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© 2025 ON24, Inc. | Confidential Investor Presentation August 2025
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential Legal Disclaimer 2 This presentation contains “forward-looking statements” under applicable securities laws. Such statements can be identified by words such as: “outlook,” “expect,” “convert,” “believe,” “plan,” “future,” “may,” “should,” “will,” and similar references to future periods. Forward-looking statements include express or implied statements regarding our expected financial and operating results, the execution of our capital return program, the size of our market opportunity, the success of our new products and capabilities, including our Intelligent Engagement Platform and AI-Powered ACE, and other statements regarding our ability to achieve our business strategies, growth, or other future events or conditions. Such statements are based on our current beliefs, expectations, and assumptions about future events or conditions, which are subject to inherent risks and uncertainties, including our ability to attract new customers and expand sales to existing customers, decline in our growth rate; fluctuation in our performance, our history of net losses and expected increases in our expenses; competition and technological development in our markets and any decline in demand for our solutions; our ability to expand our sales and marketing capabilities and otherwise achieve our growth; the impact of the macroenvironment on our customers’ marketing investments and their budgets; the impact of the resumption of in-person marketing activities on our customer growth rate; disruptions or other issues with our technology or third-party services; compliance with data privacy, import and export controls, customs, sanctions and other laws and regulations; intellectual property matters; and matters relating to our common stock, along with the other risks and uncertainties discussed in the filings we make from time to time with the Securities and Exchange Commission. Actual results may differ materially from those indicated in forward-looking statements, and you should not place undue reliance on them. All statements herein are based only on information currently available to us and speak only as of the date hereof. Except as required by law, we undertake no obligation to update any such statement. The information herein does not purport to be complete or to contain all relevant information. Statements contained herein are made as of the date of this presentation unless stated otherwise, and we undertake no obligation to update any statement after the date hereof, except as required by law. Certain information contained in this presentation relates to or is based on market and industry data from publicly available industry publications, as well as the Company’s own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source. This presentation includes certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. See the Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures.
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential Note: All figures as of June30, 2025 unless otherwise noted. See appendix for GAAP financial measures and reconciliations. (1) ARR is calculated as the sum of the annualized value of our subscription contracts as of the measurement date, including existing customers with expired contracts that we expect to be renewed. Our ARR amounts exclude professional services, overages from subscription customers and Legacy revenue. (2) Estimated as of December 31, 2024; Source: 2021 US Census data for number of potentially addressable companies within each of the Enterprise, Mid-market and SMB categories in the United States. Includes Firms in Educational Services, Finance and Insurance, Health Care and Social Assistance, Information, Management of Companies and Enterprises, Manufacturing, Other Services (except Public Administration), Professional, Scientific, and Technical Services, Real Estate and Rental and Leasing. (3) For the fiscal year ending December 31, 2024. Intelligent Engagement Platform Total ARR (1) $127.1M Non-GAAP Gross Margin 77% Cash Flow Positive Positive Free Cash Flow For Past 6 Quarters Customers >$100K ARR 304 Large TAM (2) $42B Total Customers 1,566 FY 2024 Metrics % of ARR in Multi-Year Agreements (3) 51% % of ARR from Customers >$100K (3) 66% 3© 2025 ON24, Inc. | Confidential % of Customers with 2+ Products (3) 39%
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 4 © 2025 ON24, Inc. | Confidential ON24 Intelligent Engagement Platform for Sales & Marketing First-party data + AI advantage Experiences Engagement Personalization
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© 2025 ON24, Inc. | Confidential Powering B2B engagement for industry leaders 5 Professional Services Media & Info Technology Technology 4 of 6 Largest Global Software Companies Manufacturing 3 of 5 Largest Global Industrial Companies Financial Services 3 of 5 Top Global Asset Management Firms Life Sciences 3 of 6 Largest Global Pharmaceutical Companies
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© 2025 ON24, Inc. | Confidential 6 Delivering tangible ROI to customers #2 pipeline- generating channel 40% more sales 15% conversion to meeting 200% increase in engaged HCPs 20% increase in meetings
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential Digital transformation is a business imperative 7 ~80% By 2025, almost 80% of B2B sales interactions between suppliers and buyers will occur in digital channels .(1) Go-To-Market Nearly 70% of B2B buyers prefer to research online on their own.(2) ~70% Self-Educated Buyer 47% 47% of marketing teams will use AI for customer engagement. (3) AI Impact on Engagement 1) Gartner, Future of Sales 2025: Why B2B Sales Needs a Digital-First Approach, September 2020 (used in reference to estimates of the percentage of B2Bsales interactions expected to occur using digital channels by 2025); (2)Forrester, Welcome to the B2B Marketing Renaissance, January 2019; (3) Bain & Company, Ready for Launch: How Gen AI Is Already Transforming Marketing, May 2023.
