UiPath, a leading intelligent automation platform provider, has announced financial results for its third quarter of fiscal 2023.
Annual recurring revenue (ARR) for the vendor grew 36 percent year-over-year, reaching $1.11bn after a net new ARR of $67m. Revenue for the third quarter reached $262.7m, a 19 percent increase year-on-year.
The company reported a non-GAAP operating income of $18m, and a GAAP operating loss of $67m.
“The quarter was the result of disciplined capital deployment and cost management. Our durable financial model and strong balance sheet give us the resources to continue to invest in long-term growth and drive a path to sustained profitability,” said Ashim Gupta, UiPath chief financial officer.
Looking ahead to quarter four, UiPath is projecting revenues of $277-279m and an ARR of $1.17bn as of the end of January next year. Non-GAAP operating income is expected to be approximately $35m.
“We are pleased with our third quarter fiscal 2023 results,” said Rob Enslin, UiPath co-chief executive officer. “Our new go-to-market initiatives are driving results and resonating with customers. We closed several notable third quarter deals using this value-selling approach and are widely engaged with both new and existing customers as we head into the last quarter of fiscal year 2023.”
“UiPath continues to be differentiated by our platform approach, which is at the core of our success,” said Daniel Dines, UiPath co-founder and co-chief executive officer. “Our latest release, 2022.10, further expands our competitive advantage.”
More news from UiPath is set to be revealed in the next issue of ERP Today, out next week.