Braze (BRZE) Reports 33.1% Revenue Growth

Braze, Inc. has recently released its 10-Q report, providing a detailed look at its financial performance and operations. Braze, Inc. operates a customer engagement platform that facilitates interactions between consumers and brands globally. The company offers a range of software development kits, REST API, partner data integrations, data transformation, and cloud data ingestion, among other services. Braze, Inc. primarily generates revenue from the sale of subscriptions to customers for the use of its platform, in addition to providing professional services.

In the Management’s Discussion and Analysis of Financial Condition and Results of Operations section, Braze, Inc. highlights its revenue growth, reporting $135.5 million in revenue for the three months ended April 30, 2024, representing a year-over-year growth of 33.1% from the same period in 2023. The company also noted net losses of $35.7 million and $38.8 million for the same periods in 2024 and 2023, respectively. Additionally, Braze, Inc. reported net cash provided by operating activities of $19.4 million in the three months ended April 30, 2024, compared to $22.5 million in the same period in 2023.

Braze, Inc. emphasized its land-and-expand business model, focusing on offering products that are easy to adopt and have a rapid time to value. The company aims to expand its reach within existing customers as they add new channels, purchase additional subscription products, implement new engagement strategies, or onboard new business units and geographies. As of April 30, 2024, Braze, Inc. had approximately 6.5 billion monthly active users, up from approximately 6.2 billion as of January 31, 2024. The company also highlighted its dollar-based net retention rate, reporting rates of 117% and 122% for all customers and 119% and 124% for customers with annual recurring revenue (ARR) of $500,000 or more for the trailing 12 months ended April 30, 2024 and April 30, 2023, respectively.

Braze, Inc. also discussed its plans for acquiring new customers, expanding within its existing customer base, expanding geographically, and sustaining innovation and technology leadership. The company emphasized the substantial opportunity for growth in its customer base, particularly in verticals where it already has a strong presence, and its intention to increase market penetration in international markets. Additionally, Braze, Inc. highlighted its focus on sustaining innovation and technology leadership to maintain its competitive advantage.

The 10-Q report provides a comprehensive overview of Braze, Inc.'s financial performance and strategic initiatives, offering insights into its revenue growth, customer expansion strategies, and plans for sustaining innovation and technology leadership. As a result of these announcements, the company's shares have moved -0.7% on the market, and are now trading at a price of $36.54. Check out the company's full 10-Q submission here.

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