Summary
Amplitude closed fiscal 2024 with fourth quarter revenue of $78.13 million, up 9.4% from $71.40 million in the prior-year quarter. Full-year revenue reached $299.27 million, up 8.3% from $276.28 million. Gross profit followed the top line, rising 9.8% to $58.32 million in the quarter and 8.8% to $222.35 million for the year. Gross margin was 74.7% in the quarter, up 0.2 percentage points, and 74.3% for the year, up 0.3 percentage points. The bottom line moved the other way. Fourth quarter net loss was $32.59 million versus $18.54 million in the prior-year quarter, and the full-year net loss widened to $94.32 million from $90.36 million. Diluted EPS for the full year was negative $0.76, compared with negative $0.77, so the per-share loss narrowed.
Cash generation was mixed. Fourth quarter operating cash flow was $3.16 million, up 36.0% from $2.32 million a year earlier. For the full year, operating cash flow fell 27.8% to $18.51 million from $25.63 million. Capital expenditures rose to $0.75 million in the quarter, up 162.7% from $0.28 million, and to $1.725 million for the year, up 34.9% from $1.28 million. The press release also reported free cash flow of $1.5 million in the quarter, flat year over year, and $11.7 million for the full year versus $22.4 million. Free cash flow is a non-GAAP measure that subtracts purchases of property and equipment and capitalized internal-use software costs from operating cash flow.
Operating metrics showed healthy expansion. Annual recurring revenue reached $312 million, up 11% year over year and up $13 million from the third quarter of 2024. Remaining performance obligations were $308.6 million, up 28.9% from $239.4 million. Deferred revenue, current portion only, rose 6.9% to $109.67 million from $102.57 million. The customer base included 591 customers with more than $100,000 in ARR, up 16% year over year, and 42 customers with more than $1 million in ARR, up 8%. Total paying customers were 3,875. Dollar-based net retention rate on a trailing 12-month basis was 97%, down from 101%, while the ending dollar-based net retention rate was 100%, up from 98%.
Guidance points to continued top-line growth. For the first quarter of 2025, Amplitude expects revenue of $78.5 million to $80.5 million and a non-GAAP operating loss of $5.5 million to $3.5 million. For full-year 2025, revenue is guided to $324.8 million to $330.8 million, with non-GAAP operating income (loss) of negative $3.5 million to positive $4.5 million. Non-GAAP diluted net income (loss) per share is guided to negative $0.03 to negative $0.01 for the first quarter and $0.05 to $0.10 for the full year. The company did not provide a reconciliation of expected non-GAAP operating income to GAAP operating income because certain items cannot be reasonably predicted.
Risks remain visible. The full-year net loss widened even as revenue grew, and the trailing 12-month net retention rate slipped to 97% from 101%. Management said churn among existing customers marginally outpaced expansion. The company also carries a history of losses and faces risks around customer retention, larger enterprise sales cycles, information technology spending, intellectual property rights, data privacy laws, and international operations, including the impact of sanctions related to Russia. Amplitude acquired Command AI in the period and launched Guides and Surveys, which adds integration risk. Contractual commitments include a $267 million minimum spend over five years on its AWS hosting arrangement, with $123 million remaining as of December 31, 2024.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2024 | Q3 FY2024 | QoQ | Q4 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $78.1M | $75.2M | +3.9% | $71.4M | +9.4% |
| Gross profit | $58.3M | $56.5M | +3.3% | $53.1M | +9.8% |
| Gross margin | 74.7% | 75.1% | -0.4 pp | 74.4% | +0.2 pp |
| Research & development | $34.4M | $19.0M | +80.9% | $22.2M | +55.1% |
| Sales & marketing | $42.5M | $40.9M | +4.0% | $37.8M | +12.4% |
| General & administrative | $16.9M | $16.6M | +2.0% | $14.7M | +14.7% |
| Total operating expenses | $93.8M | $76.5M | +22.7% | $74.7M | +25.7% |
| Net income (loss) | -$32.6M | -$16.9M | -93.4% | -$18.5M | -75.8% |
| Net margin | -41.7% | -22.4% | -19.3 pp | -26.0% | -15.7 pp |
| Diluted EPS | -$0.26 | -$0.14 | -$0.12 | -$0.16 | -$0.10 |
| Net retention rate | 97.0% | 97.0% | ±0.0 pp | 101.0% | -4.0 pp |
Risks
Dollar-based net retention rate (TTM) for paying customers was 97% as of December 31, 2024 compared with 101% as of December 31, 2023, and MD&A says partial and full churn among existing customers marginally outpaced expansion. This makes future revenue growth dependent on acquiring new customers and converting free-tier users to paid subscriptions.
The company expects to focus more on larger organizations, where the average enterprise sales cycle was four to six months in recent periods versus one to three months for non-enterprise customers. Delays or failure to close expected significant transactions could increase variability of results.
Amplitude has incorporated machine learning and generative AI/LLMs into products and expects increased investment, but competitors may incorporate AI Technologies more quickly or successfully. It also relies on third-party AI Technologies and faces potential liability from inaccurate output, copyright, and privacy issues.
Amplitude is defending a securities class action, a shareholder derivative action, two privacy class actions, and a third privacy action in the U.S. District Court for the Northern District of California. It has incurred and expects to continue incurring significant legal costs, with management time diverted to defense.
FY2024 net loss widened to $94.3 million from $90.4 million in FY2023, with accumulated deficit of $457.8 million as of December 31, 2024. FY2024 operating cash flow was $18.5 million, down 27.8% from $25.6 million in FY2023, and free cash flow declined to $11.7 million from $22.4 million.
Risk factors cite inflationary pressures, rising interest rates, tariffs, potential recession, and reduced software spending that could constrain customer budgets. In April 2023 the company authorized a restructuring plan that reduced its global workforce by approximately 13%.
The digital analytics market is fragmented, rapidly evolving, and highly competitive with relatively low barriers to entry, and many competitors have greater resources, larger sales forces, and broader distribution. Pricing pressures and increased competition could reduce sales and margins.
The platform and internal tools use computing, storage, and bandwidth from AWS, and the company has a 60-month AWS hosting contract with a minimum $267 million commitment, of which $123 million remained as of December 31, 2024. If AWS services become unavailable or are no longer available on commercially reasonable terms, expenses could increase and delivery could be interrupted.
Competition for highly skilled engineers and sales professionals is intense, especially in the San Francisco Bay Area where headquarters is located, and the perceived value of equity awards affects recruiting and retention. Loss of executive officers or key employees could disrupt the business.
For FY2024, 40% of revenue was generated outside the United States compared with 39% for FY2023, and further geographic expansion is planned. Risks include more stringent privacy and data security regulations, geopolitical instability, and longer payment cycles.
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
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 FY2024 (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.