HashiCorp Announces First Quarter of Fiscal Year 2025 Financial Results

Financial Performance - Total revenue for the first quarter of fiscal 2025 was $160.6 million, reflecting a 16% increase year-over-year from $138.0 million in the same period last year [5][6] - GAAP gross profit was $130.3 million, maintaining an 81% gross margin, consistent with the same period last year [6] - Non-GAAP gross profit reached $136.6 million, representing an 85% non-GAAP gross margin, up from 83% in the same period last year [6] - GAAP operating loss was $67.7 million, slightly improved from a loss of $67.8 million in the same period last year [7] - Non-GAAP operating loss was $4.8 million, significantly improved from a loss of $27.3 million in the same period last year [7] - GAAP net loss was $51.1 million, compared to a net loss of $53.3 million in the same period last year [8] - Non-GAAP net income was $11.2 million, a turnaround from a non-GAAP net loss of $12.7 million in the same period last year [8] Remaining Performance Obligations (RPO) - Total GAAP RPO was $748.5 million, an 18% increase year-over-year from $635.3 million [10] - Current GAAP RPO was $454.0 million, up 22% year-over-year from $373.5 million [10] - Total non-GAAP RPO was $770.9 million, a 17% increase year-over-year from $660.2 million [10] - Current non-GAAP RPO was $473.6 million, representing a 20% increase year-over-year from $394.6 million [10] Customer Metrics - The company had 4,558 customers at the end of the first quarter of fiscal 2025, up from 4,153 customers at the end of the first quarter of fiscal 2024 [13] - Customers with annual recurring revenue (ARR) of $100,000 or more increased to 918, up from 830 in the same period last year [13] - Customers with $100,000 or more in ARR accounted for 90% of total revenue in the first quarter of fiscal 2025, compared to 89% in the previous fiscal quarter [13] Cash Flow and Investments - Net cash provided by operating activities was $28.1 million, compared to $3.9 million in the same period last year [11] - Cash, cash equivalents, and short-term investments totaled $1,307.8 million at the end of the first quarter of fiscal 2025, up from $1,289.2 million at the end of the same period last year [11] Strategic Developments - HashiCorp announced a definitive agreement with IBM for acquisition at $35.00 per share, representing an enterprise value of $6.4 billion, expected to close by the end of 2024 [3]