Key Facts and Figures from Asana’s FY25 Earnings Calls
Revenue and Growth
Q1 FY25 Revenue:
$172.4 million, up 13% YoY
.
Q2 FY25 Revenue:
$177 million–$178 million (guidance), representing 9%-10% YoY growth
.
Reported revenue was slightly ahead of guidance
.
Q3 FY25 Revenue:
$183.9 million, up 10% YoY
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Non-tech verticals grew 15% YoY, faster than overall growth
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Customer Metrics
Core Customers:
Q1: 22,162 customers spending $5,000+ annually, contributing 74% of revenue, up from 73%
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Q3: 23,609 core customers, representing 75% of revenue, up from 74% YoY
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Enterprise Customers:
Q1: 607 customers spending $100,000+ annually, up 19% YoY
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Q3: 683 customers in this cohort, up 18% YoY
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Retention Rates:
Q1 DBNR:
Core: 102%, Overall: 100%, $100,000+ Customers: 108%
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Stabilization achieved in Q3 across all major cohorts
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Profitability Metrics
Gross Margins:
Consistently high at ~90% across the quarters (e.g., 89.8% in Q1 FY25)
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Operating Loss (Non-GAAP):
Q1: $15.8 million (9% operating loss margin)
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Q3: Operating loss margin improved to 4%, a YoY improvement
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Net Loss:
Q1: $13.3 million, $0.06 per share
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Cash Flow and Balance Sheet
Cash and Marketable Securities:
Q1 FY25: $524.3 million
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Free Cash Flow:
Q1: Negative $4.3 million (improved from -11% to -2% margin YoY)
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Q2: Positive $12.8 million (7% free cash flow margin)
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Growth and Strategic Initiatives
AI Studio and Usage-Based Pricing:
Launched in Q3 FY25 with strong initial adoption in key verticals like technology, cybersecurity, and financial services
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Consumption-based pricing model decouples revenue growth from seat-based licensing
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Vertical-Specific Wins:
Key sectors with strong growth include manufacturing, energy, and healthcare
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FedRAMP Certification:
Targeted to unlock opportunities in government and regulated industries
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Guidance
Q4 FY25 Revenue Outlook:
Positive free cash flow expected by the end of FY25
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Full-Year FY25:
Reacceleration anticipated with growth expected to strengthen in out-quarters driven by AI adoption and enterprise penetration
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Data Points Requiring Further Verification
Growth Rate Projections:
The assumption of reacceleration in revenue growth depends heavily on AI Studio adoption, which remains early-stage.
Macroeconomic conditions affecting technology budgets could impact these projections.
Competitive Positioning:
Claims about being the “leader in AI collaborative work management” need comparative benchmarks against competitors like Monday.com, Smartsheet, and Jira
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Retention Stabilization:
DBNR stabilization is reported, but sustaining it amid elongated sales cycles and budget constraints will need monitoring
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Adoption of Usage-Based Pricing:
The revenue potential from AI Studio's usage-based pricing model is still emerging and relies on significant customer-scale implementations.
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