The current pandemic conditions coupled with other social issues in the country have resulted in businesses driving focus on business continuity. Emergency notifications provider Everbridge (Nasdaq: EVBG) is a provider of a Critical Event Management platform to study ad hoc data feeds and correlate threats with locations of assets and people to ensure a rapid and comprehensive incident assessment and remediation.

Everbridge’s Financials

Q3 revenues grew 36% to $71.3 million, surpassing analyst estimates by 4%. Net loss was $(24.2) million or $(0.70) per share, compared to $(12.9) million or $(0.39) a year ago. Non-GAAP net income per share was $0.06 beating analyst estimates of a loss of $(0.21) per share.

For the current quarter, Everbridge expects revenues of $72.3-$72.7 million and an adjusted income of $0.01-$0.03 per share. It expects to end the year with revenues of $267.8-$268.2 million and a net loss of $0.03-$0.01 per share. The market was looking for revenues of $72.17 million for the quarter with an EPS of $0.10 per share and revenues of $264.91 million for the year with a net loss of $0.10 per share.

Everbridge’s Expanding Offerings

Given the recent spate of racial violence in the country, Everbridge is expanding its focus on the development of the colored community. It recently announced its partnership with the National Black MBA Association (NBMBAA). NBMBAA is a nonprofit dedicated to the intellectual and economic empowerment of the Black community.

As part of the partnership, the two will work together to develop educational opportunities for minority students, entrepreneurs and professionals through a commitment of a safe learning environment. Everbridge will give NBMBAA-affiliated schools Critical Event Management (CEM) technology, thus helping provide a safe college campus environment. It will also establish an internship program allowing students to intern at Everbridge and give them accredited training and work experience.

Earlier this year, Everbridge announced that it had received an important new patent related to its public warning system. The patent pertains to a multimedia-capable platform that delivers both traditional text alerts using Cell Broadcast (CB) and multimedia content such as audio, images, and video using Multicast Content Distribution (MCD). The multicast technology has been built on 5G and will help enhance Everbridge’s market reach.

The current pandemic conditions are also helping accelerate the deployment of Everbridge’s solutions. During the quarter, it saw significant market demand for its new applications that are extensions of CEM, such as Return to Work and Campus, Contact Tracing, and COVID-19 Shield.

The pandemic-focused solutions helped contribute to a record result for its mix of sales from new products. During the third quarter alone, more than three dozen organizations chose its Return to Work and Campus and the Contact Tracing solutions to keep people safe and operations running. 64% of net and gross sales over the last four quarters were from new products. In fact, in 2020, Everbridge customers used its SaaS platform to send more than 5 billion communications, a 30% increase.

Everbridge is not the only player in the market. Its mass notification service includes competition from vendors like PagerDuty, RedFlag, and Alert Media to name a few. Everbridge is counting on growing its presence in the market through product upgrades and partnership expansion.

Its stock is trading at $151.61 with a market capitalization of $5.3 billion. It has been steadily climbing from its 52-week low of $83.12 in January last year. It reported a 52-week high of $165.79 in May last year.