Procore Technologies, Inc. provides cloud-based construction management software through a subscription SaaS platform for contractors, owners, and public-sector construction customers. News about PCOR commonly covers operating and financial results, annual recurring revenue trends, customer retention, guidance, and product updates across project management, resource management, project financials, analytics, BIM, and integrations.
Company updates also include AI and data initiatives, digital-twin and model-coordination integrations, FedRAMP-authorized Procore for Government, ecosystem partnerships such as telematics integrations, and leadership or board changes that affect governance and execution of the platform strategy.
Procore Technologies (NYSE: PCOR) reported strong financial results for Q2 2024. Revenue increased 24% year-over-year to $284 million. The company achieved a non-GAAP gross margin of 87% and a non-GAAP operating margin of 17.6%. Procore's customer base grew, with 2,191 customers contributing over $100,000 in annual recurring revenue, up 20% year-over-year. The company added 152 net new organic customers, reaching a total of 16,750.
For Q3 2024, Procore expects revenue between $286-$288 million and a non-GAAP operating margin of 9-10%. The full-year 2024 outlook projects revenue of $1,141-$1,144 million, representing 20% growth, with a non-GAAP operating margin of 10-11%.
Procore Technologies, Inc. (NYSE: PCOR), a leading construction management software provider, has initiated the Federal Risk and Authorization Management Program (FedRAMP) authorization process for its platform and solutions. This move demonstrates Procore's commitment to delivering high-level security and data compliance for federal customers and contractors.
Procore has made strategic investments and built a security practice to prepare for FedRAMP compliance, which will benefit customers across its product suite. The company has partnered with Coalfire, a global cybersecurity and compliance services firm, to support the authorization process. Coalfire has a strong track record in FedRAMP compliance, with all its submitted builds passing the Third Party Assessment Organization (3PAO) audit.
Procore Technologies (NYSE: PCOR), a global leader in construction management software, announced that it will release its second quarter fiscal year 2024 financial results on August 1, 2024, after U.S. markets close. On the same day, at 2:00 p.m. PT, Procore will hold a conference call to discuss these results and provide financial guidance. Interested parties can join the call using the provided domestic and international numbers, and the conference ID 126476. A live webcast and replay will be available on Procore's Investor Relations page.
Procore Technologies, a leader in construction management software, announced major product advancements at Innovation Summit 2024.
Highlights include enhanced AI integration, such as Procore Copilot AI which integrates with Microsoft Teams for seamless project data access. AI Locations will automate project location lists from drawings, while Procore Maps offers visual data insights for project optimization.
All advancements aim to improve collaboration, field productivity, and cost efficiency in the construction industry.
These updates reinforce Procore's commitment to leveraging AI and data to drive innovation.
Procore Technologies, Inc. (NYSE: PCOR) reported strong first quarter 2024 financial results with $269 million in revenue, a 26% year-over-year increase. The company achieved an 83% GAAP gross margin and added 231 net new organic customers. Procore also ranked #8 among G2's Top 100 Best Global Software Companies of 2024. The company provided optimistic outlooks for the second quarter and full year 2024, expecting revenue growth and positive non-GAAP operating margins.
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