Quarterly ResultMay 6, 2026, 04:13 PM
Procore Q1 Revenue $359.3M, Net Loss Narrows; Acquires Datagrid
AI Summary
Procore Technologies reported a significant improvement in its financial performance for the first quarter of 2026, with revenue increasing by 15.7% year-over-year and net loss narrowing substantially. The company also completed the acquisition of Datagrid, a leader in agentic artificial intelligence, on January 16, 2026, expanding its platform capabilities. Operating cash flow saw a healthy increase, demonstrating improved operational efficiency.
Key Highlights
- Acquired Toric Labs (d/b/a Datagrid) on January 16, 2026, for $158.9 million.
- Q1 2026 revenue increased 15.7% to $359.3 million from $310.6 million year-over-year.
- Net loss narrowed by 72.4% to $9.1 million, down from $33.0 million in Q1 2025.
- Diluted net loss per share improved to $(0.06) from $(0.22) in the prior year.
- Net cash provided by operating activities rose 16.3% to $76.8 million.
- Repurchased $100.0 million of common stock during the quarter.
- Remaining performance obligations totaled $1.6 billion as of March 31, 2026.