LOS ANGELES, June 05, 2025 (GLOBE NEWSWIRE) -- ServiceTitan $(TTAN)$, the software platform that powers the trades, today announced financial results for the fiscal first quarter ended April 30, 2025.
"I am humbled by the way that our team, in partnership with our customers, performed this quarter," said Ara Mahdessian, Co-Founder and CEO. "The quality and breadth of execution underscore our opportunity to transform the lives of every hardworking contractor in the trades."
"The ROI we deliver to our customers continues to be our greatest advantage," said Vahe Kuzoyan, Co-Founder and President, "We're building a series of stacking S-curves to put ourselves in a position to deliver transformative customer outcomes, and each of our four primary areas of focus this year are off to a strong start."
Fiscal First Quarter 2026 Financial and Operational Highlights:
Fiscal First Quarter Fiscal First Quarter
2026 2025
------------------------ ---------------------
(in millions, except percentages and GTV)
Gross transaction
volume ("GTV")
(in billions) $ 17.7 $ 14.5
YOY GTV growth 22% 23%
Total revenue $ 215.7 $ 170.3
YOY revenue
growth 27% 25%
Platform revenue $ 208.0 $ 163.2
YOY platform
revenue growth 27% 27%
GAAP loss from
operations $ (49.5) $ (53.4)
Non-GAAP income
from operations
(1) $ 16.2 $ 3.3
Non-GAAP
operating margin
(1) 7.5% 1.9%
Net cash used in
operating
activities $ (14.6) $ (19.2)
Non-GAAP free
cash flow (1) $ (22.3) $ (24.6)
Net dollar > 110% > 110%
retention
_________________________
(1)This press release uses non-GAAP financial measures that adjust GAAP financial measures for the impact of various items. See the section titled "Non-GAAP Financial Measures" and the tables entitled "GAAP to Non-GAAP Reconciliation" below for additional information.
Fiscal Second Quarter and Fiscal Year 2026 Financial Outlook:
For the second quarter of fiscal 2026 and for the full fiscal year 2026, the Company currently expects:
Fiscal Second Quarter
2026 Full Fiscal Year 2026
(in millions)
Total revenue $228 - $230 $910 - $920
Non-GAAP income from
operations(2) $17 - $18 $54 - $59
_________________________
(2) ServiceTitan is not able, at this time, to provide an outlook for GAAP loss from operations or a reconciliation of expected non-GAAP income from operations to GAAP income loss from operations for the second quarter of fiscal 2026 or for the full fiscal year 2026 because of the difficulty of estimating certain items excluded from non-GAAP income from operations that cannot be reasonably calculated or predicted without unreasonable efforts. For example, charges related to stock-based compensation expense require additional inputs, such as the number and value of awards granted, that are not currently ascertainable.
Conference Call Information:
The financial results and business highlights will be discussed on a conference call and webcast scheduled at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Thursday, June 5, 2025. Online registration for this event conference call can be found here. The live webcast of the conference call can be accessed from ServiceTitan's investor relations website at http://investors.servicetitan.com.
Following completion of the events, a webcast replay will also be available at http://investors.servicetitan.com for 12 months.
About ServiceTitan
ServiceTitan is the software platform that powers trades businesses. The company's cloud-based, end-to-end solution gives contractors the tools they need to run and grow their business, manage their back office, and provide a stellar customer experience. By bringing an integrated SaaS platform to an industry historically underserved by technology, ServiceTitan is equipping tradespeople with the technology they need to keep the world running.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue, " "could," "estimate," "expect," "intend," "may," "plan," "potential" "predict," "project," "should," "target," or "will," or the negative of these words or other similar terms or expressions that concern ServiceTitan's expectations, strategy, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding ServiceTitan's financial outlook for total revenue and non-GAAP income from operations for the second quarter of fiscal year 2026 ending July 31, 2025 and the full fiscal year ending January 31, 2026. ServiceTitan's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption "Risk Factors" in our Annual Report on Form 10-K for fiscal 2025 as filed with the SEC on April 2, 2025, which should be read in conjunction with this press release and the financial results included herein. Additional information will be set forth in our Quarterly Report on Form 10-Q for the fiscal first 2026 quarter ended April 30, 2025. The forward-looking statements in this release are based on information available to ServiceTitan as of the date hereof, and ServiceTitan undertakes no obligation to update any forward-looking statements, except as required by law.
