Shares of Amplitude Inc. dropped sharply in late trading today after the analytics company reported a mixed fiscal 2026 first quarter that beat on revenue but missed slightly on adjusted earnings, even as it raised its full-year revenue outlook.

For the quarter that ended on March 31, Amplitude reported an adjusted earnings per share loss of two cents, down from breakeven in the same quarter in 2025, on revenue of $93.5 million, up 17%. Analysts had been expecting a loss of a penny per share on revenue of $92.9 million.

Annual recurring revenue climbed 17%, to $374 million. Remaining performance obligations rose 31%, to $427.4 million, and the company’s dollar-based net retention rate ticked up to 106% from 105% at the end of December. The number of customers contributing $100,000 or more in annual recurring revenue rose 18%, to 727, while those above $1 million grew 25%, to 55.

Free cash flow was negative $13.2 million, compared with negative $9.2 million a year earlier, reflecting heavier sales and marketing spend tied to the rollout of Amplitude’s AI products.

Amplitude is leaning hard into what co-founder and Chief Executive Officer Spenser Skates calls “agentic analytics.” During the quarter the company introduced Global Agent, a system-wide AI agent that monitors product behavior across charts, experiments and sessions, alongside Specialized Agents that track funnels and sentiment and push updates into Slack or email. It also rolled out Amplitude AI Assistant, an in-product support agent and Agent Analytics, which bridges product analytics with large language model observability.

The company also announced a strategic partnership with Statsig Inc., under which Amplitude will take on the Statsig brand and customer base while continuing to maintain the existing platform.

“We’re entering a new era of analytics, one where AI can monitor your product around the clock and free up your team to focus on improving the experience,” Skates said in the company’s earnings release.

For its fiscal second quarter, Amplitude expects to see revenue of $96.9 million to $99.1 million, with the midpoint above the $96.3 million analysts had expected.

The company also lifted its full-year revenue range to $397 million to $403 million, up from a prior midpoint near $394 million, but trimmed its net earnings outlook to between three and six cents per share for the year.

Photo: Amplitude