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LOS ANGELES, June 05, 2025 (GLOBE NEWSWIRE) -- ServiceTitan (NASDAQ: TTAN), the software platform that powers the trades, today announced financial results for the fiscal first quarter ended April 30, 2025.
"I am humbled by the way that our team, in partnership with our customers, performed this quarter,” said Ara Mahdessian, Co-Founder and CEO. "The quality and breadth of execution underscore our opportunity to transform the lives of every hardworking contractor in the trades.”
"The ROI we deliver to our customers continues to be our greatest advantage,” said Vahe Kuzoyan, Co-Founder and President, "We're building a series of stacking S-curves to put ourselves in a position to deliver transformative customer outcomes, and each of our four primary areas of focus this year are off to a strong start.”
Fiscal First Quarter 2026 Financial and Operational Highlights:
| Fiscal First Quarter 2026 | Fiscal First Quarter 2025 | |||||||
| (in millions, except percentages and GTV) | ||||||||
| Gross transaction volume ("GTV") (in billions) | $ | 17.7 | $ | 14.5 | ||||
| YOY GTV growth | 22 | % | 23 | % | ||||
| Total revenue | $ | 215.7 | $ | 170.3 | ||||
| YOY revenue growth | 27 | % | 25 | % | ||||
| Platform revenue | $ | 208.0 | $ | 163.2 | ||||
| YOY platform revenue growth | 27 | % | 27 | % | ||||
| GAAP loss from operations | $ | (49.5 | ) | $ | (53.4 | ) | ||
| Non-GAAP income from operations (1) | $ | 16.2 | $ | 3.3 | ||||
| Non-GAAP operating margin (1) | 7.5 | % | 1.9 | % | ||||
| Net cash used in operating activities | $ | (14.6 | ) | $ | (19.2 | ) | ||
| Non-GAAP free cash flow (1) | $ | (22.3 | ) | $ | (24.6 | ) | ||
| Net dollar retention | > 110% | > 110% | ||||||
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Fiscal Second Quarter and Fiscal Year 2026 Financial Outlook:
For the second quarter of fiscal 2026 and for the full fiscal year 2026, the Company currently expects:
| Fiscal Second Quarter 2026 | Full Fiscal Year 2026 | |||
| (in millions) | ||||
| Total revenue | $228 - $230 | $910 - $920 | ||
| Non-GAAP income from operations(2) | $17 - $18 | $54 - $59 | ||
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(2) ServiceTitan is not able, at this time, to provide an outlook for GAAP loss from operations or a reconciliation of expected non-GAAP income from operations to GAAP income loss from operations for the second quarter of fiscal 2026 or for the full fiscal year 2026 because of the difficulty of estimating certain items excluded from non-GAAP income from operations that cannot be reasonably calculated or predicted without unreasonable efforts. For example, charges related to stock-based compensation expense require additional inputs, such as the number and value of awards granted, that are not currently ascertainable.
Conference Call Information:
The financial results and business highlights will be discussed on a conference call and webcast scheduled at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Thursday, June 5, 2025. Online registration for this event conference call can be found here. The live webcast of the conference call can be accessed from ServiceTitan's investor relations website at http://investors.servicetitan.com.
Following completion of the events, a webcast replay will also be available at http://investors.servicetitan.com for 12 months.
About ServiceTitan
ServiceTitan is the software platform that powers trades businesses. The company's cloud-based, end-to-end solution gives contractors the tools they need to run and grow their business, manage their back office, and provide a stellar customer experience. By bringing an integrated SaaS platform to an industry historically underserved by technology, ServiceTitan is equipping tradespeople with the technology they need to keep the world running.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate,” "believe,” "contemplate,” "continue,” "could,” "estimate,” "expect,” "intend,” "may,” "plan,” "potential” "predict,” "project,” "should,” "target,” or "will,” or the negative of these words or other similar terms or expressions that concern ServiceTitan's expectations, strategy, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding ServiceTitan's financial outlook for total revenue and non-GAAP income from operations for the second quarter of fiscal year 2026 ending July 31, 2025 and the full fiscal year ending January 31, 2026. ServiceTitan's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption "Risk Factors” in our Annual Report on Form 10-K for fiscal 2025 as filed with the SEC on April 2, 2025, which should be read in conjunction with this press release and the financial results included herein. Additional information will be set forth in our Quarterly Report on Form 10-Q for the fiscal first 2026 quarter ended April 30, 2025. The forward-looking statements in this release are based on information available to ServiceTitan as of the date hereof, and ServiceTitan undertakes no obligation to update any forward-looking statements, except as required by law.
Press Contact
Max Wertheimer
ServiceTitan, Inc.
Investor Contact
Jason Rechel
ServiceTitan, Inc.
© 2025 ServiceTitan. All rights reserved. ServiceTitan, the ServiceTitan logo, and all ServiceTitan product and service names mentioned herein are registered trademarks or unregistered trademarks of ServiceTitan, Inc. in the United States and other countries. Other brand names and marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).
| ServiceTitan, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) | ||||||||
| Three Months Ended April 30, | ||||||||
| 2025 | 2024 | |||||||
| Revenue: | ||||||||
| Platform | $ | 207,982 | $ | 163,225 | ||||
| Professional services and other | 7,710 | 7,103 | ||||||
| Total revenue | 215,692 | 170,328 | ||||||
| Cost of revenue: | ||||||||
| Platform | 50,037 | 47,757 | ||||||
| Professional services and other | 17,259 | 16,591 | ||||||
| Total cost of revenue | 67,296 | 64,348 | ||||||
| Gross profit | 148,396 | 105,980 | ||||||
| Operating expenses: | ||||||||
| Sales and marketing | 69,223 | 57,601 | ||||||
| Research and development | 69,140 | 58,613 | ||||||
| General and administrative | 59,569 | 43,194 | ||||||
| Total operating expenses | 197,932 | 159,408 | ||||||
| Loss from operations | (49,536 | ) | (53,428 | ) | ||||
| Other income (expense), net | ||||||||
| Interest expense | (2,035 | ) | (4,128 | ) | ||||
| Interest income | 4,940 | 1,696 | ||||||
| Other income, net | 501 | 227 | ||||||
| Total other income (expense), net | 3,406 | (2,205 | ) | |||||
| Loss before income taxes | (46,130 | ) | (55,633 | ) | ||||
| Provision for income taxes | 234 | 406 | ||||||
| Net loss | (46,364 | ) | (56,039 | ) | ||||
| Adjustments to net loss attributable to common stockholders | - | (12,987 | ) | |||||
| Net loss attributable to common stockholders | $ | (46,364 | ) | $ | (69,026 | ) | ||
| Net loss per share, basic and diluted | $ | (0.51 | ) | $ | (2.02 | ) | ||
| Weighted-average shares used in computing net loss per share, basic and diluted | 90,334,442 | 34,175,068 | ||||||
| Disaggregated Revenue | ||||||||
| Three Months Ended April 30, | ||||||||
| 2025 | 2024 | |||||||
| Subscription | $ | 162,717 | $ | 126,034 | ||||
| Usage | 45,265 | 37,191 | ||||||
| Platform revenue | 207,982 | 163,225 | ||||||
| Professional services and other | 7,710 | 7,103 | ||||||
| Total revenue | $ | 215,692 | $ | 170,328 | ||||
| ServiceTitan, Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (unaudited) | ||||||||
| As of | ||||||||
| April 30, | January 31, | |||||||
| 2025 | 2025 | |||||||
| Assets | ||||||||
| Current assets: |
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