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qumu.com

Founded Year

2000

About Qumu Corporation

Qumu Corporation (NASDAQ: QUMU), formerly Rimage, provides the tools businesses need to create, manage, secure, distribute, and measure the success of their videos.

Qumu Corporation Headquarter Location

7725 Washington Ave South

Minneapolis, Minnesota, 55439,

United States

612-638-9115

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Qumu Corporation Patents

Qumu Corporation has filed 5 patents.

patents chart

Application Date

Grant Date

Title

Related Topics

Status

1/25/2016

9/26/2017

Watermarking, Digital watermarking, Digital rights management, Digital photography, Circulating currencies

Grant

Application Date

1/25/2016

Grant Date

9/26/2017

Title

Related Topics

Watermarking, Digital watermarking, Digital rights management, Digital photography, Circulating currencies

Status

Grant

Latest Qumu Corporation News

Qumu Reports First Quarter 2022 Financial Results

May 12, 2022

Continued Execution of Transformational Cloud Growth Strategy Drives 15% Increase in Quarterly SaaS Revenue and 10% Increase in SaaS Annual Recurring Revenue (ARR) SaaS Revenue Accounted for 54% of Total Q1 Revenue May 12, 2022 04:01 PM Eastern Daylight Time MINNEAPOLIS--( BUSINESS WIRE )--Qumu Corporation (Nasdaq: QUMU), a leading provider of cloud-based enterprise video technology, today reported financial results for the first quarter ended March 31, 2022. Q1 2022 and Recent Operational Highlights Partnered with AT&T to launch managed unified streaming for the enterprise. Secured several new business and key expansions, marketing the company’s new customer and expansion sales to large enterprises located in the U.S., Asia-Pacific and EMEA. Appointed Chief Operating Officer and SaaS veteran Rose Bentley as the Company’s new President and Chief Executive Officer. Teamed up with LiveU to expand enterprise live video capabilities. Named a “Top Streaming Engine” by Wainhouse Research. Q1 2022 Financial Highlights SaaS revenue increased 15% to $2.7 million in Q1 2022, compared to $2.3 million in Q1 2021 SaaS Annual Recurring Revenue (SaaS ARR) grew to $13.0 million, up 10% year-over-year Operating expenses decreased 3% sequentially and 10% year-over-year Strong balance sheet with $15.5 million of cash and cash equivalents at quarter end Q1 2022 Key Performance Indicators SaaS revenue accounted for 60% of recurring revenue, up from 56% in Q4 2021 and 46% in Q1 2021 SaaS ARR increased to $13.0 million in Q1 2022 from $12.8 million in Q4 2021 and $11.8 million in Q1 2021 SaaS customer retention metrics: Gross Retention Rate (GRR): 88% at end of Q1 2022 compared to 81% at end of Q1 2021 Net Retention Rate (NRR): 107% at end of Q1 2022 compared to 151% at end of Q1 2021 Management Commentary “Our first quarter results show the continued execution of our strategy to grow our cloud business and scale our SaaS revenue base,” said Qumu President and CEO Rose Bentley. “Our ongoing success is highlighted by the 15% SaaS revenue growth we generated in the first quarter, bringing our total SaaS revenue as a percentage of our total revenue to 54%. During Q1, we landed several new wins and key customer expansions, both of which support our view that Qumu’s transformation is well underway. Our partner-led sales motions are working, demonstrated by the fact that 75% of our wins in Q1 were through channel partners, including Kollective, BT, and Socialive. The traction we realized also demonstrates our execution against our strategy around customers, product adoption, innovation, and partners.” Qumu CFO Tom Krueger commented: “Our commitment to driving our cloud business and scaling our SaaS revenue base continues to translate to robust growth across our key metrics, a trend we expect to continue in 2022 and beyond. Our encouraging SaaS and recurring revenue growth is supported by our solid balance sheet, including $15.5 million of cash, a level that provides sufficient runway to execute our growth strategy. In addition to diligently managing our cash, we are continually looking to further optimize our cost structure and drive greater efficiencies.” Bentley continued: “As we continue to transform our business, we remain committed to generating robust SaaS revenue growth through new customer and expansion bookings sourced through the channel. Looking ahead, the progress we’re making with partners and strategic alliances is gaining traction. We entered the second quarter with a robust pipeline that we look to capitalize on throughout the year. Our plan is supported by a solid cash position and available resources that provide sufficient runway to execute our growth strategy. “The leadership team and Board remain highly confident that Qumu will emerge as a subscription-driven growth company operating at scale, benefiting from high-margin recurring revenues, sustainable and growing cash flow and adjusted EBITDA and net income profitability.” First Quarter 2022 Financial Results Revenue for Q1 2022 was $4.9 million, compared to $5.9 million in Q4 2021 and $5.8 million in Q1 2021. The sequential and year-over-year decrease was due to the company’s strategic shift away from perpetual license sales, where revenue is recognized upon delivery, and toward SaaS sales, which results in ratable recognition of revenue through subscription terms. Service revenue for Q1 2022 was $4.8 million, compared to $5.8 million in Q4 2021 and $5.7 million in Q1 2021. The year-over-year decrease resulted from customer contracts sunsetting, impacting maintenance revenue associated with the company’s on-premise solution. Subscription and support revenue, which is included in service revenue and comprises the company's SaaS revenue, was $2.7 million