Amplitude (AMPL) opened Q1 2026 with revenue of US$93.5 million, a basic EPS loss of US$0.17 and net income loss of US$23.3 million, against a backdrop where trailing 12 month revenue stands at US$356.8 million and basic EPS over that period is a loss of US$0.67. Over the last few quarters the company has seen revenue move from US$79.9 million in Q1 2025 to US$93.5 million in Q1 2026, while basic EPS has ranged between a loss of US$0.13 and US$0.19 across those reported periods. This keeps the focus firmly on how quickly margins can tighten up from here.

See our full analysis for Amplitude.

With the headline numbers on the table, the next step is to see how this mix of growth and ongoing losses lines up with the most widely held narratives around Amplitude's business and its path to improved profitability.

US$356.8 million trailing revenue alongside deepening losses

• On a trailing 12 month basis, revenue sits at US$356.8 million while net income shows a loss of US$89.6 million and basic EPS is a loss of US$0.67.
• Consensus narrative expects enterprise adoption and platform expansion to support long term revenue growth, yet the current loss profile and negative margins mean investors need to weigh those growth expectations against the fact that recent losses have grown roughly 10% per year and are not forecast to turn into profits within the next three years.
  • Revenue is forecast to grow around 13.9% per year compared with a 11.4% US market forecast. This aligns with the idea of a company still in a growth phase.
  • At the same time, trailing losses and the absence of forecast profitability keep the focus on whether that extra growth is enough to eventually lift margins meaningfully above recent levels.

Quarterly losses fluctuate between US$17.7 million and US$24.7 million

• Across the last five reported quarters, net income loss has ranged from US$17.7 million in Q4 2025 to US$24.7 million in Q2 2025, with Q1 2026 coming in at a loss of US$23.3 million.
• Bears highlight the risk that ongoing investment and competition will keep pressure on margins, and this run of quarterly losses supports the concern that profitability is still some distance away even as revenue grows.
  • Basic EPS has stayed in a loss band between US$0.13 and US$0.19 per share each quarter since Q1 2025, which aligns with the view that the business is not yet showing a clear earnings improvement trend.
  • With trailing 12 month net income loss at US$89.6 million, the bearish view that losses have widened over several years finds support in the recent figures.

Skeptics point to these steady losses as a sign the turnaround story is still unproven, so it helps to see how their concerns stack up against the detailed bear case narrative in the 🐻 Amplitude Bear Case.

P/S of 2.2x versus higher DCF fair value

• The stock trades on a P/S of 2.2x compared with a US software industry average of 3.7x, and a DCF fair value of about US$19.93 sits well above the current share price of US$5.91.
• Bulls argue that faster expected revenue growth and a discount to both DCF fair value and industry P/S suggest upside potential, and the current numbers are consistent with that view while still leaving the profitability question open.
  • Forecast revenue growth of about 13.9% per year ahead of the broader US market rate of 11.4% supports the idea of stronger top line momentum than an average company.
  • The gap between the share price of US$5.91 and the DCF fair value estimate of US$19.93 is consistent with the bullish argument that the market is not fully reflecting those growth forecasts in the current valuation.

If you want to see how growth assumptions and valuation work together in the optimistic case, it is worth reading through the dedicated bull narrative for more detail 🐂 Amplitude Bull Case.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Amplitude on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Seeing both risks and rewards in the story so far, it makes sense to review the underlying data yourself. Decide how comfortable you are with that balance, then weigh those views against our breakdown of 3 key rewards and 2 important warning signs

See What Else Is Out There

Amplitude is still reporting sizeable and persistent losses, with quarterly net income and EPS remaining in a loss range even as revenue grows.

If you prefer ideas that focus more on companies with relatively resilient financial profiles rather than ongoing losses, it may be worth checking stocks in the 72 resilient stocks with low risk scores to quickly compare alternatives that may better match your risk comfort level.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.