HashiCorp Announces Fiscal 2025 Q2 Financial Results
Intellectia.AI Updated: 2024-08-29
HashiCorp Announces Fiscal 2025 Q2 Financial Results
San Francisco, Aug. 29, 2024 (GLOBE NEWSWIRE) -- HashiCorp, Inc. (NASDAQ: HCP), The Infrastructure Cloud™ company, today announced its financial results for the second quarter of fiscal year 2025, ending July 31, 2024.
Key Financial Metrics
| Metric | Q2 FY2025 | Q2 FY2024 | YoY Change | Consensus |
|---|---|---|---|---|
| Total Revenue | $165.1M | $143.2M | +15% | $157.25M |
| GAAP EPS | ($0.13) | ($0.34) | N/A | $0.00 |
| Non-GAAP EPS | $0.08 | ($0.10) | N/A | N/A |
| GAAP Operating Income (Loss) | ($43.3M) | ($82.6M) | N/A | N/A |
| Non-GAAP Operating Income | $0.7M | ($35.1M) | N/A | N/A |
HashiCorp’s Q2 FY2025 results exceeded Wall Street's expectations, with revenue of $165.1 million, reflecting a 15% year-over-year increase. The company's GAAP EPS improved to a $0.13 loss, down from a $0.34 loss the previous year, and posted a non-GAAP EPS of $0.08. GAAP operating loss narrowed significantly, while non-GAAP operating income turned positive.
Segment Revenue Performance
| Segment | Q2 FY2025 | Previous Qtr | YoY Change |
|---|---|---|---|
| HashiCorp Cloud Platform | $26.5M | $24.6M | +44% |
The revenue from HashiCorp’s Cloud Platform showed robust growth of 44% year-over-year, reaching $26.5 million, up from $24.6 million in the previous quarter.
Key Developments and Operational Highlights
- Proposed Merger with IBM : HashiCorp entered a merger agreement with IBM, under which IBM will acquire HashiCorp for $35.00 per share in cash, representing an enterprise value of $6.4 billion. The transaction is expected to close by the end of 2024, pending regulatory approvals.
- Customer Growth : The company ended the quarter with 4,709 customers, up from 4,558 in the previous quarter and 4,217 in the same quarter the previous year.
- $100K ARR Customers : Customers with $100K or more in ARR increased to 934, representing 89% of total revenue.
- Subscription Revenue : Quarterly subscription revenue from the HashiCorp Cloud Platform reached $26.5 million.
- Events : Hosted successful HashiDays events in London, Munich, and Sydney.
- Product Launches : Launched several new product capabilities.
Comments from Company Officers
Dave McJannet, CEO of HashiCorp, remarked, “The HashiCorp team delivered another solid performance in Q2 of FY25, with revenue growth of 15% year-over-year, and 10% growth in $100K customers year-over-year. We held a series of sold-out HashiDays events in London, Munich, and Sydney, launched new product capabilities for our customers, and continued work towards closing the transaction with IBM.”
Dividends and Share Repurchase Program
No information on dividends or share repurchase programs was provided in the release.
Forward Guidance
In light of the proposed transaction with IBM, HashiCorp will not be providing financial guidance or holding a conference call to discuss financial results.
Stock Price Movement
The stock price saw no percentage change immediately following the earnings announcement.
Overall, HashiCorp delivered strong Q2 results with significant revenue growth and operational improvements. The ongoing merger with IBM, upon completion, is expected to further shape the company’s future trajectory.
