Company: PCOR
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050149
Chunk: 121

Company: PROCORE TECHNOLOGIES, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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2024, as we continue to focus on operating efficiency.

Interest Income, Interest Expense, Accretion Income, Net, Other Income (Expense), Net, and (Benefit from) provision for Income Taxes

Three Months Ended September 30,Change20252024DollarPercent(dollars in thousands)Interest income$4,826 $5,962 $(1,136)(19%)Interest expense276 488 (212)(43%)Accretion income, net2,068 3,816 (1,748)(46%)Other (expense) income, net(210)466 (676)*Provision for (benefit from) income taxes479 (353)832 *

* Percentage not meaningful

During the three months ended September 30, 2025, accretion income, net decreased by $1.7 million due to a decrease both in our purchases of marketable securities and the balance of our marketable securities portfolio.

During the three months ended September 30, 2025, interest income decreased by $1.1 million due to a decrease in the balances of our money market funds, cash savings accounts, and marketable securities.

40

Comparison of the Nine Months Ended September 30, 2025 and 2024

Revenue

Nine Months Ended September 30,Change20252024DollarPercent(dollars in thousands)Revenue$973,402 $849,660 $123,742 15%

During the nine months ended September 30, 2025, our revenue increased by $123.7 million, or 15%, compared to the nine months ended September 30, 2024, of which approximately 56% was attributable to revenue from existing customers and approximately 44% was attributable to revenue from new customers acquired during the nine months ended September 30, 2025. The increase in revenue from existing customers includes the net benefit of a full nine months of subscription revenue in the first nine months of 2025 from customers that were newly acquired or expanded their subscriptions in 2024 and continued or expanded their subscriptions, as applicable, in the first nine months of 2025.

Cost of Revenue, Gross Profit, and Gross Margin

Nine Months Ended September 30,Change20252024DollarPercent(dollars in thousands)Cost of revenue$201,420 $148,778 $52,642 35%Gross profit771,982 700,882 71,100