Press Contact
Max Wertheimer
ServiceTitan, Inc.
press@servicetitan.com
Investor Contact
Jason Rechel
ServiceTitan, Inc.
investors@servicetitan.com
(c) 2025 ServiceTitan. All rights reserved. ServiceTitan, the ServiceTitan logo, and all ServiceTitan product and service names mentioned herein are registered trademarks or unregistered trademarks of ServiceTitan, Inc. in the United States and other countries. Other brand names and marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).
ServiceTitan, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
Three Months Ended April 30,
--------------------------------
2025 2024
---------------- -------------
Revenue:
Platform $ 207,982 $ 163,225
Professional services and
other 7,710 7,103
------------ ------------
Total revenue 215,692 170,328
------------ ------------
Cost of revenue:
Platform 50,037 47,757
Professional services and
other 17,259 16,591
Total cost of revenue 67,296 64,348
------------ ------------
Gross profit 148,396 105,980
------------ ------------
Operating expenses:
Sales and marketing 69,223 57,601
Research and development 69,140 58,613
General and administrative 59,569 43,194
------------ ------------
Total operating expenses 197,932 159,408
------------ ------------
Loss from operations (49,536) (53,428)
------------ ------------
Other income (expense), net
Interest expense (2,035) (4,128)
Interest income 4,940 1,696
Other income, net 501 227
------------ ------------
Total other income (expense), net 3,406 (2,205)
------------ ------------
Loss before income taxes (46,130) (55,633)
Provision for income taxes 234 406
------------ ------------
Net loss (46,364) (56,039)
Adjustments to net loss
attributable to common
stockholders -- (12,987)
------------ ------------
Net loss attributable to common
stockholders $ (46,364) $ (69,026)
============ ============
Net loss per share, basic and
diluted $ (0.51) $ (2.02)
============ ============
Weighted-average shares used in
computing net loss per share,
basic and diluted 90,334,442 34,175,068
============ ============
Disaggregated Revenue
Three Months Ended April 30,
--------------------------------
2025 2024
---------------- -------------
Subscription $ 162,717 $ 126,034
Usage 45,265 37,191
------------ ------------
Platform revenue 207,982 163,225
Professional services and other 7,710 7,103
------------ ------------
Total revenue $ 215,692 $ 170,328
============ ============
ServiceTitan, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
As of
-------------------------
April 30, January 31,
2025 2025
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 420,265 $ 441,802
Restricted cash 210 711
Accounts receivable, net of
allowance of $7,095 and $4,698 as
of April 30, 2025 and January 31,
2025, respectively 46,016 44,469
Deferred contract costs, current 12,495 11,554
Contract assets 47,267 45,926
Prepaid expenses 23,548 24,791
Other current assets 3,172 3,513
---------- ----------
Total current assets 552,973 572,766
Restricted cash, noncurrent 417 333
Deferred contract costs, noncurrent 12,069 10,608
Property and equipment, net 48,203 56,667
Operating lease right-of-use assets 20,266 24,025
Internal-use software, net 36,590 35,775
Intangible assets, net 203,570 214,952
Goodwill 845,836 845,836
Other assets 7,472 7,686
---------- ----------
Total assets $ 1,727,396 $ 1,768,648
========== ==========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued
expenses $ 44,040 $ 40,182
Accrued personnel related expenses 37,970 80,160
Deferred revenue, current 16,374 16,803
Operating lease liabilities,
current 12,387 12,996
Short-term debt 1,073 1,073
Other current liabilities 2,990 1,902
---------- ----------
Total current liabilities 114,834 153,116
Operating lease liabilities,
noncurrent 44,297 47,327
Long-term debt, net 103,866 104,014
Other noncurrent liabilities 10,470 9,607
---------- ----------
Total liabilities 273,467 314,064
---------- ----------
Commitments and contingencies
Stockholders' Equity
Preferred stock, par value $0.001,
100,000,000 shares authorized as of
April 30, 2025 and January 31, 2025.