for Q1 2022, compared to $2.8 million in Q4 2021 and $2.3 million in Q1 2021. The slight sequential decrease in subscription revenue was expected. Going forward, the company expects subscription revenue will grow as Qumu continues to execute on its cloud transformation strategy. Gross margin in Q1 2022 was 71.5%, compared to gross margin of 74.5% for Q4 2021 and 73.1% for Q1 2021. The gross margin percentage was lower due to lower services margin and lower overall revenue relative to the comparative periods. The company expects quarterly consolidated gross margin for the remainder of 2022 to return to the mid-70% range, which is consistent with 2021 levels. Net loss in Q1 2022 totaled $(4.6) million, or $(0.26) loss per basic and diluted share. This compares to net loss of $(3.8) million, or $(0.21) loss per basic and diluted share, for Q4 2021 and net loss of $(4.5) million, or $(0.27) loss per basic share and $(0.29) loss per diluted share, in Q1 2021. Adjusted EBITDA loss, a non-GAAP measure, in Q1 2022 was $(4.1) million, compared to $(3.1) million in Q4 2021 and $(4.1) million in Q1 2021. As of March 31, 2022, the company had cash and cash equivalents of $15.5 million. Business Outlook Qumu provides guidance based on current market conditions and expectations. The company emphasizes that its guidance is subject to various important cautionary factors referenced in the section entitled “Forward-Looking Statements” below, including risks and uncertainties associated with the company’s strategic plan, transition to SaaS recurring revenue through channel partners, and the COVID-19 pandemic, such as trends in distributed remote and hybrid work impacting enterprise technology adoption and procurement. To give insight into the progress of Qumu’s SaaS business transformation, the company provides a business outlook based on the percentage of recurring revenue comprised of SaaS revenue. Qumu’s management reiterated its expectation that SaaS recurring revenue will comprise approximately 65% of its overall recurring revenue mix by the end of 2022, with targeted growth to approximately 75% of recurring revenue mix by the end of 2023. Conference Call Qumu executive management will host a conference call today (May 12, 2022) at 4:30 p.m. Eastern time. U.S. Dial-In Number: +1.833.644.0679 International Dial-In Number: +1.918.922.6755 Investors can also access a webcast of the live conference call by linking through the investor relations section of the Qumu website at https://ir.qumu.com . The webcast will be archived on Qumu’s website for one year. Non-GAAP Information To supplement the company's condensed consolidated financial statements presented on a GAAP basis, the company uses Adjusted EBITDA, a non-GAAP measure, which excludes certain items from net loss, a GAAP measure. Adjusted EBITDA excludes items related to interest income and expense, the impact of income-based taxes, depreciation and amortization, stock-based compensation, change in fair value of derivative and warrant liabilities, foreign currency gains and losses, and other non-operating income and expenses. The company uses both GAAP and non-GAAP measures when planning, monitoring, and evaluating the company’s performance. The company believes that Adjusted EBITDA is useful to investors because it provides supplemental information that allows investors to review the company's results of operations from the same perspective as management and the company's board of directors. Non-GAAP results are presented for supplemental informational purposes only for understanding our operating results. The non-GAAP results should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. See the attached Supplemental Financial Information for a reconciliation of net loss, a GAAP measure, to Adjusted EBITDA, a non-GAAP measure, for the three months ended March 31, 2022 and 2021. About Qumu Qumu (Nasdaq: QUMU) is a leading provider of best-in-class tools to create, manage, secure, distribute and measure the success of live and on-demand video for the enterprise. The Qumu Cloud platform enables global organizations to drive human engagement, increase access to and insights from video use, and modernize the workplace by providing a more efficient and effective way to share knowledge. Forward-Looking Statements This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” or “estimate” or comparable terminology are intended to identify forward-looking statements. Forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Such forward-looking statements include, for example, statements about: the success of go-to-market strategies or the other initiatives in the company’s strategic plan, the company's ability to continue as a going concern, the expected use and adoption of video in the enterprise, the ability to obtain additional capital as needed, the ability to attract and retain necessary personnel, the impact of COVID-19 on the use and adoption of video in the enterprise, the company’s future revenue and operating performance, cash balances, future product mix or the timing of recognition of revenue, or the demand for the company’s products or software. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements include the risk factors described in the company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other factors set forth in the company’s filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Qumu assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, except as required by law.

  • When was Qumu Corporation founded?

    Qumu Corporation was founded in 2000.

  • Where is Qumu Corporation's headquarters?

    Qumu Corporation's headquarters is located at 7725 Washington Ave South, Minneapolis.

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