Summary
Amplitude's second quarter fiscal 2025 revenue rose to $83.27 million, up 13.6% from $73.30 million in the prior-year quarter. Year-to-date revenue reached $163.22 million, up 11.9% from $145.92 million. Gross profit grew to $60.46 million in the quarter, up 12.3% from $53.82 million, and to $120.21 million year to date, up 11.8% from $107.55 million. Gross margin slipped to 72.6% from 73.4%, a decline of 0.8 percentage points, while year-to-date gross margin was 73.6% compared with 73.7%, essentially flat at a decline of 0.1 percentage points. The bottom line stayed under pressure. GAAP operating loss was $27.09 million for the quarter and $51.29 million year to date. GAAP net loss was $24.67 million, compared with $23.42 million in the prior-year quarter, so the loss widened by $1.25 million. Year-to-date GAAP net loss was $46.90 million versus $44.88 million, a widening of $2.02 million. Diluted GAAP loss per share was $0.19 in the quarter, flat versus the prior-year quarter. Year-to-date diluted loss per share was $0.36 compared with $0.37, a narrowing loss.
Cash generation improved sharply. Operating cash flow was $20.05 million in the quarter, up 117.3% from $9.23 million. Year-to-date operating cash flow was $12.03 million, up 31.1% from $9.18 million. Capital expenditures were $0.54 million in the quarter, down 11.2% from $0.61 million. Year-to-date capital expenditures were $0.98 million, up 1.5% from $0.96 million. Free cash flow, a non-GAAP measure, was $18.2 million, up from $6.8 million a year earlier, an increase of $11.4 million. Deferred revenue was $136.66 million, up 9.8% from $124.44 million. Remaining performance obligations were $358.10 million, up 30.6% from $274.20 million. The company also reported non-GAAP loss from operations of $1.5 million, compared with a non-GAAP loss from operations of $3.7 million in the prior-year quarter. Non-GAAP net income per diluted share was $0.01, compared with a non-GAAP net loss per diluted share of $0.00 in the prior-year quarter.
The operating metrics showed better momentum. Annual recurring revenue was $335 million, up 16% year over year and up $15 million from the first quarter of 2025. Customers with annual recurring revenue of $100,000 or greater totaled 634, up 16% year over year. Dollar-based net retention rate on a trailing 12-month basis was 99%, while the ending dollar-based net retention rate was 104%. Revenue generated outside the United States was 39% of total revenue for both the three and six months ended June 30, 2025. Product recognition remained strong. Amplitude was named a Leader and a Customer Favorite in The Forrester Wave: Digital Analytics Solutions, Q3 2025 report and received the highest Current Offering category score and the highest scores possible in 21 criteria. The company ranked first in eight categories in G2's Summer 2025 report, including the top spot in Product Analytics for the 20th quarter in a row. It also launched a beta of Amplitude AI Agents, released new marketing capabilities, and welcomed teams from Kraftful, Inari, and June. In June 2025, Amplitude completed an asset acquisition of Inari to accelerate its AI roadmap.
