Uipath has reported their Second Quarter Fiscal 2022 Financial Results.
The report shows a loss of $100 million in its fiscal second quarter compared to last year’s profit of $5.0 million. They posted revenue of $195.5 million which is 40% more than the $139.4 million from last year. They beat the analysts consensus revenue estimate of $184.34 million for the quarter.
UiPath also said their Annual recurring revenue (ARR) totaled $726.5 million as of July 31, which is up 60% compared to the same period last year. Net new ARR also grew by 33% to $73.9 million. Annual recurring revenue (ARR) is a SaaS business metric that shows how much recurring revenue you can expect, based on yearly subscriptions.
For this current quarter ending in November, UiPath expects revenue to be in the range of $207 million to $209 million and annualized renewal run rate or ARR of $796 million and $798 million. For the full year 2022, UiPath expects ARR between $876 million and $881 million.
“For the second consecutive quarter, UiPath growth continues to slow. Both revenues from on-prem and the cloud slowed significantly. ARR, UiPath-favored metric, also continues to slow.” says TechStockPros on Seeking Alpha. “Total revenue (cloud + on-prem) declined from 81% at IPO to about 41% for the F2Q.”
“As of the end of the second quarter, our customer base was more than 9,100 and the number of our customers who are leveraging our platform to accelerate automation is growing quickly. We have 1,247 customers that accounted for at least $100,000 in ARR, up 59% from 785 in the second quarter of last year. This includes 118 customers at $1 million plus in ARR, up 100% from 59. These numbers demonstrate not only the significant demand for automation, but demand for automation at scale.” said CEO Daniel Dines on the earnings call. Read the full transcript here.
Shares of UiPath slipped over 7% Tuesday despite the second-quarter results beating Wall Street view.
