Research Reports

Total bookings Q3: $515M, +14% YoY, driven by strong new user cohorts, existing user adoption, and Base 44 outperformance (CFO).
Total revenue Q3: $505M, +14% YoY, above high end of guidance (CFO).
Partners revenue Q3: $192M, +24% YoY, led by domains, marketing apps, Google Workspace (CFO).
Transaction revenue Q3: $65M, +20% YoY, driven by 13% GPV growth ($3.7B) and elevated take rate (CFO).
Non-GAAP gross margin Q3: 69%, down from 70% Q2 due to Base 44 AI compute costs (CFO).
Non-GAAP operating income Q3: $90M, 18% of revenue; excludes $35M acquisition-related expenses (CFO).
Free cash flow Q3: $159M, 32% of revenue, up from 30% last quarter (CFO).
Base 44 users: >2M globally, >7x since June; >1,000 new paying subscribers daily (President).
Base 44 ARR: At least $50M by year-end, increased from prior expectations (President, CFO).
Base 44 share of AI app builder traffic: >10% in October, up from low single digits in June (CEO, President).
Share repurchases: ~1.3M shares for ~$175M in Q3; $225M remaining on program (CFO).
Convertible notes: Issued $1.15B in 0% notes due 2030 (CFO).

Official Guidance (FY2025):

Mgmt Quotes:

"Vibe Coding is unlocking access for regular people to build software intuitively without any technical barriers." (CEO)
"We intend to do for software what we did for websites, enabling everybody to build applications without any need for a developer." (CEO)
"Base 44's share of audience traffic increased from almost nothing to more than 10% in October." (CEO)
"Returns on our initial marketing investments meaningfully exceeded expectations as demand ramped through the quarter." (President)
"I expect operating and free cash flow margins to improve over time as we optimize multiple areas of our business model." (CFO)