Filing Flows › Procore Technologies (PCOR) › Q1 2025
Procore Technologies (PCOR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
Procore Technologies (PCOR) reported revenue of $311M for the first quarter 2025 (Q1 2025), +15% from a year earlier and +3% from the quarter before. Operating margin was -11.7%, net loss $33.0M (10.6% of revenue).
Procore Technologies, Q1 2025: revenue $311M (+15% year over year), operating margin -11.7%, net loss $33.0M, operating cash flow $66.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $311M | +3% | +15% |
| Operating profit | −$36.2M | — | — |
| Net earnings | −$33.0M | — | — |
| Operating cash flow | $66.0M | +127% | -5% |
| Free cash flow | $46.7M | — | -19% |
What changed
Revenue was $310.6M in Q1 2025, up 15% year over year and up 3% from the previous quarter.
Gross margin was 79.1%, down 3.9 points from a year earlier. Operating costs exceeded revenue by $36.2M, an operating margin of -11.7%. Operating expenses grew 16% against revenue growth of 15%. The fastest-growing cost line was Research & development (+24%). The quarter ended with a net loss of $33.0M, narrower than the previous quarter's $62.3M loss. Non-operating items added $8.6M, -31% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $66.0M (down 5% year over year). Non-cash charges added back $26.9M of depreciation and amortization and $48.3M of share-based compensation. Working capital and other items added $23.9M. After capitalized software development costs ($15.3M) and purchases of property, plant, and equipment ($4.0M), free cash flow as the company reports it was $46.7M.
Questions
What was Procore Technologies' revenue in the first quarter 2025?
Procore Technologies (PCOR) reported revenue of $311M for the first quarter 2025 (Q1 2025), +15% from a year earlier and +3% from the quarter before.
Was Procore Technologies profitable in the first quarter 2025?
Operating loss was $36.2M (-11.7% of revenue) and net loss $33.0M.