Amplitude (AMPL) Stock Forecast & Price Target

Amplitude is benefiting from a clearer multi-product monetization story, with enterprise customers now 68% of ARR, utilization rising from about 60% in Q2 2024 to 85% currently, and 70% of 2Q ARR closed on the new pricing model. 2Q results showed durable momentum, with revenue of $100.9M, ARR growth of 22% year over year to $410M, and $36M of net new ARR split between $19M organic adds and $17M from Statsig. While gross margins compressed to 70.7% because of inference costs and Statsig, the company raised FY26 revenue guidance to 19.2% growth at the midpoint and appears positioned for further cross-sell-driven acceleration into FY27.

Amplitude is exposed to material fundamental risks that weaken the durability of its SaaS revenue model, including shifting government regulations and consumer data laws that could raise compliance costs and constrain product practices. Its reliance on larger customers is a key vulnerability, because any loss of those accounts could impair revenue visibility, damage subscription growth, and pressure the company’s ability to meet financial obligations. In addition, unfavorable economic conditions could curb software spending, while competitive pressures may erode customer retention and new logo acquisition, limiting its ability to achieve growth objectives and maintain financial strength.