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© 2025 ON24, Inc. | Confidential A decade of innovation 2013 Webinar Marketing 2018 Digital Engagement Platform ON24 Webcast Elite ON24 Virtual Conference ON24 Engagement Hub ON24 Target ON24 Go Live ON24 Breakouts ON24 Forums AI-powered ACE 2024 Intelligent Engagement Platform 8 ON24 Translate 2025
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© 2025 ON24, Inc. | Confidential 9 AI-Enabled, Data-Rich, Engagement Platform 2025 FOCUS Partner Engagement Advisor/Client Engagement (FS) HCP Education AI-enabled Personalization, Content Creation/Nurture, Multilingual, Agents 1st Party Insights & 3rd Party Integrations Use cases: Marketing Engagement ➢ Pipeline ➢ Live Certification ➢ Event Marketing Use cases:
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential The ON24 multiplier effect 10 2M+ ~200 Attendees (1) 50+ Minutes (1) 20+ Data points per attendee (2) Professionals Per Month (1) Engagement of Average ON24 Live Experience Engagement Across ON24 Network (1) Average number based on experiences with more than 5 attendees for period between January 1, 2024, to December 31, 2024; (2) Represents the minimum number of datapoints per attendee collected for events for the year determined as TTM for period ending December 31, 2024; (3) Total minutes of live attendee engagement based on average time spent per attendee per ON24 experience with ON24 experiences between January 1, 2024 to December 31, 2024. Customer Data Customer Engagement Websites Email Advertising Social Physical Events ON24 1B+ Annual Engagement Minutes (3)
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 11 © 2025 ON24, Inc. | Confidential Advanced DataEnhanced DataBasic Data Audience Data • Registrants • Attendees • Demographics Engagement • Durations • Polls / Surveys • Q&A / Chat • Reactions Benchmarking • Attendance Rates and Trends • Event/Industry Engagement Metrics • Account Metrics Lead Qualification • Engagement Score Content Performance • Resource Downloads Content Performance • Key Moments • Drop Off Points Derivative Content • Transcripts • Key Takeaways • Blog Post • eBook • Social Media Post • Follow Up Email Content Metadata • Tags • Category • Application • Language Presenter Behavior • Presenter Activity • Feedback Calls to Action • Book a Meeting • Contact Us • Request Demo • Start a Trial • CTA Marketing Analytics • Source Attribution • Campaign Performance • Conversion • Email Statistics Professional Development • Testing • Certification ON24 Data Advantage
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© 2025 ON24, Inc. | Confidential Hybrid& virtualevents Webinar experiences Contenthubs& landingpages AI-powered ACE First-party data The ON24 Intelligent Engagement Platform 12 Sales & marketing platform that combines best-in-class experiences, personalization and content, to capture and act on connected data and insights at scale Third-Party Integrations
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© 2025 ON24, Inc. | Confidential Webinars & video Integrations & performance analytics AI-powered ACE Segment personalization Key moments Automated nurture AI-generated content Content hubs & landing pages Virtual events Standard ✓ ✓ Add-on Essentials ✓ ✓ Add-on ON24 Intelligent Engagement Platform Packages 13 Advanced ✓ ✓ ✓ ✓ Add-on ✓ MOST POPULAR Find the right ON24 package for your business with the world’s only platform for AI-powered webinars, virtual events and content marketing.
