Home UiPath Broke the $1 Billion Annual Revenue Barrier for the First Time and Aims to Keep The Growth Pace Next Year.

UiPath Broke the $1 Billion Annual Revenue Barrier for the First Time and Aims to Keep The Growth Pace Next Year.

by Ant Sh
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UiPath Broke the $1 Billion Annual Revenue Barrier for the First Time and Aims to Keep The Growth Pace Next Year.

For fiscal 2023, UiPath managed to reduce its net loss from $525.6 million to $328.4 million. Total revenue for the year rose 19% from a year ago ($892M), to $1.059 billion. For the fiscal full year 2024, UiPath expects its revenue in the range of $1.253 billion to $1.258 billion. Here is the financial data in more detail.

Full Year Fiscal 2023 Financial Highlights

  • Revenue of $1.059 billion increased 19 percent year-over-year.
  • Net new ARR of $278.6 million.
  • GAAP gross margin was 83 percent.
  • Non-GAAP gross margin was 86 percent.
  • GAAP operating loss was $(348.3) million.
  • Non-GAAP operating income was $65.2 million.
  • Net cash used in operations was $10 million.
  • Non-GAAP adjusted free cash flow was $49 thousand.

For the fiscal full year 2024, UiPath expects:

  • Revenue in the range of $1.253 billion to $1.258 billion
  • ARR in the range of $1.425 billion to $1.430 billion as of January 31, 2024
  • Non-GAAP operating income of approximately $120 million

“I am pleased with our results and how the team brought the fiscal year to a close despite foreign exchange and macroeconomic headwinds in the fourth quarter of fiscal 2023. Our commitment to driving growth at scale, expanding operating margin, and generating positive non-GAAP adjusted free cash flow is reflected in our full year fiscal 2024 outlook which implies a 350 basis point increase in non-GAAP operating margin and positive non-GAAP adjusted free cash flow for the fiscal year.”

Ashim Gupta, Chief Financial Officer, UiPath

“We delivered a very strong close to fiscal year 2023. Fourth quarter fiscal 2023 ARR grew 30 percent year-over-year, while revenue outperformance and disciplined cost management resulted in a record fourth quarter non-GAAP operating margin and positive non-GAAP adjusted free cash flow. We enter fiscal year 2024 with the rollout of our new go-to-market initiatives on schedule and building momentum as both customers and partners see the positive impact our Business Automation Platform can have on their employees, customers, and businesses.”

Rob Enslin, Co-Chief Executive Officer, UiPath