Amplitude, Inc. (AMPL) Q1 2025 Earnings Summary
Executive Summary
- Q1 2025 revenue was $80.0M (+10% YoY, +~2% QoQ), non-GAAP operating loss was $2.1M, and ARR rose to $320M (+12% YoY), signaling reacceleration driven by enterprise platform deals and multi-product attach .
- Wall Street consensus: revenue beat by ~$0.2M ($79.95M actual vs ~$79.76M estimate) and EPS beat (actual $0.00 vs -$0.0108), with 9–10 estimates underpinning the consensus* [GetEstimates].
- Guidance raised: FY 2025 revenue to $329–$333M (from $324.8–$330.8M) and FY non-GAAP operating income to $0–$5M (from $(3.5)–$4.5M); Q2 revenue guided to $80.3–$82.3M .
- Strategic catalysts: $50M share repurchase authorization; accelerating RPO (+30% YoY) and longer-duration enterprise contracts; multi-product now 64% of ARR; NRR improved to 101% .
What Went Well and What Went Wrong
What Went Well
- Platform strategy winning in enterprise with stronger multi-product attach and multi-year deals; “2025 is the year of the platform” .
- ARR grew to $320M (+12% YoY; +$8M QoQ) and customers ≥$100K ARR rose to 617 (+18% YoY), confirming demand from larger accounts .
- RPO accelerated to $325.9M (+30% YoY), with management highlighting total RPO growth +30% YoY and long-term RPO +72% YoY, reflecting longer contract durations and multi-product rollouts .
What Went Wrong
- Free cash flow declined to -$9.2M in Q1 (vs -$1.1M a year ago), largely due to annual bonus payouts; operating cash flow was -$8.0M .
- Non-GAAP profitability remained slightly negative (operating margin -2.6%); GAAP operating loss -$24.2M, with opex mix up modestly on sales kickoff and Command AI-related R&D .
- Macro scrutiny persists: “every new logo will continue to be tough,” with buyer scrutiny elevated and Rest-of-World uneven near term .
Financial Results
Quarterly Performance vs Prior Periods
Notes:
- Management cited +~2% QoQ revenue growth in Q1 .
- YoY revenue growth +10% in Q1 .
KPIs and Business Metrics
Actual vs Wall Street Consensus (S&P Global)
Values retrieved from S&P Global.
Guidance Changes
Earnings Call Themes & Trends
Management Commentary
- “We exceeded the midpoint of our revenue and operating loss guidance… 2025 is the year of the platform.” — Spenser Skates, CEO .
- “Total RPO accelerating to 30% growth year-over-year, and long-term RPO accelerating to 72% year-over-year.” — Andrew Casey, CFO .
- “We are raising our revenue expectation… to be between $329M and $333M… and increasing our outlook for non-GAAP operating income to be between $0 and $5M.” — Andrew Casey, CFO .
- “Our dollar based net retention reached 101% in Q1, up 5 points from its lowest level in Q2 of last year… we are past the worst of [churn].” — Spenser Skates, CEO .
- “We announced… a $50 million share repurchase program… to take advantage of dislocations in our stock price and manage future dilution.” — Andrew Casey, CFO .
Q&A Highlights
- Net new ARR drivers: churn normalization post over-buys in ’21–’22; enterprise wins; interest in Session Replay and Guides & Surveys .
- Guides & Surveys traction: competitive displacement on consolidated price and integrated analytics; mobile support coming; more mature product via Command AI .
- RPO dynamics: longer-duration enterprise deals and multi-product implementations; sales constructs aligned to milestones and cost predictability .
- Macro and capital allocation: buyer scrutiny remains high; buyback added as a tool to manage dilution and exploit volatility .
- NRR path: progressive improvement expected; contraction down as contracts right-size; big enterprise expansions will drive step-ups .
Estimates Context
- Q1 2025 revenue modestly beat consensus ($79.95M actual vs ~$79.76M estimate); EPS beat ($0.00 actual vs -$0.0108 estimate) with 10 revenue and 9 EPS estimates* [GetEstimates] .
- Street likely to lift FY revenue and operating income assumptions given raised FY guide and RPO acceleration (enterprise duration, multi-product), while keeping margin path conservative near term given Q1 non-GAAP operating margin at -2.6% .
Values retrieved from S&P Global.
Key Takeaways for Investors
- Reacceleration thesis intact: ARR +12% YoY to $320M, NRR up to 101%, and enterprise multi-product attach now 64% of ARR .
- FY 2025 revenue and operating income guide raised; Q2 guide supports continued double-digit top-line growth at the midpoint .
- Contracting quality improving (RPO +30% YoY; longer durations), a leading indicator for future revenue visibility and leverage .
- Near-term profitability tempered by timing (bonus payments) and targeted R&D investments; non-GAAP op margin (-2.6%) should improve across 2025 per management’s leverage plan .
- Product catalysts: AI Agents (closed beta), marketer-focused capabilities, and Twilio Segment collaboration enhance competitive moat and cross-sell into enterprise .
- Share repurchase program ($50M) adds downside support and dilution management; monitor execution pace amidst volatility .
- Watch for multi-million-dollar enterprise expansions to drive sharper NRR step-ups and estimate revisions into H2’25 .
Additional Relevant Press Releases (Q1 period)
- Strategic collaboration agreement with AWS (May 8): deepens co-builds and global reach for GenAI-powered insights and activation .
- New enterprise marketing capabilities (May 14): out-of-the-box marketer dashboards, heatmaps, and no-code experimentation .