The company has disclosed earnings information, including it became known that GitLab's revenue grew by 69% in the first half of 2021.
GitLab, which specializes in project collaboration tools for developers, has announced plans to conduct an initial public offering on the Nasdaq. This move is intended to provide additional fundraising to compete with major market players such as Atlassian and GitHub, owned by Microsoft since 2018.
In announcing its financial results for the first half of its fiscal year ended July 31, the company disclosed that its revenue is growing rapidly. This figure increased by 69% compared to the same period in 2020 and reached $108,1 million. On an annualized basis, the profit margin exceeded $230 million. Similarly, however, GitLab's net loss rose. The results of the period showed an increase in net losses to $40 million from $9,4 million in 2020.
After a secondary sale of shares in January 2021, GitLab was valued at $6 billion. This valuation significantly exceeded the $2,7 billion the platform was valued at at the end of 2019. The company was able to significantly expand its activities and attract additional users largely due to the growing popularity of remote work, when tools for teamwork became in demand around the world.