Company: ASAN
Filing Date: 2025-03-18
Form Type: 10-K
Source: 0001477720-25-000045
Chunk: 105

Company: Asana, Inc.
Filing Date: 2025-03-18
Form: 10-K
Item: Item 7
Chunk 105
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 more information.

59

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

Year Ended January 31,202520242023(percent of revenues)Revenues100 %100 %100 %Cost of revenues11 10 10 Gross margin89 90 90 Operating expenses:Research and development47 50 54 Sales and marketing58 60 79 General and administrative21 22 30 Total operating expenses126 131 164 Loss from operations(37)(41)(75)Interest income and other income (expense), net3 3 1 Interest expense***Loss before provision for income taxes(35)(39)(74)Provision for income taxes***Net loss(35)%(39)%(75)%

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* Less than 1%

Note: Certain figures may not sum due to rounding.

Comparison of the Fiscal Years Ended January 31, 2025 and 2024

Revenues 

Year Ended January 31,20252024$ Change% Change(dollars in thousands)Revenues$723,876 $652,504 $71,372 11 %

Revenues increased $71.4 million, or 11%, during fiscal 2025 compared to fiscal 2024. The increase in revenues was primarily due to the addition of new paying customers and a continued shift in our sales mix toward our higher priced subscription plans, such as Advanced, Enterprise and Enterprise+ plans.

Cost of Revenues and Gross Margin

Year Ended January 31,20252024$ Change% Change(dollars in thousands)Cost of revenues $77,193 $64,524 $12,669 20 %Gross margin89 %90 %

Cost of revenues increased $12.7 million, or 20%, during fiscal 2025 compared to fiscal 2024. The increase was primarily due to an increase of $6.6 million in third-party hosting costs as we increased capacity to support customer usage and growth of our customer base, an increase of $4.3 million in infrastructure and application performance monitoring costs, an increase of $2.4 million in amortization of capitalized software development costs, an increase of $0.6 million in partner delivered services, partially offset by a decrease of $0.9 million in allocated overhead costs and a decrease of $0.8 million in