OneStream, Inc. reported a total revenue of $136.3 million for the first quarter of 2025, marking a 24% increase from $110.3 million in the same period of the previous year. The growth was primarily driven by a 31% rise in subscription revenue, which reached $125.1 million, accounting for 92% of total revenue. This increase reflects the company's successful transition to a software-as-a-service (SaaS) model, with over 90% of new customers opting for SaaS contracts. However, the company also reported a net loss of $32.7 million, compared to a loss of $5.0 million in the prior year, largely due to increased operating expenses.
Operating expenses surged to $132.6 million, up 62% from $81.6 million in the prior year, driven by significant increases in sales and marketing, research and development, and general and administrative costs. Sales and marketing expenses rose by 40% to $67.6 million, while research and development costs more than doubled to $35.0 million. The increase in expenses was attributed to higher employee compensation, particularly post-IPO equity-based compensation, and the expansion of the workforce to support growth initiatives.
OneStream's customer base grew to 1,646 as of March 31, 2025, a 16% increase from 1,423 customers a year earlier. The company continues to focus on expanding its international presence, with 35% of total revenue generated from customers outside the United States, up from 31% in the previous year. The company also completed the acquisition of DataSense, enhancing its artificial intelligence capabilities, and plans to continue investing in its platform and partner ecosystem to drive future growth.
Looking ahead, OneStream anticipates continued revenue growth driven by its SaaS model and expanding customer base. However, the company faces challenges, including managing increased operational costs and ensuring customer retention and satisfaction. The ongoing transition to a SaaS-based model may lead to fluctuations in revenue recognition, as revenue is recognized ratably over the subscription term. The company remains committed to enhancing its platform and expanding its market share while navigating the complexities of a competitive landscape and evolving regulatory environment.
About OneStream, Inc.
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