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ServiceTitan Inc. (TTAN+2.63%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing details ServiceTitan's financial performance, reporting a total revenue of $199.3 million for the quarter, an increase from $160.1 million in the same period the previous year. Platform revenue, which forms the majority of the company's income, rose to $191.2 million from $151.7 million.
ServiceTitan's cost of revenue increased to $69.3 million from $57.3 million, resulting in a gross profit of $129.9 million, up from $102.8 million in the previous year. The company's gross margin improved slightly to 65% from 64%.
Operating expenses also rose, with sales and marketing expenses reaching $67.8 million, research and development expenses at $65.9 million, and general and administrative expenses at $40.3 million. These increases contributed to a total operating expense of $174 million.
ServiceTitan reported a net loss of $46.5 million for the quarter, compared to a net loss of $39.7 million in the previous year. The company attributed this loss to increased operating expenses and costs associated with its recent initial public offering.
The company's balance sheet shows total assets of $1.47 billion and total liabilities of $373.9 million. ServiceTitan's cash and cash equivalents at the end of the period were $133.8 million.
ServiceTitan highlighted several risk factors, including the rapid growth of its operations, competition in the trades software market, and reliance on third-party service providers. The company also noted potential impacts from economic conditions and regulatory changes.
The filing also discussed ServiceTitan's recent initial public offering, which raised $679 million in net proceeds. The company plans to use these funds to support growth initiatives and repay outstanding debt.
ServiceTitan's management emphasized the company's focus on expanding its customer base and enhancing its platform to drive future growth. The company continues to invest in research and development to introduce new products and features.
ServiceTitan's report concluded with a discussion on the company's financial outlook, acknowledging uncertainties in the market but expressing confidence in its strategic direction and growth potential.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ServiceTitan Inc. quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.