Amplitude, Inc.

Previous wording

Amplitude is a leading Digital Analytics Platform that helps businesses understand how people are using their products so they can build amazing digital experiences that increase acquisition, monetization and retention - and drive revenue growth. We work with more than 4,000 paying customers of various sizes and stages of digital maturity, across many industries, including the teams behind some of the most-beloved digital products in the world. We have experienced significant growth in recent years, with approximately 740 employees in seven global offices.

Current wording

Amplitude is a leading Digital Analytics Platform that helps businesses access trusted data, understand their customers, and optimize their product and digital experiences. Our integrated and AI-powered platform enables teams to improve the metrics they care about most: acquisition, monetization, retention, and revenue growth. We work with more than 4,300 paying customers of various sizes and stages of digital maturity, across many industries, including the teams behind some of the most beloved digital products in the world. We have experienced steady growth in recent years, with approximately 800 employees in seven global offices.

Previous wording

At the core of our Digital Analytics Platform is our Behavioral Graph, a proprietary, purpose-built behavioral database that is the largest of its kind. Our Behavioral Graph instantly finds patterns, makes recommendations, and connects customer actions along their journeys to the right business outcomes, like engagement, growth, and loyalty. We architected our Behavioral Graph to power numerous products, beginning with our core product analytics solution. Consistently ranked #1 in multiple categories by G2, Amplitude Analytics provides real-time product data and reconstructed user visits so cross-functional teams can understand what is working and what is not. We have since expanded our offerings to include products that enable teams to build personalized product experiences, test product changes, and improve data quality across their technology stack.

Current wording

At the core of our Digital Analytics Platform is our Behavioral Graph, a proprietary, purpose-built behavioral database that is the largest of its kind. Our Behavioral Graph instantly finds patterns, makes recommendations, and connects customer actions along their journeys to the right business outcomes, like engagement, growth, and loyalty. We have also re-architected Amplitude to be AI-led from the ground up. This transformation integrates AI across our platform to deliver intelligent insights, automate complex workflows, and enable adaptive experiences for our customers. With built-in AI agents and infrastructure—not bolted-on features—Amplitude helps teams reduce guesswork and drive durable business growth.

Previous wording

Historically, we have been successful at efficiently growing our customer base and number of customers who have entered into and grown into larger subscriptions with us as evidenced by the growth of our number of paying customers and number of customers that represent greater than $100,000 in annual recurring revenue (“ARR”). As of March 31, 2025 and 2024, we had 617 and 521 customers, respectively, that each represented greater than $100,000 in ARR, representing a 18% increase year-over-year. We believe our relationship with some of the world’s most beloved product-led companies has resulted in increased brand credibility and access to many attractive growth opportunities. As of March 31, 2025 and 2024, our dollar-based net retention rate for the trailing 12 months ("TTM") was 98% and 99%, respectively, for paying customers. Additionally, our ending dollar-based net retention rate for paying customers as of March 31, 2025 and 2024, was 101% and 97%, respectively.

Current wording

Historically, we have been successful at efficiently growing our customer base and number of customers who have entered into and grown into larger subscriptions with us as evidenced by the growth of our number of paying customers and number of customers that represent greater than $100,000 in annual recurring revenue (“ARR”). As of June 30, 2025 and 2024, we had 634 and 547 customers, respectively, that each represented greater than $100,000 in ARR, representing a 16% increase year-over-year. We believe our relationship with some of the world’s most beloved product-led companies has resulted in increased brand credibility and access to many attractive growth opportunities. As of June 30, 2025 and 2024, our dollar-based net retention rate for the trailing 12 months ("TTM") was 99% and 98%, respectively, for paying customers. Additionally, our ending dollar-based net retention rate for paying customers as of June 30, 2025 and 2024, was 104% and 96%, respectively.

Previous wording

We believe that our customers will demand additional features and capabilities beyond our current platform offerings to assist them in optimizing their digital products. We have a history of, and will continue to invest significantly in, developing and delivering innovative products, features, and functionality targeted at our core customer base. In addition, we may choose to add new products and offerings or enhance our platform capabilities through acquisitions. In recent years, we have acquired companies to bolster our predictive analytics and data instrumentation capabilities and most recently we acquired CommandAI to provide intuitive, AI-powered user assistance to make complex software easier to adopt and navigate. Going forward, we may pursue both strategic partnerships and acquisitions that we believe will be complementary to our business, accelerate customer acquisition, increase usage of our platform, and/or expand our product offerings in our core markets.

