-year increase compared to $43.5 million in the third quarter of 2023.
•    GAAP gross margin was 72.0%, compared to a GAAP gross margin of 68.7% in the third quarter of 2023.    
•    Non-GAAP gross margin was 72.5%, compared to a non-GAAP gross margin of 69.3% in the third quarter of 2023.        
•    GAAP loss from operations was $6.6 million, compared to a GAAP loss from operations of $8.0 million in the third quarter of 2023.
•    Non-GAAP income from operations was $1.4 million, compared to a non-GAAP loss from operations of $1.8 million in the third quarter of 2023.
•    GAAP net loss was $5.9 million, or $0.08 per share, compared to a GAAP net loss of $7.1 million, or $0.10 per share, in the third quarter of 2023.
•    Non-GAAP net income was $2.1 million, or $0.03 per share, compared to a non-GAAP net loss of $1.0 million, or $0.01 per share, in the third quarter of 2023.
•    Net cash provided by operating activities was $4.5 million, compared to net cash provided by operating activities of $3.3 million in the third quarter of 2023.
•    Free cash flow was $3.5 million, compared to $2.1 million in the third quarter of 2023.

•Dollar-Based Net Retention Rate (NRR) was 98% as of September 30, 2024.
•    Dollar-Based Gross Retention Rate (GRR) was 92% as of September 30, 2024.
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•    Cash and cash equivalents plus short-term investments was $98.2 million as of September 30, 2024.
Recent Business Highlights:
•Unveiled the new AI-powered Weave platform, a milestone that holds significant strategic importance for both Weave and our customers. Now available across all customer locations, this platform strengthens our market position with an advanced technology infrastructure that accelerates innovation. This scalable platform integrates the AI-powered Weave Assistant throughout the app, which helps craft personalized responses to reviews, write professional branded emails, and automate tasks like message tagging and voicemail transcriptions.
•The new AI-powered Weave platform powers our newly launched Call Intelligence product, which leverages a custom AI model to extract actionable insights from call data. The new Weave platform features a modern user interface that prioritizes versatility and ease of use, streamlining daily tasks with fewer steps and clicks.
Financial Fourth Quarter and Full Year 2024 Outlook
The company expects to achieve the following financial results for the three months and full year ending December 31, 2024:
Fourth QuarterFull Year
(in millions)
Total revenue$52.6 - $53.6$202.7 - $203.7
Non-GAAP income from operations$0.9 - $1.9$0.0 - $1.0
Weighted average share count
72.7
71.6
The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Non-GAAP income from operations excludes estimates for, among other things, stock-based compensation expense. A reconciliation of this non-GAAP financial guidance measure to a corresponding GAAP financial guidance measure is not available on a forward-looking basis because we do not provide guidance on GAAP income (loss) from operations and are not able to present the various reconciling cash and non-cash items between GAAP income (loss) from operations and non-GAAP income from operations without unreasonable effort. In particular, stock-based compensation expense is impacted by our future hiring and retention needs, as well as the future fair market value of our common stock, all of which is difficult to predict and is subject to change. The actual amount of these expenses during 2024 will have a significant impact on our future GAAP financial results.
Webcast
The company will host a conference call and webcast for analysts and investors on Wednesday, October 30, 2024, beginning at 4:30 p.m. EST.
Individuals interested in listening to the conference call may do so by dialing (862) 298-0702 or toll free at (888) 645-4404. Please reference the following conference ID: 13749491. The live webcast and a webcast replay of the conference call can be accessed from the investor relations page of Weave’s website at investors.getweave.com.
About Weave
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Weave is the all-in-one customer experience and payments software platform for small and medium-sized healthcare practices. From the first phone call to the final invoice, Weave connects the entire patient journey. Weave’s software solutions transform how local healthcare practitioners attract, communicate with and engage patients to grow their practice. In the past year, Weave has been named a G2 leader in Patient Relationship Management, Patient Engagement, Optometry, and Dental Practice Management software. To learn more, visit getweave.com/newsroom/.
