Amplitude, Inc.

Amplitude reported Q2 revenue of $100.9 million, up 21% year over year and 8% sequentially. Total ARR was $410 million, up 22% year over year and $36 million from Q1, including $17 million of incremental ARR from Statsig versus $16 million expected. Gross margin was 71%, down approximately 4 points year over year and 4 points sequentially; non-GAAP operating loss was $1.5 million, net loss per share was -$0.01, and free cash flow was $23.7 million versus $18.2 million a year ago. For Q3, management expects revenue of $105.6 million-$108 million, non-GAAP operating income of $2.5 million-$4.5 million, and non-GAAP EPS of $0.02-$0.03. For full-year 2026, revenue guidance was raised to $407.2 million-$411.2 million and non-GAAP operating income to $6.3 million-$9.3 million; non-GAAP EPS guidance is $0.06-$0.08.

Spenser Skates framed Amplitude as having transformed itself into an AI-native company and said that customers now want to learn from that transition. He emphasized the product vision of combining analytics, experimentation, and self-improving workflows through Amplitude, Statsig, and Wade, describing this as a closed loop for building better products. His tone was very bullish and product-led, but he also acknowledged that educating the field on the broader platform remains a lot of work.

Andrew Casey highlighted execution across revenue, profitability, and cash generation, pointing to record quarterly free cash flow of $23.7 million and $69 million returned through the share repurchase program. He said 70% of Q2 ARR closed on the new pricing and packaging model, up from 25% in Q1, and that 28% of total ARR is now on the new model. On margins, he said gross margin was pressured by Statsig’s hosting environment and higher AI-related inference/data costs, while sales and marketing fell to 39% of revenue and G&A to 13%, supporting leverage; cash and investments ended at $162 million.

Analysts focused on whether Wade could change product-development workflows, whether the company is educating customers well enough on its broader product suite, and how Statsig integration is progressing. Management said Wade is a higher-level, cross-data recommendation layer rather than a replacement for all other products, and that it should drive more adoption of Amplitude, Statsig, session replay, and AI feedback. On integration, Spenser said the urgent fires are behind them and the team is shifting from stabilization to roadmap and tighter product integration. Andrew also addressed guidance upside by pointing to stronger RPO, better pipeline conversion, and the new pricing/packaging model, while noting gross margin improvement will take time because Statsig’s cloud environment is still being optimized.