Current wording

We believe that our customers will demand additional features and capabilities beyond our current platform offerings to assist them in optimizing their digital products. We have a history of, and will continue to invest significantly in, developing and delivering innovative products, features, and functionality targeted at our core customer base. In addition, we may choose to add new products and offerings or enhance our platform capabilities through acquisitions. In recent years, we have acquired companies to improve and expand our platform capabilities. In October 2024, we acquired CommandAI to provide intuitive AI-powered user assistance to make complex software easier to adopt and navigate. In June 2025, we completed an asset acquisition of Inari to accelerate our AI roadmap, leveraging their team’s deep expertise in applied AI. Going forward, we may pursue both strategic partnerships and acquisitions that we believe will be complementary to our business, accelerate customer acquisition, increase usage of our platform, and/or expand our platform offerings in our core markets.

Previous wording

Our investment for growth encompasses multiple critical areas, including product expansion, our sales force, sales support, partner ecosystem, and our international presence. We continue to evolve our technology and product offerings, to ensure that we are best serving our customers’ needs. For example, in September 2024, we launched Amplitude Made Easy to simplify the platform experience for customers, and in June 2024, we introduced Warehouse Native to allow customers to unlock insights directly from their data warehouse. Additionally, in February 2025, after our acquisition of CommandAI, we launched Guides and Surveys which fully integrates CommandAI's cutting-edge user assistance with our Data Analytics Platform. We believe the evolution of our technology and product offerings will lead to increased retention and positive customer referrals that will continue to generate expansion opportunities within our existing installed base and from new customers. We plan to continue to invest in our research and development organization to maintain and strengthen our market leadership position, and we believe that attracting the best engineering talent will continue to be critical to our long-term success. As we continue to invest in our platform, we expect our research and development expenses, including those capitalized for internal-use software, to increase in dollar amount over time. Over the longer term, we believe these expenses as a percentage of revenue will decrease, though these expenses as a percentage of revenue could increase in the short term.

Current wording

We believe the evolution of our technology and platform will lead to increased retention and positive customer referrals that will continue to generate expansion opportunities within our existing installed base and from new customers. We plan to continue to invest in our research and development organization to maintain and strengthen our market leadership position, and we believe that attracting the best engineering and AI talent will continue to be critical to our long-term success. As we continue to invest in our platform, we expect our research and development expenses, including those capitalized for internal-use software, to increase in dollar amount over time. Over the longer term, we believe these expenses as a percentage of revenue will decrease, though these expenses as a percentage of revenue could increase in the short term.

Previous wording

Finally, we see opportunities to expand offices and headcount internationally to better service targeted international markets where we believe we have significant opportunity to accelerate existing traction and success. For the three months ended March 31, 2025, 39% of our revenue was generated outside the United States. As we seek to expand our business globally, we may be adversely affected by global economic and political instability. For example, as a result of the Russia-Ukraine war and related sanctions, we have terminated certain relationships with customers in Russia. Some of the businesses of our customers in the impacted regions have also experienced disruptions that have affected their ability to pay for our services. See “Risk Factors–Risks Related to Our Business and Industry–Our operations are international in scope, and we plan further geographical expansion, creating a variety of operational challenges.”

Current wording

Finally, we see opportunities to expand offices and headcount internationally to better serve targeted international markets where we believe we have a significant opportunity to accelerate existing traction and success. For the three and six months ended June 30, 2025, 39% of our revenue was generated outside the United States. As we seek to expand our business globally, we may be adversely affected by global economic and political instability. For example, as a result of the Russia-Ukraine War and related sanctions, we have terminated certain relationships with customers in Russia. Some of the businesses of our customers in the impacted regions have also experienced disruptions that have affected their ability to pay for our services. See “Risk Factors–Risks Related to Our Business and Industry–Our operations are international in scope, and we plan further geographical expansion, creating a variety of operational challenges.”

Previous wording

Revenue increased $7.3 million, or 10%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase in revenue was primarily due to growth of our paying customer base, partially offset by partial and full churn among existing customers which marginally outpaced our expansion of existing customers as reflected by our NRR (TTM) of 98% as of March 31, 2025.

