Amplitude (AMPL) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was $75.2M, up 6% year over year, with ARR at $298M, an increase of $8M sequentially and 9% year over year.

• Non-GAAP operating income was $1.6M (2.1% of revenue), and non-GAAP net income per share was $0.03; GAAP net loss was $16.9M.

• Paying customers grew 41% year over year to 3,486, with 567 customers over $100K ARR, up 13% year over year.

• Notable new and expanded customers include Realtor.com, DigitalOcean, Fanatics, Philips, Playrix, and Thomson Reuters.

• The company completed the acquisition of Command AI and Foobar, Inc. to enhance AI-powered user assistance and analytics.

Financial highlights

• Non-GAAP gross margin was 77.2% for Q3 2024; GAAP gross margin was 75%.

• Free cash flow was $4.5M (6% of revenue) for Q3 2024, with a margin down from 10.6% a year ago.

• Non-GAAP operating margin was 2.1%; GAAP loss from operations was $20.0M.

• Net loss per share was $(0.14) for Q3 2024; non-GAAP net income per share was $0.03.

• Cash, cash equivalents, and restricted cash totaled $318.3M at quarter end.

Outlook and guidance

• Q4 2024 revenue expected between $76M–$77M (6–8% YoY growth); non-GAAP operating loss of $(2.1)M to $(0.1)M.

• Full-year 2024 revenue guidance is $297.1M–$298.1M (8% YoY growth); non-GAAP net income per share expected between $0.04–$0.06.

• Guidance includes impacts from recent acquisitions and associated fees.