Key Highlights

  • Amplitude (NASDAQ:AMPL) reported third-quarter Revenue of USD 110.6 million, up 25% from USD 88.6 million, with annual Recurring Revenue reaching USD 431 million, up 24% from USD 347 million.
  • The GAAP net loss widened to USD 0.19 per share from USD 0.18, while non-GAAP Net Income reached USD 0.04 per diluted share against USD 0.02.
  • GAAP operating loss narrowed to USD 24.6 million from USD 25.7 million, and non-GAAP Operating Income rose to USD 5.7 million from USD 0.6 million.
  • Free Cash Flow totaled USD 5.8 million against USD 3.4 million, and customers paying USD 100,000 or more in ARR grew 31% to 855.

Subscription Growth Meets a Record Non-GAAP Margin

Amplitude (NASDAQ:AMPL) published third-quarter 2026 results on November 4, 2026. The San Francisco company sells an AI-enabled platform for product analytics and names Statsig alongside its AI offerings for experimentation. Remaining performance obligations reached USD 497 million, up 27%. The chief financial officer described the non-GAAP operating Margin as the highest in company history, and the USD 5.7 million of non-GAAP operating income on USD 110.6 million of revenue works out to about 5.2% (calculated). Operating Cash Flow improved to USD 7.1 million from USD 5.0 million. The chief executive said customers are adopting more AI features, and that the constraint for software teams is now deciding what to build next. Operating cash flow therefore rose modestly even as the GAAP loss persisted.

Stock-Based Pay Explains Most of the GAAP Gap

Most of the difference between GAAP and non-GAAP results is stock-based compensation. Equity pay plus related employer payroll taxes totaled USD 28.8 million, up from USD 25.7 million, while acquired intangible amortization was USD 1.2 million and a capitalized software Impairment USD 0.3 million. GAAP loss per share edged up to USD 0.19 on 126.0 million basic shares, down from 133.0 million a year earlier. Non-GAAP Earnings of USD 0.04 used 138.4 million diluted shares. Because the non-GAAP profit depends on excluding those recurring costs, both sets of figures deserve weight.

Fourth-Quarter Outlook, Full-Year Guidance and Product Launches

For the fourth quarter, Amplitude expects revenue of USD 110.8 million to USD 113.2 million, non-GAAP operating income of USD 7.0 million to USD 9.0 million and non-GAAP EPS of USD 0.05 to USD 0.06. Full-year non-GAAP EPS is guided to USD 0.07 to USD 0.09 on 139.0 million shares, and full-year revenue to USD 415.8 million to USD 418.2 million. The fourth-quarter revenue midpoint of about USD 112.0 million (calculated) sits only slightly above the third quarter. An October GitHub workflow linked its closed-beta Wave product with experiments, Agent Analytics reached general availability in August, and Headless Amplitude followed in September. Listed risks include a history of losses, competition and customer retention. Full-year non-GAAP EPS of USD 0.07 to USD 0.09 on 139.0 million shares implies roughly USD 9.7 million to USD 12.5 million of non-GAAP earnings (calculated).

Where Things Stand

Only partly. Amplitude (NASDAQ:AMPL) grew revenue 25% and ARR 24% while lifting its non-GAAP operating margin, so Operating Leverage shows up, but only on a non-GAAP basis. The GAAP loss per share widened to USD 0.19, driven by stock-based compensation. Because the outlook implies revenue roughly flat sequentially, next markers are ARR growth, whether customers above USD 100,000 keep expanding and whether Statsig and the AI products lift consolidated spend. Investors should also weigh the USD 5.7 million of non-GAAP operating income, which is small next to the USD 24.6 million GAAP operating loss.