The company said total revenue rose $104.2 million, or 18%, in Q1 of fiscal 2025 from the same period a year earlier, mainly driven by sales to new and existing enterprise customers across its data storage platform.

10-QQuarterly reportFiled Jun 13, 2024Period of report May 5, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said total revenue rose $104.2 million, or 18%, in Q1 of fiscal 2025 from the same period a year earlier, mainly driven by sales to new and existing enterprise customers across its data storage platform.
The company said U.S. revenue grew 14%, from $427.2 million to $489.0 million, in Q1, while revenue from outside the United States rose 26%, from $162.1 million to $204.5 million. It attributed product revenue growth to demand for FlashBlade and subscription services revenue growth to Evergreen sales.
The company said it recognized $28.7 million in stock-based compensation in Q1 of fiscal 2025 related to a modification of its fiscal 2024 PRSUs. Research and development expense rose $8.5 million (5%), sales and marketing expense rose $18.5 million (8%), and general and administrative expense rose $9.4 million (14%). It cited the PRSU modification as one of the factors behind each increase.
The company said it had cash, cash equivalents and marketable securities of $1.7 billion as of the end of Q1. It made no share repurchases during Q1 and said $395.4 million remained under its share repurchase authorization.

Key figures

Quarter ended May 5, 2024

Revenue: $693M
Operating income: −$42M
Net income: −$35M
EPS: −$0.11
Gross profit: $496M
Operating cash flow: $222M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Total revenue up 18% in Q1 of fiscal 2025

The company said total revenue rose $104.2 million, or 18%, in Q1 of fiscal 2025 from the same period a year earlier, mainly driven by sales to new and existing enterprise customers across its data storage platform.

Source · Based on the MD&A text of the filing

Regional, Product and Subscription Revenue Growth Drivers

The company said U.S. revenue grew 14%, from $427.2 million to $489.0 million, in Q1, while revenue from outside the United States rose 26%, from $162.1 million to $204.5 million. It attributed product revenue growth to demand for FlashBlade and subscription services revenue growth to Evergreen sales.

Source · Based on the MD&A text of the filing

PRSU Modification Drives $28.7 million Stock-Based Compensation in Q1

The company said it recognized $28.7 million in stock-based compensation in Q1 of fiscal 2025 related to a modification of its fiscal 2024 PRSUs. Research and development expense rose $8.5 million (5%), sales and marketing expense rose $18.5 million (8%), and general and administrative expense rose $9.4 million (14%). It cited the PRSU modification as one of the factors behind each increase.

Source · Based on the MD&A text of the filing

Cash and Share Repurchases as of End of Q1 at $1.7 billion

The company said it had cash, cash equivalents and marketable securities of $1.7 billion as of the end of Q1. It made no share repurchases during Q1 and said $395.4 million remained under its share repurchase authorization.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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