Procore Technologies, Inc., the leading global provider of construction management software, announced financial results for the first quarter ended March 31, 2025.
“Our Q1 performance represented a positive start to the year, reflecting our measurable ROI for our customers,” said Tooey Courtemanche, Founder, President, and CEO of Procore. “Our ability to help customers achieve more with less positions us well to serve them as they navigate a dynamic environment.”
“We are prepared to thoughtfully manage the business through the evolving tariff landscape to continuously improve our financial profile,” said Howard Fu, CFO of Procore. “Even with this increased uncertainty, we remain very confident in our ability to achieve our 2025 guidance.”
First Quarter 2025 Financial Highlights:
- Revenue was $311 million, an increase of 15% year-over-year.
- GAAP gross margin was 79% and non-GAAP gross margin was 83%.
- GAAP operating margin was (12%) and non-GAAP operating margin was 10%.
- Operating cash inflow for the first quarter was $66 million.
- Free cash inflow for the first quarter was $47 million.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Recent Business Highlights:
- Achieved a gross revenue retention rate of 95% in the first quarter.
- Number of organic customers contributing more than $100,000 of annual recurring revenue totaled 2,418 as of March 31, 2025, an increase of 14% year-over-year.
- Added 218 net new organic customers in the first quarter, ending with a total of 17,306 organic customers.
- Repurchased approximately 1.5 million shares of common stock for approximately $100 million as part of its authorized share repurchase program. Of the original authorized amount, approximately $200 million remains available for future share repurchases under the existing program.
- Released inauguralFuture State of Construction Reportrevealing how AI, automation, and workforce shifts are driving the key trends and challenges set to shape the construction industry over the next decade.
Second Quarter and Full Year Outlook:
Procore is providing the following guidance for the second quarter 2025 and the full year 2025:
- Second Quarter 2025 Outlook:
- Revenue is expected to be in the range of $310 million to $312 million, representing year-over-year growth of 9% to 10%.
- Non-GAAP operating margin is expected to be in the range of 11% to 11.5%.
- Full Year 2025 Outlook:
- Revenue is expected to be in the range of $1,286 million to $1,290 million, representing year-over-year growth of 12%.
- Non-GAAP operating margin is expected to be in the range of 13% to 13.5%.
A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Procore’s future GAAP financial results.
Quarterly Conference Call
Procore Technologies, Inc. will hold a conference call to discuss its first quarter results at 2:00 p.m., Pacific Time, on Thursday, May 1, 2025. A live audio webcast will be accessible on Procore's investor relations website at http://investors.procore.com.
