Procore Technologies Q2 revenue beats estimates

Overview

• Procore Q2 2025 rev grows 14% yr/yr, beating analyst expectations

• Non-GAAP operating margin for Q2 at 13%, GAAP margin at -9%

• Co announced acquisitions of Novorender and Flypaper Technologies

Outlook

• Procore expects Q3 revenue between $326 mln and $328 mln

• Company forecasts full-year revenue of $1,299 mln to $1,302 mln

• Procore anticipates Q3 non-GAAP operating margin of 13% to 13.5%

• Company sees full-year non-GAAP operating margin at 13% to 13.5%

Result Drivers

• CUSTOMER RETENTION - Achieved gross revenue retention rate of 95% in Q2

• CUSTOMER GROWTH - Number of organic customers contributing over $100,000 in annual recurring revenue increased by 15% yr/yr

• ACQUISITIONS - Announced acquisitions of Novorender and Flypaper Technologies to enhance BIM capabilities

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the software peer group is "buy"

• Wall Street's median 12-month price target for Procore Technologies Inc is $77.66, about 4% above its July 30 closing price of $74.51

• The stock recently traded at 54 times the next 12-month earnings vs. a P/E of 53 three months ago

Press Release: ID:nBwTBwVTa