GitLab Inc. (GTLB) — US Stock

📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

GitLab Inc., together with its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company provides GitLab, an intelligent orchestration platform for DevSecOps, which is a single application offering the entire software development lifecycle, including software, project plans, code, security scans, compliance checks, and deployment configurations. It also offers the GitLab Duo Agent Platform, which enables intelligent orchestration of teams and AI agents to execute tasks autonomously across planning, development, security, and deployment. This platform combines conversational AI assistance, purpose-built agents for specialized tasks, workflow automation, and enterprise controls. In addition, it offers related training and professional services. The company was formerly known as GitLab B.V. and changed its name to GitLab Inc. in July 2015. GitLab Inc. was founded in 2011 and is based in San Francisco, California.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding GTLB

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Manager	Shares	Value	% of Fund	Period
Cathie Wood ARK Investment Management	826.9K	$17.9M	0.14%	Mar 2026
Jim Simons Renaissance Technologies LLC	742.8K	$16.1M	0.03%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2026

Confident Specific

The CEO used phrases like 'strong second quarter results', 'I'm excited at the accelerating pace of innovation', and 'I feel confident in the health of the business'. Detailed disclosures on seat growth, AI strategy, and go-to-market changes indicate a data-driven, forward-looking tone.

Q3 2026

Mixed

Confident on beating Q3 guidance (revenue 25% YoY, operating margin 18% vs 13% prior year) but cautious on near-term headwinds: SMB softness persists, U.S. public sector disruption from shutdown and DOGE. Guidance implies deceleration to ~19% Q4 revenue growth, reflecting prudence.

Q4 2026

Confident Specific

Management repeatedly used specific metrics (highest net new ARR year/quarter, 172 consecutive monthly releases, 60% YoY growth in Ultimate security projects) and laid out a detailed five-point strategy with named leaders and timelines. They acknowledged dissatisfaction with revenue growth guidance but framed it as mechanical and addressable through concrete actions already underway.

Q1 2027 latest

Confident Specific

Management used specific metrics like 23% revenue growth, 30% higher new logo growth, $70M ARR in Dedicated, and DAP $20M CRR. They were candid about headwinds (layoffs, M&A, price-sensitive cohort) but framed the narrative around a massive opportunity and strategic bets.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call due to concrete early signals from DAP (first-quarter CRR of $20M) and enterprise momentum (30% new logo growth, Zillow/CSL expansions). However, near-term risks from the restructuring (14% headcount reduction) and persistent macro headwinds (seat contraction from layoffs, M&A) are material. The Act Two architectural bets (Git rebuild, Orbit, Flex) position GitLab for the agentic era but will take time to monetize. Key to watch next quarter: DAP conversion from pilots to production, the pace of seat contraction, and whether the restructuring disrupts sales execution. The raised FY27 guidance (+$2M at midpoint) shows confidence, but the wider guide reflects prudence.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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3-Statement Financial Model

Bear / Base / Bull projections · DCF fair value · Reverse-DCF

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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED GitLab Q1 FY27 revenue $264M (+23%), 1,519 customers >$100k ARR, DAP CRR ~$20M

Revenue & Profitability

Revenue: $264 million, 23% YoY growth. Non-GAAP operating income: $38 million (14% margin). Adjusted free cash flow: $147 million (56% margin). Total RPO: $1.1 billion (+18% YoY); current RPO: $724 million (+24% YoY). Cash and investments: $1.36 billion. Dollar-based net retention: 117%.

Outlook

Management sees a massive opportunity from the agentic era, with AI workloads pushing infrastructure needs beyond human-scale. However, the macro backdrop remains uncooperative, with continued pressure on the price-sensitive customer cohort (~20% of ARR) and customer layoffs causing seat contraction. Agents create governance, compliance, and reliability challenges that GitLab's platform is positioned to solve. No material revenue contribution from Duo Agent Platform is assumed for FY27.

Growth Drivers

New logo growth was up 30% YoY, with the highest absolute first-order count in 10 quarters. Duo Agent Platform contributed more net new ARR in its first quarter than Duo Pro and Duo Enterprise combined in any prior quarter. GitLab Dedicated ARR reached $70 million. 7 of the top 10 deals in Q1 were Ultimate tier. Consumption run rate (CRR) for DAP was nearly $20 million. Non-technical user expansion is emerging as a new seat growth driver.

Balance Sheet & CapEx

Restructuring charges of $30M-$35M pre-tax are expected, with ~$19M in Q2. Savings will be reinvested into team members, R&D for architectural bets (machine-scale Git, orchestration, GitLab Orbit, governance), and internal AI tooling. Full-year gross margin guidance is 85-87%. JiHu expenses are forecast at $50 million (vs $13M last year). Profitability is expected to trough in Q3 due to investment timing.

Margins

Non-GAAP gross margin was 88% in Q1, with SaaS mix increasing. Non-GAAP operating margin was 14%, up ~200 bps YoY. Full-year operating income guidance is $135M-$141M. Restructuring aims to flatten the organization (up to three management layers removed) and exit 22 countries to improve efficiency. Margin trajectory may dip in Q3 due to reinvestment timing.

Key Risks

The price-sensitive cohort (~20% of ARR) remains under pressure. Seat contraction from customer layoffs and M&A was higher than anticipated in Q1. Near-term disruption from organizational restructuring (14% workforce reduction, geographic exits) could affect sales and customer continuity. Customers are cautious on long-term contracts due to market uncertainty. No material DAP revenue is assumed in FY27. JiHu deconsolidation timing is unpredictable.

Generated by AI · Q1 2027 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2027 Q1 2027 2026-06-02

Q1 revenue grew 23% year-over-year to $264M with strong enterprise momentum and 117% net retention. Act Two restructuring is underway to focus on AI and platform innovation, with FY27 guidance raised to $1.112–$1.118B revenue.

Q4 2026 Q4 2026 2026-03-03

ARR surpassed $1B with 26% revenue growth and record net new ARR in FY26. FY27 guidance reflects 15–17% growth, with investments in AI, sales capacity, and new monetization, while price-sensitive and public sector segments remain pressured.

Q3 2026 Q3 2026 2025-12-02

Q3 revenue grew 25% year-over-year to $244M, with strong SaaS and Ultimate performance. Duo Agent platform is set for general availability, introducing usage-based pricing. Guidance reflects continued growth but factors in U.S. public sector and SMB headwinds.

Q2 2026 Q2 2026 2025-09-03

Q2 revenue grew 29% year-over-year to $236M, with strong operating margin expansion and robust free cash flow. Full-year revenue guidance is maintained, profit outlook raised, and leadership transitions are underway. Strategic focus remains on new customer acquisition, AI innovation, and platform expansion.

Q1 2026 Q1 2026 2025-06-10

Revenue grew 27% year-over-year to $214.5M, with strong AI-driven platform adoption and record free cash flow. Ultimate tier now represents 52% of ARR, and guidance projects 24% growth for FY26. AI innovation, security, and public sector momentum are key drivers.

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