Summary
Amplitude's fiscal 2026 first quarter delivered top-line growth, but profitability and cash burn moved in the wrong direction. Revenue for the quarter ended March 31, 2026 was $93.49 million, up 16.9% from $79.95 million in the prior-year quarter. Gross margin slipped to 73.0% from 74.7%, a decline of 1.7 percentage points. The company remained unprofitable. Net loss was $23.27 million, compared with $22.23 million, so the loss widened. Diluted EPS was -$0.17, flat with the prior-year quarter. Operating cash flow was negative $11.61 million, compared with negative $8.02 million, a larger outflow. Deferred revenue was $133.42 million, up 14.0% from $117.00 million. Remaining performance obligations were $427.40 million, up 31.1% from $325.90 million, and the portion expected to be recognized in more than 12 months grew 60%. That backlog growth is a positive sign, but it has not yet translated into GAAP profit or positive operating cash flow.
Operationally, Amplitude kept adding larger customers and rolled out new AI products. Annual recurring revenue was $374 million, up 17% year over year. The company ended the quarter with 727 customers at $100,000 or greater in ARR, up 18%, and 55 customers at $1.0 million or greater in ARR, up 25%. Dollar-based net retention rate for the trailing 12 months was 105%, while the ending dollar-based net retention rate was 106%. Management said multi-product ARR expanded to 77% and new pricing and packaging represented 25% of total contracted ARR in the quarter. Product releases included Global Agent, Specialized Agents, an AI Assistant, Agent Analytics, and an expanded Model Context Protocol. Amplitude also announced a strategic partnership with Statsig to take on its brand and customers, and in January 2026 it completed the acquisition of InfiniGrow Ltd., an AI marketing analytics company. The company works with more than 4,900 paying customers and had approximately 818 employees in ten global offices.
Guidance points to continued growth but a mixed bottom line. Amplitude issued revenue guidance for both the second quarter and the full fiscal year 2026. For the second quarter, it expects a non-GAAP operating loss of $3.6 million to $1.6 million and a non-GAAP net loss per share of $0.02 to $0.01. For the full fiscal year 2026, it projects non-GAAP operating income of $2.5 million to $6.5 million and non-GAAP net income per share of $0.03 to $0.06. In the first quarter, non-GAAP loss from operations was $3.1 million, compared with $2.1 million a year earlier. Free cash flow, a non-GAAP measure, was negative $13.2 million, compared with negative $9.2 million, and non-GAAP net loss per share was $0.02, compared with $0.00. The full-year outlook envisions positive non-GAAP operating income, but the second-quarter guide still points to a non-GAAP operating loss.
Risks remain substantial. Amplitude has a history of losses and depends on retaining and expanding customer relationships. A decline in customer retention or expansion, or difficulty attracting new customers, would hurt results. The company also points to increased variability from its focus on larger organizations, unfavorable industry or global economic conditions, tariffs or other trade protection measures, reductions in information technology spending, slower development of the SaaS market, intellectual property risk, and evolving privacy and data-related laws. Sanctions related to Russia could affect its ability to collect receivables. The company carries a minimum purchase commitment of $326.3 million in AWS services through March 2031 and had utilized $53.1 million of that commitment as of March 31, 2026. That obligation sits against negative operating cash flow and negative free cash flow in the quarter. Amplitude also repurchased $20.7 million of common stock during the quarter.
Amplitude is investing heavily in AI analytics and larger enterprise customers, and the ARR and RPO trends show the strategy is producing contracted demand. The open question is whether that demand can close the gap between revenue growth and the cost base. For now, GAAP losses, negative operating cash flow, and negative free cash flow remain the central financial constraints.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2026 | Q4 FY2025 | QoQ | Q1 FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $93.5M | $91.4M | +2.3% | $80.0M | +16.9% |
| Gross profit | $68.3M | $68.2M | +0.1% | $59.7M | +14.3% |
| Gross margin | 73.0% | 74.6% | -1.6 pp | 74.7% | -1.7 pp |
| Research & development | $25.3M | $23.3M | +8.5% | $23.5M | +7.6% |
| Sales & marketing | $50.8M | $48.6M | +4.5% | $44.1M | +15.1% |
| General & administrative | $16.3M | $15.3M | +6.4% | $16.3M | +0.2% |
| Total operating expenses | $92.4M | $87.3M | +5.9% | $83.9M | +10.1% |
| Net income (loss) | -$23.3M | -$17.7M | -31.8% | -$22.2M | -4.7% |
| Net margin | -24.9% | -19.3% | -5.6 pp | -27.8% | +2.9 pp |
| Diluted EPS | -$0.17 | -$0.13 | -$0.04 | -$0.17 | ±$0.00 |
| Customers | 617 | — | — | 521 | +18.4% |
| Net retention rate | 105.0% | 104.0% | +1.0 pp | 98.0% | +7.0 pp |
Risks
The AI Analytics Platform depends on successfully developing, deploying, and managing AI Technologies, including LLMs. Competitors may incorporate AI Technologies more quickly or successfully, and failure to manage AI investments could impair product competitiveness. MD&A emphasizes the AI-led rearchitecture and recent AI product launches such as AI Agents, MCP, and Automated Insights.
The company uses AI Technologies licensed from third parties and may depend on access to specific third-party models. If those technologies become incompatible, unavailable, or are offered on less favorable terms, the platform could become less appealing and operations could be disrupted.
Increasing focus on larger enterprise organizations may lengthen and make the sales cycle less predictable. Enterprise sales cycles were four to six months versus one to three months for non-enterprise customers, and delayed significant transactions could adversely affect quarterly results.
The company has a history of losses and expects costs to increase. Net loss widened to $23.3 million in FY2026 Q1 from $22.2 million in FY2025 Q1, and operating cash flow was negative $11.6 million, down 44.7% versus the prior-year quarter, with an accumulated deficit of $569.7 million as of March 31, 2026.
Revenue growth depends on customers renewing subscriptions and expanding usage. Customers have no renewal obligation and some have elected not to renew; NRR (TTM) was 105% as of March 31, 2026 and 98% as of March 31, 2025, but retention or expansion declines could materially affect results.
The company derives and expects to continue deriving a significant portion of revenue from its Amplitude Analytics product despite newer product releases. Continued market acceptance of Amplitude Analytics is critical, and failure to meet customer demand for that product could materially harm results.
Unfavorable global economic conditions, inflation, rising interest rates, tariffs, or reduced software spending could constrain customer budgets and delay purchases. International operations add exposure, with 39% of revenue generated outside the United States for the three months ended March 31, 2026.
The company is currently defending against two privacy class actions and previously defended against a third privacy action. These matters have required and may continue to require significant legal costs and management attention.
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
Annual Recurring Revenue
Summary, forecast, risks and KPIs are extracted from Amplitude, Inc.'s SEC filings for Q1 FY2026 (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.