UiPath at Mizuho Tech Conference: Strategic AI Expansion

On Wednesday, 11 June 2025, UiPath (NYSE:PATH) presented at the Mizuho Technology Conference 2025, revealing its strategic shift towards a comprehensive automation platform. While the company showcased impressive financial performance and AI advancements, it also acknowledged macroeconomic uncertainties. UiPath’s transition from a traditional RPA company to an AI-driven automation leader was a focal point, reflecting its evolving role in the tech landscape.

Key Takeaways

• UiPath exceeded Q1 revenue and profitability estimates, with free cash flow surpassing $100 million.
• The company is transitioning from RPA to a comprehensive automation platform, emphasizing AI integration.
• New partner programs and collaborations with GSIs like Deloitte bolster UiPath’s market position.
• UiPath’s AgenTik platform enhances automation capabilities, complementing existing workflows.
• Macro uncertainties and federal budget delays pose challenges but are met with cautious optimism.

Financial Results

• Q1 revenue and profitability surpassed consensus estimates.
• Free cash flow generation exceeded $100 million.
• Net new ARR outperformed previous guidance, reflecting strong market demand.

Operational Updates

• Launch of the AgenTik platform marks a significant product development.
• Strong partnerships with GSIs, notably Deloitte, for AgenTik ERP.
• Introduction of agentic orchestration and testing enhances automation processes.
• AI product adoption is growing, with customer engagement reaching the teens.

Future Outlook

• Focus on end-to-end automation across deterministic and probabilistic processes.
• Commitment to governance and controls for agentic AI.
• Expansion of partnerships to drive broader adoption.
• Consideration of a verticalization strategy to accelerate market impact.

Q&A Highlights

• FX impact is minimal due to the high percentage of ARR in U.S. dollars.
• Macro uncertainty affects deal cycles, but clarity is anticipated in the year’s latter half.
• Federal business faces transition with budget delays, focusing on renewals initially.
• Hundreds of proof-of-concepts for agentic AI are underway.
• AI agent pricing follows a "pseudo consumption" model, optimizing cost efficiency.

UiPath’s strategic insights and financial details from the Mizuho Technology Conference 2025 are available in the full transcript below.

Full transcript - Mizuho Technology Conference 2025:

Asim Gupta, COO and CFO, UiPath: Oh, that was far back.

Siti Panigrahi, Software Analyst, Mizuho: Alright. I’m Siti Panigrahi, software analyst here at, Mizuho. It’s a great pleasure to welcome Asim Gupta, COO and CFO. Two hats. Yeah.

That’s great. Welcome you to the conference.

Asim Gupta, COO and CFO, UiPath: Thanks so much, Citi.

Siti Panigrahi, Software Analyst, Mizuho: Know, I’ll start with the pretty you you reported recently fiscal Q1. It was much better than expected. So maybe why don’t you start with your puts and takes for Q1, where where you saw the strength, where you saw the weakness? Let’s start with that.

Asim Gupta, COO and CFO, UiPath: So look, think Q1, we delivered revenue, very strong. We beat consensus estimates. We beat consensus estimates on profitability. You can see strong free cash flow generation of $100,000,000 or more. Net new ARR just above what we, you know, a good beat versus what we had also guided in March.

And we did that in the backdrop of what I think we can all agree is a very uncertain and kind of volatile environment that we’ve been facing. So we’re really pleased and we’re super pleased by the execution with the team. I think beyond the numbers, when you go to and the financial statements, when you just go to what the team’s executed, new partner program in place, which was really well received, strong contacts and agreements with GSIs, good like Deloitte for AgenTik ERP, really good momentum, but it was underscored and highlighted by the launch of our AgenTik platform. So I know in the world of AI, a lot of people there’s a question of like what’s real, what’s hype, etcetera. We launched we had the most significant product launch for us, tangible software that our customers had been previewing the previous three months that is now in GA that allows them to build and deploy agents at scale in conjunction with the rest of our automation platform.

And then also agentic orchestration and agentic testing. And agentic orchestration allowing humans, robots, and agents to be working together and really bringing that to customers.

