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Fastly Inc. (FSLY-6.02%) Class A has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $137.2 million from $127.8 million in the same quarter the previous year. The increase is attributed to growth in usage from existing customers.
Cost of revenue for the quarter was $62.5 million, representing 46% of revenue, compared to 48% in the same quarter of the previous year. This decrease in cost ratio is due to revenue growth outpacing the increase in costs.
The company reported a gross profit of $74.7 million for the quarter, compared to $66.1 million in the previous year, with the increase attributed to higher revenue.
Research and development expenses decreased to $31.9 million from $39.1 million, primarily due to a decrease in stock-based compensation expenses and executive transition costs.
Sales and marketing expenses decreased to $46.0 million from $51.0 million, primarily due to a decrease in marketing expenses and stock-based compensation expenses.
General and administrative expenses decreased to $27.2 million from $30.0 million, primarily due to a decrease in stock-based compensation expenses.
Net loss for the quarter was $38.0 million, down from $54.3 million in the previous year. The decrease in net loss is attributed to increased revenue and decreased operating expenses.
Cash provided by operating activities was $11.2 million, while cash used in investing and financing activities was $108.0 million and $9.8 million, respectively.
Fastly had a working capital of $453.1 million as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including amendments to the Senior Secured Credit Facilities Agreement with First-Citizens Bank & Trust Company (FCNCA-2.18%).
Fastly does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its customer base and increasing usage of its platform, with a particular emphasis on enterprise customers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fastly Inc. Class A quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.