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Here are 1-3 brief analogies for Procore Technologies (PCOR):

• Salesforce for the construction industry. Procore provides a comprehensive cloud-based platform to manage all aspects of construction projects, much like Salesforce does for customer relationships and sales.
• ServiceNow for construction workflows. Similar to how ServiceNow automates and manages IT and enterprise workflows, Procore offers a platform specifically designed to streamline and automate the complex processes and tasks involved in construction.
• Microsoft 365 (or Google Workspace) built specifically for construction. Procore provides an all-in-one suite of tools for project management, collaboration, document control, and productivity, but tailored precisely for the unique demands of a construction project and team.

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• Project Management: Manages project documentation, communication, scheduling, and overall workflow from design to closeout.
• Financial Management: Provides tools for budgeting, cost tracking, invoicing, and financial forecasting across projects.
• Resource Management: Helps optimize the allocation and utilization of labor, equipment, and materials on construction sites.
• Quality & Safety Management: Facilitates inspections, safety programs, incident reporting, and compliance monitoring to ensure high standards and mitigate risks.
• Analytics & Reporting: Offers data visualization and reporting capabilities to provide insights into project performance and operational efficiency.

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Procore Technologies (PCOR) Major Customers

• Skanska (Public: SKA B.ST on Nasdaq Stockholm) - A global project development and construction group.
• Granite Construction Inc. (Public: GVA on NYSE) - One of the largest diversified heavy civil contractors and construction materials producers in the U.S.
• AECOM (Public: ACM on NYSE) - A global infrastructure consulting firm, also involved in construction management.
• Jacobs Solutions Inc. (Public: J on NYSE) - A global professional services company, including project management and construction.
• Turner Construction Company (Private) - One of the largest general contractors in the United States.
• Clark Construction Group (Private) - A major U.S. general contractor.
• DPR Construction (Private) - A national commercial general contractor and construction manager.
• McCarthy Building Companies (Private) - One of the oldest and largest privately held construction firms in the U.S.
• Hensel Phelps (Private) - A national leader in construction.
• Shawmut Design and Construction (Private) - A national construction management firm.

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• Amazon Web Services (AWS) - a subsidiary of Amazon.com, Inc. (NASDAQ: AMZN)
• Microsoft Azure - a service of Microsoft Corporation (NASDAQ: MSFT)

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Ajei Gopal, Chief Executive Officer

Ajei Gopal has over 35 years of experience leading global technology companies. He most recently served as the President and CEO of Ansys from 2017 to 2025, where he approximately tripled revenue and quadrupled market value. His tenure at Ansys culminated in leading the company through its $35 billion acquisition by Synopsys in July 2025. Prior to Ansys, he served as an operating partner at Silver Lake, a private equity firm, from 2013 to 2016, which included a secondment as interim President and Chief Operating Officer at Symantec in 2016. He co-founded ReefEdge Networks in 2000, serving as its Chief Executive Officer. Gopal has also held executive leadership roles at Hewlett Packard Enterprise Company, CA Technologies, Symantec, and IBM.

Howard Fu, Chief Financial Officer

Howard Fu brings over 20 years of experience in finance leadership positions. He served as Vice President of FP&A at DocuSign from October 2015 to February 2021, where he was a key contributor to the company's IPO and guided their Finance team through its initial growth phase as a public company. Before DocuSign, Fu led the Sales Finance and M&A Finance teams at Salesforce and managed pricing and incentives for issuing banks at Visa.

Craig "Tooey" Courtemanche, Jr., Founder, President, Chairman of the Board

Tooey Courtemanche founded Procore in 2002 with a mission to connect everyone in construction on a global platform. His background includes experience as an apprentice in a carpentry shop, a real estate developer, and the founder of other software companies. He founded his first startup, Webcage (1996-2001), which enabled Fortune 1000 companies to transition to web-enabled self-service intranet technologies. He also co-founded an internet service provider in Santa Barbara, California. His personal experiences in construction inspired him to create Procore.

Steve Davis, President, Product and Technology

Steve Davis is responsible for leading Procore's product, design, and engineering organizations. He joined Procore in August 2022. Prior to his role at Procore, Davis served as Chief Technology Officer at Babylon, a global digital health services company. He has extensive experience in driving operational excellence within global, high-growth technology companies.

Paul Lyandres, Chief Business Officer

Paul Lyandres leads Procore's Partnerships and Corporate Development, as well as strategic company initiatives. He has held various leadership roles at Procore for over a decade, including President of Fintech from May 2023 to November 2024, and Chief Financial Officer and Treasurer from July 2019 to May 2023. Before joining Procore, Lyandres worked at Summit Partners, a growth equity firm, where he analyzed market trends and identified attractive industry sectors.

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The key risks to Procore Technologies (symbol: PCOR) primarily stem from the cyclical nature of its core market, intense competition, and the ongoing challenge of achieving consistent GAAP profitability.

1. Cyclicality of the Construction Industry and Macroeconomic Headwinds: Procore's business is highly dependent on the health of the construction industry, which is inherently cyclical. Management has acknowledged the challenging macroeconomic environment, including negative growth in U.S. non-residential and multi-family construction, which poses a significant external risk. Fluctuations in construction spending due to factors like high-interest rates and tightening credit conditions can directly impact the demand for Procore's software solutions. The company's reliance on North American clients further amplifies this concern, as a downturn in this region can have a substantial impact.
2. Intense Competition: Procore operates in a dynamic and highly competitive construction technology market. It faces significant competition from larger, more established software providers such as Autodesk (NASDAQ: ADSK), Oracle Construction and Engineering (NYSE: ORCL), and Trimble (NASDAQ: TRMB). These competitors often have larger global footprints and robust ecosystems, which can put pressure on Procore's market share and pricing. The continuous investment by rivals in AI-driven workflows and cloud-based collaboration tools further intensifies this competitive landscape.
3. Achieving and Maintaining Consistent GAAP Profitability: While Procore has shown progress in improving its non-GAAP operating margins and free cash flow, the company is still operating at a GAAP net loss. For the full year 2025, Procore projects strong revenue growth, but its GAAP net loss was approximately $9.1 million in Q3 2025 and a trailing twelve-month GAAP net loss of -$105.96 million for the full year 2025. The ability to consistently translate its revenue growth into GAAP-compliant profit remains a key financial risk, particularly due to non-cash expenses like stock-based compensation, which are substantial for high-growth tech firms.