Siti Panigrahi, Software Analyst, Mizuho: Definitely, want to spend more time on AI side, Ashim. But one other question I was getting post your earnings is FX. How do you characterize the FX impact and how you look into that in your guidance?

Asim Gupta, COO and CFO, UiPath: Yeah. So I think if you just step back, the thing is we’ve been very consistent about the way we report and the way we guide with foreign exchange. When you go back in history, we really haven’t seen as much volatility in foreign exchange, so this hasn’t come up. But when we reported in March and when we guided for the year, the euro, which is the most exposure that we would have, was hovering between $1.8 and 1.9 When we guided in the second quarter or at the of the first quarter, it was around $1.12 So it was very minimal. If you go back to September of last year, when we guided in third quarter, the euro was around 1.07 and we went into December, it was more like $1.2 $1.03 These movements always happen, and we never adjust our guidance for what we see as immaterial amounts.

What really confused people, I think, is when you look at other software companies, they talked about material movements. So if you had done your earnings a week before us in March, you were dealing with a euro that was $1.02 versus $1.8 or $1.9 So it was a much more material impact. The last point is within our ARR balance, more than 55% of our ARR is in U. S. Dollars.

So then you take a smaller portion that is in euro. And then that when you carve that down with contracts that have multiyear exposure, which is a good chunk of our larger dollars, you have an immaterial impact of contracts that are renewing this year itself. And the other the last point that we wanted to make is we don’t mark to market our contracts every quarter. So if they will we will only adjust the foreign currency and realize the currency loss or gain when the contract comes up for renewal. So those are kind of three points to put that in context.

Siti Panigrahi, Software Analyst, Mizuho: Thanks for clarifying that. The other point is at this point macro, we are seeing so much variability there right now. So how does that play out for you? Are you seeing some kind of deal elongation? Or are you seeing the smaller deal size?

Anything you are seeing?

Asim Gupta, COO and CFO, UiPath: Yes. I think it’s been across the board. So it’s I would say two ways to answer it. The is in March itself, that is when we really recognized and called into our number. Macro uncertainty, that’s there.

I think when you turn on your TV or you open the newspaper, for anybody who reads a newspaper still, or you you turn on your iPhone, Uncertainty still is very prevalent within the macro environment. So we don’t see that as fundamentally changing. That does affect deal cycles. Why? I think customers are still trying to understand what is their revenue and cost structure going to look like in the environment in which we’re in.

And so I think we saw a little bit more clarity from certain customers come in the second quarter come in the end of the first quarter, which allowed us to adjust our revenue up in the second quarter by $12,000,000 plus. So when you look at that together, I think the overall environment has remains uncertain. But we’re hopeful that that clarity comes within the half of the year. That said, in our total year guidance, we remain prudent that this environment is going to continue for the near future.

Siti Panigrahi, Software Analyst, Mizuho: Yeah, another topic was federal. I think you talked about some kind of cautiousness on the Q4 call. So then how do you characterize the federal business? And what’s kind of baked into your So

Asim Gupta, COO and CFO, UiPath: I think the federal business is going through transition. I was down. We’ve talked to I personally have talked to a number of the undersecretaries as well as several of the CFOs of the different agencies. Many of them are just going through the transition. They don’t have their budgets nailed down in many places yet.

They’re still kind of working through Doge’s control influence, what Doge wants to review, etcetera. And then the piece is there’s just a general sense of uncertainty, even some of the areas where even the heads of an agency has either not been confirmed or is in the process of getting confirmation right now. So what we factored into our guidance is really a more renewal oriented deal flow for the half. We do see the half with budgets getting confirmed in September. There should be some life into the new business.

That said, when we talk to our customers, UiPath is very well positioned. Department of Government efficiency, they’re not hiring back the employees that were let go. So they’re trying to contend with how do you do the same amount of work with less people. And that is where both robots, agents and overall automation thrives, and we’re very aligned with them on the vision and the opportunity together.

Siti Panigrahi, Software Analyst, Mizuho: Okay. Now with that, let’s switch to strategy. I mean, going back to 2016, UiPath was a leader in RPA. We had pretty good success there. Now coming to AgenTik AI, now this is something like a act for UiPath.

So help us understand what’s your strategy there and what are you hearing from customer?

