Summary
Amplitude ended fiscal 2021 with fourth quarter revenue of $49.4 million, up 64.3% from $30.1 million in the prior-year quarter. Gross profit rose to $34.0 million, up 63.0% from $20.9 million, while gross margin slipped to 68.9% from 69.4%. The quarter brought a net loss of $21.9 million. Full year revenue reached $167.3 million, up 63.2% from $102.5 million in fiscal 2020. Full year gross profit was $115.5 million, up 60.5%, and full year gross margin was 69.1%, down from 70.3%. The full year net loss was $75.0 million, and diluted loss per share widened to $1.46 from $0.98.
Cash generation stayed negative. Net cash used in operating activities was $11.1 million in the fourth quarter, down from negative $3.0 million in the prior-year quarter. For the full year, net cash used in operating activities was $31.7 million, down from negative $10.4 million. Free cash flow was negative $12.2 million in the fourth quarter and negative $34.9 million for the full year, compared with negative $3.8 million and negative $12.6 million in the respective prior-year periods. Capital expenditures were $0.57 million in the fourth quarter, up from $0.51 million. Non-GAAP loss from operations was $5.0 million in the fourth quarter and $14.6 million for the full year. Non-GAAP net loss per share was $0.05 for the fourth quarter and $0.30 for the full year. Those non-GAAP measures strip out stock-based compensation and related employer payroll taxes, amortization of acquired intangible assets, and non-recurring costs such as direct listing expenses.
Customer metrics pointed to steady expansion. Paying customers grew 54% to 1,597. The dollar-based net retention rate was 123% at December 31, 2021, up from 119% a year earlier. Customers with more than $100,000 in annual recurring revenue rose 47% to 385, and customers with more than $1 million in ARR rose 93% to 29. Deferred revenue was $69.3 million at December 31, 2021, up 69.9% from $40.8 million. Total remaining performance obligations were $170.1 million, up 77.9% from $95.6 million. Management said 26 of the Fortune 100 were paying customers. Revenue generated outside the United States was 36% of the total. Amplitude launched its Recommend and Experiment products in 2021 and called early adoption encouraging. G2 ranked the company as the #3 best software product overall, #5 best enterprise product, the #1 product analytics solution for the sixth quarter in a row, #1 in mobile analytics, and #3 in digital analytics. At re:Invent in November, AWS named Amplitude an AI for Data Analytics solution. The company bought Iteratively in 2021 to help developers instrument data, after acquiring ClearBrain in 2020 for predictive analytics.
Management gave guidance for the first quarter of 2022 and for the full year 2022. First quarter revenue is expected to land between $50 million and $51 million, and full year 2022 revenue is expected to land between $226 million and $234 million. The company guided non-GAAP operating margin to negative 22% to negative 20% for both the first quarter and the full year. Non-GAAP net loss per share is expected to be $0.10 to $0.09 in the first quarter and $0.44 to $0.42 for the full year. Weighted average shares outstanding are expected to be 109.5 million for the first quarter and 111.9 million for the full year. No reconciliation to GAAP was provided, since the company says it cannot reasonably predict items such as stock-based compensation and amortization of acquired intangible assets. Risks named in the filing include a limited operating history, a history of losses, reliance on customer retention and expansion, longer and more variable sales cycles for large organizations, possible cuts in information technology spending, and evolving privacy and data laws. The company also flagged COVID-19 disruptions and worldwide supply chain problems that could dampen demand and slow collections.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2021 | Q3 FY2021 | QoQ | Q4 FY2020 | YoY |
|---|---|---|---|---|---|
| Revenue | $49.4M | $45.5M | +8.7% | — | — |
| Gross profit | $34.0M | $31.5M | +8.1% | — | — |
| Gross margin | 68.9% | 69.3% | -0.4 pp | — | — |
| Research & development | $14.2M | $18.5M | -23.1% | — | — |
| Sales & marketing | $27.0M | $22.2M | +21.7% | — | — |
| General & administrative | $14.3M | $27.6M | -48.2% | — | — |
| Total operating expenses | $55.5M | $68.3M | -18.7% | — | — |
| Net income (loss) | -$21.9M | -$36.6M | +40.1% | — | — |
| Net margin | -44.3% | -80.4% | +36.1 pp | — | — |
| Customers | 262 | — | — | — | — |
| Net retention rate | 123.0% | 121.0% | +2.0 pp | — | — |
Risks
The company has a history of losses, with net loss widening to $75.0 million for FY2021 from $24.6 million for FY2020 (loss widened 205.2%). As of December 31, 2021, accumulated deficit was $179.8 million, and management expects costs to increase in future periods.
Operating cash flow was negative $31.7 million for FY2021 compared to negative $10.4 million for FY2020 (down 205.2%), and free cash flow was negative $34.9 million versus negative $12.6 million, reflecting increased cash burn.
The platform relies on third-party cloud services, primarily AWS; the company entered a 60-month contract in August 2021 requiring minimum spending of $267 million, with $250 million remaining as of December 31, 2021.
Increasing focus on larger organizations lengthens and increases variability of sales cycles; in FY2021 the average sales cycle to enterprises was four to six months versus one to two months for non-enterprise customers.
Gross margin declined to 69.1% for FY2021 from 70.3% for FY2020 (down 1.2 pp), as cost of revenue increased 70% year over year, outpacing revenue growth of 63%.
Stock-based compensation expense increased to $34.4 million in FY2021 from $16.6 million in FY2020 due to the Direct Listing and increased headcount, and the company expects additional expense in future periods.
The market for digital optimization is highly competitive with low barriers to entry; competitors include large companies with greater resources, in-house systems, and new entrants, potentially leading to pricing pressure and reduced margins.
The ongoing COVID-19 pandemic could continue to cause business disruptions, reduced demand, lengthened sales cycles, and difficulties in collections, though the company has seen favorable digital adoption trends to date.
With 36% of FY2021 revenue generated outside the United States and plans for further geographic expansion, the company faces operational challenges including currency fluctuations, regulatory compliance, and limited local sales presence.
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
Customers > $100K ARR
Non-GAAP Gross Margin
Customers > $1M ARR
Summary, forecast, risks and KPIs are extracted from Amplitude, Inc.'s SEC filings for Q4 FY2021 (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.