Appian (NASDAQ: APPN) today announced financial results for the first quarter ended March 31, 2024.
“Appian continues to push technological boundaries in our industry, from AI-backed services to process mining. Organizations globally are recognizing the power and simplicity of the Appian Platform,” said CEO Matt Calkins.
Cloud subscription revenue was $86.6 million, up 24% compared to the first quarter of 2023. Total subscriptions revenue, which includes sales of our cloud subscriptions, on-premises term license subscriptions, and maintenance and support, increased 19% year-over-year to $117.7 million. Professional services revenue was $32.1 million, a decrease of 11% compared to the first quarter of 2023. Total revenue was $149.8 million, up 11% compared to the first quarter of 2023. Cloud subscription revenue retention rate was 120% as of March 31, 2024.
GAAP operating loss was $(19.5) million, compared to $(35.3) million for the first quarter of 2023. Non-GAAP operating loss was $(3.7) million, compared to $(18.2) million for the first quarter of 2023.
GAAP net loss was $(32.9) million, compared to $(36.8) million for the first quarter of 2023. GAAP net loss per share was $(0.45) for the first quarter of 2024, compared to $(0.51) for the first quarter of 2023. Non-
GAAP net loss was $(17.7) million, compared to $(19.7) million for the first quarter of 2023. Non-GAAP net loss per share was $(0.24), compared to the $(0.27) net loss per share for the first quarter of 2023.
APPN shares lost $7.82, or 21.3%, early Thursday to $28.91.