Forward-Looking Statements
This press release and the accompanying conference call contain forward-looking statements including, among others, current estimates of fourth quarter and full year 2024 revenue and non-GAAP income from operations, and statements regarding our addressable market in the quotes of our Chief Executive Officer.
These forward-looking statements involve risks and uncertainties. If any of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, our actual results could differ materially from the results expressed or implied by these forward-looking statements. These risks and uncertainties include risks associated with: our ability to attract new customers, retain existing customers and increase our customers’ use of our platform; our ability to manage our growth; the impact of unfavorable economic conditions and macroeconomic uncertainties on our company; our ability to maintain and enhance our brand and increase market awareness of our company, platform and products; customer adoption of our platform and products and enhancements thereto; customer acquisition costs and sales and marketing strategies; our ability to achieve profitability in any future period; competition; our ability to enhance our platform and products; interruptions in service; and the risks described in the filings we make from time to time with the Securities and Exchange Commission (SEC), including the risks described under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the three months ended June 30, 2024, filed with the SEC on August 7, 2024, which should be read in conjunction with our financial results and forward-looking statements and is available on the SEC Filings section of the Investor Relations page of our website at investors.getweave.com/.
All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Channels for Disclosure of Information
Weave Communications uses the investor relations page on our website, blog posts on our website, press releases, public conference calls, webcasts, our X (Twitter) feed (@getweave), our Facebook page, and our LinkedIn page as the means of complying with our disclosure obligations under Regulation FD. We encourage investors, the media, and others to follow the channels listed above, in addition to following Weave Communications’ press releases, SEC filings, and public conference calls and webcasts, and to review the information disclosed through such channels.
Supplemental Financial Information
Dollar-Based Net Revenue Retention (NRR)
For retention rate calculations, we use adjusted monthly revenue (AMR), which is calculated for each location as the sum of (i) the subscription component of revenue for each month and (ii) the average of the trailing-three-month recurring payments revenue. To calculate our NRR, we first identify the cohort of locations (the Base Locations) that were active in a particular month (the Base Month). We then divide AMR for the Base Locations in the same month of the subsequent year (the Comparison Month), by AMR in the Base Month to derive a monthly NRR. We derive our annual NRR as of any date by taking a weighted average of the monthly net retention rates over the trailing twelve months prior to such date.
Dollar-Based Gross Revenue Retention (GRR)
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To calculate our GRR, we first identify the cohort of locations (the Base Locations) that were under subscription in a particular month (the Base Month). We then calculate the effect of reductions in revenue from customer location terminations by measuring the amount of AMR in the Base Month for Base Locations still under subscription twelve months subsequent to the Base Month (Remaining AMR). We then divide Remaining AMR for the Base Locations by AMR in the Base Month for the Base Locations to derive a monthly gross retention rate. We calculate GRR as of any date by taking a weighted average of the monthly gross retention rates over the trailing twelve months prior to such date. GRR reflects the effect of customer locations that terminate their subscriptions, but does not reflect changes in revenue due to revenue expansion, revenue contraction, or addition of new customer locations.
Number of Locations

