Enterprise-focused identity solutions specialist Ping Identity has issued its Q2 update for 2021, showing a rise in both revenues and costs.
For the three months ended June 30, 2021, Ping Identity recorded revenues of $78.9 million, up 34 percent compared to the company’s revenues of just under $59 million in Q2 of 2020. Subscription-based revenues accounted for 93 percent of total revenues in the latest quarter, and SaaS revenues increased 51 percent year-over-year.
While those numbers point to growth, Ping Identity also saw its overall operating expenses rise to about $71.6 million in Q2 of 2021, compared to expenses of just under $48.5 million in the corresponding period of 2020. Its loss from operations deepened from a loss of just over $6 million in Q2 of 2020 to a loss of just over $15 million in the latest quarter.
Ping Identity’s net result for the latest quarter was a loss of just under $10.98 million, compared to a net loss of about $3.27 million in Q2 of 2020.
Commenting on the Q2 update, Ping Identity CEO Andre Durand described it as “an active second quarter,” during which the company established important deals and “exceeded expectations across all of our key metrics.” Durand highlighted the company’s Annual Recurring Revenue, which increased by 19 percent year-over-year, as a reason for being confident about delivering “strong execution during the remainder of 2021.”
In its update, Ping Identity highlighted several notable business developments that took place during the latest quarter, including the company’s acquisition of SecuredTouch. The latter specializes in behavioral biometrics technology, and its acquisition represented Ping Identity’s biggest move in the biometrics space since its launch of a selfie-based onboarding solution, dubbed “PingOne Verify”, during the first quarter of the year.
Looking ahead to the next quarter in its latest report, Ping Identity set a revenue guidance range of $65 million to $70 million for Q3 of 2021. For the full 2021 fiscal year, Ping Identity anticipates revenues in the range of $278 million to $285 million.
August 5, 2021 – by Alex Perala