Revenues, losses both up at Workiva
Workiva Inc. posted double-digit increases in revenue in the second quarter, with total revenue reaching $59.1 million, up 19.7 percent from the year-ago quarter. Nevertheless, the Ames-based data collaboration, reporting and compliance software company reported a net loss for the quarter that ended June 30 of $21.8 million, compared with a net loss of $10.2 million for the prior year’s second quarter. The loss included a $9.5 million severance expense related to the company’s separation agreement with former CEO and founder Matt Rizai, who resigned in June. Marty Vanderploeg, Workiva’s new president and CEO, said in a statement that Workiva is “committed to pursuing profitable growth.” The company said it plans to continue to enhance its Wdesk platform, add new customers and expand its Wdesk application across its customers’ organizations. Workiva projected total revenue for the third quarter in the range of $59.5 million to $60 million, and a GAAP loss from operations expected in the range of $15.5 million to $16 million.