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SaaS Is Still Slowing Down, Unfortunately: What Q1 2025 Numbers Reveal About the Cloud Software Market

SaaStr

So Jamin Ball of Altimeter has a great summary of the cumulative revenue growth of all public SaaS companies … and it’s not a great story: Aggregate net new ARR added in Q1 from the software universe isn't looking good! billion in Q1 2025 , down from $2.33 billion in Q1 2024.

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The Complete History of HubSpot’s Net Revenue Retention: From 88.6% at IPO to 115% Peak — And Why 102% Today Is Still Strong

SaaStr

By 2021, they peaked at 115% NRR before facing new challenges that brought them back to 102% in Q1 2025. As one analyst noted at the time, they were “losing money on acquisition, breaking even on conversion, and only making money on the 3rd term” — a unsustainable model requiring 88% revenue retention just to work.

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How The Top 25 B2B Public Companies Have Performed In 2025 So Far — And What They Tell Us About the Future

SaaStr

We analyzed every major public SaaS company’s YTD performance through just about the end of the first half of 2025. TL;DR: The SaaS market has clearly bifurcated in 2025. And defense contractors don’t trade at 10x revenue. AI Revenue Separation Companies will be forced to break out AI revenue separately.

B2B
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eCommerce on Fire: Back to Pandemic Highs (And What Shopify’s $75B Quarter Tells Us)

SaaStr

In May 2025 ecommerce just hit 20.21% of total retail sales – a whisker away from April 2020’s panic-buying peak. Look at Shopify’s Q1 2025 numbers that just dropped: $74.75 What Changed Between April 2020 and May 2025? In 2025, they’re choosing to stay there. This time, there’s no pandemic.

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The Sheer Momentum You Need For an Enduring IPO in SaaS: 63% Average Growth

SaaStr

Revenue Growth : $289.2M (2019) → $400.3M (2020) IPO Valuation : $8.3 billion Business : Construction management software Procore demonstrated steady growth with revenue increasing from $289.2 For the 12 months ending July 31, 2024, ServiceTitan reported $685M in revenue, reflecting year-over-year growth of 24%.

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The Great IPO Awakening: What 2025’s Surprisingly Hot Market Means for B2B Companies

SaaStr

After years of drought, 2025 has delivered a scorching hot public market for tech companies so far, with some eye-popping returns that should have every SaaS founder and investor paying attention. The market is once again rewarding recurring revenue models and predictable growth patterns. The most recent five IPOs are averaging 121.5%

B2B
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PE Loves SaaS Again: Thoma Bravo Buys Olo for $2 Billion

SaaStr

Quick Stats: Founded: 2005 (20-year-old company) 2024 Revenue: $285M (up 25% YoY from $228M in 2023) Q1 2025 Revenue: $80.7M (up 21% YoY), $323M annualized run rate Profitability: $1.8M It’s a signal that vertical SaaS platforms with sticky revenue are back in favor with sophisticated buyers. That’s $10.25