Amplitude (AMPL) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $75.2 million, up 6% year over year, with ARR at $298 million, an increase of $8 million sequentially and 9% year over year.

• Paying customers grew 41% year over year to 3,486, with 567 customers above $100K ARR, up 13% year over year.

• Non-GAAP operating income was $1.6 million (2.1% of revenue), and non-GAAP net income per share was $0.03.

• Expansion-driven ARR growth was led by enterprise, with several seven-figure, multi-product deals and improved retention.

• Acquisitions of Command AI and Foobar, Inc. enhanced AI capabilities and product innovation, with new product launches and key executive hires.

Financial highlights

• Q3 2024 revenue: $75.2 million, up 6% year over year and 3% sequentially.

• ARR: $298 million, up 9% year over year and $8 million sequentially.

• Non-GAAP gross margin: 77.2%; GAAP gross margin: 75%.

• Non-GAAP operating income: $1.6 million (2.1% margin); GAAP loss from operations: $(20.0) million.

• Free cash flow: $4.5 million (6% margin), down from $7.5 million (11%) a year ago.

Outlook and guidance

• Q4 2024 revenue expected between $76.0M–$77.0M (6–8% year-over-year growth).

• Q4 non-GAAP operating loss expected between -$2.1M and -$0.1M; non-GAAP net income per share between $0.00 and $0.01.

• Full-year 2024 revenue outlook raised to $297.1M–$298.1M (8% annual growth at midpoint); non-GAAP net income per share between $0.04 and $0.06.

• Guidance includes impact from recent acquisitions and associated fees.

• Management expects continued investment in product innovation, sales, and international expansion.