Company: PATH
Filing Date: 2025-12-08
Form Type: 10-Q
Source: 0001734722-25-000050
Chunk: 59

Company: UiPath, Inc.
Filing Date: 2025-12-08
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 rates in foreign jurisdictions and the relative amounts of income we earn in those jurisdictions, as well as by non-deductible expenses as permanent differences, and by changes in our valuation allowances. We currently maintain a partial valuation allowance on our U.S. state DTAs and a full valuation allowance on our Romania DTAs, as we have concluded as of October 31, 2025 that it is more likely than not that these DTAs will not be fully realized. However, given our current earnings and anticipated future earnings, we believe that there is a reasonable possibility that sufficient positive evidence may become available to allow us to conclude that a valuation allowance is no longer needed for our U.S. state DTAs within the next 12 months, and for our Romania DTA, or a portion thereof, within the next 24 months, which would result in income tax benefit in the period of the respective release.

31

Results of Operations

The following tables set forth selected condensed consolidated statement of operations data and such data as a percentage of total revenue for each of the periods indicated: Three Months Ended October 31,Nine Months Ended October 31, 2025202420252024 (in thousands)(in thousands)Revenue:  Licenses$150,043 $137,174 $390,490 $389,553 Subscription services247,573 206,922 703,239 586,726 Professional services and other13,497 10,557 35,736 29,739 Total revenue411,113 354,653 1,129,465 1,006,018 Cost of revenue:Licenses (1)1,311 2,340 3,779 7,334 Subscription services (1)(2)(3)(4)40,121 43,487 116,818 123,770 Professional services and other (2)(3)(4)27,380 17,936 76,452 51,304 Total cost of revenue68,812 63,763 197,049 182,408 Gross profit342,301 290,890 932,416 823,610 Operating expenses:Sales and marketing (1)(2)(3)(4)179,186 187,188 505,150 561,657 Research and development (2)(3)(4)96,869 96,976 290,049 281,012 General and administrative (1)(2