Fastly Q1 2024 Earnings Report
Key Takeaways
Fastly reported a 14% year-over-year revenue increase to $133.5 million and positive operating cash flow of $11.1 million. The company released its Bot Management Solution and saw increased deal registrations and product package deals.
Total revenue reached $133.5 million, a 14% increase year-over-year.
GAAP gross margin improved to 54.8% from 51.3% in the first quarter of 2023.
The company's LTM Net Retention Rate increased to 114% in the first quarter.
Fastly released its Bot Management Solution to combat automated bot attacks.
Fastly
Fastly
Forward Guidance
Fastly anticipates Q2 2024 revenue between $130.0 and $134.0 million, with a non-GAAP operating loss between $16.0 and $12.0 million. Full year 2024 revenue is projected to be between $555.0 and $565.0 million, with a non-GAAP operating loss between $28.0 and $22.0 million.
Positive Outlook
- Revenue between $130.0 - $134.0 million for Q2 2024
- Full year Revenue between $555.0 - $565.0 million for 2024
- Q2 2024 Non-GAAP Net Loss per share between -$0.10 and -$0.06
- Full year 2024 Non-GAAP Net Loss per share between -$0.12 and -$0.06
- Q2 2024 Non-GAAP operating loss between $(16.0) - $(12.0) million
Challenges Ahead
- Full year 2024 Non-GAAP operating loss between $(28.0) - $(22.0) million
- Uncertainty of expenses that may be incurred in the future
- Reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort
- Factors could be material to Fastly’s future GAAP financial results
- Not satisfied with our revenue growth outlook