HashiCorp Q1 2023 Earnings Report
Key Takeaways
HashiCorp announced its Q1 2023 financial results, reporting a 51% year-over-year revenue increase to $100.9 million. The company also saw growth in its customer base, ending the quarter with 3,240 customers and a net dollar retention rate of 133%.
Total revenue reached $100.9 million, a 51% increase year-over-year.
Trailing four quarter average Net Dollar Retention rate was 133%.
Total GAAP RPO was $433.9 million, up 51% year-over-year.
Added 525 new customers in the first quarter, totaling 3,240 customers.
HashiCorp
HashiCorp
HashiCorp Revenue by Segment
Forward Guidance
For the second quarter of fiscal year 2023, HashiCorp expects total revenue between $101 and $103 million, a non-GAAP operating loss between $59 and $56 million, and a non-GAAP EPS loss between $0.32 and $0.30. For the full fiscal year 2023, the company expects total revenue between $422 and $432 million, a non-GAAP operating loss between $224 and $216 million, and a non-GAAP EPS loss between $1.19 and $1.15.
Positive Outlook
- Total revenue of $101 - $103 million is expected for Q2 2023.
- Weighted Average Fully Diluted Shares of 184.3 million is expected for Q2 2023.
- Total revenue of $422 - $432 million is expected for fiscal year 2023.
- Non-GAAP operating loss of $224 - $216 million is expected for fiscal year 2023.
- Weighted Average Fully Diluted Shares of 184.9 million is expected for fiscal year 2023.
Challenges Ahead
- Non-GAAP operating loss of $59 - $56 million is expected for Q2 2023.
- Non-GAAP EPS loss of $0.32 - $0.30 is expected for Q2 2023.
- Non-GAAP EPS loss of $1.19 - $1.15 is expected for fiscal year 2023.
- HashiCorp has not reconciled its expectations as to non-GAAP operating loss to the most directly comparable GAAP measures.
- HashiCorp has not reconciled its expectations as to non-GAAP earnings per share to the most directly comparable GAAP measures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income