Amplitude (AMPL) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $80 million, up 10% year-over-year, with ARR at $320 million, a 12% increase year-over-year and $8 million sequentially.

• Customers with over $100,000 in ARR grew 18% year-over-year to 617, with 30% of customers using more than one product.

• Non-GAAP operating loss was $2.1 million; GAAP net loss was $22.2 million, or $0.17 per share, compared to $21.5 million or $0.18 per share a year ago.

• Strong enterprise momentum with multi-product adoption, new strategic enterprise accounts team, and launch of new features including Guides, Surveys, and AI-powered capabilities.

• Announced a $50 million share repurchase program to manage dilution and respond to market volatility.

Financial highlights

• Gross margin (non-GAAP) was 76.5% in Q1 2025, up from 76.4% in Q1 2024; GAAP gross margin was 75%.

• Free cash flow was negative $9.2 million, mainly due to annual bonus payout, with free cash flow margin at (11.5)%.

• Net new ARR was $8 million, doubling from $4 million in Q1 2024.

• Sales and marketing expenses were 45% of revenue; R&D was 19% of revenue, up due to Command AI acquisition.

• Cash and investments totaled $284 million as of March 31, 2025; cash and equivalents were $131.2 million, with $151.9 million in marketable securities.

Outlook and guidance

• Q2 2025 revenue expected between $80.3M and $82.3M; full-year 2025 revenue guidance raised to $329M–$333M, representing 10–12% annual growth.

• Q2 non-GAAP operating loss expected between -$2.9M and -$0.9M; full-year non-GAAP operating income expected between $0 and $5M.

• Non-GAAP net income per share guidance: $0.05–$0.10 for FY25; Q2 non-GAAP net income (loss) per share between -$0.01 and $0.01.

• Management expects continued investment in R&D and sales, with operating expenses as a percentage of revenue expected to decrease over the long term.

• Current liquidity is sufficient for at least the next 12 months; additional financing may be sought if needed.