Net loss (USD, thousands)

Net cash used in operating activities (USD, thousands)

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Purchases of marketable securities (USD, thousands)

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Purchases of property and equipment (USD, thousands)

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Taxes paid related to net share settlement of equity awards (USD, thousands)

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Net decrease in cash, cash equivalents, and restricted cash (USD, thousands)

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7686382a877f992263d470847f98fc2b240443240ac9ea0324f0f2126a64b962

The significant improvement in net loss in FY 2024 can be attributed to several factors. **Improved operating efficiency** played a major role, as operating expenses declined by **$40,502 thousand (5%)** due to reductions in both **sales and marketing** and **general and administrative costs**, although this was slightly offset by a **9% increase in research and development expenses**.  **[0001477720-24-000006_asana8-kex991q4fy24.htm:0]** **[0001477720-24-000011_asan-20240131.htm:87]**  Additionally, **revenue growth** of **$105,292 thousand (19%)** boosted gross profit, and a substantial reduction in **non-GAAP operating loss**—from **$207,280 thousand** to **$58,099 thousand**—reflected better cost management.  **[0001477720-24-000006_asana8-kex991q4fy24.htm:0]** **[0001477720-24-000011_asan-20240131.htm:87]**  **Higher interest income** added further positive impact, contributing an increase of **$13,691 thousand** from marketable securities investments, despite an increase in **stock-based compensation**.  **[0001477720-24-000011_asan-20240131.htm:87]** **[0001477720-24-000006_asana8-kex991q4fy24.htm:6]** **[0001477720-24-000011_asan-20240131.htm:86]** 

Why did net loss improve so markedly in FY 2024?

In fiscal year 2024, **Asana's revenue growth was driven by the addition of new paying customers** and a **shift in the sales mix toward higher-priced subscription plans** such as Business, Advanced, Enterprise, and Enterprise+ plans.  **[0001477720-24-000011_asan-20240131.htm:85]** 

What factors drove the significant revenue growth in FY 2024?

In Q2 2025, the spike in **R&D expenses** was primarily driven by a **$16.5 million** increase in personnel-related costs due to increased headcount, which contributed to an overall increase of **$13.3 million** (or **8%**) compared to the prior period. Additionally, there was a **$0.7 million** increase in capitalized software development costs, although these increases were partially offset by decreases of **$2.1 million** in allocated overhead costs and **$0.6 million** in equipment and related costs.  **[0001477720-24-000078_asan-20240731.htm:34]** 

Why did R&D expenses spike in Q2 2025?

The increase in operating loss in Q2 2025 was primarily caused by a **rise in operating expenses** that outweighed the revenue growth. Specifically, **R&D expenses** increased from **$84,371 thousand** to **$91,151 thousand**, **S&M expenses** rose from **$96,448 thousand** to **$108,649 thousand**, and **stock-based compensation** expenses increased from **$56,205 thousand** to **$60,107 thousand**. Although there was a **slight decrease in G&A expenses** and revenues grew by **10% year-over-year**, these factors were not enough to offset the overall cost increases, leading to a higher loss from operations.  **[0001477720-24-000075_asana8-kex991q2fy25.htm:6]** **[0001477720-24-000078_asan-20240731.htm:31]** 

What caused the increase in operating loss in Q2 2025?

The surge in **interest and other income** in Q4 2024 was driven primarily by an increase in **interest income from investments in marketable securities**.  **[0001477720-24-000011_asan-20240131.htm:87]** 

What drove the surge in interest and other income in Q4 2024?

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Asana’s cash and cash equivalents dropped significantly in Q4 2024 primarily due to large net cash outflows from investing activities—specifically, heavy investments in marketable securities accounted for a net outflow of approximately **$289.1 million**.  **[0001477720-24-000011_asan-20240131.htm:106]**  Although there was an improvement in operating cash flows (from **–$31.1 million** in Q4 2023 to **–$15.3 million** in Q4 2024)  **[0001477720-24-000006_asana8-kex991q4fy24.htm:0]** , the substantial investing outlays, partially offset by smaller financing inflows of **$16.8 million**, drove the overall decline in the cash position.  **[0001477720-24-000011_asan-20240131.htm:106]** 

Why did cash and cash equivalents drop so significantly in Q4 2024?

The decline in **total assets** by Q3 2025 was primarily due to reductions in the company's liquid asset components. Specifically, there was a **decrease in cash and cash equivalents** driven by negative cash flows from operations and share repurchases, a **decline in marketable securities** as they matured and were sold to support operational needs, a **drop in accounts receivable** that may have resulted from improved collections or lower billings, and a **reduction in prepaid expenses and other current assets**. These declines were only partially offset by a minor increase in other assets.  **[0001477720-24-000107_asan-20241031.htm:6]** **[0001477720-24-000105_asana8-kex991q3fy25.htm:7]** **[0001477720-24-000107_asan-20241031.htm:15]** 

What factors contributed to the decline in total assets by Q3 2025?

The reduction in **term loan, net** by Q3 2025 was primarily driven by **scheduled repayments of principal**, including a repayment of **$1,875 thousand**, as well as the **amortization of loan issuance costs** which further contributed to the adjustment.  **[0001477720-24-000107_asan-20241031.htm:6]** **[0001477720-24-000107_asan-20241031.htm:9]** 

What drove the reduction in term loan, net by Q3 2025?

22c9de9d421f54552d93c573107d33026cb9edc454400c0e0d2cf77699037d6b

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Common stock (USD, thousands)

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Revenues (USD, thousands)

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Loss Before Provision for Income Taxes (USD, thousands)

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Net Loss (USD, thousands)

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Current Assets (USD, thousands)

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Common Stock (USD, thousands)

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Adjustments for Non-Cash Items (USD, thousands)

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e13ef1a3b7cec247909cf2977f559e52da6874c01df2824c4d4184a8459ea945

Total Revenue (USD, thousands)

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EPS - Basic (USD)

EPS - Diluted (USD)

061de774dbcef826f753702e4924cd694c09762ab953bd38e65befe52249c555

U.S. Revenue [$ Million]

International Revenue [$ Million]

Total Revenue [$ Million]

U.S. Revenue Growth [% YoY]

International Revenue Growth [% YoY]

8b86ad40d22a9b1f8af219b5aa858ad7589f189a4eccd8644315d4f475314432

Asana (ASAN)

Financials