UiPath, the robotic process automation startup that came public April 21st, this afternoon reported fiscal Q1 revenue that easily topped Wall Street's expectations, and a surprise profit where the Street had been expecting a net loss, and an outlook for this quarter's revenue that was higher as well.
Despite the upbeat report, UiPath shares fell 9% in late trading.
CEO and co-founder Daniel Dines called the quarter "an exceptionally strong start to fiscal year 2022."
Dines noted first-quarter annualized recurring revenue, or ARR, rose over 64 percent, year-over-year, to $653 million, calling it, "a testament to our leadership position in enterprise software automation."
We believe automation is the next layer in the software stack. Our vision is to enable the fully automated enterprise through our unique combination of UI Automation, API Management, and AI to best emulate human workers and help organizations assign all automatable work to robots enterprise-wide. Our end-to-end automation platform, flexible deployment model, and growing ecosystem of partners position us well to capitalize on the more than $60 billion market opportunity ahead of us.
CFO Ashim Gupta said he was "pleased with our first quarter fiscal 2022 results as we continue to execute well against our land and expand go-to-market strategy."
Gupta noted the company has "experienced rapid growth and now have over 8,500 customers worldwide, including 1,105 customers with ARR of $100,000 or greater and 104 customers with ARR of $1 million or greater.
"Given our existing momentum, we plan to continue to invest in growth while maintaining operational rigor as we run our business."
Revenue in the three months ended in April rose 65%, year over year, to $186 million, yielding a net profit of 2 cents a share.
Analysts had been modeling $169 million and a 5-cent net loss per share, according to FactSet.
UiPath said its ARR rose 64% to $652.6 million, topping the average Wall Street estimate for $613 million.
For the current quarter, the company sees revenue of $180 million to $185 million, above consensus for $177 million.
For the full year, the company sees annualized recurring revenue in a range of $855 million to $855 million. That compares to consensus of $810 million.