Procore Technologies (PCOR) Investor Update summary

Product and Platform Innovation

• Significant focus on AI-driven innovation, with rapid adoption of agentic and computer vision technologies to enhance construction workflows and reduce manual toil.

• Helix, the intelligence layer, integrates Assist, agents, analytics, and reporting, enabling customers to build, customize, and share agents for specific jobs.

• Developer Studio extends platform extensibility, allowing custom data objects, workflows, and integration with third-party systems, supporting unique customer requirements.

• Over 400 new features launched since Groundbreak '24, doubling the previous year's pace, including advancements in safety, scheduling, BIM, and payments.

• The construction graph and connected platform enable advanced reasoning, inferred relationships, and seamless integration of acquisitions and partner solutions.

AI Strategy and Adoption

• Procore Helix integrates AI, analytics, and agentic workflows, providing decision intelligence and automation across the construction lifecycle.

• Agents and Agent Builder enable automation of routine tasks, predictive insights, and custom workflows, with open beta and future releases planned.

• Agent Marketplace enables internal and partner agent sharing, supporting democratization and extensibility of AI-driven workflows.

• Over 2,000 customers and 14,000+ monthly active users have adopted Helix Assist, with open beta expected to drive further growth.

• Focus remains on adoption before monetization, with future plans for usage-based credits or tokens across tiers.

Customer-centric Growth and Market Expansion

• Owners now represent 25% of ARR, with a diverse and enterprise-skewed customer base; new tools target planning, funding, and asset management to expand this segment.

• Procore Connect enhances collaboration between owners, general contractors, and subs, creating a network effect and driving adoption across stakeholders.

• Expansion in Europe leverages Novorender's BIM technology, compliance with ISO standards, and tailored offerings for regional requirements, with validation for MENA and Australia.

• Resource management tools for labor, equipment, and materials address evolving needs as GCs self-perform more work and subcontractor business grows.

• Monetization strategies for owners include exploring seat-based licensing and focusing on seamless handover from build to operate phases.