To The Moon

Key Facts and Figures from Asana’s FY25 Earnings Calls

Revenue and Growth

Q1 FY25 Revenue:

$172.4 million, up 13% YoY​

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Q2 FY25 Revenue:

$177 million–$178 million (guidance), representing 9%-10% YoY growth​

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Reported revenue was slightly ahead of guidance​

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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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