Procore Technologies, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, generating $1,151.7 million, a 21% rise from $950.0 million in 2023. Despite this growth, the company continued to experience net losses, reporting a loss of $106.0 million compared to a loss of $189.7 million in the previous year. The increase in revenue was attributed to both existing customers expanding their subscriptions and new customer acquisitions, with 64% of the revenue growth coming from existing customers.
The company saw notable changes in its customer base, with the number of customers contributing over $100,000 in annual recurring revenue (ARR) rising to 2,333, a 16% increase from the previous year. Additionally, customers contributing over $1 million in ARR grew by 39% to 86. Procore's total customer count reached 17,088, reflecting a 4% increase year-over-year. The company also reported a gross retention rate of 94% and a net retention rate of 106%, indicating strong customer loyalty and expansion.
Strategically, Procore has been active in enhancing its product offerings and expanding its market presence. In 2024, the company acquired Intelliwave Technologies, a construction materials management firm, for approximately $29.8 million, aimed at bolstering its Resource Management solution. Furthermore, Procore launched Procore Pay, a payment solution designed to streamline transactions between general contractors and subcontractors. The company is also focusing on international expansion, with 15% of its revenue in 2024 coming from customers outside the U.S.
Operationally, Procore has made significant investments in its workforce, increasing its employee count to 4,203 as of December 31, 2024. The company is evolving its go-to-market (GTM) operating model, transitioning to a general manager structure to enhance customer engagement and operational efficiency. However, this transition has led to some short-term disruptions in financial and operational results. Looking ahead, Procore aims to continue its growth trajectory by investing in technology innovation, expanding its customer base, and enhancing its product offerings, despite the ongoing challenges posed by macroeconomic conditions.
About PROCORE TECHNOLOGIES, INC.
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