Appian reported QQ3 2024 revenue of $154.1 million, up 12.37% year over year and 5.19% quarter over quarter, driven by continued demand for its low-code automation platform across multiple industries. Gross profit reached $116.97 million with a gross margin of 75.93%, signaling strong product economics on a per-dollar basis. However, the quarter featured a continued Earnings cadence where operating income was negative (-$7.16 million) and net income also negative (-$2.10 million), resulting in an EPS of -$0.029. EBITDA stood at $9.95 million, implying some operating leverage beneath the surface but insufficient to offset high operating expenses in the near term. The expense mix remains heavily weighted toward operating investments: Research and Development $38.57 million, Selling and Administrative expenses (SG&A + SG&A-like) $85.55 million, culminating in total operating expenses of $124.13 million, which compressed margins despite top-line growth.