Asim Gupta, COO and CFO, UiPath: Yeah. The thing is I think we haven’t been an RPA company since 2016. I think that message I really want to hit home. We extended our platform to include document understanding, test automation, process mining, communications mining, which is the mining of e mails to identify and drive efficiency and create routing. We had done all of that between 2016 and 2020.

So in the first quarter, we talked about an attach rate for our customers. There are still the customers that are using AI products has moved to the teens, which is great progress over the last two or three years. We’re in the high teens in terms of the number of people who have moved beyond RPA. There is still room for expansion for that base to grow. The piece is that we look at the world in terms of deterministic automation and probabilistic.

So deterministic is roles based. You want the same outcome every single time. Probabilistic automation is where we see agents, software with agency come into picture. So when you look at our strategy, fundamentally, we want to transform the way people work by creating end to end automation. That requires three things: being able to do it on a roles base, which is, like you said, kind of our founding technology and RPA.

Being able to have all the extensions around it, which is what we’ve done with the platform between 2018 and 2021, and now incorporating AgenTic. And then if I break down AgenTic into two pieces, we are the Switzerland for AgenTic. So there are companies out there that will do AgenTic for CRM, AgenTic for their HR applications. We will do it across applications. Many companies have 10,000, 15,000 applications in their tech stack.

So in order to really automate, they need to go across. The piece is we’re going to lead in governance and controls. If you’re in health care doing claims processing, the governance and controls is a significant part of your decision making. And our first quarter our deal that we talked about in our first quarter earnings, that highlights where we’re differentiated when a Fortune 10 company picks us as their leading AgenTeq platform as their leading AgenTeq technology. And then the last piece to underscore is we also launched AgenTeq orchestration.

Think about a world where you’re sitting down and you have applications, but then you have robots doing transactions, agents doing transactions, and humans doing transactions. You need one orchestration layer to be able to make sure that happens. That orchestration layer, that is something that we launched here April 30. Incredible feedback from our customers. And that is part of our strategy to move not just at the transaction layer, but the overall orchestration layer as well.

Siti Panigrahi, Software Analyst, Mizuho: That’s great color. So if I remember during the strong adoption of RPA time, a lot of companies started there. Chief automation and center of excellence kind of new role started. Right? So now are you seeing that’s the same kind of department extending, becoming like chief AI officer?

Or is it now what are you seeing?

Asim Gupta, COO and CFO, UiPath: It’s different. Yeah, it’s different. I don’t think any one customer has one approach to AI, which is reasonable and kind of understandable. So in some cases, the COE that was doing RPA is extending their scope and doing end to end automation inclusive of AgenTic and AI. In other examples, we see a head of AI that we are selling into that is in charge of the AI decisions and really driving the AgenTic world.

Interesting enough, the few that we have started interacting with, they actually came from the RPA COE, which is very which is fascinating and obviously helpful for us as well. And I think in other areas, it’s spread across different areas. So you can have it under the CTO organization making the decision, CIO organization. I think all of them, depending on the company, has different governance models. What I will tell you has not changed amongst all of that, ROI drives the decision because the lines of business are funding the next round of implementation.

I think in the past, you saw all these innovation funds that were moving and giving temporary bursts to things. ROI is really defining software evaluation today, I think it’s a little bit economic. But I also think it’s a little bit of the learning of the past three to five years of AI of a lot of overpromising and under delivering from just the overall market. And frankly, when you look at ROI, that’s where we feel like we have a really good advantage. We can provide really tangible ROI to our customers.

Siti Panigrahi, Software Analyst, Mizuho: So what kind of adoption you are seeing right now with some of your, I think, Maestro and AgentBuilder, some of the product already in the market?

Asim Gupta, COO and CFO, UiPath: We have hundreds of proof of concepts right now that are going there. So think about our 10,800 customer base. Our top tier customers, we’re seeing enormous penetration of getting the proof of concepts moving. The number one request that I’m getting right now is the need for more presales and technical engineering on the front end of our processes. To me, that is a great sign because people aren’t content with a video or a PowerPoint.

