Braze, a customer engagement platform, reported its Q4 2021 and full-year (FY2021) financial performance. The firm achieved a revenue of USD 70.4 million (64% YoY growth) for Q4 2021, 7% above analyst estimates. The performance was driven by growth in subscription revenue (62% YoY growth) accounting for 94% of its revenue for the quarter. For FY2021, revenue was USD 238 million (58.5% YoY growth), driven by growth in customers, which more than doubled to 1,375 by end of January 2022 (compared to 890 as of January 2021—a 54% YoY growth), adding Canva, Course Hero, and Shake Shack during the year. The growth was also supported by upsells and existing customer renewals where dollar-based net retention rose to 128% over the same period. Braze’s shares rose by ~1% in response to its above expectations performance. 

During the quarter, the firm recorded a non-GAAP operating loss of USD 13.4 million (compared with USD 8 million in Q4 2020), which was partly due to the recognition of performance-based compensation granted to employees and directors subsequent to the firm's IPO, which took place in November 2021. For FY2021, the non-GAAP operating loss widened to USD 31 million (compared with 24.6 million in FY 2020).

Braze’s full-year revenue guidance for FY 2023 is expected to be between USD 338 million and USD 342 million (42%–44% YoY growth), which is above consensus estimates of USD 330.3 million. Non-GAAP operating loss is expected to be between USD 79 million and USD 83 million. 

The management also stated that during FY 2022, the firm continued with its global expansion and established a presence in Canada and France, bringing the total number of offices to 10 globally.