Company: ASAN
Filing Date: 2025-06-03
Form Type: 10-Q
Source: 0001477720-25-000107
Chunk: 223

Company: Asana, Inc.
Filing Date: 2025-06-03
Form: 10-Q
Item: Part I, Item 1
Chunk 223
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 tax assets for which we provide a full valuation allowance, which primarily include net operating loss carryforwards and research and development tax credit carryforwards. We expect to maintain this full valuation allowance for the foreseeable future as it is more likely than not the deferred tax assets will not be realized based on our history of losses.

Results of Operations

The following tables set forth our results of operations for the periods presented and as a percentage of our revenues for those periods. The period-to-period comparison of financial results is not necessarily indicative of financial results to be achieved in future periods. 

Three Months Ended April 30,20252024(in thousands)Revenues$187,267 $172,448 Cost of revenues (1)19,227 17,804 Gross profit168,040 154,644 Operating expenses:Research and development (1)75,127 82,791 Sales and marketing (1)99,841 104,332 General and administrative (1)36,976 33,690 Total operating expenses211,944 220,813 Loss from operations(43,904)(66,169)Interest income and other income (expense), net5,830 4,360 Interest expense(791)(942)Loss before provision for income taxes(38,865)(62,751)Provision for income taxes1,153 971 Net loss$(40,018)$(63,722)

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(1)Amounts include stock-based compensation expense as follows:

Three Months Ended April 30,20252024(in thousands)Cost of revenues$344 $283 Research and development24,364 26,740 Sales and marketing14,823 15,248 General and administrative8,636 6,369 Total stock-based compensation expense$48,167 $48,640 

The following table sets forth the components of our statements of operations data, for each of the periods presented, as a percentage of revenues. 

Three Months Ended April 30,20252024(percent of revenues)Revenues100 %100 %Cost of revenues10 10 Gross margin90 90 Operating expenses:Research and development40 48 Sales and marketing53 61 General and administrative20 20 Total operating expenses113 128 Loss from operations(23)(38)Interest income and other income (expense), net3 3 Interest expense**Loss before provision for income taxes(21)(36