greeksoup/ stock research

Amplitude, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 6 May 2026: press release. Guidance figures: 1 raised, 3 lowered, 4 new. The quarter’s numbers.

Key takeaways

  • ARR and revenue both grew 17%: Annual recurring revenue reached $374 million, up $54.2 million from the first quarter of 2025. Revenue was $93.5 million, up from $80.0 million. Source
  • Multi-product share of ARR reached 77%: Multi-product share of ARR was 77% in the quarter. The February release gave 74% for enterprise and multi-product customers, a related but different measure. Source
  • Remaining performance obligations rose 31%: Remaining performance obligations were $427.4 million, up 31% year-over-year, from $417.7 million in the February release. Source
  • Gross margin declined on both measures: GAAP gross margin was 73.0%, against 74.7%. Non-GAAP gross margin was 74.8%, against 76.5%. Source
  • Free cash flow was negative: Free cash flow was $(13.2) million, against $(9.2) million a year earlier. Net cash used in operating activities was $(11.6) million, against $(8.0) million. Source
  • New pricing reached a quarter of ARR: New pricing and packaging represented 25% of total contracted ARR in the quarter. Source
  • Statsig partnership announced: Amplitude announced a strategic partnership with Statsig, taking on its brand and customers. Source

“The real advantage is how quickly a team can learn, iterate, improve, and automate.”

Spenser Skates, co-founder and CEO of Amplitude

Guidance

AreaPeriodFigureAgainst last quarter
Revenue SourceSecond quarter 2026$96.9 - $99.1 millionNew
Revenue SourceFull year 2026$397.0 - $403.0 millionRaised from $390.0 - $398.0 million
Non-GAAP operating income (loss) SourceSecond quarter 2026$(3.6) - $(1.6) millionNew
Non-GAAP operating income (loss) SourceFull year 2026$2.5 - $6.5 millionLowered from $7.0 - $13.0 million
Non-GAAP net income (loss) per share, diluted SourceSecond quarter 2026$(0.02) - $(0.01)New
Non-GAAP net income (loss) per share, diluted SourceFull year 2026$0.03 - $0.06Lowered from $0.08 - $0.13
Weighted average shares outstanding, basic SourceSecond quarter 2026134.0 millionNew
Weighted average shares outstanding, diluted SourceFull year 2026145.1 millionLowered from 145.9 million

What changed from last quarter

  • Guidance raised: Full-year 2026 revenue range was raised to $397.0 to $403.0 million from $390.0 to $398.0 million. Source
  • Guidance lowered: Full-year 2026 non-GAAP operating income range was lowered to $2.5 to $6.5 million from $7.0 to $13.0 million. Source
  • Guidance lowered: Full-year 2026 non-GAAP diluted EPS range was lowered to $0.03 to $0.06 from $0.08 to $0.13. Source
  • Guidance lowered: Full-year 2026 diluted weighted average shares were lowered to 145.1 million from 145.9 million. Source
  • New guidance: Second-quarter 2026 expectations were given for the first time, alongside the full-year figures. Source
  • New: New pricing and packaging was introduced and accounted for 25% of total contracted ARR in the quarter. Source
  • New: Agent Analytics was introduced as a new analytics system bridging product analytics and LLM observability. Source
  • New: Amplitude AI Assistant was introduced as an in-product support agent. Source
  • New: A strategic partnership with Statsig was announced, under which Amplitude takes on its brand and customers. Source

Results and growth drivers

  • ARR and revenue both grew 17%: Annual recurring revenue reached $374 million, up $54.2 million from the first quarter of 2025. Revenue was $93.5 million, up from $80.0 million. Source
  • Non-GAAP operating loss was larger: Non-GAAP loss from operations was $(3.1) million, against $(2.1) million a year earlier. GAAP loss from operations was $(24.1) million, against $(24.2) million. Source
  • Loss per share unchanged year-over-year: GAAP net loss per share was $(0.17), the same as a year earlier, on 133.3 million basic shares. Non-GAAP net loss per share was $(0.02), against $(0.00). Source

Customers and retention

  • Net retention rose to 106%: Dollar-based net retention rate for the quarter was 106%, up from 105% in the prior quarter. The trailing twelve-month rate was 105%. Source
  • Large-customer counts increased: Customers with $100,000 or more in ARR rose to 727, up 18% year-over-year. Customers with $1.0 million or more in ARR were 55, up 25%, against 56 at year-end 2025. Source
  • Multi-product share of ARR reached 77%: Multi-product share of ARR was 77% in the quarter. The February release gave 74% for enterprise and multi-product customers, a related but different measure. Source
  • Customer base passed 4,900: The company profile gives over 4,900 customers, up from over 4,700 in the February release. Atlassian, Burger King, NBCUniversal and Square are named. Source

“We expanded multi-product ARR to 77%, expanded our enterprise customer base, and drove strong early adoption of our new pricing and packaging, which represented 25% of our total contracted ARR in the quarter.”

