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New York / Tel Aviv , November 10 , 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 third quarter of 2021 ended September 30 , 2021 . Management Commentary : " We achieved another strong quarter of top - line growth driven by the continued rapid adoption of our Work OS by new customers along with expansion within our existing customer base , " said monday.com founder and co - CEO , Roy Mann . " Third quarter performance demonstrates that our platform's unique low - code no - code technology is enabling more organizations to achieve their business goals by accelerating digitization and creating a unified workspace . " said monday.com founder and co - CEO , Eran Zinman . " In the third quarter we drove strong revenue growth and financial results , and we are also very pleased with our continued upmarket momentum , " said Eliran Glazer , monday.com CFO . " As Enterprise customers adopt our Work OS and realize its value , their usage quickly expands across use cases and departments . " ● 11.monday.com Third Quarter Fiscal 2021 Financial Highlights : Revenue was $ 83.0 million , an increase of 95 % year - over - year . GAAP operating loss was $ 29.2 million compared to a loss of $ 40.6 million , in the third quarter of 2020 ; GAAP operating margin was negative 35 % , compared to negative 95 % in the third quarter of 2020 . Non - GAAP operating loss was $ 9.4 million compared to a loss of $ 30.9 million , in the third quarter of 2020 ; non - GAAP operating margin was negative 11 % compared to negative 72 % , in the third quarter of 2020 . GAAP net loss per basic and diluted share was $ 0.65 compared to GAAP net loss per basic and diluted share of $ 3.74 , in the third 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 $ 0.81 , in the third quarter of 2020 . ● monday.com Announces Third Quarter 2021 Results Third quarter revenue growth accelerated to 95 % year over year Net - dollar - retention rate for customers with 10+ users was over 130 % Number of Customers with $ 50k ARR growth accelerated to 231 % year over year Announced launch of My Work , a new capability to see all open items across an organization ● ● Net cash provided by operating activities was $ 3.8 million , with positive adjusted free cash flow of $ 2.9 million , compared to net cash used in operating activities of negative $ 7.2 million and negative $ 7.8 million of adjusted free cash flow , in the third quarter of 2020 . Recent Business Highlights : Our net dollar retention rate for customers with more than 10 users was over 130 % . The number of paid enterprise customers with more than $ 50,000 in annual recurring revenue was 613 , up 231 % from 185 , in the third quarter of 2020 . ● Cash and cash equivalents were $ 876.2 million as of September 30 , 2021 , including net proceeds from our IPO and concurrent private placement of $ 735.9 million . ● Announced the launch of My Work , a place for customers and organizations to centralize all open items and communications to improve operational efficiency and productivity . ● Announced the launch of layouts within monday workdocs with the goal of providing our customers with even more freedom to adjust monday workdocs to their business's needs by creating any kind of template with live data . Introduced our dynamic workflow builder enabling our customers to easily create , without code , any kind of new automation or integration . Notable new customer wins or expansions during the quarter included Jamf , eBay , Cegedim , and Outbrain . Announced a new global alliance with Tata Consultancy Services , a leading global IT services , consulting and business solutions organization .