Procore Technologies, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $295.9 million for Q3 2024, marking a 19% increase from $247.9 million in Q3 2023. For the nine months ended September 30, 2024, revenue reached $849.7 million, up 23% from $690.0 million in the same period last year. This growth was primarily driven by existing customers, who contributed approximately 89% of the revenue increase in Q3 2024.
Gross profit also saw a substantial rise, reaching $240.9 million in Q3 2024, compared to $203.8 million in Q3 2023, and $700.9 million for the nine months, up from $563.3 million in the prior year. The company reported a loss from operations of $(36.5) million for Q3 2024, an improvement from $(50.4) million in Q3 2023. For the nine-month period, the loss from operations was $(70.2) million, significantly reduced from $(178.3) million in the same timeframe last year.
Procore's net loss for Q3 2024 was $(26.4) million, down from $(43.8) million in Q3 2023, while the nine-month net loss decreased to $(43.7) million from $(160.2) million in the previous year. The company reported a notable increase in cash and cash equivalents, totaling $439.3 million as of September 30, 2024, compared to $318.3 million at the same time in 2023.
Strategically, Procore has made several acquisitions, including Intelliwave Technologies Inc. for $29.8 million in May 2024, aimed at enhancing its platform capabilities. The company also launched Procore Pay in September 2023 to streamline payment processes in the construction industry. Additionally, Procore executed a workforce reduction of 4% in January 2024 to align operations with growth opportunities.
The company’s total stockholders’ equity increased to $1.3 billion as of September 30, 2024, up from $1.2 billion at the end of 2023. Procore also announced a stock repurchase program on October 29, 2024, authorizing up to $300 million of its outstanding common stock, which is set to expire on October 29, 2025.
Overall, Procore Technologies, Inc. continues to demonstrate strong revenue growth and improved operational efficiency, while strategically positioning itself for future expansion in the construction management software market.
About PROCORE TECHNOLOGIES, INC.
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