Snowflake(SNOW) - 2025 Q1 - Quarterly Results

Revenue and Growth - Product revenue for Q1 fiscal 2025 was $789.6 million, representing 34% year-over-year growth[1][2] - Net revenue retention rate was 128% as of April 30, 2024[1][2] - The company has 485 customers with trailing 12-month product revenue greater than $1 million, a 30% year-over-year increase[1][2] - Snowflake has 709 Forbes Global 2000 customers, an 8% year-over-year increase[1][2] - Remaining performance obligations were $5.0 billion, representing 46% year-over-year growth[1][2] - Q2 fiscal 2025 product revenue guidance is $805-$810 million, representing 26-27% year-over-year growth[6] - Full-year fiscal 2025 product revenue guidance is $3.3 billion, representing 24% year-over-year growth[7] - Revenue for the three months ended April 30, 2024, was $828.7 million, a 33% year-over-year increase from $623.6 million in 2023[27] - Product revenue accounted for 95% of total revenue, reaching $789.6 million in Q1 2024, up from $590.1 million in the same period last year[32] Financial Performance - Q1 fiscal 2025 GAAP operating loss was $348.6 million, while non-GAAP operating income was $36.2 million[4] - Q1 fiscal 2025 free cash flow was $331.5 million, representing a 40% margin[4] - GAAP gross profit for Q1 2024 was $556.2 million, representing a 67% gross margin, compared to $414.2 million and a 66% gross margin in Q1 2023[38] - Non-GAAP gross profit improved to $609.1 million, with a gross margin of 74%, up from $453.9 million and a 73% margin in the prior year[38] - Net loss attributable to Snowflake Inc. for Q1 2024 was $317.0 million, compared to a net loss of $225.6 million in Q1 2023[27] - Cash and cash equivalents decreased to $1.33 billion as of April 30, 2024, down from $1.76 billion at the end of January 2024[28] - Operating cash flow for Q1 2024 was $355.5 million, an increase from $299.4 million in the same period last year[30] - Snowflake's total assets stood at $7.30 billion as of April 30, 2024, down from $8.22 billion at the end of January 2024[28] - The company repurchased $516.3 million worth of common stock during Q1 2024, compared to $191.7 million in Q1 2023[30] - Snowflake's deferred revenue decreased to $1.95 billion as of April 30, 2024, from $2.20 billion at the end of January 2024[28] - Stock-based compensation-related charges as a % of revenue is 6%[41] - Non-GAAP gross margin is 74%, up from 73% in the previous period[41] - GAAP sales and marketing expense is $400,822, representing 48% of revenue[41] - Non-GAAP sales and marketing expense is $312,571, representing 38% of revenue[41] - GAAP research and development expense is $410,794, representing 50% of revenue[41] - Non-GAAP research and development expense is $203,153, representing 25% of revenue[41] - GAAP operating loss is $(348,572), representing 42% of revenue[41] - Non-GAAP operating income is $36,244, representing 49% of revenue[41] - Non-GAAP net income attributable to Snowflake Inc. is $52,160, representing 6% of revenue[41] - Non-GAAP free cash flow is $331,545, representing 40% of revenue[42] Acquisitions and Strategic Moves - Snowflake announced intent to acquire certain technology assets and hire key employees from TruEra, an AI observability platform[3]