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HashiCorp Inc. (HCP) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports total revenue of $173.4 million for the quarter, a 19% increase from the same period in the previous year. This growth was driven by an 18% increase in subscription revenue, which totaled $167.8 million.
HashiCorp's cost of revenue increased by 16% to $29.8 million, resulting in a gross profit of $143.6 million and a gross margin of 83%. Operating expenses totaled $173.5 million, leading to a loss from operations of $29.9 million.
The company recorded a net loss of $13.0 million for the quarter, compared to a net loss of $39.5 million in the same quarter last year.
Cash and cash equivalents at the end of the period were $923.6 million, an increase from $763.4 million at the beginning of the period. Net cash provided by operating activities was $57.7 million for the nine months ended October 31, 2024.
HashiCorp's merger with IBM is expected to be completed in the first calendar quarter of 2025, subject to regulatory approvals and other customary conditions.
The filing also notes that HashiCorp has incurred $22.1 million in transaction expenses related to the proposed merger with IBM.
The company continues to focus on expanding its cloud platform, HashiCorp Cloud Platform (HCP), which contributed $29.0 million in subscription revenue for the quarter.
HashiCorp's last four-quarter average net dollar retention rate was 109%, indicating continued growth and expansion within its existing customer base.
The company is subject to various risks, including competition, reliance on third-party cloud providers, and regulatory compliance challenges, as detailed in the risk factors section of the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the HashiCorp Inc. quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.