Summary
Amplitude returned to double-digit revenue growth in the first quarter of fiscal 2025. Revenue rose 10.1% to $80.0 million for the quarter ended March 31, 2025, compared with $72.6 million in the prior-year quarter. Gross profit increased 11.2% to $59.7 million, and gross margin was 74.7%, up from 74.0%. The revenue gain came with a wider net loss. Net loss was $22.2 million, or $0.17 per diluted share, compared with a net loss of $21.5 million, or $0.18 per diluted share, a year earlier. The per-share loss narrowed by $0.01, but the absolute loss widened 3.6%. On a non-GAAP basis, operating loss was $2.1 million, flat with the prior-year quarter. Non-GAAP net loss per share was $(0.00), compared with non-GAAP net income per share of $0.01 a year earlier.
Cash generation swung negative. Operating cash flow was negative $8.0 million, down from negative $0.05 million in the prior-year quarter. Capital expenditures were $0.4 million, up 23.0% year over year. Free cash flow, a non-GAAP measure, was negative $9.2 million, compared with negative $1.1 million a year earlier. Deferred revenue, all of it current, was $117.0 million, up 13.8% year over year. Remaining performance obligations were $325.9 million, up 30.0%.
Business metrics pointed to larger enterprise deals. Annual recurring revenue was $320 million, up 12% year over year and up $8 million from the fourth quarter of 2024. Customers with more than $100,000 in ARR reached 617, up 18% year over year. Dollar-based net retention rate for the trailing 12 months was 98%, compared with 99% a year earlier, while ending dollar-based net retention rate was 101%, compared with 97%. The company launched Guides and Surveys, shipped self-serve data deletion, heatmaps, and Session Replay Everywhere, and ranked first in product analytics in G2's Spring 2025 report. The board also authorized a $50 million share repurchase program for Class A common stock.
Guidance points to modest sequential growth but a push toward profitability on a non-GAAP basis. For the second quarter of 2025, management guided revenue of $80.3 million to $82.3 million, non-GAAP operating loss of $2.9 million to $0.9 million, and non-GAAP net loss per share of $0.01 to net income per share of $0.01. For the full fiscal year 2025, management guided revenue of $329.0 million to $333.0 million, non-GAAP operating income of $0.0 to $5.0 million, and non-GAAP net income per share of $0.05 to $0.10. The full-year share count assumption is 140.9 million diluted shares. Second-quarter weighted average shares are expected to be 132.1 million basic and 138.7 million diluted.
The quarter's risks remain familiar. Amplitude has a history of losses, and its ability to retain and expand customer relationships is central to growth. The company focuses on larger organizations, which can increase variability in sales cycles. Management also flagged unfavorable conditions in the industry or global economy, including tariffs or other trade protection measures, and reductions in information technology spending. The market for SaaS applications may develop more slowly than expected or decline. Evolving privacy and data laws and intellectual property risks are additional concerns. The MD&A notes that 39% of revenue for the quarter was generated outside the United States, and sanctions related to Russia have led to terminated customer relationships and collection risk. The company says its current cash and marketable securities will fund working capital and capital expenditure requirements for at least the next 12 months.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2025 | Q4 FY2024 | QoQ | Q1 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $80.0M | $78.1M | +2.3% | $72.6M | +10.1% |
| Gross profit | $59.7M | $58.3M | +2.4% | $53.7M | +11.2% |
| Gross margin | 74.7% | 74.7% | +0.1 pp | 74.0% | +0.7 pp |
| Research & development | $23.5M | $34.4M | -31.6% | $23.0M | +2.5% |
| Sales & marketing | $44.1M | $42.5M | +3.9% | $40.8M | +8.2% |
| General & administrative | $16.3M | $16.9M | -3.8% | $14.7M | +10.9% |
| Total operating expenses | $83.9M | $93.8M | -10.5% | $78.4M | +7.0% |
| Net income (loss) | -$22.2M | -$32.6M | +31.8% | -$21.5M | -3.6% |
| Net margin | -27.8% | -41.7% | +13.9 pp | -29.6% | +1.7 pp |
| Diluted EPS | -$0.17 | -$0.26 | +$0.09 | -$0.18 | +$0.01 |
| Customers | 521 | — | — | 491 | +6.1% |
| Net retention rate | 98.0% | 97.0% | +1.0 pp | 99.0% | -1.0 pp |
Risks
The company has incorporated machine learning and generative AI into its Digital Analytics Platform and acquired CommandAI in 2025 to launch Guides and Surveys, but risk factors warn that competitors may incorporate AI more quickly or successfully, and reliance on third-party LLMs could make solutions less appealing if access or pricing changes.
Revenue growth depends on renewals and expansion, and MD&A reports the dollar-based net retention rate (TTM) was 98% as of March 31, 2025, down from 99% a year earlier, with partial and full churn among existing customers marginally outpacing expansion.
The company is defending a securities class action and a shareholder derivative action in the U.S. District Court for the Northern District of California, plus two privacy class actions and a third privacy action, and expects continued significant legal costs and management time.
Increased focus on larger organizations lengthens the sales cycle to four to six months for enterprises versus one to three months for non-enterprise customers, and missing or delaying one or more expected significant transactions could adversely affect results for that period and future periods.
Risk factors highlight inflationary pressures, rising interest rates, tariffs, potential recession, and reduced software spending that could cause customers to decrease budgets or go out of business, and MD&A notes global economic and political instability including the Russia-Ukraine war.
For the three months ended March 31, 2025, 39% of revenue was generated outside the United States, and expansion plans face risks including political instability, tariffs, trade wars, and regulatory burdens; MD&A notes the company terminated certain customer relationships in Russia due to the Russia-Ukraine war.
The platform and internal tools rely on AWS and other third-party cloud services, and extended outages, interruptions, or loss of commercially reasonable terms could increase expenses and impair the company's ability to manage sales and deliver its platform.
The company derives and expects to continue deriving a significant portion of revenue from Amplitude Analytics, so failure to maintain demand or market acceptance for that product could materially harm results.
MD&A reports net cash used in operating activities of $8.0 million for the three months ended March 31, 2025, compared with $0.05 million used in the three months ended March 31, 2024, although the company believes current cash and cash equivalents will be sufficient for at least the next 12 months.
SaaS KPIs
All quarters →Free Cash Flow Margin
Non-GAAP Operating Margin
Paying Customers
Free Cash Flow
Dollar-Based Net Retention Rate
Annual Recurring Revenue (ARR)
Summary, forecast, risks and KPIs are extracted from Amplitude, Inc.'s SEC filings for Q1 FY2025 (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.