Rubrik Inc Reports Second Quarter Fiscal Year 2025 Financial Results
Intellectia.AI2024-09-10
Rubrik, Inc. Reports Second Quarter Fiscal Year 2025 Financial Results
Rubrik, Inc. (NYSE:RBRK), the Zero Trust Data Security™ company, 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 |
|---|---|---|---|
| Total Revenue | $205.0M | $151.5M | +35% |
| Subscription Revenue | $191.3M | $127.5M | +50% |
| Subscription ARR | $919.1M | - | +40% |
| GAAP Net Loss per Share | $(0.98) | $(1.35) | Improved |
| Non-GAAP Net Loss per Share | $(0.40) | $(1.33) | Improved |
| Cash Flow from Operations | $(27.1)M | $(6.7)M | Declined |
| Free Cash Flow | $(32.0)M | $(13.4)M | Declined |
| Cash, Cash Equivalents, & Investments | $601.3M | - | - |
Rubrik demonstrated strong financial performance with a 35% increase in total revenue, reaching $205 million, and a 50% increase in subscription revenue. Although the company reported a GAAP net loss per share, it showed significant improvement over the previous year. The financial results exceeded expectations and highlighted its operational efficiency, evidenced by the increase in subscription revenue and decrease in net loss.
Revenue Performance by Segments
| Segment | Revenue |
|---|---|
| Subscription Revenue | $191.3M |
Rubrik's subscription revenue experienced notable growth, surpassing the company's guidance, driven by increased demand for its data security solutions. The significant rise in Annual Recurring Revenue (ARR) underscores strong customer reliance on Rubrik's services.
Key Developments and Operational Highlights
- Named a Leader in the 2024 Gartner® Magic Quadrant™ for Enterprise Backup and Recovery Software Solutions for the 5th consecutive year.
- Recognized as Microsoft's Healthcare and Life Sciences 2024 Partner of the Year.
- Partnered with Mandiant, part of Google Cloud, to enhance threat detection and cyber recovery.
- Expanded relationship with Assured Data Protection, facilitating regional growth into Latin America.
Comments from Company Officers
Bipul Sinha, Rubrik's CEO, stated that the increasing prevalence of cyber attacks underscores the necessity for robust cyber resilience plans. The 40% growth in Subscription ARR to $919 million reflects Rubrik's pivotal role in aiding enterprises with cyber resilience and data security management.
Kiran Choudary, CFO, commented on exceeding guidance across key metrics, highlighting significant improvements in the Subscription ARR Contribution Margin and reinforcing the balance between growth and long-term profitability targets.
Dividends or Share Repurchase Programs
No dividends or share repurchase programs were announced in this report.
Forward Guidance
For Q3 FY2025, Rubrik projects revenue in the range of $216.5 million to $218.5 million, with a non-GAAP EPS of between $(0.41) and $(0.39). Full-year fiscal 2025 guidance includes subscription ARR of $1,026 million to $1,032 million and revenue of $830 million to $838 million.
Stock Price Movement
Following the earnings release, Rubrik's stock price experienced a notable 4.36% increase, reflecting positive market sentiment towards the company's robust performance and outlook.
Rubrik's results underscore its continued growth trajectory and strength in the data security space, with initiatives to expand its market presence and enhance service offerings.
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