Coupa Software Inc. (NASDAQ: COUP), a spend management software firm whose products include a contingent workforce VMS, reported revenue rose 40.0% in its fiscal first quarter ended April 30.
The San Mateo, California-based company reported it added a number of new customers during the quarter, including American Cybersystems, Eagle Bancorp, Flagstone Foods, Thumbtack Inc. and Tupperware Brands.
| (US$ thousands) | Q1 2022 | Q1 2021 | % change |
| Revenue | $166,929 | $119,214 | 40.0% |
| Gross profit | $87,202 | $76,376 | 14.2% |
| Gross margin | 52.2% | 64.1% | |
| Net loss | ($100,357) | ($14,816) | nm |
Coupa also announced that it appointed Todd Ford as its president of finance and operations, Anthony Tiscornia as its CFO and Maurizio Baratta as its chief accounting officer.
Ford had served as CFO since May 2015.
Tiscornia had served as Coupa’s chief accounting officer since March 2019 and was VP of finance and principal accounting officer from May 2017 to March 2019. He started with the company in December 2012.
Baratta had served as VP, controller, since April 2018 and was controller from May 2017 to March 2018. He started with the company in January 2016.
Last week, Coupa also announced the launch of its $50 million Coupa Ventures fund aimed at driving innovation in business spend management. It’s focused on early and growth-stage companies. Its first two portfolio companies are Zylo, which helps companies manage cloud-based applications, and SourceDay, which provides a product that aims to bridge the gap between enterprise resource planning software and a company’s supply chain network.
Guidance
Coupa forecast second-quarter revenue to rise between 28.7% and 29.4% to between $162.0 million and $163.0 million.
Share price and market cap
Shares in Coupa were down 7.11% to $219.90 as of 12:10 p.m. Eastern time; they were 3.95% above their 52-week low, according to FT.com. The company had a market cap of $17.25 billion.