0000950170-25-104357
SEC filingAmplitude's Q2 2025 revenue grew 14% YoY to $83.3M with non-GAAP operating loss margin improving to -2%.
Amplitude reported Q2 2025 revenue of $83.3 million, a 14% increase from $73.3 million in Q2 2024. Growth was driven by expansion of the paying customer base, though partially offset by customer churn as reflected in the trailing 12-month net retention rate of 99%. Gross margin remained flat at 73% in both periods. Operating loss improved slightly to $27.1 million from $27.2 million, with operating margin improving from -37% to -33%. Net loss widened to $24.7 million from $23.4 million, primarily due to lower other income. On a non-GAAP basis, operating loss margin improved significantly from -5% to -2% of revenue, reflecting operating leverage.
Amplitude operates as a single segment: the Digital Analytics Platform. No further segment breakdown is provided. The company continues to invest in platform enhancements, including AI-powered features and marketing analytics, which are expected to drive customer retention and expansion.
Management expects continued investment in research and development, sales and marketing, and international expansion, which may pressure short-term margins but are intended to support long-term growth. Key metrics such as ARR ($335M, +16% YoY) and remaining performance obligations ($358M, +31% YoY) indicate strong demand and future revenue visibility. No specific financial guidance was provided for upcoming quarters.
As of June 30, 2025, Amplitude held $119.7 million in cash and cash equivalents, $0.9 million in current restricted cash, and total marketable securities of $167.9 million ($88.4 million current, $79.5 million noncurrent). This combined liquidity position of $288.0 million (cash, equivalents, restricted cash, and marketable securities) decreased from $299.2 million at December 31, 2024. The company has no debt. Total stockholders' equity was $279.5 million, down from $296.6 million at year-end 2024, primarily due to net losses of $46.9 million and share repurchases.
The company disclosed $358.1 million in remaining performance obligations (RPO) as of June 30, 2025, of which $248.5 million is expected to be recognized within 12 months and $109.6 million thereafter. Deferred revenue stood at $136.7 million. Operating lease commitments total $5.1 million in undiscounted payments, with annual amounts of $1.5 million (remainder of 2025), $2.1 million (2026), $1.3 million (2027), and $0.3 million (2028). A new San Francisco office lease with a total commitment of $8.7 million was entered into in March 2025 but has not yet commenced. No other material purchase commitments were disclosed.
On May 6, 2025, the Board approved a $50.0 million share repurchase program; no shares were repurchased under this program as of June 30, 2025. Separately, the company repurchased and retired 0.2 million shares for $2.5 million in May 2025 via a privately negotiated transaction from a prior acquisition right-of-first-refusal. No dividends were declared or paid. Capital expenditures were $1.0 million (property and equipment) plus $2.1 million in capitalized internal-use software costs for the six months ended June 30, 2025. The company has no debt.
Amplitude operates as a single reportable segment: a Digital Analytics Platform delivered via SaaS. Revenue for the six months ended June 30, 2025 was $163.2 million, up 12% from $145.9 million in H1 2024. Geographic disaggregation shows U.S. revenue of $99.6 million (61% of total) and international revenue of $63.6 million (39%). The company uses consolidated net loss as the segment profitability measure, which was $(46.9) million for H1 2025. Segment expenses exclude stock-based compensation and amortization of acquired intangibles.
Operating cash flow (CFO) of $12.0M for the six months ended June 30, 2025, exceeded the net loss of $46.9M, indicating strong non-cash add-backs (primarily stock-based compensation of $45.1M) and favorable working capital changes. The primary driver of working capital was a $27.0M increase in deferred revenue, partially offset by a $10.3M increase in accounts receivable. Capex (property & equipment plus capitalized software) totaled $3.1M, resulting in free cash flow of $8.9M. This FCF more than covered the $2.5M in share repurchases. Investing activities consumed $45.0M, largely due to net purchases of marketable securities ($41.5M). Financing activities used $19.1M, primarily from tax withholding obligations on equity awards ($20.3M). Overall, cash generation from operations remains positive, but the company continues to invest heavily in marketable securities, leading to a net cash decrease of $52.0M for the period.