Current wording

Revenue increased by $10.0 million, or 14%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily driven by growth in our paying customer base, partially offset by partial and full customer churn, which slightly outpaced expansion within our existing customer accounts, as reflected in our NRR (TTM) of 99% as of June 30, 2025.

Previous wording

Cost of revenue increased $1.3 million, or 7%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to an increase of $0.6 million in amortization of capitalized internal-use software development costs and acquired developed technology intangible assets and an increase of $0.5 million in personnel and related expenses, including an increase in allocated overhead costs. The increase was also attributable to an increase of $0.3 million in third-party hosting costs as we increased capacity to support paying customer usage and growth of our paying customer base.

Current wording

Cost of revenue increased $3.3 million, or 17%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily due to an increase of $1.5 million in third-party hosting costs as we increased capacity to support paying customer usage and growth of our paying customer base and $1.0 million in amortization of capitalized internal-use software development costs. The increase was also attributable to an increase of $0.9 million in personnel and subcontractor-related expenses, including an increase in allocated overhead costs.

Previous wording

Research and development expenses increased $0.6 million, or 3%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily attributable to an increase of $2.1 million in personnel and related expenses, including an increase in allocated overhead costs, offset by a decrease of $1.2 million in stock-based compensation expense and related payroll taxes. The increase was also partially offset by a higher percentage of personnel being dedicated to new application development which resulted in $0.6 million more capitalized as internal use software costs in the period.

Current wording

Sales and marketing expenses increased $2.8 million, or 6%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily due to an increase of $2.8 million in personnel-related expenses, including an increase in allocated overhead costs and an increase of $1.2 million in stock-based compensation expenses and related payroll taxes. The increases were partially offset by a decrease of $1.2 million in variable compensation expense in the period.

Previous wording

General and administrative expenses increased $1.6 million, or 11%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily attributable to an increase of $0.4 million in personnel and related expenses, including an increase in allocated overhead costs, an increase of $0.8 million in consulting fees, and an increase of $0.3 million in subscription software.

Current wording

General and administrative expenses increased $0.8 million, or 5%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily attributable to an increase of $0.7 million in consulting fees, an increase of $0.3 million in stock-based compensation expenses and related payroll taxes, and an increase of $0.3 million in subscription software. The increases were partially offset by a decrease of $0.5 million in corporate expenses.

Previous wording

Other income (expense), net decreased $0.9 million, or 25%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was primarily due to lower interest income of $0.7 million due to a lower combined yield on investments and cash equivalents in the three months ended March 31, 2025.

Current wording

Other income (expense), net decreased $1.0 million, or 25%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The decrease was primarily due to lower interest income of $1.1 million due to a lower combined yield on investments and cash equivalents in the three months ended June 30, 2025.

Previous wording

Provision for (benefit from) income taxes increased $0.4 million, or 83%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to increased foreign taxes during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Current wording

Provision for income taxes increased $0.3 million, or 170%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to increased foreign taxes during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Previous wording

Sales and marketing expenses increased $3.3 million, or 8%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to an increase of $3.2 million in personnel and related expenses, including an increase in allocated overhead costs and an increase of $0.9 million in stock-based compensation expenses and related payroll taxes. The increases were partially offset by a decrease of $0.5 million in marketing expenses and a decrease of $0.4 million in the amortization of capitalized commissions.

Current wording

Research and development expenses increased $3.5 million, or 8%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily attributable to an increase of $3.9 million in personnel-related expenses, including an increase in allocated overhead costs, offset by a decrease of $1.1 million in stock-based compensation expense and related payroll taxes.

Previous wording

Since inception, we have financed operations primarily through the net proceeds we have received from the sales of our preferred stock and common stock as well as cash generated from the sale of subscriptions to our platform. We have generated losses from our operations as reflected in our accumulated deficit of $480.1 million as of March 31, 2025. We generated negative cash flows from operating activities for the three months ended March 31, 2025; however, we have generated positive cash flows from operating activities during the years ended December 31, 2024 and 2023. Our future capital requirements will depend on many factors, including revenue growth and costs incurred to support our platform, including growth in our customer base and customer usage, increased research and development expenses to support the growth of our business and related infrastructure, and increased general and administrative expenses to support being a publicly-traded company.

