Despite some continued uncertainty surrounding recent IPOs, Procore’s has been regarded as successful one. Reuters stated that strong debuts from both Procore and Oatly Group AB helped to “ease investor concerns.”
The Motley Fool broke down the numbers behind Procore’s current business standing. The software company currently has over 1.6 million users globally spread across 10,000 business customers. Over the past 3 years, Procore has seen a 256% increase in revenue, amassing $400 million in 2020 alone.
Even at a revenue of that size and an 82% gross margin, Motley says, Procore is still unprofitable as it spent 78% of it’s revenue last year to help grow its customer base through sales, marketing, research, and development.
To check out highlights of Procore at its NYSE debut, check out the video below: