GitLab Reports First Quarter Fiscal Year 2023 Financial Results

Quarterly revenue of $87.4 million, up 75% year-over-year

Strong Dollar-Based Net Retention Rate above 130%

• Total revenue of $87.4 million
• GAAP operating margin of (49)%; Non-GAAP operating margin of (28)%
• GAAP net loss per share of $(0.18); Non-GAAP net loss per share of $(0.18)

• GitLab Inc. (NASDAQ: GTLB), The One DevOps Platform, today reported financial results for its first quarter fiscal year 2023, ended April 30, 2022.

“We have seen a substantial shift in how enterprises are developing, operating, and securing software by moving to a platform strategy. As a result, our One DevOps Platform is gaining momentum and broader adoption,” said Sid Sijbrandij, GitLab CEO and Co-Founder. “While accelerating revenue growth, we were also able to show significant operating leverage. Underpinning this acceleration in growth was a higher velocity of new customer wins, as well as seat expansion and tier upgrades of existing customers. As we look forward, we are seeing continued strong momentum for customers adopting our One DevOps platform.”

“I am very pleased we delivered a robust first quarter exceeding our guidance,” said Brian Robins, GitLab CFO. “Metrics in the first quarter were strong: 75% year-over-year revenue growth, dollar-based net retention above 130%, 92% year-over-year RPO growth, 90% non-GAAP gross margins, non-GAAP operating margin improvement of 1,700 basis points year-over-year and we saw great growth in all the customer segments despite the macro-environment. We remain committed to responsible growth.”

For the full press release, visit GitLab's Investor Relations site.