HashiCorp Announces Third Quarter of Fiscal Year 2025 Financial Results

Core Insights - HashiCorp reported a strong performance in Q3 of fiscal 2025, with total revenue reaching $173.4 million, marking a 19% increase year-over-year [6][3] - The company is in the process of merging with IBM, with the transaction expected to close in Q1 2025 [4][5] Financial Performance - Total revenue for Q3 fiscal 2025 was $173.4 million, up from $146.1 million in the same period last year [6] - GAAP gross profit was $143.6 million, resulting in an 83% gross margin, compared to 82% in the same period last year [7] - Non-GAAP gross profit was $148.4 million, maintaining an 86% gross margin, consistent with the previous year [7] - GAAP operating loss improved to $29.9 million from a loss of $55.6 million year-over-year [8] - Non-GAAP operating income was $11.0 million, compared to a loss of $10.5 million in the same period last year [8] - GAAP net loss was $13.0 million, significantly reduced from a loss of $39.5 million year-over-year [9] - Non-GAAP net income was $26.9 million, up from $5.6 million in the same period last year [9] Customer Metrics - The number of customers increased to 4,856, up from 4,354 in Q3 fiscal 2024 [15] - Customers with $100,000 or more in Annual Recurring Revenue (ARR) rose to 946, representing 89% of total revenue [15] - Quarterly subscription revenue from the HashiCorp Cloud Platform reached $29.0 million, up from $19.9 million in the same quarter last year [15] Remaining Performance Obligations (RPO) - Total GAAP RPO was $775.4 million, a 14% increase year-over-year [12] - Current GAAP RPO was $481.4 million, up 20% from the previous year [12] - Total non-GAAP RPO was $795.6 million, also a 14% increase year-over-year [12] Cash Flow and Investments - Net cash provided by operating activities was $38.2 million, compared to $8.7 million in the same period last year [13] - Cash, cash equivalents, and short-term investments totaled $1,346.4 million, up from $1,255.7 million year-over-year [13]