Snowflake has announced strong financial results for Q4 and the full fiscal year 2022, ended January 31, 2022.
For the full fiscal year 2022, Snowflake reported a revenue of $1.219bn, with $1.14bn coming from product revenue.
Revenue for Q4 2022 was $383.8m, representing 101 percent year on year (YoY) growth. Product revenue for the quarter hit $359.6m, an increase of 102 percent YoY. Remaining performance obligations were $2.6bn – equating to 99 percent growth.
Snowflake now has a total of 5,944 customers and 184 customers with trailing 12-month product revenue greater than $1m.
Frank Slootman, Snowflake chairman and CEO, said: “Snowflake finished fiscal 2022 with record-breaking consumption and bookings results, including triple-digit product revenue growth. Remaining performance obligations were $2.6bn, representing year-on-year growth of 99 percent. Our net revenue retention rate reached 178 percent driven by continued growth from our largest customers.”
For Q1 2023, Snowflake is projecting product revenue of $383m to $388m, up 79 to 81 percent from fiscal year 2022.
The company anticipates product revenue for fiscal year 2023 between $1.88bn and $1.9bn, up 65 to 67 percent from the previous year.