Welcome to our dedicated page for Procore Technologies news (Ticker: PCOR), a resource for investors and traders seeking the latest updates and insights on Procore Technologies stock.
Procore Technologies, Inc. (PCOR) is a leader in cloud-based construction management solutions. The company offers an award-winning suite of project management tools designed to streamline and mobilize project communications and documentation. With its platform, Procore aims to enhance project efficiency and accountability, thereby minimizing delays and reducing risks. This ultimately boosts profits for construction firms.
Procore's software is used globally by hundreds of thousands of registered users who manage a wide range of construction projects, from industrial plants and office buildings to university facilities and retail centers. The platform helps these firms transition from traditional paper-based documentation and email chains to a more efficient, integrated digital system.
The company's product line includes several specialized tools such as Design Coordination, Building Information Modeling (BIM), Field Productivity, Project Financials, Invoice Management, Portfolio Financials, Capital Planning, Accounting Integrations, and Analytics. These products are hosted on Procore's cloud-based SaaS platform, which is accessible via subscription. Revenue is generated through these subscriptions, which are sold for a fixed fee and recognized over the subscription term.
Recent Achievements and Projects:
- Procore has significantly expanded its market presence, partnering with major construction firms globally.
- The company has continuously updated its software suite to include advanced features, reflecting the latest technological advancements in the construction industry.
- Procore has received numerous accolades for its innovative solutions and exceptional customer support.
Procore Technologies is committed to helping construction professionals achieve greater project success through better collaboration and real-time data accessibility. The company's platform is designed to support the entire construction lifecycle, from pre-construction planning to project closeout, ensuring that all stakeholders are on the same page and can make informed decisions quickly.
FYLD announced its integration with Procore, connecting field operations with project management in the construction sector. The integration has demonstrated productivity gains of up to 12% in 6 weeks and reduced safety risks by over 48%. The solution allows over 2 million Procore users to sync field data, including automated workflows and video risk assessments.
The integration provides streamlined data integration, enhanced visibility, and improved safety features. Field managers can automatically push updates between platforms, access AI-driven insights, and make proactive decisions using comprehensive data views. The system helps predict safety risks and operational challenges while providing actionable recommendations.
Procore Technologies (NYSE: PCOR) announced the launch of Procore AI solutions at Groundbreak 2024, featuring new AI-powered Agents designed to enhance construction management efficiency. The platform includes three key components: Procore Agents (available next year), Insights (launching early 2025), and Copilot (now globally available). These tools aim to automate routine tasks, improve decision-making, and streamline workflows in construction project management. Agent Studio, launching in 2025, will allow users to customize AI agents without coding, while Insights will help users better understand project risks across various workflows.
Procore Technologies (NYSE: PCOR) launches major innovations at Groundbreak 2024 conference in Denver. The company unveils Resource Management, an integrated solution for labor, equipment, and materials tracking, enhanced by the acquisition of Intelliwave Technologies. The platform introduces AI-powered Scheduling and Safety tools to improve project efficiency and risk mitigation. The conference attracts over 4,500 attendees from 35+ countries.
The new Resource Management solution combines Intelliwave's SiteSense® with Procore's existing capabilities, offering comprehensive resource control and forecasting. The enhanced Safety solution includes features like pre-task plans, hazard analysis, and certification tracking, while the new Scheduling tool uses AI to identify potential risks and maintain project timelines.
Procore Technologies (NYSE: PCOR) announced its third quarter 2024 financial results with a revenue of $296 million, marking a 19% increase year-over-year. The GAAP gross margin stood at 81%, while the non-GAAP gross margin was 85%. The GAAP operating margin was (12%) and the non-GAAP operating margin was 9%. The company reported an operating cash inflow of $39 million and a free cash inflow of $23 million for the quarter.
Procore achieved a gross revenue retention rate of 94%, with 2,261 organic customers contributing over $100,000 annually, a growth of 18% year-over-year. The total number of organic customers reached 16,975.