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential Target Persona Paula Price Company Metropolis Industry Financial Services Role Vice President, Network Security Turn engagement into actionable data with ON24 14© 2025 ON24, Inc. | Confidential
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 15 Engagement Tools Live Experience Personalized Experience Always-on Experience Live Experience Attends webinar and signs up for a CloudTek free trial.
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 16 Engagement Tools Live Experience Personalized Experience Always-on Experience Live Experience Attends webinar and signs up for a CloudTek free trial.
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 17 Engagement Tools Buying Signals Live Experience Personalized Experience Always-on Experience Live Experience Attends webinar and signs up for a CloudTek free trial.
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 18 Engagement Tools Buying Signals Conversational Intelligence Live Experience Personalized Experience Always-on Experience Live Experience Attends webinar and signs up for a CloudTek free trial.
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 19 Engagement Tools Buying Signals Conversational Intelligence Video Breakouts Live Experience Personalized Experience Always-on Experience Live Experience Attends webinar and signs up for a CloudTek free trial.
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 20 Engagement Tools Buying Signals Conversational Intelligence Video Breakouts 1:1 Meetings Live Experience Personalized Experience Always-on Experience Live Experience Attends webinar and signs up for a CloudTek free trial.
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 21 Engagement Tools Buying Signals Conversational Intelligence Video Breakouts 1:1 Meetings Personalization Live Experience Personalized Experience Always-on Experience Live Experience Attends webinar and signs up for a CloudTek free trial.
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 22 Engagement Tools Buying Signals Conversational Intelligence Video Breakouts 1:1 Meetings Personalization Automated Captioning Live Experience Personalized Experience Always-on Experience Live Experience Attends webinar and signs up for a CloudTek free trial.
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 23 Minutes Engaged Resources Downloaded Videos Watched Talk to Sales Live Experience Personalized Experience Always-on Experience Live Experience Visits page and requests sales meeting
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 24 Minutes Engaged Resources Downloaded Videos Watched Event Registration Subscribe to Content Live Experience Personalized Experience Always-on Experience Live Experience Visits CloudTek Learning Hub and registers for upcoming user conference, TekNEXT
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 25 Live Experience Personalized Experience Always-on Experience Live Experience Minutes Engaged Resources Downloaded Sessions Watched Requests Pricing Attends TekNEXT and meets with Sales Rep to discuss pricing Booths Visited Polls Answered
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential Prospect Engagement Profile 26 Paula Price VP, Network Security Metropolis
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential Prospect Engagement Profile 27 Paula Price VP, Network Security Metropolis
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential Prospect Engagement Profile 28 Paula Price VP, Network Security Metropolis
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential Prospect Engagement Profile 29 Paula Price VP, Network Security Metropolis
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential Prospect Engagement Profile 30 Paula Price VP, Network Security Metropolis
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 31 AI/ML ENGINE Platform for AI/ML-Driven Personalization
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential 32 Scale marketing impact with AI- powered insights and content Personalized Experiences Data & Analytics Automated Content Creation ACE Analyze audience engagement to surface ”Key Moments” and understand performance Automatically turn live event presentations into transcripts, ebooks, blogs and videos to fuel ongoing nurture streams Deliver recommended content and messaging to audience segments