They want to get the pilots and the proof of concepts moving. So we see incredible demand from there. We closed AgenTic Airmen for the federal government. That is helping operations officers using AgenTeq technology, freeing their time, whether it’s logging weapons or different inventoryable items, that is something that we are able to help with. The health care deal that we closed in the first quarter that we closed early in the second quarter that we talked about.

Sonic Automotive is a one. So we do see tremendous adoption. And we see hundreds of thousands of agent runs for a lot of our private preview customers, which means they are truly putting their hands on the technology and running them in production and getting to understand what their impact could be.

Siti Panigrahi, Software Analyst, Mizuho: So this is the question I always get from investors is agentic AI, I know it’s pretty early, but when you look at the opportunity, you heard RPA, a certain opportunity to automate some kind of workflow, some actions. Now when you think of AI coming in, is it going to replace part of it or is it going to complement or augment it or is partly cannibalistic? How do you see that opportunity now?

Asim Gupta, COO and CFO, UiPath: From my standpoint, it’s complementary and augmentative. I can’t say there’s not going to be any cannibalization. I think that would be disingenuous. But that’s not the primary stake. And I’ll just give kind of like two reasons why.

You’re when you remember, in personal productivity, you’re not as worried about rules based automation versus probabilistic. If I say download 10 emails or download 10 attachments, there’s very little chance for error. If you look at our customer base, health care, financial services, public sector, you are not gonna take a chance with a patient record of their medical history to be sent with a probabilistic piece of software. It is there’s a risk element to it. There’s a cost element to it.

And even if cost comes down, there is a complexity of maintenance to it that you’d have to contend with. Right? So in our view, when you look at a workflow today, you’re going to find a lot of agents that are agentic opportunities that are hovering on the next step after a robot where a human would have gone in. I think that’s the Just one interesting anecdote, and I’ve said this in a number of my one on one tables, we had a partner that did 20 customer roundtables. In those roundtables, of 100 ideas, 70 that came out were actually robotic ideas.

Customers don’t know the difference, really, nor should they, between probabilistic and deterministic. But their technology arms do, and they do not want to put probabilistic deterministic processes in a probabilistic framework for both what we talked about as complexity and risk. So I look at it as augmentative. As you look for agents, I think you’re going to find robots. And if you look around your robots, you’re going to find agents.

Siti Panigrahi, Software Analyst, Mizuho: Okay. So in terms of adoption, think if I remember, a pretty strong attach rate to the million plus ARR, I think 85% or so. That’s still 20% of the base. So what could you do further incentivize that kind of adoption?

Asim Gupta, COO and CFO, UiPath: For the million dollar plus base city? Yeah. Yeah. I think one is just being close to them. I don’t think we have to incentivize.

I think the ROI is going to incentivize them. The main thing is education. So I think in this world of like AI confusion, which ebbs and flows, we have to make sure people really understand what software is capable of doing. Just to give you an example, we don’t have to produce any of our own LLL models. We partner with everybody, and we have very open architecture.

Sometimes we get asked, are you tied to any one model? Because that creates security restrictions or vendor restrictions from their standpoint. So I think there’s a lot of education that goes into the round. So from other incentives, I think it’s really the ROI that will incentivize them. I would also say getting beyond the top base and getting to the rest of the customers, that’s why we’re super excited by the partnerships with Deloitte and our regional partnerships for smaller customers like Leidonia, TQA, Accelerate.

And we’ve become very close with them over the last year as we’ve simplified our partner program focused on enabling them and really invested in them to grow and drive adoption across our customer base.

Siti Panigrahi, Software Analyst, Mizuho: The other topic I want to hit on is your recent acquisition of PIC. That kind of get into more of a vertical strategy. Yeah. That was kind of surprising in the place when I saw that, but you talked about the vertical strategy there. Can you help us understand how you’re thinking about?

Is it more doing more tuck in acquisition? Maybe talk about your strategy itself.

Asim Gupta, COO and CFO, UiPath: So I think horizontal is a strength So just to give you an interesting metric, of the customers that we did that we have in our private preview, their no use case dominated more than 10 of the number of use cases, like not one, which means that a horizontal platform unlocks the ability for a customer to go after where they see ROI. And it also speaks to the ubiquity of what our platform can deliver. The area where verticalization comes in, horizontal is great because it has a massive TAM. At the same time, it is a harder sale in some cases because you are reliant on the customer to figure out what they want to go and solve. Verticalization has will have slivers of that TAM, but it will cut down the time to value by giving them software that immediately hits the outcomes that we’re looking at.

