Bellevue, Wash. – Smartsheet Inc. (NYSE: NYSE:SMAR), a leading enterprise work management platform, has reported a robust first quarter with a 20% increase in total revenue year-over-year (YoY), reaching $263 million.
The company’s adjusted earnings per share (EPS) for the quarter was $0.32, surpassing analyst expectations of $0.27. This performance indicates a strong start to the fiscal year for Smartsheet, as the company also provided positive guidance for the upcoming second quarter and full fiscal year 2025.
The company’s first-quarter results were driven by a significant demand from enterprise customers, as noted by CEO Mark Mader. Smartsheet now boasts 72 customers with annualized recurring revenue over $1 million, marking a 50% increase YoY. ‘This will be a pivotal year for Smartsheet,’ Mader stated, highlighting the company’s focus on new product innovations, a modern pricing and packaging model, and a reinvigorated go-to-market strategy to position for long-term growth.
In terms of financial performance, Smartsheet’s subscription revenue climbed 21% YoY to $249.1 million, while professional services revenue remained relatively flat. The company’s GAAP operating loss improved to $(11.1) million, or (4)% of total revenue, compared to $(32.1) million, or (15)% of total revenue, from the same quarter last year. Non-GAAP operating income was impressive, at $42.1 million, or 16% of total revenue, a substantial increase from $2
