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Oct 31, 2023
Braze Q3 2024 Earnings Report
Braze's Q3 2024 results demonstrated a balance between high growth and operational efficiency.
Key Takeaways
Braze reported a strong third quarter for fiscal year 2024, with revenue increasing by 33.1% year-over-year to $124.0 million. The company is on track to meet its profitability targets for the fourth quarter of fiscal 2024 and fiscal 2025.
Revenue was $124.0 million, a 33.1% increase compared to the third quarter of the previous fiscal year.
Subscription revenue reached $118.4 million, while professional services and other revenue amounted to $5.6 million.
GAAP gross margin was 70.7%, and non-GAAP gross margin was 71.4%.
Dollar-based net retention was 118% for the trailing 12 months.
Revenue by Segment
Forward Guidance
Braze is initiating guidance for the fiscal fourth quarter ending January 31, 2024, and updating guidance for the fiscal year ending January 31, 2024.
Positive Outlook
- Revenue Q4 is expected to be between $124.0 - 125.0 million.
- Revenue FY24 is expected to be between $465.0 - 466.0 million.
- Non-GAAP operating loss for Q4 is expected to be between $(7.0) - (8.0) million.
- Non-GAAP operating loss for FY24 is expected to be between $(39.5) - (40.5) million.
- Braze updated its non-GAAP operating loss margin guidance, which it believes will be negative 6% or better during the fourth quarter of the fiscal year ending January 31, 2024.
Challenges Ahead
- Non-GAAP net loss for Q4 is expected to be between $(4.5) - (5.5) million.
- Non-GAAP net loss for FY24 is expected to be between $(25.5) - (26.5) million.
- Non-GAAP net loss per share for Q4 is expected to be between $(0.04) - (0.05).
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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