AMPL

Amplitude is a 74%-gross-margin subscription analytics business (98% of revenue is subscription) that grew FY2025 revenue 14.7% to $343.2M, a re-acceleration after the slowdown to ~8.5% in FY2024 — the MD&A pegs growth at 15% on a base of 4,797 paying customers. Crucially, the cash story is better than the income statement: operating cash flow jumped 61% to $29.8M and management cites free cash flow of $23.5M (vs $11.7M prior year). At a $998M market cap, that's a P/S of just 2.9x and a low-but-positive FCF yield, which is undemanding for software growing mid-teens with inflecting cash generation. The balance sheet is solvent — liabilities/equity of 0.71x and $81.1M cash, with no apparent leverage stress.

The other side is real. The company has never earned a GAAP profit: FY2025 net loss of -$88.5M (net margin -25.8%, ROE -36.1%) and an accumulated deficit that grew to -$546.4M. The 10-K is explicit that it 'intend[s] to continue to invest significant resources' in R&D, sales/marketing and international expansion, and that 'profitability may be lower in the near term' by design — so the loss won't close quickly. Cash fell 52.7% YoY, though a chunk of that is discretionary: the company spent $30.7M on buybacks, partly offsetting 6.5% share-count dilution. The gap between -$88.5M net loss and +$23.5M FCF is the tell — losses are largely stock-based comp, which protects cash but keeps diluting holders.