Guidance points to continued revenue growth but still modest non-GAAP profitability. For the third quarter of 2025, Amplitude expects revenue of $85.0 million to $87.0 million. For the full year 2025, the company expects revenue of $335.2 million to $338.2 million. Third quarter non-GAAP operating income (loss) is expected to be $(2.0) million to $1.0 million. Full year 2025 non-GAAP operating income (loss) is expected to be $(2.0) million to $3.0 million. Third quarter non-GAAP net income (loss) per share is expected to be $(0.00) to $0.02. Full year 2025 non-GAAP net income (loss) per share is expected to be $0.04 to $0.08. The guidance assumes weighted average shares outstanding of 133.4 million basic and 144.3 million diluted for the third quarter, and 142.8 million diluted for the full year. Several risks remain. The company has a history of losses and depends on customer retention and expansion. Its focus on larger organizations can increase sales cycle variability. Unfavorable global economic conditions, tariffs, reduced information technology spending, sanctions related to Russia, and evolving privacy and data laws could hurt results. Amplitude may also need additional capital, and its AWS cloud commitment requires a minimum purchase of $326.3 million through March 2031, with $9.1 million utilized as of June 30, 2025. Management believes current cash and cash equivalents will be sufficient for working capital and capital expenditure requirements for at least the next 12 months.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q2 FY2025 | Q1 FY2025 | QoQ | Q2 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $83.3M | $80.0M | +4.1% | $73.3M | +13.6% |
| Gross profit | $60.5M | $59.7M | +1.2% | $53.8M | +12.3% |
| Gross margin | 72.6% | 74.7% | -2.1 pp | 73.4% | -0.8 pp |
| Research & development | $24.1M | $23.5M | +2.4% | $21.1M | +13.9% |
| Sales & marketing | $47.0M | $44.1M | +6.4% | $44.1M | +6.4% |
| General & administrative | $16.5M | $16.3M | +1.4% | $15.7M | +5.2% |
| Total operating expenses | $87.6M | $83.9M | +4.3% | $81.0M | +8.1% |
| Net income (loss) | -$24.7M | -$22.2M | -11.0% | -$23.4M | -5.4% |
| Net margin | -29.6% | -27.8% | -1.8 pp | -31.9% | +2.3 pp |
| Diluted EPS | -$0.19 | -$0.17 | -$0.02 | -$0.19 | ±$0.00 |
| Customers | 547 | 521 | +5.0% | 499 | +9.6% |
| Net retention rate | 99.0% | 98.0% | +1.0 pp | 98.0% | +1.0 pp |
Risks
Amplitude has incorporated LLMs and generative AI into its platform and completed acquisitions such as CommandAI and Inari to accelerate its AI roadmap, but the filing warns competitors may incorporate AI Technologies into their products more quickly or successfully. It also notes dependence on third-party AI Technologies that may become incompatible, unavailable, or offered on unfavorable terms.
MD&A says revenue growth for the six months ended June 30, 2025 was partially offset by partial and full customer churn that slightly outpaced expansion within existing accounts, with dollar-based net retention rate (TTM) of 99% as of June 30, 2025. Risk factors state customers have no obligation to renew and failure to renew, expand, or attract new customers could materially hurt results.
Net loss widened to $46.9 million for the six months ended June 30, 2025 from $44.9 million for the six months ended June 30, 2024, and accumulated deficit was $504.7 million as of June 30, 2025. The company expects costs and expenses to increase in future periods and may not achieve profitability.
Amplitude is focusing on larger organizations and may become more dependent on those relationships, with enterprise sales cycles averaging four to six months compared with one to three months for non-enterprise customers. Delayed or missed large transactions could increase variability in results.
Risk factors cite inflationary pressures, rising interest rates, tariffs, a potential recession, trade wars, and armed conflicts including the war in Ukraine and conflicts in the Middle East. These conditions could reduce customer software spending, delay purchasing decisions, and create collection difficulties.
For the three and six months ended June 30, 2025, 39% of revenue was generated outside the United States, and the company plans further geographic expansion. It faces risks from a substantially smaller non-U.S. sales organization, local regulatory requirements, currency fluctuations, and geopolitical instability.
In April 2025 Amplitude entered a new AWS private pricing addendum with a minimum purchase commitment of $326.3 million in AWS services through March 2031, and it had utilized $9.1 million as of June 30, 2025. Dependence on AWS means outages, interruptions, or unfavorable terms could interrupt platform delivery and increase expenses.
The filing states Amplitude is defending two privacy class actions and previously defended a securities class action and a shareholder derivative lawsuit, and it expects to continue incurring significant legal costs. Evolving privacy and data protection laws also require compliance spending that could increase expenses.
MD&A says attracting the best engineering and AI talent is critical to long-term success, while risk factors note intense competition for software engineers and experienced sales professionals in the San Francisco Bay Area. If the perceived value of equity awards declines, recruiting and retention could suffer.
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 (NRR)
Annual Recurring Revenue (ARR)
Summary, forecast, risks and KPIs are extracted from Amplitude, Inc.'s SEC filings for Q2 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.