GitLab Inc. reported strong financial results for Q2 FY2025, with revenue increasing 31% year-over-year to $182.6 million. The company achieved its first quarterly profit with net income of $12.9 million, compared to a net loss of $50.1 million in the same period last year. Dollar-Based Net Retention Rate remained healthy at 126%, while the number of customers with Annual Recurring Revenue above $100,000 grew 33% to 1,076.The company continued to demonstrate strong execution across key business metrics. Subscription revenue grew 34% to $163.2 million, representing 89% of total revenue. Gross margin remained robust at 88%, though slightly down from 89% in the prior year period. GitLab's customer base expanded with Base Customers increasing 19% year-over-year to 9,314.Looking ahead, GitLab is focused on innovation and market expansion, particularly in AI capabilities through its GitLab Duo suite. The company highlighted progress in its remediation efforts for previously identified material weakness in IT controls. Management emphasized continued investment in research and development while maintaining operational efficiency, though noted potential headwinds from macroeconomic conditions affecting customer spending patterns.

GitLab Inc. reported strong financial results for Q2 FY2025, with revenue increasing 31% year-over-year to $182.6 million. The company achieved its first quarterly profit with net income of $12.9 million, compared to a net loss of $50.1 million in the same period last year. Dollar-Based Net Retention Rate remained healthy at 126%, while the number of customers with Annual Recurring Revenue above $100,000 grew 33% to 1,076.The company continued to demonstrate strong execution across key business metrics. Subscription revenue grew 34% to $163.2 million, representing 89% of total revenue. Gross margin remained robust at 88%, though slightly down from 89% in the prior year period. GitLab's customer base expanded with Base Customers increasing 19% year-over-year to 9,314.Looking ahead, GitLab is focused on innovation and market expansion, particularly in AI capabilities through its GitLab Duo suite. The company highlighted progress in its remediation efforts for previously identified material weakness in IT controls. Management emphasized continued investment in research and development while maintaining operational efficiency, though noted potential headwinds from macroeconomic conditions affecting customer spending patterns.