Looking ahead, Procore expects Q4 2024 revenue between $296 million and $298 million, with a non-GAAP operating margin of 3% to 4%. For the full year 2024, revenue is projected between $1,146 million and $1,148 million, with a non-GAAP operating margin of 10.5% to 11%. For 2025, revenue is expected to be at least $1,275 million, with a non-GAAP operating margin of 13%.
Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, has announced the timing for its third quarter fiscal year 2024 earnings call and its 2024 Investor Day. The earnings call will take place on October 30, 2024 at 2:00 p.m. Pacific Time, following the release of financial results after market close. To join the call, dial +1 833 470 1428 (domestic) or +1 404 975 4839 (international) with conference ID 681120.
The 2024 Investor Day is scheduled for November 21, 2024 from 9:00 a.m. to 12:30 p.m. Mountain Time, coinciding with Procore's annual Groundbreak conference in Denver, Colorado. The event will feature presentations from CEO Tooey Courtemanche, CFO Howard Fu, and other leadership team members, covering Procore's industry, platform, and financials. Both events will be accessible via live webcast on Procore's Investor Relations website.
Procore Technologies (NYSE: PCOR), a global leader in construction management software, has announced an investor call with Chief Revenue Officer Larry Stack. The call is scheduled for Friday, August 16, 2024, at 1:00 p.m. Pacific time. This event follows Procore's Q2 FY2024 earnings call and aims to address shareholder questions.
Investors interested in participating in the webinar should email ir@procore.com to gain access. This call provides an opportunity for shareholders to engage directly with Procore's leadership and gain further insights into the company's performance and strategy following its quarterly financial results.
Procore Technologies (NYSE: PCOR) reported strong financial results for Q2 2024. Revenue increased 24% year-over-year to $284 million. The company achieved a non-GAAP gross margin of 87% and a non-GAAP operating margin of 17.6%. Procore's customer base grew, with 2,191 customers contributing over $100,000 in annual recurring revenue, up 20% year-over-year. The company added 152 net new organic customers, reaching a total of 16,750.
For Q3 2024, Procore expects revenue between $286-$288 million and a non-GAAP operating margin of 9-10%. The full-year 2024 outlook projects revenue of $1,141-$1,144 million, representing 20% growth, with a non-GAAP operating margin of 10-11%.
Procore Technologies, Inc. (NYSE: PCOR), a leading construction management software provider, has initiated the Federal Risk and Authorization Management Program (FedRAMP) authorization process for its platform and solutions. This move demonstrates Procore's commitment to delivering high-level security and data compliance for federal customers and contractors.
Procore has made strategic investments and built a security practice to prepare for FedRAMP compliance, which will benefit customers across its product suite. The company has partnered with Coalfire, a global cybersecurity and compliance services firm, to support the authorization process. Coalfire has a strong track record in FedRAMP compliance, with all its submitted builds passing the Third Party Assessment Organization (3PAO) audit.
Procore Technologies (NYSE: PCOR), a global leader in construction management software, announced that it will release its second quarter fiscal year 2024 financial results on August 1, 2024, after U.S. markets close. On the same day, at 2:00 p.m. PT, Procore will hold a conference call to discuss these results and provide financial guidance. Interested parties can join the call using the provided domestic and international numbers, and the conference ID 126476. A live webcast and replay will be available on Procore's Investor Relations page.
Procore Technologies, a leader in construction management software, announced major product advancements at Innovation Summit 2024.
Highlights include enhanced AI integration, such as Procore Copilot AI which integrates with Microsoft Teams for seamless project data access. AI Locations will automate project location lists from drawings, while Procore Maps offers visual data insights for project optimization.
All advancements aim to improve collaboration, field productivity, and cost efficiency in the construction industry.
These updates reinforce Procore's commitment to leveraging AI and data to drive innovation.
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