Procore Q2 2021 Earnings Report

Procore's Q2 2021 financial results were strong, with revenue accelerating to 27% year-over-year growth.

Key Takeaways

Procore Technologies reported strong second-quarter results, with revenue increasing by 27% year-over-year to $122.8 million. The company added 481 net new customers, bringing the total customer count to 11,149. Procore also completed its initial public offering and acquired INDUS.AI.

Revenue was $122.8 million, an increase of 27% year-over-year.

Added 481 net new customers in the second quarter, ending with a total of 11,149 customers.

GAAP gross margin was 79% and non-GAAP gross margin was 84%.

Successfully completed initial public offering on May 24, 2021, raising $665.1 million net of underwriting discounts and commissions.

Total Revenue

$123M

Previous year: $96.6M

+27.2%

EPS

-$2.04

Previous year: -$0.117

+1646.9%