Current wording

Since inception, we have financed operations primarily through the net proceeds we have received from the sales of our preferred stock and common stock as well as cash generated from the sale of subscriptions to our platform. We have generated losses from our operations as reflected in our accumulated deficit of $504.7 million as of June 30, 2025. We generated positive cash flows from operating activities for the six months ended June 30, 2025 and have generated positive cash flows from operating activities during the years ended December 31, 2024 and 2023. Our future capital requirements will depend on many factors, including revenue growth and costs incurred to support our platform, including growth in our customer base and customer usage, increased research and development expenses to support the growth of our business and related infrastructure, and increased general and administrative expenses to support being a publicly-traded company.

Previous wording

As of March 31, 2025, our principal sources of liquidity were cash and cash equivalents of $131.2 million and restricted cash of $0.9 million. We also had $151.9 million in marketable securities that provide additional capital resources. Additionally, a substantial source of our cash provided by operating activities is our deferred revenue, which is included on our condensed consolidated balance sheets as a liability. Deferred revenue consists of the unearned portion of billed fees for our subscriptions, which is recorded as revenue over the term of the subscription agreement. As of March 31, 2025, we had $117.0 million of deferred revenue, all of which was recorded as a current liability. This deferred revenue will be recognized as revenue when or as the related performance obligations are met.

Current wording

As of June 30, 2025, our principal sources of liquidity were cash and cash equivalents of $119.7 million and restricted cash of $0.9 million. We also had $167.9 million in marketable securities that provide additional capital resources. Additionally, a substantial source of our cash provided by operating activities is our deferred revenue, which is included on our condensed consolidated balance sheets as a liability. Deferred revenue consists of the unearned portion of billed fees for our subscriptions, which is recorded as revenue over the term of the subscription agreement. As of June 30, 2025, we had $136.7 million of deferred revenue, all of which was recorded as a current liability. This deferred revenue will be recognized as revenue when or as the related performance obligations are met.

Previous wording

Our largest source of operating cash is cash collection from sales of subscriptions to our paying customers. Our primary uses of cash from operating activities are for personnel and related expenses, marketing expenses, and third-party hosting-related and software expenses. For the current period we have generated negative cash flows from operating activities; however, we have generated positive cash flows from operating activities during the years ended December 31, 2024 and 2023.

Current wording

Our largest source of operating cash is cash collection from sales of subscriptions to our paying customers. Our primary uses of cash from operating activities are for personnel and related expenses, marketing expenses, and third-party hosting-related and software expenses. For the current period we have generated positive cash flows from operating activities.

Previous wording

Net cash used in operating activities of $0.05 million for the three months ended March 31, 2024 reflects our net loss of $21.5 million, adjusted by non-cash items such as stock-based compensation expense of $21.1 million, depreciation and amortization of $1.4 million, and non-cash operating lease costs of $1.0 million as well as net cash used in changes in our operating assets and liabilities of $1.8 million. The net cash used in changes in operating assets and liabilities primarily consisted of a $6.8 million increase in accounts receivable due to higher customer billings and a $5.1 million increase in prepaid expenses and other current and noncurrent assets related to an increase in prepayments made in advance for future services. These changes were primarily offset by a net increase in accrued expenses and accounts payable of $10.8 million due to timing of payments made.

Current wording

Net cash provided by operating activities of $12.0 million for the six months ended June 30, 2025 reflects our net loss of $46.9 million, adjusted by non-cash items such as stock-based compensation expense of $45.1 million, depreciation and amortization of $4.7 million, and non-cash operating lease costs of $2.3 million as well as net cash used in changes in our operating assets and liabilities of $6.2 million. The net cash provided by changes in operating assets and liabilities primarily consisted of collections outpacing revenue recognized as evidenced through the net increase in cash of $16.7 million from changes in accounts receivable and deferred revenue and a net increase in accrued expenses and accounts payable of $2.7 million. These changes were primarily offset by an increase in prepaid expenses and other current and noncurrent assets of $5.5 million, a $4.7 million increase related to additional payments for deferred commissions during the period, and a $3.0 million increase in operating lease liabilities.