0 shares issued and outstanding as of
April 30, 2025 and January 31, 2025 - -
Class A common stock, par value
$0.001, 1,000,000,000 shares
authorized as of April 30, 2025 and
January 31, 2025. 77,236,670 shares
and 76,644,240 shares issued and
outstanding as of April 30, 2025 and
January 31, 2025, respectively 78 77
Class B common stock, par value
$0.001, 100,000,000 shares authorized
as of April 30, 2025 and January 31,
2025. 13,404,097 shares issued and
outstanding as of April 30, 2025 and
January 31, 2025 13 13
Class C common stock, par value
$0.001, 100,000,000 shares authorized
as of April 30, 2025 and January 31,
2025. 0 shares issued and outstanding
as of April 30, 2025 and January 31,
2025 - -
Additional paid-in capital 2,605,932 2,560,224
Accumulated deficit (1,152,094) (1,105,730)
---------- ----------
Total stockholders' equity 1,453,929 1,454,584
---------- ----------
Total liabilities and
stockholders' equity $ 1,727,396 $ 1,768,648
========== ==========
ServiceTitan, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended April 30,
----------------------------------
2025 2024
---------------- ------------
Cash flows provided by (used in)
operating activities
Net loss $ (46,364) $ (56,039)
Adjustments to reconcile net
loss to net cash used in
operating activities
Depreciation and amortization
expense 19,955 19,731
Amortization of deferred
contract costs 3,336 2,587
Noncash operating lease expense 1,352 1,772
Stock-based compensation
expense 43,749 19,939
Loss on impairment and disposal
of assets 8,060 20,131
Change in valuation of
contingent consideration -- (30)
Deferred income taxes 646 738
Amortization of debt issuance
costs 120 58
Provision for credit losses 3,723 723
Changes in operating assets
and liabilities, net of effect
of business acquisition:
Accounts receivable (5,270) (4,561)
Prepaid expenses and other
current assets 1,671 1,924
Deferred contract costs (5,739) (2,147)
Contract assets (1,341) (1,071)
Other assets 508 280
Accounts payable and other
accrued expenses 4,001 4,336
Accrued personnel related
expenses (40,632) (27,213)
Operating lease liabilities (3,153) (1,045)
Other liabilities 1,237 895
Deferred revenue (429) (232)
------------ -----------
Net cash used in operating
activities (14,570) (19,224)
------------ -----------
Cash flows used in investing
activities
Capitalized internal-use software (6,472) (4,785)
Purchase of property and
equipment (1,292) (628)
Acquisition of business, net of
cash acquired -- (1,184)
------------ -----------
Net cash used in investing
activities (7,764) (6,597)
------------ -----------
Cash flows provided by (used in)
financing activities
Payment of contingent
consideration -- (165)
Proceeds from exercise of stock
options 1,181 1,440
Payment of debt arrangements (268) $(450.UK)$
Payment of deferred initial
public offering costs $(533.SI)$ (627)
Shares repurchased for tax
withholding for the settlement
of restricted stock units -- (5,306)
------------ -----------
Net cash provided by (used
in) financing activities 380 (5,108)
------------ -----------
Net decrease in cash, cash
equivalents, and
restricted cash (21,954) (30,929)
Cash, cash equivalents, and
restricted cash
Beginning of period 442,846 148,863
------------ -----------
End of period $ 420,892 $ 117,934
============ ===========
Statement Regarding Use of Non-GAAP Financial Measures
In addition to our results prepared in accordance with GAAP, we believe non-GAAP gross profit and non-GAAP gross margin, in total and for platform, and professional services and other, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, and non-GAAP earnings per share ("EPS") are useful in evaluating our operating performance.
