1. ON24 is facing declining revenue and customer base, worsened by strong competition from Zoom and Cisco's Webex; 2. The company's Q4 results showed a continued -7% y/y decline in revenue and a -6% y/y decline in ARR; 3. ON24's business model is flawed with only 51% of ARR in multi-year agreements, making its revenue base unstable; 4. Despite the stock trading at <1x forward revenue, it's likely that ON24 will continue to lose ARR, making it a clear value trap.