• May 22, 2024

UiPath announced its first quarterly results as a public company this week. The RPA technology provider’s revenue rose to $186.2 million in its fiscal first quarter compared to $113.1 million in 2020. Adjusted earnings for the quarter came in at 2 cents a share, beating Wall Street expectations of a loss of 5 cents a share.

The company’s annualized renewal run rate (ARR) rose 64 percent year-over-year to $652.6 million. Analysts had expected UiPath’s ARR to reach $613.4 million.

“We had an exceptionally strong start to fiscal year 2022,” said Daniel Dines, co-founder and CEO of UiPath. “We believe automation is the next layer in the software stack. Our vision is to enable the fully automated enterprise through our unique combination of UI Automation, API Management, and AI to best emulate human workers and help organizations assign all automatable work to robots enterprise-wide. Our end-to-end automation platform, flexible deployment model, and growing ecosystem of partners position us well to capitalize on the more than $60 billion market opportunity ahead of us.”

In the second fiscal quarter, the company expects ARR to increase, reaching as much as $704 million, while revenue is expected to be $180-$185 million.