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A Look Back at Q1 '25 Public Cloud Software Earnings

Clouded Judgement

Q1 ‘25 earnings season for cloud businesses is now behind us. And no, this wasn’t all because of leap year last year (that would only account for a ~3% delta at most) The Hyperscalers (AWS, Azure, Google Cloud) also declined net new adds year over year, but not by as much. Net new ARR added was down 28% from Q1 last year.

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Clouded Judgement 7.25.25 - TAMs Lie

Clouded Judgement

Every week I’ll provide updates on the latest trends in cloud software companies. We saw it during the rise of the cloud. What actually happened was this: Cloud created new pain points and new markets (more data, more sprawl, more teams), which made old categories more valuable. Cloud shifted services to software.

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Clouded Judgement - 3.28.25 - The New AI Risk Curve

Clouded Judgement

Every week I’ll provide updates on the latest trends in cloud software companies. Let’s rewind the clock back to the pre-cloud days. Fast forward to the launch of AWS and the public cloud. There was an exponential drop off in costs / complexity to start a company going from on prem to cloud.

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Clouded Judgement 7.4.25 - Happy 4th!

Clouded Judgement

Every week I’ll provide updates on the latest trends in cloud software companies. Most public companies don’t report net new ARR, so I’m taking an implied ARR metric (quarterly subscription revenue x 4). Companies that do not disclose subscription rev have been left out of the analysis and are listed as NA.

Cloud 157
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Clouded Judgement 12.20.24 - The Fed Bomb

Clouded Judgement

Every week I’ll provide updates on the latest trends in cloud software companies. Most public companies don’t report net new ARR, so I’m taking an implied ARR metric (quarterly subscription revenue x 4). Companies that do not disclose subscription rev have been left out of the analysis and are listed as NA.

Cloud 144
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Clouded Judgement 6.27.25 - New Rules For a New Game

Clouded Judgement

Every week I’ll provide updates on the latest trends in cloud software companies. Most public companies don’t report net new ARR, so I’m taking an implied ARR metric (quarterly subscription revenue x 4). Companies that do not disclose subscription rev have been left out of the analysis and are listed as NA.

Cloud 157
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The Vertical SaaS Gold Rush: Why Non-Tech B2B Is Growing 250%+ Faster

SaaStr

Try ripping out ServiceTitan when it’s running your entire HVAC business – from lead generation to invoicing to payroll. “Industry Cloud” Becomes Standard Every major SaaS company will launch industry-specific versions of their platform. Predictions for H2 2025 and 2026 1.