GitLab Inc. - GTLB STOCK NEWS

GitLab (NASDAQ: GTLB) announces the resignation of David Hornik from its Board of Directors and Audit Committee, to focus more on early-stage venture investments. Hornik's extensive experience in the tech industry aided GitLab in scaling its operations and achieving its IPO. CEO Sid Sijbrandij expressed gratitude for Hornik's contributions. Despite his departure, Hornik remains optimistic about GitLab’s future, highlighting a shift toward unified DevOps platforms.

GitLab reported a 69% year-over-year revenue growth in Q4 FY 2022, reaching $77.8 million. The company's Dollar-Based Net Retention Rate exceeded 152%, highlighting strong customer expansion and retention. Despite this growth, GitLab posted a GAAP net loss per share of $(0.32) for the quarter, with a GAAP operating margin of (52)%. For FY 2022, total revenue was $252.7 million, a 66% increase, yet the net loss per share was $(1.95). The company anticipates a revenue range of $385.5 - $390.5 million for FY 2023.

GitLab Inc. (NASDAQ: GTLB) announced it will report its financial results for the fourth quarter and fiscal year 2022, concluding January 31, 2022, after U.S. markets close on March 14, 2022. A conference call and earnings webcast will follow at 4:30 p.m. ET to discuss the results. Registration for the call is available via their website. Archived replays and transcripts will also be accessible on GitLab's Investor Relations site.

GitLab Inc. announced its successful achievement of ISO/IEC 27001:2013 certification, highlighting its dedication to high-level enterprise security assurance. This certification, awarded on the first attempt by Schellman and Company, LLC, signifies GitLab's effective information security program and compliance with best practices. With ISO 27001, customers can confidently use GitLab's DevOps platform, ensuring their data's security and streamlining extensive assessments. GitLab's commitment also extends through other certifications, enhancing its security and compliance offerings.

GitLab (NASDAQ: GTLB) has acquired Opstrace, Inc., enhancing its DevOps platform with a pioneering integrated observability solution. This acquisition allows GitLab to provide organizations with a comprehensive open-source observability tool that integrates monitoring functions, aiming to improve developer productivity and reduce incident response times. GitLab plans to embed Opstrace’s capabilities into its services, offering an accessible, cost-effective alternative to existing SaaS observability solutions. The integration is expected to be available for both SaaS and self-managed users.

GitLab Inc. (NASDAQ: GTLB) reported a 58% year-over-year revenue growth for Q3 FY 2022, totaling $66.8 million. The company's Dollar-Based Net Retention Rate exceeded 130%. GitLab's CEO highlighted the growing adoption of its DevOps platform, which is set to benefit from a large addressable market. Despite increased revenue, GitLab also reported a GAAP net loss of $41.2 million for the quarter. Looking ahead, the guidance for Q4 FY 2022 projects revenues between $69.5 million and $70.5 million.

GitLab (GTLB) will report its financial results for Q3 FY 2022 on December 6, 2021, after U.S. markets close. The report will cover the fiscal period ending October 31, 2021. Following the earnings release, GitLab will host a conference call and webcast at 4:30 p.m. EST to discuss the financial results. Interested parties can access the call via the GitLab Investor Relations website. An archived replay of the webcast will also be available for later viewing.

GitLab Inc. has been recognized as a Representative Vendor in Gartner's Market Guide for Value Stream Delivery Platforms for the second consecutive year. This acknowledgment underscores GitLab's position as a pioneer in the DevOps platform market. Gartner emphasizes that organizations are increasingly adopting value stream delivery platforms to streamline software delivery workflows. By 2024, it's projected that 60% of companies will transition to such platforms. GitLab's unified application allows for efficient collaboration across teams, enhancing software delivery speed and security.

GitLab Inc. announced the pricing of its initial public offering (IPO) of 10,400,000 shares, priced at $77.00 per share. The offering includes 8,420,000 shares sold by GitLab and 1,980,000 shares from an existing stockholder associated with CEO Sytse Sijbrandij. GitLab will not receive proceeds from the stockholder's share sale. Trading is set to begin on Nasdaq under the ticker symbol GTLB on October 14, 2021, with the offering closing on October 18, 2021, pending customary conditions. Underwriters also have a 30-day option to buy an additional 1,040,000 shares.