Filing Flows › N-able (NABL) › Q1 2025
N-able (NABL) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
N-able (NABL) reported revenue of $118M for the first quarter 2025 (Q1 2025), +4% from a year earlier and +2% from the quarter before. Operating margin was 1.4%, net loss $7.2M (6.1% of revenue).
N-able, Q1 2025: revenue $118M (+4% year over year), operating margin 1.4%, net loss $7.2M, operating cash flow $19.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $118M | +2% | +4% |
| Operating profit | $1.7M | — | — |
| Net earnings | −$7.2M | — | — |
| Operating cash flow | $19.7M | -24% | +370% |
| Free cash flow | $13.6M | — | — |
What changed
Revenue was $118.1M in Q1 2025, up 4% year over year and up 2% from the previous quarter. Subscription revenue was the largest line at 99% of revenue. Subscription revenue added $5.3M year over year (up 5%), 117% of the total change. Other Revenue declined 40%.
Gross margin was 76.5%, down 7.3 points from a year earlier. Operating profit was $1.7M, a 1.4% margin (down 16.4 points year over year). Operating profit fell $18.6M even though revenue rose $4.5M versus a year earlier, so costs grew faster than sales. Operating expenses grew 18% against revenue growth of 4%. The fastest-growing cost line was General & admin (+40%). The quarter ended with a net loss of $7.2M, after a profit of $3.4M the previous quarter. Net interest and other expense of $5.6M was the main reason.
Operating cash flow was $19.7M (up 370% year over year). Non-cash charges added back $10.5M of depreciation and amortization and $11.7M of share-based compensation. Working capital and other items added $4.8M. After purchases of property and equipment ($3.3M) and purchases of intangible assets ($2.8M), free cash flow as the company reports it was $13.6M.
Questions
What was N-able's revenue in the first quarter 2025?
N-able (NABL) reported revenue of $118M for the first quarter 2025 (Q1 2025), +4% from a year earlier and +2% from the quarter before.
Was N-able profitable in the first quarter 2025?
Operating profit was $1.7M (1.4% of revenue) and net loss $7.2M.
Source: N-able 10-Q on SEC EDGAR.