Amplitude, Inc.

What they do

Amplitude sells subscriptions to an AI Analytics Platform built on its proprietary Behavioral Graph, a behavioral database that analyzes user actions within digital products. The platform bundles Analytics, Session Replay, Feature Experimentation, Web Experimentation, Audience Activation, Guides and Surveys, AI Agents, Model Context Protocol, AI Visibility, AI Feedback and Automated Insights. It reaches customers through direct sales, solution partners, and product-led growth, and as of December 31, 2025 had 4,797 paying customers, including 27 of the Fortune 100, with about 780 employees in seven global offices. Subscription revenue was 98% of total revenue in 2025.

Revenue drivers

• Core Amplitude Analytics platform — Subscription pricing based on platform functionality and committed event volume or monthly tracked users; management said core Amplitude added $19 million in ARR in the second quarter of 2026. It is the original and largest product line, with expanded offerings layered on top.
• Statsig — Acquired business contributing feature experimentation and related capabilities; management said Statsig added $17 million in ARR in the second quarter of 2026, roughly matching core Amplitude's quarterly ARR addition.
• Land-and-expand subscriptions — Customers typically start with one use case and expand by adding data, users, functionality, additional digital products, or new offerings; overage charges are contractually billable but have not been a significant portion of revenue.

Recent performance

Second quarter 2026 revenue was $100.9 million, up 21% year-over-year from $83.3 million, and Annual Recurring Revenue was $410 million, up 22% year-over-year. Remaining performance obligations were $483 million, up 35% year-over-year. GAAP loss from operations widened to $35.2 million from $27.1 million, and GAAP net loss per share was $0.27 versus $0.19. Net cash provided by operating activities was $25.6 million and free cash flow was $23.7 million, both up $5.5 million year-over-year. For full-year 2025, revenue was $343.2 million, up 15%, with a net loss of $88.5 million and operating cash flow of $29.8 million.

Strategy

Amplitude describes itself as having transformed into an AI Analytics company and is integrating Statsig to combine measurement of what ships with shipping what matters. Recent product launches include an expanded Global Agent, Specialized Agents, an expanded Model Context Protocol layer connecting Amplitude insights into tools like Claude, Cursor, Slack and Figma, Agent Analytics for measuring AI agent quality, and Wave. The company's land-and-expand model targets growing usage across teams, use cases, and digital properties. Management said it is focused on driving innovation, delivering greater value, and making it easier for customers to work with Amplitude while accelerating growth with leverage. It continues to sell through direct sales, solution partners, and product-led growth.

Risks

• Persistent GAAP losses — Amplitude has reported annual net losses every year from 2021 through 2025, including $88.5 million in 2025, and its second quarter 2026 GAAP loss from operations widened to $35.2 million.
• Revenue growth may slow — The company states its revenue growth rate may decline over time due to slowing demand, increased competition, technology changes, or failure to manage growth effectively.
• Limited operating history — Amplitude warns that its limited operating history and rapid growth make forecasting future results difficult and increase the risk of its investment.
• Acquisition integration risk — The Statsig combination drove $1.0 million of acquired intangible amortization and $3.2 million of acquisition-related transition and integration costs in the second quarter of 2026, plus $2.1 million of restructuring charges.

Outlook

Management said it is focused on driving innovation, delivering greater value, and making it easier for customers to work with Amplitude as it accelerates growth with leverage. The company pointed to customers using more AI solutions as a source of demand. It disclosed no specific numerical guidance in the excerpts provided.