Business
monday.com Announces First Quarter 2023 Results
First quarter revenue of $162.3 million grew 50% year over year Number of customers with more than $50k ARR grew 75% year over year Achieved record quarterly
About this update from Monday.com Ltd.
[{"type":"text","content":"\nFirst quarter revenue of $162.3 million grew 50% year over year\nNumber of customers with more than $50k ARR grew 75% year over year\nAchieved record quarterly revenue and free cash flow\nAnnounced monday AI, with plans to incorporate AI into the monday.com platform\n\n\n NEW YORK & TEL AVIV--(BUSINESS WIRE)--\nmonday.com (NASDAQ: MNDY), a work operating system (Work OS) where organizations of any size can create the tools and processes they need to manage every aspect of their work, today reported financial results for its first quarter ended March 31, 2023.\n\n\nManagement Commentary:\n\n\n“The monday.com team is off to a strong start in 2023, with our results reflecting increasing customer demand for our Work OS platform and product suite, as well as our ongoing commitment to improving efficiency and profitability,” said monday.com founder and co-CEO, Roy Mann. “As we begin to roll out mondayDB and introduce transformative AI capabilities, we are highly confident in our ability to continue this momentum through the rest of 2023 and beyond.”\n\n\n“We continued to expand and improve the platform in the quarter with a number of new features and functionalities to support a wider variety of use cases,” said monday.com founder and co-CEO, Eran Zinman. “These additions allow us to grow further upmarket, bringing our enterprise-level base to over 1,600 customers.”\n\n\n“We are very pleased with our results in Q1, achieving quarterly records for our free cash flow and revenue,” said Eliran Glazer, monday.com CFO. “As a result, we are increasing our full-year guidance, and now expect to achieve non-GAAP operating profitability in FY’23, two years ahead of our prior expectations.”\n\n\nFirst Quarter Fiscal 2023 Financial Highlights:\n\n\n\nRevenue was $162.3 million, an increase of 50% year-over-year, or 51% on an FX-adjusted basis.\n\n\n\nGAAP operating loss was $22.8 million compared to a loss of $67.5 million in the first quarter of 2022; GAAP operating margin was negative 14% compared to negative 62% in the first quarter of 2022.\n\n\n\nNon-GAAP operating loss was $0.3 million compared to a loss of $43.8 million in the first quarter of 2022; non-GAAP operating margin was negative 0% compared to negative 40% in the first quarter of 2022.\n\n\n\nGAAP net loss per basic and diluted share was $0.31 compared to GAAP net loss per basic...