Procore Technologies Inc ( (PCOR) ) has released its Q1 earnings. Here is a breakdown of the information Procore Technologies Inc presented to its investors.
Procore Technologies, Inc. is a leading provider of construction management software, offering a unified technology platform that enhances efficiency and reduces risks through AI and data-driven insights. The company operates globally, serving over three million projects across more than 150 countries.
In the first quarter of 2025, Procore Technologies reported a revenue increase of 15% year-over-year, reaching $311 million. The company maintained a strong gross margin, with GAAP at 79% and non-GAAP at 83%. Despite a GAAP operating margin of -12%, the non-GAAP operating margin was a positive 10%. Procore also achieved significant cash inflows, with $66 million from operations and $47 million in free cash flow.
Key highlights from the quarter include a robust gross revenue retention rate of 95% and a 14% year-over-year increase in customers contributing more than $100,000 in annual recurring revenue. The company added 218 net new organic customers, bringing the total to 17,306. Additionally, Procore repurchased 1.5 million shares of common stock and released a report on future construction trends driven by AI and automation.
Looking ahead, Procore expects second-quarter revenue to range between $310 million and $312 million, reflecting a growth rate of 9% to 10%. For the full year 2025, the company anticipates revenue between $1,286 million and $1,290 million, with a projected non-GAAP operating margin of 13% to 13.5%. Despite uncertainties in the tariff landscape, Procore remains confident in achieving its financial guidance for the year.