Procore Technologies, Inc. reported a revenue of $1.32 billion for the fiscal year ending December 31, 2025, marking a 15% increase from $1.15 billion in 2024. Despite this growth, the company continued to experience net losses, reporting a loss of $100.8 million in 2025, slightly improved from a loss of $106.0 million in the previous year. The increase in revenue was attributed to both existing and new customers, with approximately 49% of the growth coming from existing customers and 51% from new acquisitions. The company’s annual recurring revenue (ARR) from customers contributing over $100,000 increased to 2,710, reflecting a year-over-year growth rate of 16%.
In terms of operational developments, Procore's customer base grew to 17,850 by the end of 2025, up from 17,088 in 2024, although the overall customer count is set to be discontinued in future disclosures. The company has focused on expanding its international presence, generating 15% of its revenue from non-U.S. markets. Procore has also made significant investments in technology and product development, including the acquisition of Datagrid, a leader in AI solutions for the construction industry, for approximately $190 million in January 2026. This acquisition is part of Procore's strategy to enhance its platform capabilities and drive future growth.
Procore's operational metrics indicate a strong retention rate, with a gross retention rate (GRR) of 95% for 2025, demonstrating the company's ability to retain its customer base. The company has also seen a notable increase in its contract liabilities, with current remaining performance obligations (RPO) totaling $1.59 billion as of December 31, 2025, indicating a solid pipeline of future revenue. The company’s investments in research and development increased by 16% to $362.4 million, reflecting its commitment to innovation and product enhancement.
Looking ahead, Procore aims to continue its growth trajectory by leveraging its existing products and expanding its market presence. The company plans to invest in technology innovation, particularly in AI, and to pursue strategic acquisitions to enhance its offerings. However, Procore acknowledges the challenges posed by macroeconomic conditions, including inflation and geopolitical events, which could impact customer spending and overall business performance. The company remains focused on managing its growth effectively while navigating these external factors.
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.
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