Amplitude, Inc. Q4 FY2025 earnings call

First, strong Q4 results and progress in the enterprise with revenue up 17% YOY and ARR up 17% YOY. Second, AI driving demand for analytics with Amplitude's Agentic analytics platform having a 76% success rate on complex production-grade queries and new AI agents launched. Third, acquisition of InfiniGrow to strengthen platform and expand marketing analytics. Fourth, go-to-market motion matured with tighter focus on value-based cases in enterprise and expanding with multiproduct deployments. Fifth, customers like NTT DOCOMO, Siemens, and large music streaming app using Amplitude's platform for various analytics needs.

Fourth quarter revenue was $91.4 million, up 17% year-over-year. Annual recurring revenue was $366 million, up 17% year-over-year and up $18 million from last quarter. Non-GAAP operating income was $4.2 million or 4.6% of revenue. Customers with more than $100,000 in ARR grew to 698, an increase of 18% year-over-year. 74% of ARR is from customers with more than 1 product, up 15 percentage points from last year. Gross margin was 77% for the fourth quarter, flat to fourth quarter of 2024 and up 1 point since last quarter. Free cash flow in the quarter was $11.2 million or 12% of revenue compared to $1.5 million or 2% of revenue during the same period last year. For the full year, had a record free cash flow of nearly $24 million or free cash flow margin of 7%.

For Q1 2026, expect revenue between $91.7 million and $93.7 million, non-GAAP operating income between negative $4.5 million and negative $2.5 million, and non-GAAP net income per share between negative $0.02 and negative $0.01. For full year 2026, expect full year revenue between $390 million and $398 million, non-GAAP operating income between $7 million and $13 million, and non-GAAP net income per share between $0.08 and $0.13.

Q: Taylor McGinnis asked about Amplitude's agents and differentiation vs third-party agents.

A: Spenser Skates said same underlying infrastructure with MCP model context protocol allowing external products to connect.

Q: Taylor McGinnis asked about 4Q numbers being lighter than past.

A: Andrew Casey said Q4 had a lot of new logo ARR booked later and less big expansions.

Q: William Fitzsimmons asked about NRR improvement and volume upsells.

A: Andrew Casey said improvement from cross-sells and data ingested.

Q: Robert Oliver asked about pricing and packaging predictability.

A: Andrew Casey said sales team works with customers on data ingestion and instrumentation.

Q: Clark Wright asked about cross-selling and agents.

A: Spenser Skates said analytics core and agents speeding up other product analysis.

Q: Koji Ikeda asked about Agentic queries growth.

A: Spenser Skates said vast majority will be done Agentically.

Q: Unknown Analyst asked about non-GAAP operating margin upside.

A: Andrew Casey said efforts on revenue growth faster than expense growth.

Q: Unknown Analyst asked about AI affecting customers' analytics budgets.

A: Spenser Skates said analytics becomes more urgent and buyers need education.

Q: Ian Black asked about monetizing AI agents.

A: Andrew Casey said most agents embedded in core platform with new products for monetization.

Q: John Gomez asked about new users and go-to-market.

A: Spenser Skates said go-to-market is about training and sharing vision.

Q: Lucas Cerisola asked about balancing new app development and move-up market.

A: Spenser Skates said doing both with innovation shared to enterprise.

Q: YC Wong asked about competition from Snowflake and Databricks.

A: Spenser Skates said Amplitude's agent has higher accuracy due to context layer.

Q: Willow Miller asked about guidance range width.

A: Andrew Casey said approach guidance with execution and breadth of opportunities.