Qumu Corporation (QUMU) shares declined 17.14% in after-hours on Tuesday, June 29, 2021, and closed the day at $3.19. Earlier in the morning session, QUMU’s stock gained 3.77% to close Tuesday’s normal trading session at $3.85 per share. QUMU shares have risen 60.42% over the last 12 months, and they have moved up 33.22% in the past week. Over the past three months, the stock has lost 42.88%, while over the past six months, it has plummeted 48.94%.
Preliminary financial results announcement
On June 29, 2021, Qumu Corporation released its preliminary financial results for the second quarter ending June 30, 2021.
Complete financial results for Q2 2021 will be released in late July 2021.
Preliminary Q2 2021 Financial Highlights
- For Q2 2021, the company is expecting a total revenue in the range of $5.7 million and $5.9 million compared to revenue of $9.3 million in Q2 2020.
- For Q2 2021, the gross margin will be in the bracket of 72.5% and 73.5%, compared to 68.5% in Q2 2020.
- The company is expecting a net loss of $4.9) million to $4.3 million for Q2 2021, compared to et loss of $692,000 in Q2 2020.
- Adjusted EBITDA loss is expected to be in the range of $5.1 million and $4.8million for Q2 2021, compared to the adjusted EBITDA of $809,000 in Q2 2020.
Providing video engagement and tracking capabilities to BCFA
On June 24, 2021, Qumu Corporation announced that it will bring video engagement and tracking capabilities to the Birmingham County Football Association (BCFA).
This collaboration will provide on-demand BCFA’s video contentto nearly 70,000 football players at 1,200 grassroots football clubs and almost 25,000 volunteers across the West Midlands region.
Launching of 360-Degree Video on Demand
On June 15, 2021, Qumu Corporation added 360° video on demand (VOD) to the Qumu Video Engagement Platform. The new addition now gives users the tools to create even richer video content using the 360-degree VOD capability. As a result, organizations can further enhance employee and customer engagement while leveraging Qumu’s trusted security, editing, analytics and storage capabilities.
New appointment
On June 2, 2021, Qumu Corporation appointed Susan Young as vice president of strategic alliances and channels. Young will lead Qumu’s strategic partnership program as part of the company’s “better together” strategy, which will be instrumental as the company accelerates momentum in the booming enterprise video market.
Q1 2021 financial results
On April 30, 2021, Qumu Corporation announced its financial results for the first quarter ended March 31, 2021.
- QUMU reported revenue of $5.8 million in Q1 2021, compared to $6.2 million for Q1 2020.
- The gross margin in Q1 2021 was 73.1% compared to 66.5% for Q1 2020.
- The company suffered a net loss of $4.5 million, or $0.27 loss per basic share and $0.29 loss per diluted share in Q1 2021 compared to $2.7 million, or $0.20 loss per basic share and $0.21 loss per diluted share, for Q1 2020.
- In Q1 2021Adjusted EBITDA loss was $4.1 million compared to an adjusted EBITDA loss of $1.2 million for Q1 2020.
Conclusion
The preliminary Q2 2021 financial results announcement was the reason behind QUMU loss in the after-hours on Tuesday. The QUMU stock can further dip in the coming days.
