Revenue rose 33.1% Y/Y to $124.0 million, beating the consensus of $117.3 million, led by new customers, upsells, and renewals.

Subscription revenue rose to $118.4 million from $89.0 million the prior year, and professional services and other revenue increased to $5.6 million from $4.1 million the prior year.

As of October 31, 2023, remaining performance obligations stood at $560.1 million.

Dollar-based net retention for all customers for the trailing 12 months ended October 31, 2023 came in at 118% vs. 126% the year ago.

As of October 31, 2023, total customers increased to 2,011 from 1,715 the prior year.

Adjusted gross margin stood at 71.4% vs. 69.7% the year ago, and adjusted operating loss stood at $(8.9) million vs. $(17.3) million a year ago.

Adjusted EPS loss of $(0.05) came above the consensus of $(0.13).

Net cash used in operating activities stood at $(2.0) million and free cash flow came in at $(5.9) million. 

As of October 31, 2023, cash and cash equivalents, restricted cash, and marketable securities stood at $471.9 million.

Price Action: BRZE shares are up 8.75% at $61.03 premarket on the last check Thursday.