Procore Technologies Reports Strong Q2 Results and Announces AI-Focused Acquisition
Procore Technologies (NYSE:PCOR) reported strong second-quarter results with revenue rising to $375 million, a year-over-year increase of 15.8%. The company also achieved its first quarter of GAAP operating profitability while non-GAAP operating margin expanded significantly to 21.5%, and free cash flow surged by 507% to $65 million. The construction software firm raised its full-year revenue guidance for 2026, now projecting between $1.51 billion and $1.514 billion. Procore also set a new non-GAAP operating-margin target of 25% for fiscal 2027. The company announced plans to expand its AI strategy through the acquisition of DroneDeploy for $845 million in cash, which will add drone-based data collection and robotics capabilities. The deal is expected to close later this year and should be accretive to Procore’s organic revenue growth without altering its margin outlook. The company has secured bridge financing for most of the purchase price as it evaluates long-term capital structure.
Topics: acquisition AI strategy construction software revenue growth