We measure locations as the total number of customer locations under subscription active on the Weave platform as of the end of each month. A single organization or customer with multiple divisions, segments, offices or subsidiaries is counted as multiple locations if they have entered into subscriptions for each location.

As a reminder, we only provide customer location information on an annual basis with annual and fourth quarter results and do not provide this information with financial statements or earnings releases covering interim periods.
Non-GAAP Financial Measures
In this press release, Weave Communications has provided financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We disclose the following historical non-GAAP financial measures in this press release: non-GAAP net income (loss), non-GAAP net income (loss) margin, non-GAAP net income (loss) per share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP income (loss) from operations margin, Adjusted EBITDA and free cash flow. We use these non-GAAP financial measures internally to analyze our financial results and evaluate our ongoing operational performance. We believe that these non-GAAP financial measures provide an additional tool for investors to use in understanding and evaluating ongoing operating results and trends in the same manner as our management and board of directors. Our use of these non-GAAP financial measures has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Because of these and other limitations, you should consider these non-GAAP financial measures along with other GAAP-based financial performance measures, including various cash flow metrics, operating income (loss), net income (loss), and our GAAP financial results. We have provided a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures in the tables included in this press release, and investors are encouraged to review the reconciliation.
Non-GAAP net income (loss), non-GAAP net income (loss) margin and non-GAAP net income (loss) per share
We define non-GAAP net income (loss) as GAAP net loss adjusted to exclude stock-based compensation expense, and non-GAAP net income (loss) margin as non-GAAP net income (loss) as a percentage of revenue. Non-GAAP net income (loss) per share is calculated as non-GAAP net income (loss) divided by the diluted weighted-average shares outstanding.
Non-GAAP gross profit and non-GAAP gross margin
We define non-GAAP gross profit as GAAP gross profit adjusted to exclude stock-based compensation expense, and non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.
Non-GAAP operating expenses
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We define non-GAAP operating expenses, in the aggregate or its individual components (i.e., sales and marketing, research and development or general and administrative), as the applicable GAAP operating expenses adjusted to exclude the applicable stock-based compensation expense.
Non-GAAP income (loss) from operations and non-GAAP income (loss) from operations margin
We define non-GAAP income (loss) from operations as GAAP loss from operations less stock-based compensation expense, and non-GAAP income (loss) from operations margin as non-GAAP income (loss) from operations as a percentage of revenue.
Adjusted EBITDA
We define EBITDA as earnings before interest expense, interest income, other income/expense, provision for income taxes, depreciation, and amortization. Our depreciation adjustment includes depreciation on operating fixed assets and we do not adjust for amortization of finance lease right-of-use assets on phone hardware provided to our customers. Our amortization adjustment includes the amortization of capitalized costs from both internal-use software development and cloud-computing arrangements. We further adjust EBITDA to exclude stock-based compensation expense, a non-cash item. We believe that Adjusted EBITDA provides management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations. Additionally, management uses Adjusted EBITDA to measure our financial and operational performance and prepare our budgets.
Free cash flow
We define free cash flow as net cash provided by (used in) operating activities, less purchases of property and equipment and capitalized internal-use software costs. We believe that free cash flow is a useful indicator of liquidity that provides useful information to management and investors, even if negative, as it provides information about the amount of cash consumed by our combined operating and investing activities. For example, as free cash flow has in the past been negative, we have needed to access cash reserves or other sources of capital for these investments.
The foregoing non-GAAP financial measures have a number of limitations. For example, the non-GAAP financial information presented above may be determined or calculated differently by other companies and may not be directly comparable to that of other companies. In addition, free cash flow does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period. Further, Adjusted EBITDA excludes some costs, namely, non-cash stock-based compensation expense. Therefore, Adjusted EBITDA does not reflect the non-cash impact of stock-based compensation expense or working capital needs that will continue for the foreseeable future. All of these limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools.
Investor Relations Contact
Mark McReynolds
Head of Investor Relations
ir@getweave.com

Media Contact
Natalie House
Senior Director of Content & Communications
pr@getweave.com
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WEAVE COMMUNICATIONS, INC
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands except share amounts)
September 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$51,103 $50,756 
Short-term investments47,055 58,088 
Accounts receivable, net8,364 3,511 
Deferred contract costs, net11,311 10,547 
Prepaid expenses and other current assets4,684 6,876 
Total current assets122,517 129,778 
Non-current assets:
Property and equipment, net8,848 9,922 
Operating lease right-of-use assets38,518 41,318 
Finance lease right-of-use assets10,334 10,351 
Deferred contract costs, net, less current portion9,397 8,622 
Other non-current assets2,413 1,021 
TOTAL ASSETS$192,027 $201,012 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $7,597 $5,171 
Accrued liabilities18,682 18,491 
Deferred revenue40,221 38,850 
Current portion of operating lease liabilities4,081 3,821 
Current portion of finance lease liabilities6,358 6,520 
Total current liabilities 76,939 72,853 
Non-current liabilities:
Operating lease liabilities, less current portion40,006 43,080 
Finance lease liabilities, less current portion6,246 6,122 
Total liabilities123,191 122,055 
Stockholders' equity:
Preferred stock, $0.00001 par value per share; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2024 and December 31, 2023— — 
Common stock, $0.00001 par value per share; 500,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 72,517,681 and 70,116,357 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively— — 
Additional paid-in capital353,263 341,514 
Accumulated deficit(284,302)(262,667)
Accumulated other comprehensive income (loss)(125)110 
Total stockholders' equity68,836 78,957 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$192,027 $201,012 
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WEAVE COMMUNICATIONS, INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share data)