So if you look at peak, inventory optimization and pricing optimization, gathering all of the data and being able to do the transactions in the system to make decisions on whether you’re producing inventory. And if I add prices, what does that do to sales? And then correspondingly to production. That is a great outcome that is relevant to any customer that is has high number of SKUs as a part of their business model. For us, we’ve seen great uptick, great interest right when we brought Peak into our company.

So I think we can selectively go after verticalization to drive faster time to value while still maintaining the horizontal benefits that we have of our overall platform.

Siti Panigrahi, Software Analyst, Mizuho: And this AI agents, how do you think the pricing would be? Is it more usage based, agent based, seat based?

Asim Gupta, COO and CFO, UiPath: Yeah. Right now we’ve rolled it out in what I call more of a pseudo consumption model. So similar to Mac credits that you get on the Microsoft side, people will buy bundles of user or lose it, but it be used upon consumption. So we can monetize a bundle of x or 10,000 units. And every time they do an agent run or every time they consume a model, it will draw down against it.

That’s our current pricing model that we’re going with.

Siti Panigrahi, Software Analyst, Mizuho: Last year when you were here, you talked about that go to market transformation. So I think recently you talked about that I think you completed like how does the now current go to market strategy position you for the growth or the next phase?

Asim Gupta, COO and CFO, UiPath: I think our go to market has never been stronger and more stable. So if you look at the average tenure of our leaders, they are greater than two years of UiPath experience now that are sitting in seat. The average tenure of our field has increased because we’ve moved the organization less. And the number of accounts that have been switching hands because of various initiatives has come way down. We’re getting better customer intimacy, more stable.

And probably the most impactful thing from my perspective, we eliminated all of the central organizations that really put distance between us, our product teams, our management teams, and our field teams, which gives us which has made us faster and more in touch with what customers are happening. If you look at AgenTic, our ability to respond to customers fast if you look at our AgenTic launch, making sure there is consistency of message and consistency of approach, both of those are all of the changes we made. I just don’t think we would have had this much momentum with our AgenTic launch had we not made those changes.

Siti Panigrahi, Software Analyst, Mizuho: I want to ask you on the AI side that I’ve been asking other companies as well. How are you using AI internally for your soft product development, go to market, any of the areas?

Asim Gupta, COO and CFO, UiPath: So we’ve definitely employed AI across our engineering teams. So a lot of the code is generated by AI internally, and we’re looking to increase that. The piece is we are deploying AgenTic. We are customer zero. We have been.

So just yesterday, I did a meeting just on the number of agents and agentic ideas that are there. Similar to our customers, we are literally starting with all the workflows that we automated with the hundreds, if not thousands, of robots and looking around and saying, what are the agentic ideas behind that? And within three weeks, we’ve come up with hundreds of opportunities to be able to agentify UiPath using our own technology. The piece is we employ experiment with tools for personal productivity. Whether that is Anthropic, whether that is ChatGPT, we’re going to go and experiment and see how it is.

It’s been honestly, the success of all three of them have been awesome. I was talking about it today. Like, we had one of our one of our groups, they were able to take four hours worth of work to condense and understand and help the documentation for a cloud migration for a customer. Between our platform and different reasoning models, they were able to bring that down in two minutes versus the hours that it would have taken. So super excited about what the potential is.

Siti Panigrahi, Software Analyst, Mizuho: So now you’re having a dual hat of operating role and CFO. Do you see this is kind of one of the key driver of operating leverage? Yes. Not only your company, for other companies?

Asim Gupta, COO and CFO, UiPath: 100%. 100%. I think you get to choose whether you want to reinvest. But is there another step function change in productivity? I think you would have to be in a significant minority to say no.