Andrew Casey, CFO of Amplitude

Demand and the order book

  • Deferred revenue and receivables rose: Deferred revenue was $133.4 million at March 31, 2026, against $121.9 million at December 31, 2025. Accounts receivable were $40.9 million, against $23.4 million. Source
  • Remaining performance obligations rose 31%: Remaining performance obligations were $427.4 million, up 31% year-over-year, from $417.7 million in the February release. Source
  • ARR added $8 million in the quarter: ARR was $374 million, up from $366 million at December 31, 2025. The quarterly ARR series also shows $320 million a year earlier. Source

Costs, margins and profitability

  • Gross margin declined on both measures: GAAP gross margin was 73.0%, against 74.7%. Non-GAAP gross margin was 74.8%, against 76.5%. Source
  • Sales and marketing ratio rose: Non-GAAP sales and marketing was 45.2% of revenue, against 44.9% a year earlier. Source
  • G&A ratio declined: Non-GAAP general and administrative expense was 13.0% of revenue, against 15.0% a year earlier. Source
  • R&D ratio rose: Non-GAAP research and development was 19.9% of revenue, against 19.3% a year earlier. Source
  • Stock-based compensation totals declined: Stock-based compensation and related employer payroll taxes totaled $20.5 million, against $21.8 million a year earlier. Source

“We continue to deliver consistent execution on our core business as we rapidly innovate for the next generation of builders.”

Andrew Casey, CFO of Amplitude

Cash flow and capital returns

  • Free cash flow was negative: Free cash flow was $(13.2) million, against $(9.2) million a year earlier. Net cash used in operating activities was $(11.6) million, against $(8.0) million. Source
  • Share repurchases of $20.7 million: The company repurchased $20.7 million of common stock in the quarter, against none a year earlier. Source
  • Cash and securities balances reported: At March 31, 2026, cash and cash equivalents were $86.6 million. Current marketable securities were $95.3 million, and non-current were $31.5 million. Source

Product launches and AI strategy

  • Specialized Agents shipped: Specialized Agents were shipped to track performance, monitor conversion funnels and analyze user sentiment, pushing updates into email or Slack. Source
  • Agent Analytics introduced: Agent Analytics was introduced to measure AI agent quality and connect agent performance to retention, conversion and revenue. Source
  • AI Assistant introduced in-product: Amplitude AI Assistant was introduced as an in-product support agent that answers questions, triggers walkthroughs and takes action, linked to activation, retention and conversion metrics. Source
  • MCP reach extended to more tools: Expanded Model Context Protocol brings Amplitude insights into Claude, Cursor, Slack and Figma, so teams can act on customer data without leaving their workflow. Source

Pricing, packaging and Statsig

  • New pricing reached a quarter of ARR: New pricing and packaging represented 25% of total contracted ARR in the quarter. Source
  • Statsig partnership announced: Amplitude announced a strategic partnership with Statsig, taking on its brand and customers. Source
  • Statsig platform support continues: Amplitude will maintain and develop the current Statsig platform across cloud and data warehouse, including support for existing customers. Source

Coming up, as management said on 6 May 2026

  • Continued investment in AI adoption: Management said it will keep investing in customer adoption of its AI technologies as the platform's value increases. Source

Figures management reported

FigureReported
Annual recurring revenue Source$374 million, up 17% year-over-year
Dollar-based net retention rate (quarter) Source106%
Dollar-based net retention rate (TTM) Source105%
Remaining performance obligations Source$427.4 million, up 31% year-over-year
Customers with $100,000 or more in ARR Source727, up 18% year-over-year
Customers with $1.0 million or more in ARR Source55, up 25% year-over-year
Total customers Sourceover 4,900
Multi-product share of ARR Source77%

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.