Braze, a customer engagement platform, reported its Q1 fiscal-year 2023 (Q1 FY23) financial performance. The firm achieved a revenue of USD 77.5 million (62% YoY growth) for Q1 FY23, 7% above analyst estimates. The performance was driven by growth in subscription revenue (63% YoY growth), accounting for 94% of its revenue for the quarter. The growth was supported by new customer additions during the quarter, which include Little Spoon, Mercari, PaulCamper (Germany), and Pizza Hut (Australia), bringing the total count to 1,500+ as of April 2022. In addition, customer upsells and existing customer renewals resulted in dollar-based net retention rising to 127% over the same period.

The firm recorded a non-GAAP operating loss of USD 18 million compared to the USD 20 million–21 million management guidance provided in the previous quarter. This implies a non-GAAP loss per share of USD 0.19, which exceeded analyst expectations by 12%. 

The firm also stated that during the quarter, it increased its team count by 120, bringing the total to more than 1,280. It also launched “Braze for Success,” a series of new offerings and enhancements relating to customer support and consultancy services.

For the full fiscal year (FY 2023), the firm revised its guidance and expects to achieve revenue between USD 345 million–349 million (42%–44% YoY growth) and a non-GAAP operating loss between USD 77 million and USD 81 million.