Investment Thesis
Amplitude demonstrates strong revenue growth (+14.7% YoY) and maintains healthy gross margins (74%), indicating product-market fit and pricing power. However, significant operating losses (-24.9% margin) and negative profitability (-25.8% net margin) reveal the company is still in investment/scaling mode despite being a public company. The positive free cash flow (28.2M) and strong liquidity (1.56x current ratio) provide a financial runway, but profitability inflection remains uncertain.
AMPL Strengths
- Strong revenue growth of 14.7% YoY with 74% gross margins demonstrating pricing power and unit economics
- Positive free cash flow of 28.2M (8.2% FCF margin) despite operating losses, showing underlying business generates cash
- Solid balance sheet with 81.1M cash, manageable 1.56x liquidity ratio, and zero long-term debt providing financial flexibility
AMPL Risks
- Deep operating losses (-85.3M) and negative net margins (-25.8%) indicate unsustainable cost structure relative to revenue base
- Deteriorating profitability trend despite revenue growth - operating income declining faster than revenue increasing suggests margin expansion challenges
- Elevated insider trading activity (8 Form 4 filings in 90 days) and negative ROE/ROA ratios raise concerns about shareholder value creation and insider confidence
Key Metrics to Watch
- Operating margin trajectory - need to see path to profitability with revenue growth
- Rule of 40 (revenue growth + FCF margin) - currently 22.9%, below 40 threshold for healthy SaaS
- Customer acquisition cost vs. lifetime value dynamics and net revenue retention rate
AMPL Financial Metrics
AMPL Profitability Ratios
AMPL Balance Sheet & Liquidity
AMPL 5-Year Financial Trend
5-Year Trend Summary: Amplitude, Inc.'s revenue has grown significantly by 105% over the 5-year period, indicating strong business expansion. The most recent EPS of $-0.77 indicates the company is currently unprofitable.
AMPL Growth Metrics (YoY)
AMPL Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $75.2M | -$16.9M | $-0.14 |
| Q2 2025 | $73.3M | -$21.5M | $-0.19 |
| Q1 2025 | $72.6M | -$21.5M | $-0.17 |
| Q3 2024 | $70.6M | -$16.9M | $-0.14 |
| Q2 2024 | $67.8M | -$21.5M | $-0.19 |
| Q1 2024 | $66.5M | -$21.5M | $-0.18 |
| Q3 2023 | $61.6M | -$17.7M | $-0.15 |
| Q2 2023 | $58.1M | -$22.2M | $-0.22 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
AMPL Capital Allocation
AMPL SEC Filings
Access official SEC EDGAR filings for Amplitude, Inc. (CIK: 0001866692)