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Mar 31, 2025
Procore Q1 2025 Earnings Report
Procore reported solid revenue growth and improved operational efficiency in Q1 2025, but remained in a net loss position under GAAP.
Key Takeaways
Procore Technologies posted $311 million in revenue for Q1 2025 with a GAAP net loss of $33 million and an adjusted EPS of $0.23. The company continued to expand its customer base and maintained high gross margins, highlighting operational progress despite macro uncertainty.
Revenue reached $311 million, growing 15% year-over-year.
GAAP net loss totaled $32,989,000, but non-GAAP net income was $35,655,000.
Procore added 218 net new organic customers, reaching 17,306 in total.
Free cash flow came in at $46,664,000, supporting continued investment and buybacks.
Forward Guidance
Procore guided for continued revenue growth and margin improvement into Q2 and FY2025, despite macroeconomic uncertainties such as tariffs.
Positive Outlook
- Q2 2025 revenue expected between $310M–$312M.
- Q2 non-GAAP operating margin forecasted between 11%–11.5%.
- FY2025 revenue guidance reaffirmed at $1.286B–$1.290B.
- FY2025 non-GAAP operating margin expected to improve to 13%–13.5%.
- Confidence in customer ROI supports sustained growth.
Challenges Ahead
- Ongoing uncertainty from evolving tariff environment.
- GAAP profitability remains negative.
- Cost base remains elevated despite efficiency gains.
- Cash balance declined due to repurchases and tax withholdings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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