Summary
UiPath reported revenue of $335.1 million for the quarter ended April 30, 2024, up 16 percent from $289.6 million in the quarter ended April 30, 2023. Growth leaned on subscription services rather than licenses, and that mix shift has consequences for margins. Annualized renewal run-rate reached $1,507.7 million, up 21 percent, and net new ARR was $44 million. Roughly 16 percent of the ARR increase came from new customers and 84 percent from existing ones. Dollar-based net retention eased to 118 percent from 122 percent, a sign that expansion within the installed base is cooling even as the base itself keeps growing.
Customer counts show the same scale-up. Accounts with ARR of at least $1 million grew to 288 from 240 and accounted for 48 percent of revenue, up from 45 percent. Accounts with ARR of at least $100 thousand grew to 2,092 from 1,858 and produced 85 percent of revenue, up from 82 percent. UiPath is selling more to its largest users. The catch is that the retention figure says each of those users is adding less incremental spend than a year ago.
Profitability stayed mixed. Gross profit of $279.8 million rose 13.8 percent, but gross margin slipped to 83.5 percent from 84.9 percent as hosting costs climbed and the revenue mix tilted away from higher-margin licenses. The operating loss widened to $49.5 million from $46.4 million. Net loss narrowed to $28.7 million from $31.9 million, and diluted EPS was -$0.05 against -$0.06. Operating margin was -14.8 percent, an improvement from -16.0 percent. Non-GAAP operating income of $50.4 million rests on add-backs for stock-based compensation and other items, so the gap between the two views of profitability remains wide.
Cash generation was the cleanest part of the release. Operating cash flow was $100.0 million, up 48.6 percent from $67.3 million in the prior-year quarter, driven by customer collections. Non-GAAP adjusted free cash flow, a different measure that starts from operating cash flow and adjusts for capital spending and other items, was $101.3 million. Capital expenditures were $1.2 million, down 33.8 percent. Deferred revenue of $465.2 million rose 20.6 percent, and remaining performance obligations of $1.10 billion rose 21.8 percent. Cash, cash equivalents, and marketable securities totaled $1.9 billion at April 30, 2024.
Guidance for the second quarter of fiscal 2025 calls for ARR of $1.543 billion to $1.548 billion as of July 31, 2024 and non-GAAP operating income of approximately breakeven. For the full fiscal year 2025, management guided to ARR of $1.660 billion to $1.665 billion as of January 31, 2025 and non-GAAP operating income of approximately $145 million. The revenue outlook was reset lower for both periods, and the CFO tied the reduction to increased deal scrutiny and lengthening sales cycles for large multi-year deals, the macroeconomic environment, and the leadership transition.
The leadership change landed alongside the numbers. Rob Enslin resigned as CEO effective June 1, 2024, and founder Daniel Dines, serving as chief innovation officer and executive chairman, returns to the CEO role. Product news included an expanded Microsoft partnership that embeds UiPath automation in Copilot for Microsoft 365 and Teams, new DocPATH and CommPATH models for document and communications processing, a June general availability target for Autopilot for Studio and Test Suite, and FedRAMP authorization for UiPath Automation Cloud Public Sector. More than 1,500 organizations use UiPath Autopilot. The 10-Q flags foreign currency swings, interest rate sensitivity on the securities portfolio, and shifts in contract start dates and duration as risks that could delay license revenue recognition.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2025 | Q4 FY2024 | QoQ | Q1 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $335.1M | $405.3M | -17.3% | $289.6M | +15.7% |
| Gross profit | $279.8M | $351.9M | -20.5% | $245.9M | +13.8% |
| Gross margin | 83.5% | 86.8% | -3.4 pp | 84.9% | -1.4 pp |
| Research & development | $85.6M | $85.6M | -0.0% | $75.3M | +13.6% |
| Sales & marketing | $180.1M | $191.7M | -6.0% | $160.4M | +12.3% |
| General & administrative | $63.5M | $59.5M | +6.8% | $56.6M | +12.2% |
| Total operating expenses | $329.3M | $336.8M | -2.2% | $292.3M | +12.6% |
| Operating income (loss) | -$49.5M | $15.1M | -427.7% | -$46.4M | -6.6% |
| Operating margin | -14.8% | 3.7% | -18.5 pp | -16.0% | +1.3 pp |
| Net income (loss) | -$28.7M | $33.9M | -184.7% | -$31.9M | +9.9% |
| Net margin | -8.6% | 8.4% | -16.9 pp | -11.0% | +2.4 pp |
| Diluted EPS | -$0.05 | $0.06 | -$0.11 | -$0.06 | +$0.01 |
| Customers | 271,816 | 10,800 | +2416.8% | 324,487 | -16.2% |
Risks
The risk factors newly emphasize the rapidly evolving market for AI-capable products, which may impact demand and sales cycles, and state that significant AI investments may be insufficient if demand does not materialize or third-party software providers do not enable integration. UiPath also invested in an early-stage global foundation model and agentic AI company that may not produce expected results or may require more resources than anticipated.
The filing adds a risk tied to a multi-year implementation of a new ERP system, warning of delays, unexpected costs, and post-implementation disruptions that could impair the ability to record sales, process transactions, collect receivables, and produce timely financial information. It also notes that if the system does not operate as intended, internal control over financial reporting could be harmed.
MD&A says shifts in contract start dates and duration, for example due to lengthening sales cycles and increased deal scrutiny, will directly impact licenses revenue because licenses revenue is recognized at a point in time. The AI risk factors also note that the evolving AI market may impact sales cycles.
As UiPath incorporates AI technology, evolving rules and regulations in the EU and certain U.S. states, plus anticipated U.S. federal AI regulations following the October 30, 2023 Executive Order, may require significant resources to modify or align products and practices. Failures to address responsible AI use may cause reputational harm, financial liability, and increased mitigation costs.
MD&A highlights global macroeconomic impacts including geopolitical changes, rising inflation and interest rates, monetary policy changes, and foreign currency fluctuations that have disrupted customers and prospective customers. It also notes that interest income and other income from cash and marketable securities are sensitive to interest rate volatility.
Gross margin decreased to 83.5% in FY2025 Q1 from 84.9% in FY2024 Q1, a decline of 1.4 percentage points, and MD&A attributes the decline to a lower proportion of higher-margin licenses revenue and increased subscription services costs. MD&A expects further cloud expansion and increased hosting fees and cloud infrastructure costs to impact gross margin.
ARR was $1,507.7 million at April 30, 2024 and increased 21% year-over-year, but dollar-based net retention was 118% compared with 122% a year earlier. Slower expansion from existing customers could pressure future growth.
SaaS KPIs
All quarters →Dollar-Based Net Retention Rate
ARR
Net New ARR
Non-GAAP Adjusted Free Cash Flow
Non-GAAP Gross Margin
Non-GAAP Operating Margin
Non-GAAP Operating Income
Net Cash Flow from Operations
GAAP Gross Margin
Summary, forecast, risks and KPIs are extracted from UiPath, 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.