Previous wording

Net cash used in operating activities of $8.0 million for the three months ended March 31, 2025 reflects our net loss of $22.2 million, adjusted by non-cash items such as stock-based compensation expense of $20.6 million, depreciation and amortization of $2.3 million, and non-cash operating lease costs of $1.1 million as well as net cash used in changes in our operating assets and liabilities of $10.1 million. The net cash used in changes in operating assets and liabilities primarily consisted of a $15.4 million increase in accounts receivables due to overall growth of our sales as well as timing of billings and collections partially offset by a $7.3 million increase in deferred revenue corresponding with our increased sales.

Current wording

Net cash provided by operating activities of $9.2 million for the six months ended June 30, 2024 reflects our net loss of $44.9 million, adjusted by non-cash items such as stock-based compensation expense of $43.8 million, depreciation and amortization of $2.8 million, and non-cash operating lease costs of $2.0 million as well as net cash provided by changes in our operating assets and liabilities of $6.2 million. The net cash provided by changes in operating assets and liabilities primarily consisted of collections outpacing revenue recognized as evidenced through the net increase in cash of $16.3 million from changes in accounts receivable and deferred revenue and a net increase in accrued expenses and accounts payable of $2.1 million. These changes were primarily offset by an increase in prepaid expenses and other current and noncurrent assets of $10.0 million.

Previous wording

Net cash used in investing activities of $26.4 million for the three months ended March 31, 2025 consisted of $33.7 million of purchases of marketable securities, $0.8 million of capitalized internal-use software development costs, and $0.4 million in purchases of property and equipment. These decreases were partially offset by $8.6 million of cash received from the maturities of marketable securities.

Current wording

Net cash used in investing activities of $45.0 million for the six months ended June 30, 2025 consisted of $64.5 million of purchases of marketable securities, $2.1 million of capitalized internal-use software development costs, $1.0 million in purchases of property and equipment, and $0.4 million in cash paid for an acquisition. These decreases were partially offset by $23.0 million of cash received from the maturities of marketable securities.

Previous wording

Net cash provided by investing activities of $23.1 million for the three months ended March 31, 2024 consisted of $42.5 million of cash received from the maturities of marketable securities, offset by $18.4 million of purchases of marketable securities, $0.7 million in capitalized internal-use software development costs, and $0.4 million in purchases of property and equipment.

Current wording

Net cash provided by investing activities of $35.7 million for the six months ended June 30, 2024 consisted of $57.5 million of cash received from the maturities of marketable securities, offset by $18.4 million of purchases of marketable securities, $2.5 million in capitalized internal-use software development costs, and $1.0 million in purchases of property and equipment.

Previous wording

Net cash used in financing activities of $5.8 million for the three months ended March 31, 2024 consisted of $7.6 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, partially offset by $1.8 million in proceeds from the exercise of stock options.

Current wording

Net cash used in financing activities of $19.1 million for the six months ended June 30, 2025 consisted of $18.6 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, and $2.5 million in repurchases of common stock. These decreases were partially offset by $2.1 million in proceeds from the exercise of stock options.

Previous wording

Net cash used in financing activities of $6.1 million for the three months ended March 31, 2025 consisted of $7.6 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, partially offset by $1.5 million in proceeds from the exercise of stock options.

Current wording

Net cash used in financing activities of $11.0 million for the six months ended June 30, 2024 consisted of $14.3 million in net tax remittance on equity awards related to the vesting of RSU awards under a withhold-to-cover method, partially offset by $3.3 million in proceeds from the exercise of stock options.

Previous wording

During the three months ended March 31, 2025, there were no material changes in our contractual obligations and other commitments outside of those disclosed in the 2024 Form 10-K, other than an increase in our lease commitments. See Note 9 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information on our commitments and contingencies.

Current wording

During the six months ended June 30, 2025, there were no additional material changes in our contractual obligations and other commitments outside of those disclosed in the 2024 Form 10-K, other than an increase in our lease commitments. See Note 9 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information on our commitments and contingencies.

Previous wording

Our unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. There have been no changes to our critical accounting policies and estimates, during the three months ended March 31, 2025 as compared to those disclosed in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2024 Form 10-K.

Current wording

Our unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results could differ from these estimates. There have been no changes to our critical accounting policies and estimates, during the six months ended June 30, 2025 as compared to those disclosed in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2024 Form 10-K.