Digital analytics platform Amplitude (NASDAQ:AMPL) reported Q2 CY2026 results topping the market’s revenue expectations, with sales up 21.2% year on year to $100.9 million. On top of that, next quarter’s revenue guidance ($106.8 million at the midpoint) was surprisingly good and 4.3% above what analysts were expecting. Its non-GAAP profit of $0.01 per share was $0.02 above analysts’ consensus estimates.
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Amplitude (AMPL) Q2 CY2026 Highlights:
- Revenue: $100.9 million vs analyst estimates of $98.16 million (21.2% year-on-year growth, 2.8% beat)
- Adjusted EPS: $0.01 vs analyst estimates of -$0.01 ($0.02 beat)
- Adjusted Operating Income: -$1.45 million vs analyst estimates of -$2.48 million (-1.4% margin, 41.4% beat)
- The company lifted its revenue guidance for the full year to $409.2 million at the midpoint from $400 million, a 2.3% increase
- Management raised its full-year Adjusted EPS guidance to $0.07 at the midpoint, a 55.6% increase
- Operating Margin: -34.9%, down from -32.5% in the same quarter last year
- Customers: 5,200
- Net Revenue Retention Rate: 105%, down from 106% in the previous quarter
- Annual Recurring Revenue: $410 million (22.4% year-on-year growth, beat)
- Billings: $131 million at quarter end, up 27.3% year on year
- Market Capitalization: $1.33 billion
StockStory’s Take
Amplitude’s Q2 results reflected continued momentum in its transition toward an AI-driven product development platform, with management attributing growth to increased adoption of AI-native capabilities and expanded enterprise relationships. CEO Spenser Skates noted that both AI-native startups and large enterprises contributed to growth in customers with over $100,000 in annual recurring revenue. The integration of Statsig, an experimentation and feature management solution, enabled Amplitude to extend its reach into engineering-focused buyers, while improvements in pricing and packaging simplified customer onboarding and cross-selling. Management emphasized that greater customer engagement with AI features has led to increased data analyses and platform usage, supporting revenue growth and platform durability.
Looking forward, management’s upgraded guidance is underpinned by confidence in sustained demand for Amplitude’s AI-powered analytics and experimentation tools, as well as the potential of new products like Wade, its self-improving product recommendation engine. CFO Andrew Casey highlighted that stronger customer commitments and a more predictable sales pipeline are key contributors to higher revenue targets. Amplitude plans to offset higher infrastructure costs tied to AI adoption with greater operating efficiency, focusing on reducing sales, marketing, and administrative expenses as a share of revenue. Skates stated, “We are building in a way that can scale with leverage,” signaling that continued investment in innovation and tighter cost controls are central to achieving long-term operating margin goals.
Key Insights from Management’s Remarks
Management emphasized that Q2 performance was shaped by accelerated AI feature adoption, successful Statsig integration, and new pricing models driving platform expansion and multi-product sales.
- AI adoption accelerates usage: Management noted that customers integrating Amplitude’s AI features now run nearly ten times more analyses, increasing the value of ingested data and supporting upsell opportunities across the platform.
- Statsig integration expands reach: The acquisition of Statsig brought advanced experimentation capabilities and attracted a more technical, engineering-focused customer segment. More than 40 AI-native companies now pay Amplitude over $100,000 annually, highlighting early success with this cohort.
- Enterprise and cross-sell momentum: Enterprises now account for over 68% of recurring revenue, with new agreements from brands such as Paramount and Jaguar Land Rover. Management reported that 48% of customers now use multiple products, and 80% of ARR comes from this group.
- Pricing and packaging overhaul: Introduction of a one-meter pricing model simplified customer expansion and improved cost predictability, while increasing free plan data limits to attract startups. Management stated that 70% of closed ARR in Q2 was on the new model, driving longer contract durations and higher multi-product attach rates.
- Margin dynamics reflect AI shift: While higher AI adoption and the integration of Statsig’s infrastructure led to lower gross margins, operating expenses were managed down as a share of revenue. Management remains focused on optimizing cloud hosting and expects gross margins to recover as Statsig’s environment is improved.
Drivers of Future Performance
Amplitude expects continued growth to be driven by AI product innovation, deeper enterprise penetration, and disciplined expense management amid evolving margin dynamics.
- AI product expansion fuels growth: Management believes further adoption of new AI-driven tools like Wade and deeper integration of Statsig will drive revenue expansion, particularly as customers consolidate analytics, experimentation, and product feedback onto Amplitude’s platform.
- Margin recovery through efficiency: While gross margins have compressed due to higher cloud and AI costs, management aims to offset this through ongoing optimization of Statsig’s hosting environment and reductions in sales and administrative expenses, supporting long-term margin improvement.
- Upsell and multi-product adoption: Amplitude’s strategy focuses on increasing the share of customers adopting multiple products, which management expects will support higher net revenue retention and more durable recurring revenue, though risks remain around customer education and the pace of platform awareness.
Catalysts in Upcoming Quarters
In the quarters ahead, the StockStory team will monitor (1) the pace of adoption and monetization of new AI-native products like Wade, (2) progress toward optimizing Statsig’s hosting environment and restoring gross margin levels, and (3) the effectiveness of cross-selling and multi-product adoption among existing enterprise customers. Additionally, we will track execution on platform education and customer enablement efforts as key indicators of future growth.
Amplitude currently trades at $10.01, in line with $10.01 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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