Asana reported a non-GAAP net loss per share of USD 0.15 in Q4 FY2023, better than analyst consensus for a loss of USD 0.27, and an improvement from a loss of USD 0.25 in Q4 FY2022. The full-year FY2023 non-GAAP net loss per share deteriorated to USD 1.04 from a loss of USD 0.92 last year.

Total revenue increased 34% YoY to USD 150 million in Q4 FY2023, exceeding analyst estimates of USD 145 million. FY2021 full-year revenue was up 45% YoY at USD 547 million, exceeding the USD 541 million–543 million guidance provided in Q3 FY2023.

The revenue growth was supported by a 19% YoY growth in paying customers to 139,000 as of Q4 FY2023. Notably, customers spending USD 5,000 or more on an annualized basis in Q4 FY2023 grew by 26% YoY to ~19,400, with a corresponding 42% YoY increase in revenues from these customers. The number of customers spending USD 50,000 or more (annualized basis) also grew 46% YoY to ~1,300 as of Q4 FY2023, indicating significant traction among larger customers. The overall dollar-based net retention rate in Q4 dropped to 115% from 120% last year.

GAAP gross profit increased 34% YoY to USD 135 million in Q4 FY2023, with a slight margin improvement (+60 basis points) to ~90%. FY2023 full-year gross profit was up 45% YoY to USD 491 million, with a 20 basis point reduction in margin. The non-GAAP operating loss improved to USD 37 million in Q4 FY2023 from USD 44 million last year. Full-year FY2023 non-GAAP operating loss deteriorated to USD 207 million from USD 157.1 million a year ago.

The company guided Q1 FY2024 revenue at USD 150 million–151 million, implying a 24%–25% YoY growth, and the full-year FY2024 revenue at USD 638 million–648 million, implying a 17%–18% YoY growth.