Sign in Subscribe
2 min read

Octopus Deploy Q1 2025 Results

First Quarter 2025 Financial Highlights

  • ARR ended at $77.6 million, an increase of 21% year-over-year.
  • Quarterly Billings were $21.5 million compared to $16.2 million in the same quarter last year.
  • Quarterly free cash flow was $2.2 million (10%) compared to $1.5 million (9%) in the same quarter last year.

First Quarter Highlights

  • Enterprise Octopus Deploy Customers (49% of our ARR) continue to represent our ICP and are performing strongly with Year-on-Year growth of 28%, GRR of 91% and NRR of 125%. 
  • North American Enterprise customers ($24m ARR) grew 33% Year-on-Year with an NRR of 129%. 
  • As of March 31, 2025, we had 139 customers with ARR of $100,000 or more, an increase of 28% from March 31, 2024.
  • Codefresh, an Octopus Deploy company, launched GitOps Cloud to make it fast and easy to promote software changes securely. With GitOps Cloud, DevOps teams or developers can easily create promotion flows by connecting multiple existing Argo CD instances to a single control plane - no additional software required. 
  • Until early 2024, Octopus priced all sales on a “per target” basis. However, in a Kubernetes world, this approach was no longer suitable. As a result, we transitioned to a consumption-based pricing model centred around customer Projects, Tenants, and Machines (“PTM”). This shift was designed to establish a sustainable pricing structure, eliminating the need for further structural changes beyond 2024. By the end of Q1 2025, this transition was largely complete.  

The PTM model has led to higher annual recurring revenue (ARR) from our ICP (enterprises with complex challenges), who derive the greatest value from our platform. This reinforces our confidence that PTM is the right pricing model for both the present and the future.

Customers report that this pricing model makes much more sense to them than the previous model, especially in a cloud-native environment.

  • We are proud to share 232 employees (out of ~300) responded to our annual eNPS survey with a strong Net Promoter Score of 54% across the group. 

Second Quarter and Full Year 2025 Outlook

Based on information as of today, Octopus Deploy is providing the following guidance:

Second Quarter 2025 Outlook:

  • Ending ARR of between $80.1m and $80.6m 
  • Loss of between $(1.5)m and $(2.0)m 

Full Year 2025 Outlook:

  • Ending ARR between $89m and $90m 
  • Profitability of between $0.5m and $2.0m 

Paul Stovell, CEO Sammy Michaels, SVP finance