For the fiscal first quarter ended April 30, UiPath (ticker: PATH) posted revenue of $186.2 million, up 65% from a year earlier and ahead of the Street consensus forecast of $168.6 million. Annual recurring revenue, or ARR, was $652.6 million, up 64%. On a non-GAAP basis, the company earned two cents a share, ahead of the Street consensus forecast for a loss of five cents a share.
Under generally accepted accounting principles, the company had a loss in the quarter of $239.7 million, or $1.11 a share. UiPath noted that it now has over 8,500 customers, with 1,105 generating revenue of more than $100,000 a year—and 104 over $1 million.
UiPath went public on April 21 at $65.50 a share, and as of the close of Tuesday’s regular session was trading at $76. In late trading, the stock is down 8%, at $69.90.
“We had an exceptionally strong start to fiscal year 2022,” CEO and co-founder Daniel Dines said in a statement. “We believe automation is the next layer in the software stack.… Our end-to-end automation platform, flexible deployment model, and growing ecosystem of partners position us well to capitalize on the more than $60 billion market opportunity ahead of us.”
For the fiscal second quarter, UiPath projects revenue ranging from $180 million to $185 million, which would be up 33% from a year earlier, with a non-GAAP loss ranging from $25 million to $35 million. For the January 2022 fiscal year, the company sees revenue ranging from $850 million to $855 million, ahead of the Street consensus at $827 million. That would be up about 40% from the previous year, slowing from 81% growth in fiscal 2021.
“We continue to guide very optimistically for the full year,” Chief Financial Officer Ashim Gupta said in an interview with Barron’s. “Demand has never been stronger.” In the same interview, Dines pointed to new
data that shows the company has about 28.7% of the RPA software market, gaining share while the market also expands.
The company also announced a “partial early lock-up release,” freeing about 30% of its stock to trade in the open market, under terms of its initial public offering—a development that could be contributing to pressure on the stock after hours.
Write to Eric J. Savitz at email@example.com