These measures, however, have certain limitations in that they reflect the exercise of judgment by our management about which expenses are excluded or included and do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, our financial results determined in accordance with GAAP. We caution investors that amounts presented in accordance with our definition of non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, and non-GAAP EPS may not be comparable to similar measures disclosed by other companies because not all companies and analysts calculate these measures in the same manner.
For the reasons set forth below, we believe that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures.
-- Stock-based compensation expense and related employer payroll taxes. We
exclude stock-based compensation expense, including the performance-based
RSU's granted to our Co-Founders, and related employer payroll taxes to
allow investors to make more meaningful comparisons of our performance
between periods and to facilitate a comparison of our performance to
those of other peer companies. Stock-based compensation may vary between
periods due to various factors unrelated to our core performance,
including as a result of the assumptions used in the valuation
methodologies, timing and amount of grants and other factors. We exclude
employer payroll taxes because the amounts vary based on timing and
settlement or vesting of awards unrelated to our core operating
performance. Moreover, stock-based compensation expense is a non-cash
expense that we exclude from our internal management reporting processes
and when assessing our actual performance, budgeting, planning, and
forecasting future periods.
-- Amortization of acquired intangible assets. We incur amortization expense
for acquired intangible assets in connection with acquisitions of certain
businesses and technologies. Amortization of acquired intangible assets
is a non-cash expense that is significantly affected by the timing and
size of acquisitions, and the inherent subjective nature of purchase
price allocations. Because these costs have already been incurred, we
exclude the amortization expense from our internal management reporting
processes. We exclude these charges when assessing our actual performance
and when budgeting, planning, and forecasting future periods. Investors
should note that the use of intangible assets contributed to our revenues
earned during the periods presented and will contribute to our future
period revenues as well.
-- Restructuring charges. To better align our strategic priorities with our
investments, we implemented workforce reductions in fiscal 2025. In
connection with these reductions, we incurred employee-related expenses
including severance and other termination benefits. We excluded these
charges when assessing our actual performance and when budgeting,
planning and forecasting future periods.
-- Loss on operating lease assets. We have incurred impairments on certain
right-of-use assets and other long-lived assets. We believe that it is
useful to exclude these charges when assessing the level of various
operating expenses and resource allocations when budgeting, planning and
forecasting future periods. In addition, we believe excluding such costs
enhances the comparability between periods.
-- Acquisition-related items. We have incurred costs related to acquisitions,
including legal, third-party valuation and due diligence, insurance costs,
and one-time retention bonuses for employees of acquired companies. In
addition, we periodically record the change to the fair value of
contingent consideration related to past acquisitions. We exclude these
items when assessing our actual performance and when budgeting, planning
and forecasting future periods. We believe excluding these items allows
investors to make meaningful comparisons between our core operating
results and those of other peer companies.
Non-GAAP EPS
We define non-GAAP basic EPS as non-GAAP net income divided by weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic. We define non-GAAP diluted EPS as non-GAAP net income divided by weighted-average shares outstanding giving effect to the weighted average of all potentially dilutive common stock equivalents outstanding for the period including options to purchase common stock, restricted stock units, and acquisition indemnity shares withheld. The dilutive effect of outstanding awards is reflected in non-GAAP diluted earnings per share by application of the treasury method.