Three Months Ended September 30, Nine Months Ended September 30,
2024202320242023
Revenue$52,386 $43,544 $150,145 $124,776 
Cost of revenue14,659 13,609 43,307 40,266 
Gross profit37,727 29,935 106,838 84,510 
Operating expenses:
Sales and marketing21,159 17,801 62,678 52,474 
Research and development9,868 8,628 29,471 24,907 
General and administrative13,330 11,528 38,729 33,502 
Total operating expenses44,357 37,957 130,878 110,883 
Loss from operations(6,630)(8,022)(24,040)(26,373)
Other income (expense):
Interest income520 594 1,372 1,557 
Interest expense(405)(512)(1,123)(1,485)
Other income (expense), net692 874 2,278 2,457 
Loss before income taxes(5,823)(7,066)(21,513)(23,844)
Provision for income taxes(56)(79)(122)(148)
Net loss$(5,879)$(7,145)$(21,635)$(23,992)
Net loss per share - basic and diluted$(0.08)$(0.10)$(0.30)$(0.36)
Weighted-average common shares outstanding - basic and diluted72,007,727 68,213,250 71,253,586 67,014,127 
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WEAVE COMMUNICATIONS, INC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(5,879)$(7,145)$(21,635)$(23,992)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization2,712 2,971 8,669 8,969 
Amortization of operating right-of-use assets991 952 2,949 2,857 
Provision for losses on accounts receivable400 192 1,243 846 
Amortization of deferred contract costs3,340 2,961 9,992 8,984 
Loss on disposal of assets— 1 1 12 
Stock-based compensation8,022 6,187 23,085 16,576 
Net accretion of discounts on short-term investments(503)(664)(1,677)(2,008)
Changes in operating assets and liabilities:
Accounts receivable(3,236)(622)(6,096)(1,263)
Deferred contract costs(3,488)(3,080)(11,531)(9,820)
Prepaid expenses and other assets199 (1,047)1,665 396 
Accounts payable29 518 2,465 989 
Accrued liabilities3,194 2,344 191 3,189 
Operating lease liabilities(995)(925)(2,963)(2,766)
Deferred revenue(286)691 1,117 3,510 
Net cash provided by operating activities4,500 3,334 7,475 6,479 
CASH FLOWS FROM INVESTING ACTIVITIES
Maturities of short-term investments23,471 14,900 55,745 43,900 
Purchases of short-term investments(22,534)(10,583)(43,016)(45,735)
Purchases of property and equipment(548)(675)(1,802)(1,513)
Capitalized internal-use software costs(411)(579)(1,434)(1,370)
Net cash provided by (used in) investing activities(22)3,063 9,493 (4,718)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on finance leases(1,743)(1,859)(5,285)(5,666)
Proceeds from stock option exercises193 10,732 550 11,353 
Payments for taxes related to net share settlement of equity awards(4,461)(4,811)(13,883)(7,483)
Proceeds from the employee stock purchase plan977 707 1,997 1,329 
Net cash provided by (used in) financing activities(5,034)4,769 (16,621)(467)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(556)11,166 347 1,294 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD51,659 52,125 50,756 61,997 
CASH AND CASH EQUIVALENTS, END OF PERIOD$51,103 $63,291 $51,103 $63,291 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest$405 $512 $1,123 $1,485 
Cash paid during the period for income taxes$56 $79 $122 $148 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Finance lease liabilities arising from obtaining finance lease right-of-use assets$1,671 $1,799 $5,247 $5,438 
Operating lease liabilities arising from obtaining operating lease right-of-use assets— — $149 $154 
Unrealized gain (loss) on short-term investments$106 $17 $19 $(35)


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WEAVE COMMUNICATIONS, INC
DISAGGREGATED REVENUE AND COST OF REVENUE
(unaudited, in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
2024202320242023
Subscription and payment processing:
Revenue$50,375 $41,601 $143,980 $118,989 
Cost of revenue(10,932)(9,486)(32,164)(27,973)
Gross profit$39,443 $32,115 $111,816 $91,016 
Gross margin78.3 %77.2 %77.7 %76.5 %
Onboarding:
Revenue$845 $757 $2,748 $2,408 
Cost of revenue(2,006)(2,295)(5,870)(6,688)
Gross profit$(1,161)$(1,538)$(3,122)$(4,280)
Gross margin(137.4)%(203.2)%(113.6)%(177.7)%
Hardware:
Revenue$1,166 $1,186 $3,417 $3,379 
Cost of revenue(1,721)(1,828)(5,273)(5,605)
Gross profit$(555)$(642)$(1,856)$(2,226)
Gross margin(47.6)%(54.1)%(54.3)%(65.9)%


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WEAVE COMMUNICATIONS, INC
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands, except share and per share data)

