Shares in work management platform provider Smartsheet Inc. jumped in after-hours trading today after the company beat analysts’ predictions in its fiscal first-quarter earnings.

For the quarter ended April 30, Smartsheet reported it lost $38.4 million on a 37% rise in revenue from a year ago, to $117.1 million. The company’s loss before costs such as stock compensation came in at $10.7 million, or nine cents per share. Analysts had predicted a net loss of 14 cents a share on revenue of $111.8 million.

Highlights in the quarter included customers with annualized contract values of over $5,000 growing 32% year-over-year, customers with ACV of over $50,000 growing 61% and ACV customers over $100,000 growing 69% year-over-year. Average ACV at Smartsheet increased to $5,461, up 41% year-over-year.

“We’re very pleased with our strong start to the year, bolstered by our continued traction in the enterprise,” Mark Mader, president and chief executive officer of Smartsheet, said in a statement. “These results demonstrate how no-code technologies like Smartsheet are becoming a critical part of the enterprise technology stack, enabling organizations to manage programs, processes and projects at scale.”

Looking forward, Smartsheet is predicting total revenue of $125 million to $126 million in its fiscal second quarter and an adjusted operating loss of $16 million to $18 million. For its full fiscal year 2022, the company predicts total revenue of between $510 million to $515 million and an adjusted operating loss of $45 million to $55 million.

Despite the fact that Smartsheet continues to burn money, the company went public in 2018 and arguably should have been profitable by now, the company continues to spin its ongoing losses.

“Overall, operating loss in the quarter was negative $12 million or 10% of revenue, an improvement from 16% of revenue a year ago,” Smartsheet Chief Financial Officer Pete Godbole said in the company’s earnings call. “This margin improvement was a function of scale across our sales and marketing line inherent in our model. Free cash flow was negative $8.2 million, which overachieved against our guidance.”

Investors, despite ongoing losses, liked what they saw. Shares in Smartsheet rose more than 3% in after-hours trading.

Image: Smartsheet