Project software provider Asana Inc. saw its stock rise today after reporting fiscal fourth-quarter financial results that beat expectations.

The company reported a loss before certain costs such as stock compensation of 22 cents per share on revenue of $68.4 million, up 57% from one year ago. Wall Street had been modeling a loss of 26 cents per share on revenue of $62.7 million.

Asana also beat expectations with its full-year results. It reported a fiscal 2021 loss of $1.16 per share on revenue of $227 million, up 59% from the year before. Asana’s stock rose more than 8% in after-hours trading at one point, although those gains fell to a 4% gain later.

It was the company’s second quarterly financial report since going public via a direct listing on the New York Stock Exchange last year. Asana has been well-received by investors thus far. It sells a popular work management platform that’s used by teams to organize tasks in a centralized visual dashboard to improve coordination among workers.

The software is available as a freemium service, wherein the most basic features are free to use, but more advanced tools must be paid for. It claims its tools are used by more than 1 million companies worldwide.

Asana Chief Executive Dustin Moskovitz (pictured) told investors that the Asana platform now has more than 93,000 paying customers in total.

“In the fourth quarter, growth was driven by a year over year acceleration of new customer growth, strong expansion within our existing base and momentum with some of our largest enterprise customers,” he said.

Analyst Holger Mueller of Constellation Research Inc. told SiliconANGLE that Asana is one of the winners in the current work from home environment, and has done very well to grow its revenue and gross profit by more than 50% over the last year. But he raised some concerns over the company’s profitability, which has gone backwards.

“Asana’s operating expenses grew at a slightly higher rate, with its net loss at almost the same rate as its revenues for the full year,” Mueller said. “The company can grow as much as it wants, but its management needs to figure out how to stop burning through cash if it wants to play a long term role in the future of work.”

It remains to be seen if Asana will heed that warning, but for now at least it is expecting to see more growth. For its first quarter of fiscal 2022, it’s forecasting revenue of between $69.5 million and $70.5 million, well ahead of Wall Street’s model of $65.5 million.

Photo: Asana