Clearwater Analytics Holdings, Inc. reported significant financial results for the third quarter of 2025, with revenues reaching $205.1 million, a 77% increase from $115.8 million in the same period last year. For the nine months ending September 30, 2025, total revenue was $513.9 million, up 58% from $325.3 million in 2024. Despite this growth, the company recorded a net loss of $10.5 million for the quarter, compared to a net income of $4.8 million in the prior year. The nine-month net loss stood at $27.7 million, contrasting with a profit of $7.3 million in 2024.
The substantial revenue growth was attributed to the integration of new clients from recent acquisitions, including Enfusion and Beacon, as well as an increase in assets managed on Clearwater's platform. The average assets billed to clients increased by 14% and 13% for the three and nine months ended September 30, 2025, respectively. However, the company faced increased costs, particularly in research and development, sales and marketing, and general administrative expenses, which collectively rose due to headcount growth and higher compensation costs associated with the acquisitions.
Operationally, Clearwater Analytics expanded its client base significantly, adding over 900 new clients through its acquisitions. The company reported a gross revenue retention rate of 98% and a net revenue retention rate of 108% for the third quarter of 2025, indicating strong client loyalty and expansion. The company also noted that it had approximately 1,400 clients and managed over $8.8 trillion in assets as of December 31, 2024. The firm operates in multiple geographic regions, with a notable presence in both the United States and international markets.
Looking ahead, Clearwater Analytics aims to leverage its recent acquisitions to enhance its product offerings and expand its market reach. The company is focused on integrating the capabilities of Enfusion and Beacon to create a unified, cloud-native platform that serves the investment management industry. Management expressed optimism about future growth, driven by the potential for increased client engagement and the expansion of services offered to existing clients. The company also plans to continue investing in research and development to maintain its competitive edge in the market.
About Clearwater Analytics Holdings, Inc.
Clearwater Analytics provides cloud-based investment accounting, reporting, performance measurement, compliance, and risk analytics solutions for asset managers, insurance companies, and institutional investors worldwide. Its platform consolidates data across multiple asset classes, currencies, and regulatory regimes, enabling clients to make informed decisions, manage risk, and ensure compliance. The company leverages automation, AI, and network effects to deliver comprehensive, accurate, and real-time investment insights.
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