AMPL earnings call summary

Prepared Highlights

• Q2 revenue: $83.3M, up 14% YoY, exceeding high end of guidance (CEO, CFO).
• Annual Recurring Revenue (ARR): $335M, up 16% YoY, net new ARR of $15M — highest in 11 quarters (CEO, CFO).
• Customers >$100K ARR: 634, up 16% YoY (CEO, CFO).
• Multiproduct attach: 67% of ARR from multiproduct customers, up from 64% last quarter and 55% in Q2 2024 (CEO, CFO).
• Dollar-based net retention (NRR): 104%, up from 101% last quarter and 96% in Q2 2024 (CFO).
• Gross margin: 75%, down 1 point YoY, impacted by data ingestion costs, software amortization, and professional services (CFO).
• Operating loss (non-GAAP): -$1.5M, or -1.8% of revenue (CEO, CFO).
• Free cash flow (FCF): $18.2M, or 22% of revenue, vs. $6.8M (9%) in Q2 2024 (CFO).
• RPO growth: 31% YoY; current RPO up 20% YoY (CFO).
• Data ingestion growth: 20% YoY (CFO).

Official Guidance

• Q3 2025 revenue: $85M–$87M, ~14% growth at midpoint (CFO).
• Q3 non-GAAP operating income: -$2M to +$1M (CFO).
• Q3 non-GAAP EPS: -$0.00 to +$0.02 (CFO).
• FY 2025 revenue (raised): $335.2M–$338.2M, ~12.5% growth at midpoint (CFO).
• FY 2025 non-GAAP operating income: -$2M to +$3M (CFO).
• FY 2025 non-GAAP EPS: $0.04–$0.08 (CFO).

Mgmt Quotes

• "We saw our highest net new ARR in 11 quarters." (CEO)
• "67% of ARR now comes from multiproduct customers, up from 64% last quarter." (CEO)
• "Our RPO growth accelerated to 31% year-over-year compared to 11% in the same quarter last year." (CFO)
• "We believe we are on the right track. The work is not finished. We have made progress, and it gives us confidence that our goal for future acceleration." (CFO)
• "A year later, our platform is driving consolidation, and we're increasingly winning new enterprise customers against competitors." (CFO)

Prepared Metrics

Q&A Batch (6-7 of 7)

Q6 — Unidentified Analyst

• Topic: Strategic deal momentum and enterprise conversation quality
• Key points:
  • Two to three years ago, conversations were stuck at manager/director level; now consistently at VP and C-level in all large accounts.
  • One long-term customer moved from a 1-year to a 3-year contract after aligning with the head of data, reducing risk for Amplitude.
  • Dedicated account teams exist for top 30 existing customers and top 30 prospects, with a different seller profile and support set.
  • For customer spend in the million-plus range, strategic engagement is required to retain the line item.
• Mgmt stance: Bullish — management sees a "very different place" vs. a few years ago, with senior-level conversations now standard, though more work remains in the long tail.

Q7 — Tyler Maverick Radke

• Topic: Record expansion deal, AI-native customer trends, and gross margin investment cycle
• Key points:
  • Record expansion deal was a multimillion-dollar contract with an existing technology customer making a "very big bet" for a core part of their platform.
  • AI-native customers (e.g., Cursor, Midjourney, Character AI) remain "very small as a percentage of our overall customer base" and do not change quarter-to-quarter trends.
  • Gross margin compression driven by two investments: (1) services side — hiring consultants to build partner ecosystem, targeting partners to generate 20%–40% of demand long-term; (2) hosting side — more data ingestion into the platform, which is a method to drive upsell and reflects greater customer value.
  • New consultants take time to ramp to billable utilization; services margins will never be great, and Amplitude prefers partners to do implementation.
• Mgmt stance: Neutral — management acknowledges short-term gross margin pressure from investments but reaffirms focus on driving margins up over a longer period, with no change in long-term margin focus.