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© 2025 ON24, Inc. | Confidential 33 ON24 Partner Integrations Integrate the ON24 platform with 30+ technology partners to enable sales action and drive continuous ROI from every experience. Flexible audience registration Real-time, deep integrations* with CRM & marketing automation platforms Business intelligence *Integrations available through native connectors, 3rd party or web connectors, and REST API’s
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© 2025 ON24, Inc. | Confidential 25% Increase in engagement YoY Category leader In intelligent engagement amongst top-performing marketers in G2Crowd 34 Platform for enterprise scale 1B+ Data points per year Unified platform Purpose built for sales & marketing to capture first-party analytics and seamlessly integrates into your MAPs and CRM systems 99.9% Uptime, past 365 days Security and compliance Built for key industries with best-in-class security, accessibility and compliance standards, including SOC 2 and ISO 27001. 50+ Fortune 100 customers Enterprise scale Global reliability for optimal branding and customization whether live, on-demand or simu-live digital experience
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© 2025 ON24, Inc. | Confidential One platform for digital engagement 35 Partner Enablement Professional Certification Member Enrollment HCP Engagement Demand Generation First-party engagement data
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential US Market TAM = $21B SMB Mid-Market Enterprise International Markets Average Spend Potential (2,000+ Employees) (200-1,999 employees) (50-199 employees) ~1x of US Market $42B International TAM = $21B As of December 31, 2024; Source: 2021 US Census data for number of potentially addressable companies within each of the Enterprise, Mid -market and SMB categories in the United States. Includes Firms in Educational Services, Finance and Insurance, Health Care and Social Assistance, Information, Management of Companies and Enterprises, Manufacturing, Other Services (except Public Administration), Professional, Scientific, and Technical Services, Real Estate and Rental and Leasing Massive Global TAM 36
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© 2025 ON24, Inc. | Confidential Momentum in Emerging Verticals 37 39% 13%14% 7% 13% 14% 2019 Core Platform ARR by Vertical Technology Financial Services Professional Services Life Sciences Manufacturing Other 30% 20%13% 13% 11% 13% 2024 Core Platform ARR by Vertical Technology Financial Services Professional Services Life Sciences Manufacturing Other
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© 2025 ON24, Inc. | Confidential Focused on >1K-employee Companies 38 77% 11% 12% % of 2024 Core Platform ARR >1000-employee companies 250-999-employee companies <250-employee companies
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© 2025 ON24, Inc. | Confidential Topline Metrics 39 $70 $75 $77 $76 $77 $78 $80 FY20 FY21 FY22 FY23 FY24 Q1'25 Q2'25 Average Core Platform ARR (1) per Customer ($K) (1) Core Platform ARR is calculated as the sum of the annualized value of our subscription contracts as of the measurement date, including existing customers with expired contracts that we expect to be renewed. Our Core Platform ARR amounts exclude virtual conference product, professional services, overages from subscription customers and Legacy revenue. (2) Excludes Legacy Revenue YoY Growth $154.8 $203.5 $190.9 $163.7 $148.1 $34.7 $35.3 FY20 FY21 FY22 FY23 FY24 Q1'25 Q2'25 Services Subscription and Other Platform Total Revenue (2) ($M) 35% 7% 3% (1)% 1% 0% 3% 92% 31% (6)% (14)% (10)% (8%) (5%)YoY Growth
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© 2025 ON24, Inc. | Confidential Customer Metrics 40 % of Customer with 2+ Products (1) 30% 35% 36% 37% 39% FY20 FY21 FY22 FY23 FY24 29% 35% 41% 49% 51% FY20 FY21 FY22 FY23 FY24 % of ARR in Multi-Year Agreements (1) (1) This metric is disclosed annually.
