$HCP reports 40.6% YoY revenue growth in Q4 and expands customer base
Mar 9th 2023, 9:02 pm
Analyst Summary: HashiCorp, a leader in multi-cloud infrastructure automation software, reported financial results for its fourth quarter and full fiscal year 2023, which ended on January 31, 2023. The company reported a quarterly revenue of $135.6 million, up from $96.5 million in the same period last year, representing a YoY increase of 40.6%. Gross margin for the quarter was reported at $112.7 million, compared to $69.0 million in the same period last year, indicating a gross margin of 81.9%. Additionally, HashiCorp's annual revenue for fiscal year 2022 increased to $475.3 million, up from $320.8 million in the previous year. The company also reported that it ended the fourth quarter of fiscal 2023 with 4,131 customers, compared to 2,715 customers at the end of the fourth quarter of fiscal 2022. During the conference call, Dave McJannet, CEO of HashiCorp, stated, "This quarter we made continued progress with large customers, by landing new deals and expanding existing relationships, both driven by delivering new innovation to the market across our portfolio of products." Navam Welihinda, HashiCorp's CFO, added, "We delivered strong operating leverage in fiscal 2023, and plan to continue to drive efficiencies in our business in fiscal 2024." The company also announced several new features, including Native Open Policy Agent (OPA) Support in HashiCorp Terraform Cloud and Dynamic provider credentials for Terraform Cloud, and the HashiCorp Cloud Platform-based global management plane for Consul. HashiCorp has not reconciled its expectations as to first-quarter and full-year 2024 non-GAAP operating loss and non-GAAP earnings per share to the most directly comparable GAAP measures.