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Smartsheet Benefits From Growing Customer Base and AI Adoption
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Smartsheet (SMAR - Free Report) is benefiting from a growing customer base, enhanced product features and the increasing adoption of AI tools.
In second-quarter fiscal 2025, SMAR registered strong growth in the enterprise segment, with 75 customers increasing its annual recurring revenue (ARR) by more than $100,000 and three transactions exceeding $1 million, including one more than $4 million. The number of customers with ARR of more than $1 million surged 50% year over year and totaled 77.
SMAR ended the quarter with annualized recurring revenues of $1.093 billion and more than 15.3 million Smartsheet users. Its ARR growth was 17% year over year.
Smartsheet and AWS Launch AI-Powered Data Connector
Smartsheet recently announced its partnership with Amazon’s (AMZN - Free Report) cloud computing platform Amazon Web Services (AWS) at its annual ENGAGE customer conference, to introduce a new connector that synchronizes data from Smartsheet into Amazon Q Business, a generative AI-powered assistant.
The connector enables Amazon Q Business customers to seamlessly query information about their projects, programs and processes managed in Smartsheet, fostering a unified search experience across various knowledge bases.
With this partnership, Smartsheet aims to tackle the challenge of data silos that many enterprises face, allowing users to make data-driven decisions and enhance productivity by utilizing insights from its Smartsheet data alongside other applications like Salesforce and Slack.
SMAR’s Strong Portfolio Aids Prospect
Smartsheet’s growing clientele, including key partners like Amazon, Microsoft (MSFT - Free Report) and Alphabet (GOOGL - Free Report) has been a major growth driver for its success.
Smartsheet’s collaboration with Alphabet includes deep integration with Alphabet’s Google Apps for Work, enhancing workplace productivity through features like Gmail and Calendar sync, secure Drive storage and seamless G Suite access.
Its collaboration with Microsoft has been a key catalyst for streamlining work processes by seamlessly integrating with Office 365, enhancing productivity and collaboration across teams.
SMAR 2025 Guidance Positive
Smartsheet’s expanding AI portfolio and strong partner base are expected to drive top-line growth.
For third-quarter fiscal 2025, SMAR expects revenues in the $282-$285 million range, suggesting year-over-year growth of 15-16%. Non-GAAP earnings are anticipated to be 29-31 cents per share.
For fiscal 2025, revenues are projected to be between $1.17 billion and $1.18 billion, suggesting a 14.2-14.5% increase year over year. Non-GAAP earnings are anticipated to be $1.36-$1.39 per share.
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Smartsheet Benefits From Growing Customer Base and AI Adoption
Smartsheet (SMAR - Free Report) is benefiting from a growing customer base, enhanced product features and the increasing adoption of AI tools.
In second-quarter fiscal 2025, SMAR registered strong growth in the enterprise segment, with 75 customers increasing its annual recurring revenue (ARR) by more than $100,000 and three transactions exceeding $1 million, including one more than $4 million. The number of customers with ARR of more than $1 million surged 50% year over year and totaled 77.
SMAR ended the quarter with annualized recurring revenues of $1.093 billion and more than 15.3 million Smartsheet users. Its ARR growth was 17% year over year.
Smartsheet and AWS Launch AI-Powered Data Connector
Smartsheet recently announced its partnership with Amazon’s (AMZN - Free Report) cloud computing platform Amazon Web Services (AWS) at its annual ENGAGE customer conference, to introduce a new connector that synchronizes data from Smartsheet into Amazon Q Business, a generative AI-powered assistant.
The connector enables Amazon Q Business customers to seamlessly query information about their projects, programs and processes managed in Smartsheet, fostering a unified search experience across various knowledge bases.
With this partnership, Smartsheet aims to tackle the challenge of data silos that many enterprises face, allowing users to make data-driven decisions and enhance productivity by utilizing insights from its Smartsheet data alongside other applications like Salesforce and Slack.
SMAR’s Strong Portfolio Aids Prospect
Smartsheet’s growing clientele, including key partners like Amazon, Microsoft (MSFT - Free Report) and Alphabet (GOOGL - Free Report) has been a major growth driver for its success.
Smartsheet’s collaboration with Alphabet includes deep integration with Alphabet’s Google Apps for Work, enhancing workplace productivity through features like Gmail and Calendar sync, secure Drive storage and seamless G Suite access.
Its collaboration with Microsoft has been a key catalyst for streamlining work processes by seamlessly integrating with Office 365, enhancing productivity and collaboration across teams.
SMAR 2025 Guidance Positive
Smartsheet’s expanding AI portfolio and strong partner base are expected to drive top-line growth.
For third-quarter fiscal 2025, SMAR expects revenues in the $282-$285 million range, suggesting year-over-year growth of 15-16%. Non-GAAP earnings are anticipated to be 29-31 cents per share.
For fiscal 2025, revenues are projected to be between $1.17 billion and $1.18 billion, suggesting a 14.2-14.5% increase year over year. Non-GAAP earnings are anticipated to be $1.36-$1.39 per share.