I think the biggest thing is having the leadership culture and incentives because it’s deeply personal to people, right? When you do just I automated a forecast for ourselves using two reasoning models. It’s hard to admit that that reasoning model did it faster and more accurate than the hours that an analyst may put into it. So it comes with a certain sense of humility and ability to transform. But 100% there’s a step function change, not just for UiPath, but to me the overall industry and our entire customer base.

Siti Panigrahi, Software Analyst, Mizuho: Your comment certainly validates one of our team published a note. So it’s a plug, but we did it internally, how company using and bring operating leverage. We quantified that.

Asim Gupta, COO and CFO, UiPath: Yeah. Interesting. All of the analyst research reports that come up after earnings, just to give you an idea of deterministic and probabilistic, we were able to and Jake’s sitting in the audience here we were able to go and gather all of that, put it into a reasoning model, and get a quick summary of 36 or whatever is the number of reports and number of pages, and it came out in minutes. Now the interesting thing is you still have to go and gather all of those documents. Now attach that with a robot.

And now attach it with an agent to say, bring me all press releases as well that you think are relevant. You’re giving it a probabilistic task with a deterministic task of gathering all of the documents that specifically want so the agent doesn’t overlook something. And then you use a reasoning model to summarize it and provide an output. That is a simple workflow that you can put and watch it happen with UiPath Maestro.

Siti Panigrahi, Software Analyst, Mizuho: Let me pause here and see any question in the audience. You can raise hand.

Asim Gupta, COO and CFO, UiPath: Do you see any

Siti Panigrahi, Software Analyst, Mizuho: competition from the traditional BPO companies? Or are you a totally a different company?

Asim Gupta, COO and CFO, UiPath: It’s an interesting question. They are some of our best customers, so just to put that in context, and some of our best partners. At the same time, I think there’s always going to be a competition between labor and technology, right? So we definitely don’t play in the labor. We look to augment labor, from that standpoint.

I think different companies take different tax tasks. I think the BPO is about timing. I don’t think it’s about outcome. So outcome one is a customer automates and then takes whatever they can automate and moves it to a BPO. Alcom two, another the other route is a company moves it to a BPO and the BPO uses technology and then their own skill sets to drive efficiency.

Right? Either way, technology is employed. It’s just a question of when. So in my mind, I don’t see them as a direct competitor. I look at them as really good partners, really good customers.

At the same time, they have they do introduce different paths to get to an end outcome of technology driving efficiency for a company.

Siti Panigrahi, Software Analyst, Mizuho: In the same context, your traditional competitors are here. How has that evolved the competitive landscape as you’re looking to the next phase of your agentic AI automation?

Asim Gupta, COO and CFO, UiPath: I personally feel like they’ve been left behind. Like, look at our competitors as we are now going to emerge as competitors to other companies, whether it’s Salesforce or ServiceNow or different things for different workforces. But I think we’ve leapfrogged those competitors both numerically as well as technologically. And to be candid, we leapfrog them technologically, which is why we’ve leapfrogged them numerically. So in my mind, while we will see them in pure RPA at small scale, our win rate is very, very high.

We don’t really lose customers. We do see areas where we can displace them. But the agentic landscape, that’s a different group of competitors from my standpoint. We’re not playing against them.

Siti Panigrahi, Software Analyst, Mizuho: Okay. And probably last question here. We talked about some of AI agents, agent tech solution. When do you think that’s going to uplift your revenue growth? Is this something in this year, next year?

Asim Gupta, COO and CFO, UiPath: So I think this year is around proof of concepts. So I think when you look at POCs and pilots, to me, they are going to validate the technology and they are going to validate the ROI. So, you know, I think the last couple of years, a lot of companies have been burned by the overpromise of AI. And so ROI is going to be the defining characteristic for revenue. Mhmm.

So I look at it this year being proof of concepts and pilots. And I look at, you know, as we get beyond this year, we definitely see there we definitely see, like, meaningful revenue potential coming from these from this technology in this market.

Siti Panigrahi, Software Analyst, Mizuho: I look forward to hosting you again around this time, and we’ll talk about more use cases then.

Asim Gupta, COO and CFO, UiPath: Thanks so much, Siddharth.

Siti Panigrahi, Software Analyst, Mizuho: Thank you.

Asim Gupta, COO and CFO, UiPath: Thank you. Thanks, everybody.

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