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GitLab Inc. (GTLB-4.29%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports a total revenue of $196.0 million for the quarter, representing a 31% increase from the same period in the previous year. This growth is attributed to increased demand for The DevSecOps Platform, new customer acquisitions, and expansion within the existing customer base.
The company reported a gross profit of $173.9 million, with a gross margin of 89%. This is a slight decrease from the 90% gross margin reported in the same quarter last year.
Operating expenses for the quarter were $202.7 million, up from $174.9 million in the previous year. This increase is primarily due to higher personnel-related expenses and investments in sales and marketing efforts.
GitLab reported a net income of $28.3 million for the quarter, compared to a net loss of $286.4 million in the same period last year. The improvement is largely due to tax benefits related to the conclusion of negotiations with tax authorities.
The company ended the quarter with $1.3 billion in total assets, a decrease from $1.3 billion at the beginning of the fiscal year. Cash and cash equivalents were reported at $176.6 million.
GitLab noted that it continues to face risks related to competition, security breaches, and compliance with international regulations. The company also highlighted its dependence on a few large customers for a significant portion of its revenue.
The filing includes details on the company's recent acquisitions, including the purchase of assets from Rezilion and the acquisition of Oxeye Security Limited, aimed at strengthening GitLab's product offerings.
The report outlines GitLab's ongoing focus on expanding its sales and marketing capabilities, enhancing its research and development efforts, and increasing its international presence.
GitLab's management has identified a material weakness in its internal controls over financial reporting, specifically related to IT general controls. The company is taking steps to remediate this issue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GitLab Inc. quarterly 10-Q report dated December 6, 2024. To report an error, please email earnings@qz.com.