Free Cash Flow
We define free cash flow as net cash provided by (used in) operating activities less cash used for investing activities for capitalized internal use software and less cash paid for purchases of, and deposits for, property and equipment. We believe that free cash flow is a meaningful indicator of our sources of liquidity and capital requirements that provides information to management and investors in evaluating the cash flow trends of our business. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. Free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Other companies may calculate free cash flow or similarly titled non-GAAP measures differently, which could reduce the usefulness of free cash flow as a tool for comparison. In addition, free cash flow does not reflect mandatory debt service and other non-discretionary expenditures that are required to be made under contractual commitments and does not represent the total increase or decrease in our cash balance for any given period.
ServiceTitan, Inc.
GAAP to Non-GAAP Reconciliations
(unaudited)
Non-GAAP Gross Profit and Non-GAAP Gross Margin
Professional
Services and
Platform Other Total
------------------ ------------------ ------------------
Three Months Ended Three Months Ended Three Months Ended
April 30, April 30, April 30,
------------------ ------------------ ------------------
2025 2024 2025 2024 2025 2024
-------- -------- ------- -------- -------- --------
(in thousands)
GAAP gross profit $157,945 $115,468 $(9,549) $ (9,488) $148,396 $105,980
Stock-based
compensation
expense and
related
employer
payroll taxes 1,398 1,142 1,384 869 2,782 2,011
Amortization of
acquired
intangible
assets 5,533 5,303 334 784 5,867 6,087
Restructuring
charges -- 386 -- 129 -- 515
Loss on
operating
lease assets 960 2,828 751 1,318 1,711 4,146
Non-GAAP gross
profit $165,836 $125,127 $(7,080) $ (6,388) $158,756 $118,739
======= ======= ====== ======= ======= =======
Professional
Platform Services and Other Total
------------------ -------------------- ---------------
Three Months
Three Months Ended Three Months Ended Ended April
April 30, April 30, 30,
------------------ -------------------- ---------------
2025 2024 2025 2024 2025 2024
----- ------- ------ -------- ---- -----
GAAP gross margin 75.9% 70.7% (123.9)% (133.6)% 68.8% 62.2%
Stock-based
compensation
expense and
related
employer
payroll taxes 0.7% 0.7% 18.0% 12.2% 1.3% 1.2%
Amortization of
acquired
intangible
assets 2.7% 3.2% 4.3% 11.0% 2.7% 3.6%
Restructuring
charges 0.0% 0.2% 0.0% 1.8% 0.0% 0.3%
Loss on
operating lease
assets 0.5% 1.7% 9.7% 18.6% 0.8% 2.4%
Non-GAAP gross
margin* 79.7% 76.7% (91.8)% (89.9)% 73.6% 69.7%
==== ======= ====== ======== ==== =====
* Totals may not foot due to rounding.
Non-GAAP Sales and Marketing Expense
Three Months Ended April 30,
----------------------------------
2025 2024
---------------- ------------
(in thousands)
GAAP sales and marketing expense $ 69,223 $ 57,601
Stock-based compensation
expense and related employer
payroll taxes (5,568) (3,575)
Amortization of acquired
intangible assets (5,515) (5,450)
Restructuring charges -- (292)
Loss on operating lease assets (1,765) (3,649)
------------ -----------
Non-GAAP sales and marketing
expense $ 56,375 $ 44,635
============ ===========
Non-GAAP Research and Development Expense
Three Months Ended April 30,
----------------------------------
2025 2024
----------------- -----------
(in thousands)
GAAP research and development
expense $ 69,140 $ 58,613
Stock-based compensation
expense and related employer
payroll taxes (12,263) (7,758)
Restructuring charges -- (991)
Loss on operating lease assets (1,679) (3,478)
------------- ----------
Non-GAAP research and development
expense $ 55,198 $ 46,386
============= ==========
Non-GAAP General and Administrative Expense
Three Months Ended April 30,
----------------------------------
2025 2024
----------------- -----------
(in thousands)
GAAP general and administrative
