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

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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:

Our fiscal year revenue growth accelerated versus the previous year, led by strength in the enterprise and strong demand across the customer base.

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:

Many of the most recognized companies in the world are choosing Asana as their platform for cross team work. Our product strategy is resonating and the addressable market is large, representing over 1.25 billion knowledge workers. We are cementing our leadership position by increasing investments further to meet this large and growing enterprise demand.

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%.

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