Summary
Amplitude reported first quarter fiscal 2022 revenue of $53.06 million, up 60.3% from the prior-year quarter. Gross profit rose 61.9% to $37.00 million, and gross margin was 69.7%, up 0.7 percentage points from the prior-year quarter. The company remained unprofitable. Net loss was $22.22 million, and the loss widened by $15.78 million from the prior-year quarter. Diluted net loss per share was $0.20. Paying customers grew 49% year over year to 1,701. Dollar-based net retention rate was 126%, compared with 118% a year earlier. Remaining performance obligations were $194.40 million at March 31, 2022. Deferred revenue was $75.14 million, all recorded as a current liability.
Operating cash flow was -$8.29 million, down $7.83 million from the prior-year quarter. Capital expenditures were $0.71 million, up $0.46 million. Free cash flow, a non-GAAP measure, was negative $9.6 million, compared with negative $1.1 million a year earlier. Non-GAAP loss from operations was negative $7.7 million, compared with negative $3.2 million. Non-GAAP net loss per share was negative $0.07, compared with negative $0.13. Those non-GAAP figures exclude stock-based compensation and related employer payroll taxes, amortization of acquired intangible assets, and non-recurring direct listing costs. The gap between GAAP and non-GAAP results reflects those items, but the company still reported a GAAP net loss and negative operating cash flow.
Amplitude hired Lambert Walsh as its first Chief Customer Officer. The Digital Optimization System launched in AWS Marketplace. Fast Company named Amplitude #3 among the top most innovative enterprise companies. The G2 Spring 2022 Report ranked Amplitude as the #1 product analytics solution for the seventh quarter in a row and #1 in mobile analytics. For the second quarter of 2022, revenue guidance is $54.5 million to $55.5 million. For the full year 2022, revenue guidance is $229 million to $235 million. Non-GAAP operating margin guidance is negative 24% to negative 23% for the second quarter and negative 20% to negative 19% for the full year. Non-GAAP net loss per share guidance is negative $0.12 to negative $0.11 for the second quarter and negative $0.41 to negative $0.39 for the full year. Weighted average shares outstanding are expected to be 111.6 million for the second quarter and 112.6 million for the full year. The company did not provide a reconciliation of its expected non-GAAP measures to the corresponding GAAP measures.
The company cited risks including its limited operating history and rapid growth, which make forecasting difficult, and its history of losses. Other risks include customer retention and expansion, fluctuations in financial results, a focus on larger organizations, downturns in new sales, unfavorable conditions in the industry or global economy, reductions in information technology spending, slower development of the SaaS market, intellectual property protection, and evolving privacy and data laws. The company also said it terminated certain relationships with customers in Russia because of the Russia-Ukraine conflict, and some customers in impacted regions have had disruptions that affected their ability to pay. The COVID-19 pandemic has had an adverse effect on the global economy, and supply chain disruptions have affected customers.
The quarter showed strong top-line growth and a higher gross margin, but the net loss and cash use both increased. The company is investing for growth while operating at a loss, and its forward outlook includes negative non-GAAP operating margins. Management pointed to a large market opportunity and early stages of digital optimization adoption, while the filing flags execution, retention, and macroeconomic risks.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2022 | Q4 FY2021 | QoQ | Q1 FY2021 | YoY |
|---|---|---|---|---|---|
| Revenue | $53.1M | $49.4M | +7.4% | — | — |
| Gross profit | $37.0M | $34.0M | +8.7% | — | — |
| Gross margin | 69.7% | 68.9% | +0.9 pp | — | — |
| Research & development | $16.5M | $14.2M | +16.0% | — | — |
| Sales & marketing | $28.1M | $27.0M | +4.1% | — | — |
| General & administrative | $14.4M | $14.3M | +0.6% | — | — |
| Total operating expenses | $59.0M | $55.5M | +6.3% | — | — |
| Net income (loss) | -$22.2M | -$21.9M | -1.5% | — | — |
| Net margin | -41.9% | -44.3% | +2.4 pp | — | — |
| Net retention rate | 126.0% | 123.0% | +3.0 pp | — | — |
Risks
Amplitude has incurred net losses in each period since inception and expects costs and expenses to increase across research and development, sales and marketing, and general administration. For FY2022 Q1, net loss widened to $22.22 million from $6.44 million in FY2021 Q1, and accumulated deficit was $202.0 million as of March 31, 2022.
Sales efforts to larger organizations lengthen and reduce predictability of sales cycles. For the quarter ended March 31, 2022, average sales cycle to enterprises was four to six months, compared to one to two months to non-enterprise customers, and delayed or missed large transactions may adversely affect results.
Revenue growth depends on renewals and expansion from existing customers and attraction of new customers. Although dollar-based net retention rate was 126% and paying customers grew 49% year-over-year as of March 31, 2022, customers have no renewal obligation and retention or expansion could decline.
Substantially all revenue is derived from Amplitude Analytics, while Amplitude Recommend and Amplitude Experiment were only released in 2021. If demand for Amplitude Analytics fails to grow or market acceptance falters, business and results could be materially adversely affected.
The Russia-Ukraine conflict is a new risk that could disrupt customers in impacted regions and reduce revenue. Amplitude terminated certain relationships with customers in Russia, and some customers in impacted regions have experienced disruptions that affected their ability to pay for services.
Unfavorable global economic conditions, including inflationary pressures, could reduce software spending and lead customers to decrease budgets or seek extended billing terms. Larger competitors may respond by lowering prices, limiting Amplitude's growth.
Platform and internal tools rely on third-party cloud services, particularly AWS. Extended outages, interruptions, or changes in terms could increase expenses and impair Amplitude's ability to deliver its Digital Optimization System.
For the three months ended March 31, 2022, 37% of revenue was generated outside the United States, but the non-U.S. sales organization is substantially smaller than the U.S. one and channel partner sales are limited. International expansion carries regulatory, tax, labor, currency, and geopolitical challenges.
The market is fragmented, rapidly evolving, and highly competitive with low barriers to entry, and competitors include large companies with greater resources and more mature intellectual property portfolios. Pricing pressures and increased competition could reduce sales and margins.
Amplitude must attract and retain highly skilled personnel, especially engineers and experienced sales professionals in the San Francisco Bay Area. Intense competition and declines in perceived equity award value could impair hiring and retention.
SaaS KPIs
All quarters →Free Cash Flow Margin
Non-GAAP Operating Margin
Paying Customers
Free Cash Flow
Remaining Performance Obligations
Dollar-Based Net Retention Rate
Current Remaining Performance Obligations
Summary, forecast, risks and KPIs are extracted from Amplitude, Inc.'s SEC filings for Q1 FY2022 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.