Procore Technologies, Inc. has recently released its 10-Q report, providing a detailed insight into its financial condition and operations. The company is a leading global provider of cloud-based construction management software, catering to various stakeholders in the construction industry, such as owners, general contractors, and specialty contractors, with a focus on digitizing and modernizing construction management processes.
In the 10-Q report, Procore Technologies highlighted its financial performance, including key metrics such as the number of customers and annual recurring revenue (ARR). As of March 31, 2025, the company reported a 14% year-over-year growth in the number of customers contributing more than $100,000 of ARR, reflecting the continued adoption of its products and platform. Additionally, the gross retention rate (GRR) remained high at 95%, indicating strong customer retention and renewal of subscriptions.
The report also detailed the company's remaining performance obligations (RPO), which represent future revenue under existing contracts expected to be recognized in the next 12 months. As of March 31, 2025, the total RPO stood at $1.29 billion, marking a 28% increase from the previous year. Procore Technologies attributed approximately 33% of the increase to existing customers and 67% to new customer acquisitions during the twelve months ended March 31, 2025.
Furthermore, the 10-Q report emphasized the company's focus on technology innovation and strategic expansion of its products and services. Procore Technologies highlighted its investments in building additional products, services, offerings, features, and functionality to enhance its platform. The company also outlined its international growth strategy, aiming to capture a larger part of the worldwide construction market by expanding its sales and marketing efforts globally.
In addition, the report addressed the potential impact of macroeconomic factors and geopolitical events on the construction industry, including inflationary pressures, trade wars, interest rates, and global pandemics, emphasizing the need for Procore Technologies to navigate these challenges while continuing to make significant investments in international markets.
As a result of these announcements, the company's shares have moved 2.6% on the market, and are now trading at a price of $64.85. For more information, read the company's full 10-Q submission here.