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The addressable markets for Procore Technologies' main products and services are substantial and primarily global, with a significant portion in North America.

Procore operates within the broader global construction management software market. This market was valued at approximately $9.67 billion in 2023 and is projected to grow to $20.67 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 10.12%. Other estimates place the global construction software market at $14.7 billion in 2024, expected to reach $19.8 billion by 2029 with a CAGR of 6.1%. Another source indicates the global construction software market size was $3.72 billion in 2024 and is projected to reach $8.99 billion by 2034 at a CAGR of 9.21%.

For 2025, the global construction software market is expected to reach $10.76 billion, with North America alone accounting for 42.45% of this demand. North America also held the largest market share of 35% in the construction software market in 2024.

Specifically for Procore, the total addressable market (TAM) opportunity is estimated at approximately $10 billion globally. Despite being a leader in construction technology, Procore's global penetration rate is currently estimated at about 1% of addressable logos and 7% of global annual contract value.

Procore's platform includes 13 products across four main categories: Pre-construction, Project Execution, Workforce Management, and Financial Management. Their project management products are core to their platform, accounting for 51% of their total Annual Recurring Revenue (ARR).

For a more specific product segment, the global construction estimating software market, which Procore is part of, is expected to reach $2.73 billion in 2025 and grow to $5.01 billion by 2030, at a CAGR of 12.89%. Additionally, Procore's recent FedRAMP designation opens access to the U.S. federal contracts market, which is projected to be $2.41 billion by 2034.

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Procore Technologies (symbol: PCOR) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion within the Large and Underpenetrated Construction Market: Procore operates in a projected $15 trillion construction industry that is still in the early stages of digitization. The company aims to capture significant growth within this massive and underpenetrated market by offering its connected platform, which is considered a technology leader in construction software. Procore's ability to secure large customer expansions, including seven-figure deals with major general contractors, demonstrates its potential for continued growth by increasing its penetration within existing large clients and attracting new ones.
2. International Market Expansion: International revenue has been a significant growth area for Procore, with a 26% year-over-year increase in Q3 2024 (27% on a constant currency basis) and a 19% increase in Q3 2025. The company is actively positioning itself to leverage growth among international construction stakeholders and has announced the expansion of Procore Zones to the UK, Australia, and New Zealand to provide localized data storage and management options.
3. Evolution of Go-to-Market Strategy and Sales Team Expansion: Procore is expanding its sales team and evolving its go-to-market strategy to provide more localized and technical sales support, addressing the specific needs of different buyer personas. This strategic shift is expected to generate returns for both the top and bottom lines, accelerate time to value for customers, and drive efficient revenue growth.
4. Continuous Product Innovation, Including AI and BIM: Procore's focus on continuous innovation and platform enhancements, with upcoming reveals at its Groundbreak Conferences, is a key driver. The company is leveraging AI innovations, such as expanded features for Procore Assist and the Open Beta release for Procore Agent Builder, and has made acquisitions like Novorender and Flypaper Technologies to strengthen its Building Information Modeling (BIM) capabilities. These advancements aim to enhance the platform's value, drive efficiency, mitigate risk through AI and data-driven insights, and attract new customers.
5. Growth of Existing Customer Base and Increased Adoption of Products: Procore continues to see growth in its customer base, adding net new organic customers each quarter and increasing the number of customers contributing over $100,000 in annual recurring revenue. The company also maintains a high gross revenue retention rate, indicating strong customer satisfaction and loyalty. Driving deeper product adoption, such as evaluating additional products like financials with existing large customers, presents a significant opportunity for further revenue expansion.

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Share Repurchases

• Procore's Board of Directors authorized a new stock repurchase program on November 3, 2025, to repurchase up to $300 million of outstanding common stock, expiring on November 3, 2026.
• During the nine months ended September 30, 2025, the company repurchased 1,903,527 shares for an aggregate amount of $128.8 million.
• A previous stock purchase program, authorized on October 29, 2024, for up to $300 million, expired on October 29, 2025.

Share Issuance

• Procore Technologies went public on May 19, 2021.
• As of September 30, 2025, there were 150,457,845 shares of common stock issued and outstanding.
• The 2021 Equity Incentive Plan's shares authorized for issuance increased by 7,492,656 on January 1, 2025, bringing the total authorized under the plan to 59,355,916 shares as of September 30, 2025.

Outbound Investments

• In May 2025, Procore acquired Novorender, a cloud-based 3D visualization tools provider.
• In May 2024, Procore acquired Intelliwave Technologies Inc., a construction materials management company.
• In September 2023, Procore acquired Unearth Technologies Inc., a geographic information systems asset management platform.

Capital Expenditures

• Procore Technologies Inc.'s Capital Expenditures amounted to -$72.5 million for the fiscal year ended December 31, 2024.
• The average annual Capital Expenditures growth rate was -38% over the past three years and -21% over the past five years.
• Capital expenditures are primarily focused on maintaining employees and offices.