Asana, Inc. reported a net loss of $63.7 million for the three months ended April 30, 2024, a slight increase from the $61.5 million net loss in the same period the previous year. The basic and diluted net loss per share remained constant at $0.28. Despite the net loss, the company saw a 13% increase in revenues, rising from $152.4 million in 2023 to $172.4 million in 2024. The cost of revenues also increased by 20%, resulting in a consistent gross margin of 90%. The company's operating expenses totaled $220.8 million, with research and development, sales and marketing, and general and administrative expenses contributing to the majority of the costs. Asana's stock-based compensation expense was $48.6 million for the quarter, an increase from $41.5 million in the previous year. The company's...Show More

Asana, Inc. reported a net loss of $63.7 million for the three months ended April 30, 2024, a slight increase from the $61.5 million net loss in the same period the previous year. The basic and diluted net loss per share remained constant at $0.28. Despite the net loss, the company saw a 13% increase in revenues, rising from $152.4 million in 2023 to $172.4 million in 2024. The cost of revenues also increased by 20%, resulting in a consistent gross margin of 90%. The company's operating expenses totaled $220.8 million, with research and development, sales and marketing, and general and administrative expenses contributing to the majority of the costs. Asana's stock-based compensation expense was $48.6 million for the quarter, an increase from $41.5 million in the previous year. The company's interest income and other income (expense), net, decreased slightly to $4.4 million. Asana's income tax expense was $1.0 million, primarily due to taxes in foreign jurisdictions. The company's financial performance reflects its ongoing investments in product development and market expansion. Asana continues to focus on growing its customer base, particularly among organizations spending over $5,000 and $100,000 annually, which are key contributors to its revenue. The company's dollar-based net retention rate for the period was 100%, indicating stability in revenue from existing customers. Asana's future plans include continued investment in research and development, sales and marketing, and general administrative functions to support growth and operational efficiency.