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below

Non-GAAP gross profit
Three Months Ended September 30, Nine Months Ended September 30,
2024202320242023
Gross profit$37,727 $29,935 $106,838 $84,510 
Stock-based compensation add back237 258 720 722 
Non-GAAP gross profit$37,964 $30,193 $107,558 $85,232 
GAAP gross margin72.0 %68.7 %71.2 %67.7 %
Non-GAAP gross margin72.5 %69.3 %71.6 %68.3 %
Non-GAAP operating expenses
Three Months Ended September 30, Nine Months Ended September 30,
2024202320242023
Sales and marketing$21,159 $17,801 $62,678 $52,474 
Stock-based compensation excluded(1,758)(1,274)(4,605)(3,457)
Non-GAAP sales and marketing$19,401 $16,527 $58,073 $49,017 
Research and development$9,868 $8,628 $29,471 $24,907 
Stock-based compensation excluded(1,848)(1,474)(5,924)(3,727)
Non-GAAP research and development$8,020 $7,154 $23,547 $21,180 
General and administrative$13,330 $11,528 $38,729 $33,502 
Stock-based compensation excluded(4,179)(3,181)(11,836)(8,670)
Non-GAAP general and administrative$9,151 $8,347 $26,893 $24,832 


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Non-GAAP income (loss) from operations
Three Months Ended September 30, Nine Months Ended September 30,
2024202320242023
Loss from operations
$(6,630)$(8,022)$(24,040)$(26,373)
Stock-based compensation add back8,022 6,187 23,085 16,576 
Non-GAAP income (loss) from operations$1,392 $(1,835)$(955)$(9,797)
GAAP loss from operations margin(12.7)%(18.4)%(16.0)%(21.1)%
Non-GAAP income (loss) from operations margin2.7 %(4.2)%(0.6)%(7.9)%
Non-GAAP net income (loss)
Three Months Ended September 30, Nine Months Ended September 30,
2024202320242023
Net loss$(5,879)$(7,145)$(21,635)$(23,992)
Stock-based compensation add back8,022 6,187 23,085 16,576 
Non-GAAP net income (loss)$2,143 $(958)$1,450 $(7,416)
GAAP net loss margin(11.2)%(16.4)%(14.4)%(19.2)%
Non-GAAP net income (loss) margin4.1 %(2.2)%1.0 %(5.9)%
GAAP net loss per share - basic and diluted$(0.08)$(0.10)$(0.30)$(0.36)
GAAP weighted-average common shares outstanding - basic and diluted
72,007,727 68,213,250 71,253,586 67,014,127 
Non-GAAP net income (loss) per share - basic
$0.03 $(0.01)$0.02 $(0.11)
Non-GAAP weighted-average common shares outstanding - basic
72,007,727 68,213,250 71,253,586 67,014,127 
Non-GAAP net income (loss) per share - diluted
$0.03 $(0.01)$0.02 $(0.11)
Non-GAAP weighted-average common shares outstanding - diluted
77,979,755 68,213,250 76,409,945 67,014,127 












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Free Cash Flow
Three Months Ended September 30, Nine Months Ended September 30,
2024202320242023
Net cash provided by operating activities
$4,500 $3,334 $7,475 $6,479 
Less: Purchases of property and equipment(548)(675)(1,802)(1,513)
Less: Capitalized internal-use software costs(411)(579)(1,434)(1,370)
Free cash flow$3,541 $2,080 $4,239 $3,596 
Adjusted EBITDA
Three Months Ended September 30, Nine Months Ended September 30,
2024202320242023
Net loss$(5,879)$(7,145)$(21,635)$(23,992)
Interest expense405 512 1,123 1,485 
Provision for income taxes56 79 122 148 
Interest income(520)(594)(1,372)(1,557)
Other income/expense, net
(692)(874)(2,278)(2,457)
Depreciation
512 619 1,702 1,816 
Amortization
345 305 1,149 924 
Stock-based compensation8,022 6,187 23,085 16,576 
Adjusted EBITDA$2,249 $(911)$1,896 $(7,057)















13
v3.24.3
Cover
Oct. 30, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 30, 2024
Entity Registrant Name WEAVE COMMUNICATIONS, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40998
Entity Tax Identification Number 26-3302902
Entity Address, Address Line One 1331 W Powell Way
Entity Address, City or Town Lehi
Entity Address, State or Province UT
Entity Address, Postal Zip Code 84043
City Area Code 888
Local Phone Number 579-5668
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.00001 par value
Trading Symbol WEAV
Security Exchange Name NYSE
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001609151
Amendment Flag false
Weave Communications (NYSE:WEAV)
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