expense $ 59,569 $ 43,194
Stock-based compensation
expense and related employer
payroll taxes (12,647) (7,228)
Stock-based compensation
expense - Co-Founders
performance based RSUs (13,071) --
Acquisition-related items -- (2,054)
Restructuring charges -- (698)
Loss on operating lease assets (2,877) (8,808)
------------- ----------
Non-GAAP general and
administrative expense $ 30,974 $ 24,406
============= ==========
Non-GAAP Income from Operations and Non-GAAP Operating Margin
Three Months Ended April 30,
----------------------------------
2025 2024
---------------- ------------
(in thousands)
GAAP loss from operations $ (49,536) $ (53,428)
Stock-based compensation
expense and related employer
payroll taxes 33,260 20,572
Stock-based compensation
expense - Co-Founders
performance based RSUs 13,071 --
Amortization of acquired
intangible assets 11,382 11,537
Restructuring charges -- 2,496
Acquisition-related items -- 2,054
Loss on operating lease assets 8,032 20,081
------------ -----------
Non-GAAP income from operations $ 16,209 $ 3,312
============ ===========
Three Months Ended April 30,
---------------------------------
2025 2024
------------- ----- -----------
GAAP operating margin (23.0)% (31.4)%
Stock-based compensation
expense and related employer
payroll taxes 15.4% 12.1%
Stock-based compensation
expense - Co-Founders
performance based RSUs 6.1% 0.0%
Amortization of acquired
intangible assets 5.3% 6.8%
Restructuring charges 0.0% 1.5%
Acquisition-related items 0.0% 1.2%
Loss on operating lease
assets 3.7% 11.8%
------------ ---- -----------
Non-GAAP operating margin* 7.5% 1.9%
============ ==== ===========
* Totals may not foot due to rounding.
Non-GAAP Net Income
Three Months Ended April 30,
----------------------------------
2025 2024
---------------- ------------
(in thousands)
GAAP net loss $ (46,364) $ (56,039)
Stock-based compensation
expense and related employer
payroll taxes 33,260 20,572
Stock-based compensation
expense - Co-Founders
performance based RSUs 13,071 --
Amortization of acquired
intangible assets 11,382 11,537
Restructuring charges -- 2,496
Acquisition-related items -- 2,054
Loss on operating lease assets 8,032 20,081
Income tax effects related to
the above adjustments(3) (1,484) (489)
------------ -----------
Non-GAAP net income $ 17,897 $ 212
============ ===========
(3) This amount represents adjustments for the current and deferred income tax effects on non-GAAP net income for the impact of the non-GAAP adjustments above.
Non-GAAP EPS
Three Months Ended April 30, 2025 (4)
--------------------------------------
(in thousands, expect share and per
share amounts)
Numerator
Non-GAAP net income $ 17,897
Denominator
Weighted-average shares used
in computing net loss per
share attributable to common
stockholders, basic 90,334,442
Effect of dilutive securities:
Stock-based awards 7,893,378
----- -------------------------------
Weighted-average shares used
in computing non-GAAP net
income per share attributable
to common stockholders,
diluted 98,227,820
GAAP net loss per share, basic
and diluted $ (0.51)
Non-GAAP net income per share,
basic $ 0.20
Non-GAAP net income per share,
diluted $ 0.18
(4) ServiceTitan has not provided prior year non-GAAP EPS for the comparative three month period ended April 30, 2024 because it does not believe such disclosure would provide meaningful supplemental information regarding an EPS trend due to the redeemable convertible preferred stock that was outstanding prior to our IPO.
Free Cash Flow
Three Months Ended April 30,
----------------------------------
2025 2024
---------------- ------------
(in thousands)
Net cash used in operating
activities $ (14,570) $ (19,224)
Capitalized internal-use
software (6,472) (4,785)
Purchase of property and
equipment (1,292) (628)
------------ -----------
Non-GAAP free cash flow $ (22,334) $ (24,637)
============ ===========
(END) Dow Jones Newswires
June 05, 2025 16:05 ET (20:05 GMT)
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