The shares of Romanian-born robotic processing automation (RPA) company UiPath (NYSE: PATH) closed the trading session on Wednesday 9.6% lower than on the previous day after the company’s first quarterly earnings report since its April listing.

UiPath posted a net loss of USD 239.6 mln for the first quarter of 2021, 4.5 times higher than in the same quarter of last year. However, UiPath reported a 65% increase in revenues to USD 186 mln.

The company’s business performance, measured with the annualized renewal run-rate (ARR) indicator, also improved by 64% to USD 652.6 mln.

“We have experienced rapid growth and now have over 8,500 customers worldwide, including 1,105 customers with ARR of USD 100,000 or greater and 104 customers with ARR of USD 1 million or greater,” said UiPath’s CFO Ashim Gupta.

For the whole year, UiPath expects an ARR in the range of USD 850-855 mln.

Despite the strong revenue growth, UiPath’s shares tumbled under USD 70 and are now trading 23% under the all-time high price of USD 90, but still 22% above the IPO price of USD 56.

The drop on Wednesday was not so much influenced by the results, which came above the analysts’ expectations, but by the announcement of a partial early lock-up release allowing stockholders who owned shares before the IPO to sell part of their holdings, according to Investors.com.

UiPath listed its shares on the New York Stock Exchange in April after a USD 1.3 bln IPO. The company co-founded and managed by Romanian entrepreneur Daniel Dines is currently valued at USD 35.7 bln.

editor@romania-insider.com

(Photo source: the company)