SAN FRANCISCO - HashiCorp Inc. (NASDAQ:HCP) reported better-than-expected revenue for its fiscal second quarter, while posting a narrower loss compared to the same period last year.
The infrastructure cloud company saw revenue rise 15% YoY to $165.1 million, surpassing analyst estimates of $157.25 million. However, HashiCorp reported a loss of $0.13 per share, falling short of expectations for breakeven earnings.
"The HashiCorp team delivered another solid performance in Q2 of FY25, with revenue growth of 15% YoY, and 10% growth in $100K customers YoY," said CEO Dave McJannet.
The company's trailing four quarter average Net Dollar Retention Rate was 110% at the end of Q2, down from 124% in the year-ago quarter. HashiCorp ended the quarter with 4,709 customers, up from 4,217 a year earlier.
Notably, quarterly subscription revenue from HashiCorp Cloud Platform reached $26.5 million, increasing from $18.4 million in Q2 of the previous fiscal year.
The company did not provide financial guidance, citing its pending $6.4 billion acquisition by IBM (NYSE:IBM) announced in April. HashiCorp stockholders approved the merger agreement in July, with the transaction expected to close by the end of 2024, subject to regulatory approvals.
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