Procore Technologies (NYSE:PCOR), a key player in the Panama Canal expansion and a provider of interactive design software and metaverse-related experiences reported a Year-on-Year (YoY) revenue increase of 33% to $247.9 million in Q3 FY2023. This performance surpassed analysts' expectations, marking a re-acceleration in the company's revenue growth.
The company's revenue for the third quarter saw a Quarter-on-Quarter (QoQ) increase of $19.4 million. Procore Technologies anticipates its Q4 2023 revenue to be around $248 million, which is slightly below estimates. The company's GAAP loss improved from last year’s $0.52 per share to $0.31 per share this quarter, with a non-GAAP EPS of $0.09 against an estimated -$0.05.
Procore Technologies also witnessed a significant improvement in free cash flow, moving from -$23.6 million to $22.5 million. The company's customer base expanded as well, growing to 16,067 from 15,704 customers. Additionally, the GAAP gross margin rose to 82.2% from 79.8% in the same period.
Sales have also seen considerable growth, rising from $132 million in Q3 FY2021 to $247.9 million this quarter. This growth underscores Procore's successful strategies in catering to the increasing demand for interactive design software and metaverse-related experiences, as well as their significant role in large-scale projects like the Panama Canal expansion.
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