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Jul 31, 2023
Braze Q2 2024 Earnings Report
Revenue grew 33.6% year-over-year, driven by new customers, upsells and renewals, and achieved a dollar-based net retention of 120%.
Key Takeaways
Braze reported a strong second quarter in fiscal year 2024, with revenue reaching $115.1 million, a 33.6% increase year-over-year. The company demonstrated strong top-line growth and operating efficiency, driven by new customers, upsells, and renewals.
Revenue was $115.1 million, up 33.6% year-over-year.
Subscription revenue was $109.7 million, compared to $81.7 million in the second quarter of the previous fiscal year.
Dollar-based net retention was 120% for the trailing 12 months.
Total customers increased to 1,958 as of July 31, 2023, from 1,599 as of July 31, 2022.
Braze
Braze
Braze Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
Braze is initiating guidance for the fiscal third quarter ending October 31, 2023, and updating guidance for the fiscal year ending January 31, 2024.
Positive Outlook
- Revenue Q3 2024 Guidance: $116.5 - 117.5 million
- Revenue FY 2024 Guidance: $451.5 - 454.5 million
- Non-GAAP operating loss Q3 2024 Guidance: $(15.5) - (16.5) million
- Non-GAAP operating loss FY 2024 Guidance: $(47.0) - (49.0) million
- Believes non-GAAP operating loss margin will be negative 7% or better during the fourth quarter of the fiscal year ending January 31, 2024.
Challenges Ahead
- Non-GAAP net loss Q3 2024 Guidance: $(13.0) - (14.0) million
- Non-GAAP net loss FY 2024 Guidance: $(37.0) - (39.0) million
- Non-GAAP net loss per share Q3 2024 Guidance: $(0.13) - (0.14)
- Non-GAAP net loss per share FY 2024 Guidance: $(0.37) - (0.39)
- Uncertainty regarding reconciling items such as stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in Braze’s stock price.
Revenue & Expenses
Visualization of income flow from segment revenue to net income