Financial results released today (27 May 2021) by Data Cloud company Snowflake (NYSE: SNOW), reveal 110% year-on-year growth in revenue and product revenue in Q1 of the 2021/2022 financial year.
Revenue for the quarter was $228.9m, representing 110% year-over-year growth.
Product revenue for the quarter was $213.8m, representing 110% year-over-year growth.
Remaining performance obligations were $1.4 billion, representing 206% year-over-year growth, with net revenue retention rate of 168% as of 30 April 2021.
Snowflake is a technology company backed by Warren Buffet, and offers data warehousing solutions to hundreds of companies like Blackrock, Adobe, Instacart, and Albertsons.
Product revenue is a key metric for Snowflake which recognises revenue based on platform consumption, which is variable at customers’ discretion, and not based on the amount / duration of contract terms.
Its first financial report for the new fiscal year, also includes up-to-date figures on customers. These show a total of 4,532 Snowflake customers and 104 customers with trailing 12-month product revenue greater than $1m*.
Snowflake CEO Frank Slootman comments: “Snowflake reported strong Q1 results with triple-digit growth in product revenue, reflecting strength in customer consumption.
“Remaining performance obligations showed a robust increase year-on-year, indicating strength in sales across the board.”
Snowflake’s First Quarter Fiscal 2022 GAAP and Non-GAAP Results statement includes a summary of its financial results and financial outlook, see: Snowflake Reports Financial Results for the First Quarter of Fiscal 2022 | Snowflake. The section *titled “Key Business Metrics” includes definitions of product revenue, remaining performance obligations, net revenue retention rate, total customers, and customers with trailing 12-month product revenue greater than $1m.
- Product revenue of $213.8m, representing 110% year-over-year growth
- Remaining performance obligations of $1.4b, representing 206% year-over-year growth
- 4,532 total customers
- Net revenue retention rate of 168%
- 104 customers with trailing 12-month product revenue greater than $1m.