HashiCorp Q1 2024 Earnings Report
Key Takeaways
HashiCorp's first quarter fiscal year 2024 saw a 37% increase in revenue year-over-year, reaching $138.0 million. The company is focused on cloud adoption and improving operating efficiency, aiming to reach breakeven in the second half of fiscal year 2025. They also announced a workforce reduction of approximately 8% and the appointment of Susan St. Ledger as President, Worldwide Field Operations.
Revenue increased by 37% year-over-year, totaling $138.0 million.
GAAP gross profit was $111.2 million, with an 81% gross margin.
The company ended the quarter with 4,392 customers.
The company reduced its workforce by approximately 8%.
HashiCorp
HashiCorp
HashiCorp Revenue by Segment
Forward Guidance
For the second quarter of fiscal 2024, HashiCorp expects total revenue between $137 and $139 million, a non-GAAP operating loss between $46 and $43 million, and a non-GAAP EPS loss between $0.16 and $0.14.
Positive Outlook
- Total revenue of $137 - $139 million
- Company expects improvements in the automatization of the cloud
- Company expects improvements in security
- Company expects improvements in networking
- Company expects improvements in application deployment
Challenges Ahead
- Non-GAAP operating loss of $46 - $43 million
- Non-GAAP EPS loss of $0.16 - $0.14
- Difficult macroeconomic environment
- Pressure in the buying process
- Targeted cuts in discretionary spending
Revenue & Expenses
Visualization of income flow from segment revenue to net income