Wed, Sep 4, 10:04 AM (132 days ago)
For the quarter ended July 31, 2024, GitLab Inc. reported total revenue of $182.6 million, a 31% increase from $139.6 million in the same quarter of 2023, driven by strong demand for its DevSecOps Platform. Subscription revenue rose to $163.2 million, while license revenue reached $19.4 million. Gross profit stood at $161.2 million, with a gross margin of 88%. Operating expenses totaled $202.2 million, leading to a loss from operations of $41 million. However, the company achieved net income of $12.3 million, a significant improvement from a loss of $51.2 million in the prior year. Cash and cash equivalents increased to $438.6 million, up from $288 million at the start of the year. GitLab's Dollar-Based Net Retention Rate was 126%, indicating strong customer retention. Despite these positive metrics, GitLab faces risks including competition, regulatory changes, and challenges in managing growth, which could impact future performance. The company is also addressing a material weakness in internal controls over financial reporting.