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A Look Back at Q1 '25 Public Cloud Software Earnings

Clouded Judgement

The overall software universe quarterly YoY growth has come down meaningfully from highs, but has started to stabilize. I’m calculating FCF by taking the Operating Cash Flow and subtracting CapEx and Capitalized Software Costs. To calculate implied ARR I take the subscription revenue in a quarter and multiply it by 4.

Cloud 277
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The Vertical SaaS Gold Rush: Why Non-Tech B2B Is Growing 250%+ Faster

SaaStr

The Numbers Tell the Story: Monday.com Q1 2025 : 30% growth, $282M revenue Asana 2024 : Single-digit growth, struggling with churn Mostly Same Product Category, Mostly Different Customers Both companies build “work management” software. The “productivity software” that seemed essential in 2021 is now getting cut.

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How SaaStr Fund-Backed RevenueCat Went from a $1.5M Round at $7M Valuation in 2018 to $500M+ Today

SaaStr

When SaaStr Fund made the first investment in RevenueCat back in 2018, nobody could have predicted that this “simple API for managing in-app subscriptions” would become the infrastructure powering 33% of all mobile subscription apps and reach a $500M valuation in 2025. ” required weeks of developer time to answer.

Payments 281
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How Anthropic Rocketed to $4B ARR — And Why Your B2B Playbook May Already Be Obsolete

SaaStr

API-First Revenue Model Unlike the subscription-heavy models of traditional SaaS, 70-75% of Anthropic’s revenue comes from API calls through pay-per-token pricing. Developer Experience Drives Enterprise Sales The consumerization of enterprise software is accelerating.

B2B 248
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From $10M to $100M ARR in 5.5 Months: Inside Replit’s AI Coding Rocketship

SaaStr

months is reshaping how software gets built TL;DR: The New Dev Platform Reality In June 2025, Replit CEO Amjad Masad dropped a bombshell on X: his company had crossed $100M ARR, up from just $10M at the end of 2024. This isn’t just another software success story. But that's not enough to create software.

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SaaS Platform Explainer: Definition, Examples, and How to Grow in the Software as a Service Industry

Stax

The term SaaS platform gets tossed around a lotbut what does it actually mean, and why does it matter for today’s software companies? In this article, we’ll break down what a SaaS platform is, highlight real-world examples, and explore key strategies to succeed in the fast-moving software-as-a-service industry.

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Figma - Benchmarking the S1 Data

Clouded Judgement

And while the workflow of creating software and other digital products and experiences can take many paths and forms, the process has traditionally involved the following key phases: Ideate and Align. Access to Figma is sold as an annual or monthly subscription, per seat. My note: Their products here are FigJam and Figma Slides.] .”