Procore Technologies (PCOR) Stock News

Procore Technologies (NYSE: PCOR) intends to offer, subject to market conditions, $750 million aggregate principal amount of Convertible Senior Notes due 2031 in a private placement to qualified institutional buyers under Rule 144A, with an option for initial purchasers to buy up to an additional $112.5 million.

The notes will be senior unsecured, pay semiannual interest and be convertible, with Procore settling principal in cash and any excess in cash, stock or both. According to Procore, net proceeds are expected to fund part of the DroneDeploy acquisition, capped call costs, up to $175 million of share repurchases at pricing, and general corporate purposes.

Procore Technologies (NYSE: PCOR) reported second quarter 2026 revenue of $375 million, up 16% year-over-year, with GAAP gross margin of 80% and non-GAAP gross margin of 84%. GAAP operating margin reached 1% and non-GAAP operating margin was 21%, delivering GAAP profitability.

Operating cash inflow was $88 million (+185% YoY) and free cash inflow was $65 million (+507% YoY). Gross revenue retention was 95% and customers contributing over $100,000 of ARR grew 14% to 2,871. Remaining performance obligations totaled $1.67 billion, up 24%.

For Q3 2026, Procore expects revenue of $382–$384 million (about 13.3% YoY growth) and non-GAAP operating margin of 19–19.5%. For full-year 2026, revenue is projected at $1.51–$1.514 billion, non-GAAP operating margin at 18.5–19.0%, and free cash flow margin at 19.5%. For 2027, Procore guides to a 25% non-GAAP operating margin.

Procore (NYSE: PCOR) has entered into a definitive agreement to acquire DroneDeploy, a robotics and visual intelligence platform, for approximately $845 million in cash, subject to customary purchase price adjustments and regulatory approvals. The transaction is expected to close later this year.

The acquisition will add DroneDeploy’s unified aerial and ground reality-capture and robotics capabilities to the Procore platform, combining drones, robots, and various cameras with Procore AI to convert jobsite imagery into insights and automated actions. According to Procore, this supports its strategy to evolve from a system of record into a system of intelligence for construction, enabling automated documentation, earlier issue detection, and digital coworkers for field and back-office teams.

The combined datasets include Procore’s construction records—nearly 400 million photos, over 126 million drawings, and more than 10 million RFIs, submittals, and inspections in the past year—and DroneDeploy’s approximately 20 trillion square feet of visual data, tens of millions of annotations, and over 100,000 labeled safety issues. Procore’s current financial outlook excludes any contribution from DroneDeploy.

Procore (NYSE: PCOR) launched three Digital Coworker packages and expanded its AI agent library to 20 construction-specific agents to help organizations adopt and scale AI. The Starter, Pro, and Enterprise tiers range from basic pre-built agents to advanced customization with Agent Studio.

A new capability, Procore Skills, will let customers teach AI their own processes and standards using prompts and documents, while Control Tower provides oversight of AI usage across agents, projects, and users. Early adopters such as Haskell report dramatically faster submittal reviews and reduced administrative work. All packages are generally available now, with Skills rolling out in August.

Procore (NYSE:PCOR) will report its second quarter fiscal year 2026 financial results after U.S. markets close on Wednesday, July 29, 2026.

The company will host an earnings conference call on Thursday, July 30, 2026 at 7:30 a.m. CT, with phone and webcast access for investors and analysts.

Procore (NYSE:PCOR) announced a new AI-powered suite of portfolio management and capital planning capabilities for owners, covering the full capital project lifecycle from concept planning to operations.

Key modules include Concept Projects, Portfolio Monitoring, Owners Hub, Capital Planning, Funding Source Management, Asset Management, and embedded Procore AI, with staged beta and general availability through 2026.

Procore (NYSE:PCOR) launched a connected Common Data Environment (CDE) that unifies project data, workflows, BIM models and asset information on a single platform from approved design to handover. The trusted record is designed to support compliance and serve as a foundation for agentic AI across the construction lifecycle.

The expanded Procore AI experience embeds Datagrid intelligence to create agentic AI coworkers that can automate workflows such as RFIs and submittals, surface answers from project records, and link BIM, documents and field activity. The CDE is tailored for European standards and will first launch in the UK and Ireland.

Procore (NYSE:PCOR) announced an expanded Procore AI experience that embeds Datagrid’s multimodal intelligence directly into its construction management platform. The release introduces agentic AI “digital coworkers” with Actions and Triggers to execute workflows like submittals, RFIs, daily logs, deep search, and contract review in real time.

Datagrid is natively embedded and in private beta, with broader availability and additional AI capabilities expected beginning this summer on a purchasable basis. Existing Datagrid Pro and Enterprise offerings remain available under a credit-based pricing model.

Procore (NYSE: PCOR) reported Q1 2026 results for the period ended March 31, 2026. Revenue was $359 million, up 16% year‑over‑year. GAAP gross margin was 80% and GAAP operating margin was (4%). Free cash inflow was $56 million, up 20% year‑over‑year. The company repurchased ~1.8 million shares for ~$100 million and raised full‑year guidance to revenue $1,499–1,503 million with non‑GAAP operating margin 18%–18.5% and free cash flow margin expected at 19%.

Other highlights: 95% gross revenue retention, 2,795 customers with >$100k ARR, NVIDIA Omniverse integration, new board appointment, and a May 5 conference call.