On March 1, 2022, ForgeRock Inc. (FORG) announced its Q4 and FY2021 results in the after hours. Consequently, the stock suffered a decline in the following after-hours session on Tuesday. While continuing the downfall in the regular session on Wednesday, FORG rebounded in the after hours.
The identity management solutions open platform provider; ForgeRock Inc. stands at a market capitalization of $1.33 billion. Currently, the outstanding shares of the company are 11 million.
What’s Going On?
At the close of the regular session on Tuesday, the stock had a value of $16.62, from which it declined to $15.07 at the open of regular trading on Wednesday. The stock continued to decline in the regular session on Wednesday to reach $16.01. Thus, FORG lost a further 3.67% or $0.61 during the regular session. The volume of the session was at 1.8 million shares, 341% of its 65-day average. After declining in the aftermarket, premarket and regular session following the earnings, FORG made a comeback in the after-hours on Wednesday. Hence, the stock recovered 5.56% during the after-hours session while 3.55K shares exchanged hands. At the close of trading on Wednesday, the stock had reached a value of $16.90 per share.
FORG’s Q4 & Fiscal 2021 Results
Revenue
The company’s revenue increased by 19% YOY to $47.9 million in Q4 2021.
Moreover, the total revenue saw a YOY growth of 39% in fiscal 2021 to the reported $176.9 million.
Net Loss/Income
For Q4 2021, FORG reported a non-GAAP net loss of $8.0 million against a non-GAAP net income of $3.5 million in the year-ago period. Thus, the company had a net loss of $0.10 per share in Q4 2021 against a net income of $0.10 per share in Q4 2020.
Furthermore, the non-GAAP net loss was $37.0 million or $0.89 per share in fiscal 2021. Comparatively, the same was $34.9 million or $1.46 per share in fiscal 2020.
Future Outlook
For Q1 2022, the company expects a non-GAAP net loss of $0.18-$0.16 per share on total revenue of $46.0-$47.0 million.
Additionally, for fiscal 2022, FORG expects a non-GAAP net loss of $0.38-$0.34 per share on revenue of $212.0-$215.0 million.
FORG’s Asia Expansion
On January 26, the company announced the availability of ForgeRock Identity Cloud locally from two new data centers in Indonesia and Hong Kong. Continuing the Aisa expansion, FORG’s identity cloud has now expanded into 17 regions throughout the world.
