Asana reports Q4 2022 YoY revenue growth of 64%; shares dip 25%

Asana Inc. (NYSE: ASAN) is down 25% after announcing its fiscal Q4 2022 financial results for the period ending January 31, 2022.

CEO and co-founder Dustin Moskovitz stated:

Q4 2022 revenue was up 64%

Revenue was up 64% YoY to $111.9 million. As a result, the company reported a GAAP net loss of $90 million or $0.48 per share compared to $61.5 million or $0.39 per share a year ago. On the other hand, non-GAAP net loss was $46.9 million or $0.25 per share relative to $35 million or $0.22 a year ago. 

The company posted revenue of $378.4 million for the full year, representing a 67% YoY increase. Full-year GAAP net loss was $288.3 million or $1.63 per share compared to a net loss of $211.7 million or $1.99 per share in FY 2021. Non-GAAP net loss in FY2022 was $162.9 million or $0.92 per share compared to a net loss of $123.3 million or $1.16 per share in FY 2021.

The company ended the year with 119,000 paying clients. In Q4, the number of consumers who spent more than $5,000 on an annual basis increased by 52% YoY to 15,437. Also, In the fourth quarter, revenues from such customers increased by 82 percent year over year. In Q4, the number of clients who spent more than $50,000 on a yearly basis increased by 125 percent year over year to 894. Moskovitz commented:

Fiscal Q1 2023 financial outlook

For Q1 2023, the company expects revenue of $114.5 million to $115.5 million representing annualized growth of 49% to 51%. As a result, the non-GAAP net loss is expected to be around $0.36 to $0.35. Asana expects full-year revenue to range between $527 million and $531 million, representing YoY growth of 39% to 40%.