UiPath, Inc. reported its financial results for the six months ended July 31, 2024, showing significant revenue growth but continued net losses. Total revenue for the period reached $651.4 million, a 13% increase from $576.9 million in the same period of the previous year. For the three months ended July 31, 2024, revenue was $316.3 million, up 10% from $287.3 million year-over-year. The growth was primarily driven by a 24% increase in subscription services revenue, which totaled $379.8 million for the six months and $194.7 million for the quarter.

Despite the revenue growth, UiPath reported a net loss of $114.8 million for the six months, compared to a loss of $92.3 million in the prior year. The net loss for the three months was $86.1 million, up from $60.4 million in the same quarter of 2023. The increase in losses was attributed to rising operating expenses, which totaled $685.5 million for the six months, compared to $608.2 million in the previous year. Notably, sales and marketing expenses rose by 13% to $374.5 million, driven by increased personnel-related costs and sales commissions.

The company’s gross margin also declined, with a gross margin of 82% for the six months ended July 31, 2024, down from 84% in the prior year. This decrease was primarily due to higher costs associated with subscription services, which increased significantly in absolute terms.

In terms of strategic developments, UiPath initiated a restructuring plan in July 2024 aimed at streamlining operations and managing expenses. This restructuring resulted in $12.6 million in employee termination benefits during the six months. The company also engaged in a stock repurchase program, repurchasing 17.3 million shares at an average price of $12.67 per share during the six-month period, with an additional $500 million authorized for repurchases in August 2024.

As of July 31, 2024, UiPath's total current assets were $2.3 billion, down from $2.6 billion at the end of January 2024. Cash and cash equivalents decreased to $939.3 million, while total liabilities also fell to $867.8 million from $938.6 million. The company reported an accumulated deficit of $2.0 billion, reflecting ongoing challenges in achieving profitability despite revenue growth.