Procore Technologies, Inc. reported a revenue of $338.9 million for the third quarter of 2025, marking a 15% increase from $295.9 million in the same period last year. For the nine months ending September 30, 2025, the company generated $973.4 million in revenue, up from $849.7 million in 2024. Despite this growth, Procore recorded a net loss of $9.1 million for the quarter, a significant improvement compared to a net loss of $26.4 million in Q3 2024. The nine-month net loss also widened to $63.2 million from $43.7 million year-over-year.

The company’s financial performance reflects a strategic focus on expanding its customer base and enhancing product offerings. Procore's customer count increased to 17,623 as of September 30, 2025, a 4% rise from 16,975 a year earlier. Notably, the number of customers contributing over $100,000 in annual recurring revenue grew by 15%, from 2,261 to 2,602. The gross retention rate improved to 95%, indicating strong customer loyalty and satisfaction.

Operationally, Procore has made significant investments in its go-to-market (GTM) strategy, transitioning to a general manager model to better serve regional markets. This shift has led to a 4% increase in sales and marketing headcount and a 27% increase in research and development personnel, aimed at enhancing product capabilities and customer support. The company also completed the acquisition of Novorender AS for $44.3 million in January 2025, which is expected to bolster its technology offerings in building information modeling.

Procore's total assets decreased to $2.06 billion as of September 30, 2025, down from $2.10 billion at the end of 2024, primarily due to a reduction in cash and cash equivalents. The company reported $350.5 million in cash and cash equivalents, down from $437.7 million at the end of the previous fiscal year. The decrease in cash was attributed to stock repurchases totaling $128.8 million and tax payments related to employee stock transactions. Looking ahead, Procore anticipates continued growth driven by its strategic investments and product innovations, although it acknowledges potential macroeconomic challenges that could impact customer spending.

About PROCORE TECHNOLOGIES, INC.

Procore Technologies provides cloud-based construction management software that connects owners, general contractors, and specialty contractors. Its platform streamlines project workflows, enhances collaboration, and offers integrated solutions for preconstruction, project execution, resource, and financial management. Serving a global construction industry, Procore's subscription model promotes widespread adoption, data-driven insights, and industry digitization to improve efficiency, safety, and transparency.

This description was generated via AI from an annual report. Updated 9 months ago.

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