New York, July 16, 2026, 07:08 EDT
Tetragon Financial Group and affiliated funds boosted their reported stake in UiPath by 5.45 million Class A shares from March 25 to June 30, according to a regulatory filing out after the close Wednesday. The group held 30.95 million shares, a position valued at about $369 million based on UiPath’s closing price of $11.93.
Filings reviewed by the newsroom show most of the increase was driven by added shares, not a drop in the denominator. The Class A share count reported in the filings slipped 1.3%. If Tetragon’s holding had stayed flat, its ownership would have edged up to 5.62% from 5.55%. But the stake disclosed in the latest filing climbed to 6.8%.
| Tetragon-related ownership | March 25 position | June 30 position | Change |
|---|---|---|---|
| Beneficial Class A shares | 25.50 million | 30.95 million | Up 5.45 million, or 21.4% |
| Reported Class A stake | 5.6% | 6.8% | Increase of 1.2 points |
| UiPath Class A share base used | 459.23 million | 453.43 million | Down 5.80 million, or 1.3% |
The original filing was based on UiPath’s March 20 share count, but the update used shares outstanding as of May 29.
It matters now because UiPath has been doing plenty of buying, too. The company bought 20.4 million shares in the three months to April 30 at an average price of $11.47 each. It picked up another 2.4 million shares through May 15 at $9.63. Altogether, that’s almost 5% of the March Class A base, but the net share count dropped by just 5.8 million over the two filing dates.
ARR, or annual recurring revenue, is UiPath’s annualized run-rate from subscriptions and maintenance. At the end of April, ARR was $1.901 billion. The company is guiding to a midpoint of $1.9315 billion for July 31 and $2.0605 billion at the midpoint for the full year ending January 31.
| ARR checkpoint | Actual or guidance midpoint | Implied increase |
|---|---|---|
| April 30, fiscal Q1 actual | $1.901 billion | $49 million net new ARR in Q1 |
| July 31, fiscal Q2 guidance | $1.9315 billion | $30.5 million over Q1 |
| January 31, fiscal-year target | $2.0605 billion | $129 million still needed in H2 |
| Required fiscal H2 average | — | $64.5 million each quarter |
The quarterly increases in this chart use UiPath’s guidance midpoints. These are not the company’s own quarterly forecasts.
The midpoints suggest UiPath needs to grow ARR in each of its last two quarters at an average rate 2.1x higher than this quarter’s guidance. The $64.5 million needed is 32% more than the $49 million net new ARR posted in fiscal Q1. Growth pacing is now just as important as hitting the yearly target.
UiPath’s July 14 contract with The Very Group, a privately owned retailer, is another example in the space. The three-year deal, secured after a competitive pitch, will bring agentic AI—software that makes and acts on decisions within rules—to pricing for both Very and Littlewoods. The retailer has more than 200,000 products, 4.2 million customers, and annual revenue over £2 billion. Sam Wright, an executive at Very, called pricing “one of the most powerful levers in retail.” UiPath’s Catherine Frame said agentic AI could “fundamentally reshape retail pricing.” Terms of the contract weren’t shared. No implementation timeline was given. uipath.com
UiPath’s Q1 numbers back up the new plan. Customers with $1 million or more in ARR rose 18% to 374, better than the 11% growth in customers above $100,000, now at 2,624. Revenue rose 17% to $418 million. GAAP operating income came in at $28 million, after a $16 million loss last year. CEO Daniel Dines said the company’s agentic products were “moving from pilot to production.”
The filing doesn’t disclose what Tetragon paid, or say why they invested. It labels the stake as passive, not aimed at control. Very’s rollout may take a while to show up in ARR, and there are no details on the deal’s economics. If deployment drags or renewals are soft, closing that $129 million second-half gap could get tougher.
UiPath shares pointed up 0.2% at $11.95 ahead of Thursday’s regular NYSE session, set for a normal open. Investors will be watching the July 31 ARR update to see if fresh deployments can push the full-year midpoint into range.
