Braze, Inc. reported significant financial performance in its latest quarterly filing, with revenues reaching $152.1 million for the three months ended October 31, 2024, a 22.7% increase from $124.0 million in the same period last year. For the nine months ended October 31, 2024, revenue totaled $433.0 million, up 27.0% from $340.8 million in the prior year. Despite this growth, the company recorded a net loss of $28.1 million for the quarter, slightly improved from a loss of $31.0 million in the previous year, and a net loss of $87.0 million for the nine-month period, compared to $101.9 million in the same timeframe last year.
The increase in revenue was primarily driven by a substantial rise in subscription services, which accounted for $146.3 million in the latest quarter, reflecting a 23.6% year-over-year growth. The company expanded its customer base to 2,211 as of October 31, 2024, up from 2,011 a year earlier. Additionally, Braze's international revenue saw a notable increase of $14.9 million, highlighting its ongoing geographic expansion efforts, particularly in Europe and Asia-Pacific.
Operationally, Braze has made strategic investments in its workforce and infrastructure, resulting in increased operating expenses. Sales and marketing expenses rose by 12.4% to $74.7 million, while research and development costs increased by 10.0% to $32.9 million. General and administrative expenses also grew by 18.0% to $31.2 million, reflecting the company's commitment to scaling its operations and enhancing its platform capabilities. The total operating expenses for the quarter were $138.7 million, up from $122.7 million a year earlier.
Looking ahead, Braze remains focused on expanding its customer base and enhancing its product offerings. The company aims to leverage its existing customer relationships to drive further growth, with a dollar-based net retention rate of 113% for the trailing 12 months ended October 31, 2024. This indicates a strong potential for upselling and cross-selling additional services to current customers. Braze's management expressed optimism about its growth trajectory, despite the challenges posed by macroeconomic conditions, and anticipates continued investment in research and development to maintain its competitive edge in the customer engagement market.
About Braze, Inc.
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