Asana Reports Fourth Quarter and Fiscal Year 2025 Financial Results
Q4 Revenue Aligns with Guidance; Achieves Full Year Positive Operating Cash Flow and Free Cash Flow
San Francisco, CA – March 10, 2025 – Asana, Inc. (NYSE: ASAN, LTSE: ASAN), a leading enterprise work management platform, announced financial results for its fourth quarter and fiscal year ended January 31, 2025.

Key Highlights
AI Studio’s strong early adoption confirms its transformative potential, driving a multi-million dollar revenue pipeline.
Improved efficiency and cost structure resulted in an 820bps year-over-year improvement in Q4 non-GAAP operating margin.
Achieved full-year positive free cash flow, a major milestone toward sustained profitability.
Financial Performance Overview
Fourth Quarter Fiscal 2025 Results
Revenue: $188.3M, up 10% YoY (Adjusted for FX: $189.1M, up 10.5% YoY).
Operating Loss (GAAP): $63.6M (-34% margin), improving from -40% margin in Q4 FY24.
Operating Loss (Non-GAAP): $1.7M loss, significantly improving from $15.6M loss in Q4 FY24.
Net Loss (GAAP): $62.3M ($0.27 per share), vs. $62.4M loss ($0.28 per share) in Q4 FY24.
Net Loss (Non-GAAP): $0.4M ($0.00 per share), improving from $10.1M loss ($0.04 per share) in Q4 FY24.
Cash Flow:
Operating cash flow: $15.9M (vs. -$15.3M in Q4 FY24).
Free cash flow: $12.3M (vs. -$17.0M in Q4 FY24).
Fiscal Year 2025 Results
Revenue: $723.9M, up 11% YoY.
Operating Loss (GAAP): $266.7M (-37% margin), improving from -41% margin in FY24.
Operating Loss (Non-GAAP): $40.8M (-6% margin), improving from -9% margin in FY24.
Net Loss (GAAP): $255.5M ($1.11 per share), vs. $257.0M loss ($1.17 per share) in FY24.
Net Loss (Non-GAAP): $29.6M ($0.13 per share), improving from $45.1M loss ($0.20 per share) in FY24.
Cash Flow:
Operating cash flow: $14.9M (vs. -$17.9M in FY24).
Free cash flow: $2.6M (vs. -$31.1M in FY24).
Business & Operational Highlights
Customer Growth:

Core customers ($5K+ annual spend): 24,062 (+11% YoY).
Enterprise customers ($100K+ annual spend): 726 (+20% YoY).
Dollar-based net retention: 96% overall, 97% for Core customers.
Strategic Partnerships & AI Innovation:

AI Studio surpasses adoption expectations, driving a multi-million dollar revenue pipeline.
Announced AI integration with AWS Q Business, enhancing workplace automation.
Strategic partnership with Datacom to enhance enterprise solutions in ANZ.
Industry Recognition:

Named Leader in 2024 Gartner® Magic Quadrant™ for Collaborative Work Management.
#3 Best Software Product in G2’s Best Software Awards.
Leader in IDC MarketScape for Team Collaboration Applications.
Financial Outlook for Fiscal 2026
Q1 FY26 Guidance:

Revenue: $184.5M - $186.5M (+7% to 8% YoY).
Non-GAAP Operating Profit: $2.0M - $3.0M (1% to 2% margin).
Non-GAAP EPS: $0.02 per share (based on 245M diluted shares).
Full-Year FY26 Guidance:

Revenue: $782M - $790M (+8% to 9% YoY).
Non-GAAP Operating Margin: At least 5%.
Non-GAAP EPS: $0.19 - $0.20 per share (based on 247M diluted shares).