AMPL — Q2 2026 Financial Report Analysis

Overview

Amplitude, which sells software that shows companies how people use their apps and websites, grew second-quarter 2026 revenue 21% to $100.9 million, up from 17% growth in Q1. Roughly a third of the extra revenue came from customers it took over from Statsig on May 1, not from its own sales. The GAAP net loss widened to $34.6 million from $24.7 million. Most of that loss is non-cash stock pay, and the company still produced $23.7 million of free cash flow in the quarter. It then spent almost three times that, $68.7 million, buying back its own shares.

At a glance

• Revenue $100.9M, +21%. About $6.5M came from former Statsig customers in their first two months. Without it, growth was roughly 13%, a bit below Q1's 17%.
• ARR $410M, +22%. ARR (annual recurring revenue) is the yearly value of the subscriptions in force at quarter-end. It rose $36M in the quarter: $17M from Statsig and $19M from Amplitude's own business, matching its best quarter (Q4 2025) in the six the company discloses.
• Gross margin 68.5%, down from 72.6%. Gross margin is the share of revenue left after the cost of running the service. It fell because hosting costs rose 39%, partly to serve the Statsig customers.

Q2 2026 results

RPO is the value of signed contracts not yet booked as revenue. The YoY figure is the company's; the 10-Q gives only the $417.7M December 2025 balance for comparison. Net revenue retention compares what last year's customers pay now with what they paid a year ago. Above 100% means existing customers are spending more on balance.

The Statsig deal: customers for almost no cash

Statsig sells software for experiments and "feature flags", which let a team switch a new feature on for some users and measure the effect. On May 1, 2026, Amplitude took over Statsig's customer contracts, brand and a perpetual license to its technology. The 10-Q books this as an asset acquisition, not the purchase of a business, so no goodwill was recorded. Its cash flow statement shows no acquisition payment in the quarter. On the balance sheet Amplitude received:

• $9.4M of receivables (money customers already owed Statsig)
• $8.7M of intangible assets (customer relationships, order backlog, technology and trade name)

and took on $17.9M of deferred revenue: service customers had already paid or been billed for, which Amplitude now has to deliver.

In effect, Amplitude's cost was the obligation to serve those prepaid contracts, plus integration spending. Third-party transition and integration costs were $3.2M in the quarter. R&D rose 40%, and the MD&A attributes $3.6M of that increase to "professional services costs relating to the transition costs for the Statsig asset acquisition."

What the headline numbers hide

• Statsig revenue ran well above Statsig ARR. About $6.5M of revenue in roughly two months works out to about $39M a year, more than double the $17M of Statsig ARR the company counts. The filing doesn't explain the gap. Possible reasons include usage or overage charges, or contracts Amplitude doesn't expect to renew, since ARR only counts revenue the company expects to recur. Either way, assuming the Q2 Statsig revenue pace continues would be risky. Part of that revenue was also earned from the $17.9M of prepaid balances Amplitude inherited, so it brought in no new cash.
• Some of Q2's cash flow may be a one-time boost. Operating cash flow was $25.6M. Receivables, the money customers owe, fell by $12.5M during the quarter, which turns into cash. That figure can include collecting the $9.4M of receivables that came with Statsig: cash that arrived without Amplitude having billed for it. The filing doesn't say how much had been collected by June 30, so treat Q2's $23.7M of free cash flow (cash from operations minus capital spending) as flattered by up to that amount. The six-month figure is more representative: $10.6M of free cash flow, against $8.9M a year earlier.
• "Non-GAAP" leaves out about $34M of costs. GAAP is the standard accounting rulebook. The company's "non-GAAP" operating loss of $1.5M excludes $27.4M of stock-based pay and related payroll taxes, $1.0M of amortization (the write-down of intangible assets over their life), $3.2M of acquisition costs and $2.1M of restructuring charges. The restructuring cut about 5% of the workforce in the first half. Stock pay alone equals 27% of revenue. It is a real cost to shareholders even though no cash leaves the company.
• The buyback is larger than the business's cash generation. Amplitude spent $89.5M on 12.9M shares in the first half: about eight times its $10.6M first-half free cash flow. A further $12.5M went on taxes withheld when employee shares vested. Cash and marketable securities fell from $252.5M at year-end to $161.4M. The buyback mostly offsets stock-pay dilution: weighted basic shares were 129.4M, against 131.4M a year ago. It also costs income, because interest income fell $1.2M on the smaller cash pile. $36.6M of the authorization remains.
• Operating leverage is real in sales and marketing. Leverage here means costs growing more slowly than revenue. Sales and marketing rose only 6%, to 49.4% of revenue from 56.4%. Gross margin and R&D went the other way, so the GAAP operating margin still got worse.
• Retention softened in the quarter. The single-quarter net revenue retention fell to 103% from 106% in Q1. The trailing 12-month figure held at 105%, and the company's pro forma figure including Statsig was also 105%. The jump in $100K+ customers, from 727 in Q1 to 824, almost certainly includes Statsig accounts, so it overstates Amplitude's own enterprise momentum.

Takeaway: Q2's acceleration to 21% growth was mostly bought rather than built. Statsig added customers and revenue for almost no cash. Amplitude's own business grew about 13% in revenue and added $19M of ARR, tying its best quarter in the six disclosed. Whether that ARR addition repeats matters more than the headline growth rate.

Guidance and outlook

Management beat its own Q2 guidance on revenue ($100.9M against $96.9-99.1M) and on non-GAAP operating loss ($1.5M against a guided $1.6-3.6M loss). It raised the full-year outlook:

The May outlook was issued on May 6, five days after the Statsig deal, so the raise likely isn't just Statsig being added for the first time. Against 2025 revenue of $343.2M, the new range implies 19-20% full-year growth, and about $215M of second-half revenue at the midpoint (+19% on the second half of 2025). How much of that is organic depends on how much Statsig revenue holds up. At its $17M ARR pace it would add about $8-9M in the second half. At its Q2 pace it would add closer to $20M.

What to watch in Q3 (expected early November): whether Amplitude's own ARR addition stays near $19M; whether Statsig's revenue converges toward its ARR; whether gross margin recovers from 68.5% once hosting for the migrated customers is optimized; and whether buybacks slow now that only $36.6M of authorization is left and cash has fallen by about $91M since year-end. Statsig gives the reported growth rate a lift through the end of April 2027, when it starts to lap. Amplitude's own business growing 13-17% is the trajectory to anchor on.