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SAN FRANCISCO - HashiCorp, Inc. (NASDAQ: NASDAQ:HCP) reported better-than-expected third quarter results, with revenue rising 19% YoY to $173.4 million.
The Infrastructure Cloud company posted non-GAAP earnings per share of $0.13, compared to $0.03 in the same quarter last year.
HashiCorp's Q3 revenue growth was driven by continued adoption of its cloud platform, with cloud revenues exceeding 17% of total subscription revenue. The company ended the quarter with 4,856 customers, up from 4,354 a year ago. Customers with over $100,000 in annual recurring revenue grew 8% YoY to 946, representing 89% of total revenue.
"The HashiCorp team delivered strong performance during the third quarter of fiscal 2025, with revenue growth of 19% year-over-year, and 8% growth in $100,000 customers year-over-year," said Dave McJannet, CEO of HashiCorp.
Non-GAAP operating income was $11.0 million, compared to a loss of $10.5 million in Q3 last year. The company's trailing four quarter average Net Dollar Retention Rate was 109%, down from 119% a year ago.
HashiCorp's proposed merger with IBM (NYSE:IBM) for $35.00 per share in cash is expected to close in the first calendar quarter of 2025, subject to closing conditions.
Werner Schwock, Interim CFO & CAO, noted: "HashiCorp continued to see promising growth in adoption of the HashiCorp Cloud Platform, with cloud revenues exceeding 17% of total subscription revenue this quarter."
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