Asana Reports 11% Revenue Growth to $723.9 Million, Continues to Face Net Losses

Asana, Inc. reported its financial results for the fiscal year ending January 31, 2025, revealing a revenue of $723.9 million, an increase of 11% from $652.5 million in the previous fiscal year. Despite this growth, the company continued to experience net losses, reporting a loss of $255.5 million compared to a loss of $257.0 million in fiscal 2024. The accumulated deficit as of January 31, 2025, reached $1.83 billion, reflecting ongoing investments in growth and product development.

The company noted a decrease in its dollar-based net retention rate, which fell to 96% for customers spending over $100,000 annually, down from 115% in the previous year. This decline was attributed to macroeconomic conditions affecting customer renewal decisions and spending patterns. Asana's customer base grew to over 169,000 paying customers, with 24,062 classified as Core customers, contributing approximately 72% of total revenue.

Strategically, Asana launched its AI Studio in 2024, enhancing its core work management platform with AI capabilities. The company has also focused on expanding its direct sales force and channel partner program to better serve enterprise customers. As of January 31, 2025, Asana employed 1,819 people, a slight decrease from the previous year, as part of a restructuring plan aimed at improving operational efficiency.

In terms of operational metrics, Asana's gross margin decreased to 89% from 90% in the prior year, primarily due to increased costs associated with third-party hosting and infrastructure. The company reported cash and cash equivalents of $184.7 million, alongside marketable securities totaling $282.2 million, indicating a solid liquidity position. Looking ahead, Asana anticipates continued investment in research and development, particularly in AI integration, while navigating the challenges posed by the current economic environment.