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11.monday.com monday.com Announces Second Quarter 2021 Results August 17 , 2021 Second quarter revenue growth accelerated to 94 % year over year Net - dollar - retention rate for customers with 10+ users was over 125 % Introduces strong Q3 and fiscal year guidance Announced monday workdocs , a new capability that turns documents into actionable workflows NEW YORK & TEL AVIV , Israel -- ( BUSINESS WIRE ) -- Aug . 17 , 2021-- monday.com ( NASDAQ : MNDY ) , a work operating system ( Work OS ) where organizations of any size can create the tools and processes they need to manage every aspect of their work , today reported financial results for the second quarter of 2021 ended June 30 , 2021 . Management Commentary : " We delivered strong results in our first quarter as a public company , as strong execution and expanding adoption of monday.com Work OS drove total revenue growth of 94 % . We are pleased with the momentum in our business that demonstrates continued high growth at scale , " said monday.com founder and co - CEO , Roy Mann . " monday.com Work OS is the leader in the low - code no - code market , and our business is accelerating as we continue to expand platform usage into use cases such as operations , project management , CRM , finance , marketing , HR , and IT , " said monday.com founder and co - CEO , Eran Zinman . " Rapid growth in the second quarter was driven by large expansions within our existing base and strong growth upmarket as we continue to see momentum in Enterprise , " said Eliran Glazer , monday.com CFO . " While we have made tremendous progress in the last few years , we believe that we are still in the very early stages of our growth as a company , and our guidance for the balance of 2021 suggests a strong second half of the year as we continue to drive fundamental improvements to the future of work and collaboration for companies of all sizes globally . " Second Quarter Fiscal 2021 Financial Highlights : • Revenue was $ 70.6 million , an increase of 94 % year - over - year . • GAAP operating loss was $ 27.5 million compared to a loss of $ 28.2 million , in the second quarter of 2020 ; GAAP operating margin was negative 39 % , compared to negative 77 % in the second quarter of 2020 . • Non - GAAP operating loss was $ 9.9 million compared to a loss of $ 14.9 million , in the second quarter of 2020 ; non - GAAP operating margin was negative 14 % compared to negative 41 % , in the second quarter of 2020 . • GAAP net loss per basic and diluted share was $ 1.67 compared to GAAP net loss per basic and diluted share of $ 2.79 , in the second quarter of 2020 ; non - GAAP net loss per basic and diluted share was $ 0.26 compared to non - GAAP net loss per basic and diluted share of $ 0.39 , in the second quarter of 2020 . • Net cash used in operating activities was negative $ 0.4 million , with negative adjusted free cash flow of $ 1.5 million , compared to negative net cash used in operating activities of $ 13.9 million and $ 15.0 million of negative adjusted free cash flow , in the second quarter of 2020 . • Cash , cash equivalents , short - term deposits and restricted cash was $ 878.0 million as of June 30 , 2021 , including $ 21 million from borrowings under our revolving credit facility , and net proceeds from our IPO and concurrent private placement of $ 736.2 million . Recent Business Highlights : . Our net dollar retention rate for customers with more than 10 users was over 125 % . • The number of paid enterprise customers with more than $ 50,000 in annual recurring revenue was 470 , up 226 % from 144 , in the second quarter of 2020 . • Announced monday workdocs , a completely new capability to monday.com Work OS , which enables organizations to take document collaboration to new levels . Documents are the starting point for work and monday workdocs is a completely new style of connected documents that are built to support collaboration , with live objects that update in real time whenever their source of data changes . The introduction of monday workdocs is a significant opportunity to provide our customers with new ways to create no - code , low - code software and expand how monday.com is adopted across organizations of all sizes . • Announced the official launch of the free tier of monday.com , limited to two users . The free offering is designed to increase our market opportunity by driving awareness and broader adoption among a new set of audiences . • Notable new customer wins or expansions during the quarter included Headspace , Wellington - Altus Private Wealth , Mintel , and Adyen . • New strategic alliances with Global Systems Integrators across key industries such as manufacturing and real estate