Procore revenue up 25%, net loss down in Q2
Carpinteria-based Procore Technologies, a construction management software company, announced its results for the second quarter on Aug. 1.
For the quarter ended June 30, Procore’s revenue was $284 million, an increase of 24% year-over-year.
Moreover, the company, which has never achieved a profit, substantially cut its net loss in the second quarter, suffering a loss of just $6.1 million compared to a net loss of $52.8 million in the same quarter a year ago.
Procore also noted a GAAP gross margin of 83% and non-GAAP gross margin of 87%.
“We are in the early innings of transforming one of the largest and least digitized industries in the world,” Tooey Courtemanche, founder, president, and CEO of Procore, said in a press release.
“I am excited about the future of Procore as we embark on the next phase of our journey by connecting everyone in construction on a global platform.”
Free cash inflow for the second quarter was $47 million. Number of organic customers contributing more than $100,000 of annual recurring revenue totaled 2,191 as of June 30, an increase of 20% year-over-year.
“We delivered a record operating margin in Q2 as we continue to demonstrate improved operating leverage in the business,” said Howard Fu, CFO of Procore, in a press release.
“Our financial model gives us the flexibility to accelerate our investment in go-to-market and capture the long-term growth opportunity ahead.”