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© 2025 ON24, Inc. | Confidential Target Operating Model 41 % of Revenue FY20 FY21 FY22 FY23 FY24 Q1’25 Q2’25 Target Model Non-GAAP Gross Margin 79% 78% 75% 75% 77% 77% 77% 78% - 80% Operating Expenses Sales & Marketing 38% 47% 49% 44% 43% 45% 43% 35% - 36% Research & Development 12% 15% 19% 18% 18% 20% 19% 14% - 15% General & Administrative 13% 15% 17% 17% 17% 18% 17% 8% - 9% Non-GAAP Operating Margin 16% 1% (10%) (4%) (2%) (6%) (3%) ~20% Adjusted EBITDA Margin 18% 3% (7%) (1%) 1% (3%) 1%
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© 2025 ON24, Inc. | Confidential © 2025 ON24, Inc. | Confidential Appendix 42
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© 2025 ON24, Inc. | Confidential GAAP to Non-GAAP Gross Profit Reconciliation 43 ($M) 2020 2021 2022 2023 2024 Q1’25 Q2’25 GAAP Gross Profit $123.6 $156.2 $138.1 $117 .4 $110.1 $25.6 $26.5 Add: Stock-based Compensation Expense $0.2 $2.3 $4.1 $3.4 $3.1 $0.6 $0.5 Restructuring Costs — — $0.4 $2.4 $0.4 $0.4 $0.1 Impairment Charge — — — $0.2 --- --- --- Non-GAAP Gross Profit $123.8 $158.5 $142.5 $123.4 $113.6 $26.6 $27 .2 % Margin 79% 78% 75% 75% 77% 77% 77% Total Gross Profit
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© 2025 ON24, Inc. | Confidential GAAP to Non-GAAP Operating Expense Reconciliation 44 ($M) 2020 2021 2022 2023 2024 Q1’25 Q2’25 GAAP Sales and Marketing $60.6 $104.1 $109.6 $89.2 $78.1 $18.1 $17.6 Deduct: Stock-based Compensation Expense Restructuring Costs Impairment Charge $1.1 — — $8.8 — — $14.3 $1.1 — $14.0 $2.2 $0.3 $12.4 $1.7 --- $2.1 $0.4 --- $2.1 $0.4 --- Non-GAAP Sales and Marketing $59.6 $95.3 $94.1 $72.7 $64.0 $15.6 $15.1 Sales and Marketing Research and Development General and Administrative ($M) 2020 2021 2022 2023 2024 Q1’25 Q2’25 GAAP Research and Development $19.3 $34.8 $44.1 $41.1 $36.3 $8.3 $8.5 Deduct: Stock-based Compensation Expense Amortization of acquired intangible asset Restructuring Costs Impairment Charge $0.4 — — — $4.4 — — — $8.0 $0.4 $0.1 — $9.1 $0.6 $1.4 $0.6 $8.9 $0.6 $0.1 --- $1.4 $0.1 ---- ---- $1.4 $0.1 $0.1 ---- Non-GAAP Research and Development $18.9 $30.4 $35.6 $29.5 $26.7 $6.8 $6.9 ($M) 2020 2021 2022 2023 2024 Q1’25 Q2’25 GAAP General and Administrative $21.9 $40.9 $44.0 $49.1 $46.4 $9.6 $9.6 Deduct: Stock-based Compensation Expense Restructuring Costs Impairment Charge Costs Related to Shareholder Activism Litigation Related Expense $1.3 — — — --- $10.2 — — — --- $12.2 $0.0 — — --- $18.6 $0.4 $0.4 $2.7 --- $20.8 $0.3 --- --- --- $3.1 --- --- $0.1 $0.2 $3.4 $0.1 ---- ---- ---- Non-GAAP General and Administrative $20.5 $30.8 $31.7 $27.1 $25.3 $6.3 $6.1
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© 2025 ON24, Inc. | Confidential GAAP to Non-GAAP Operating Income (Loss) and Adjusted EBITDA Reconciliation 45 ($M) 2020 2021 2022 2023 2024 Q1’25 Q2’25 GAAP Operating Income / (Loss) $21.8 $(23.6) $(59.6) $(62.0) $(50.7) $(10.5) $(9.2) Add: Stock-based Compensation Expense $2.9 $25.7 $38.5 $45.0 $45.2 $7.1 $7.4 Restructuring Costs -- -- $1.7 $6.4 $2.6 $0.8 $0.7 Impairment Charge -- -- -- $1.5 -- -- -- Amortization of Acquired Intangible Asset _ _ $0.4 $0.6 $0.6 $0.1. $0.1 Costs Related to Shareholder Activism -- -- -- $2.7 -- $0.1 -- Litigation Related Expense -- -- -- -- -- $0.2 -- Non-GAAP Operating Income / (Loss) $24.8 $2.1 $(18.9) $(5.9) $(2.4) ($2.1) $(0.9) % Margin 16% 1% (10%) (4%) (2%) (6%) (3%) Add: Depreciation and Amortization $3.0 $4.6 $5.1 $5.0 $4.4 $1.2 $1.1 Adjusted EBITDA $27.7 $6.7 $(13.8) $(1.0) $2.0 ($1.0) $0.2 %Margin 18% 3% (7%) (1%) 1% (3%) 1%