UiPath reported better-than-expected fourth quarter results with revenue growth of 31% as its automation platform gains traction. The company plans to launch a new large language model next week that "combines open-source algorithms, our specialized AI, proprietary business documents and communication data."

The company reported fourth-quarter net income of $33.92 million, or 6 cents a share, on revenue of $405 million. Non-GAAP earnings were 22 cents a share.

Wall Street was expecting fourth quarter non-GAAP earnings of 16 cents a share on revenue of $383.7 million.

As for the outlook, UiPath said first quarter revenue will be $330 million to $335 million, compared to estimates of $338 million. For the fiscal 2025, UiPath projected revenue between $1.55 billion to $1.58 billion, relative to estimates of $1.53 billion.

UiPath CEO Rob Enslin said the company saw a strong close to the fourth quarter and the company's Business Automation Platform was delivering value for customers.

"We reported a strong close to the fiscal year exceeding our guidance across both top and bottom-line metrics driven by demand for the depth and breadth of our platform and the team's focus on customer success, which is at the core of everything we do," said Enslin. "C-level executives are no longer solely prioritizing digital transformation. They're also prioritizing AI transformation. I believe that the combination of AI and automation is the strategic change enabler for our customers."

For fiscal 2024, UiPath reported a net loss of $89.9 million on revenue of $1.31 billion, up 24% from a year ago.

During the quarter, UiPath launched UiPath Autopilot for Studio and Test Suite in public preview, expanded partnerships with Deloitte and Google Cloud and outlined new features for its Business Automation Platform.

Key points from the earnings conference call:

  • UiPath large customers are trading up RPA investments to the full automation platform.
  • "The SAP partnership is progressing well. And we are pleased with a momentum and pipeline generation across geographies," said Enslin.
  • A partnership with Microsoft looks promising. "We continue to deepen our partnership with Microsoft. This brings AI powered automation to customers using Microsoft Azure," said Enslin. "We see opportunities to expand this collaboration to accelerate our joint customers' move to the cloud with AI infused industry solutions and enterprise modernization with Microsoft.”
  • Enslin said UiPath will continue to invest in sales for new verticals including "investments in growth specialist sales engineers to support our customers and further industry verticalization in areas like financial services, insurance, health care and public sector."