Non-GAAP operating loss was $27.3 million in the first quarter of fiscal 2024, compared to a non-GAAP operating loss of $32.0 million in the same period last year. Operating Loss: GAAP operating loss was $67.8 million in the first quarter of fiscal 2024, compared to GAAP operating loss of $78.4 million in the same period last year. Non-GAAP gross profit was $115.0 million in the first quarter fiscal 2024, representing an 83% non-GAAP gross margin, compared to a non-GAAP gross profit of $85.0 million and an 84% non-GAAP gross margin in the same period last year. Gross Profit: GAAP gross profit was $111.2 million in the first quarter of fiscal 2024, representing an 81% gross margin, compared to a GAAP gross profit of $81.5 million and an 81% gross margin in the same period last year. Revenue: Total revenue was $138.0 million in the first quarter of fiscal 2024, up 37% from $100.9 million in the same period last year. “We are committed to reaching our breakeven target of the second half of fiscal year 2025 and are focused on driving efficiency while preserving our long-term opportunity.”įiscal 2024 First Quarter Financial Results “Looking at key financial metrics from our first quarter, we've continued to make progress improving the operating efficiency of HashiCorp, and saw continued growth in customers with equal to or greater than $100,000 ARR,” said Navam Welihinda, CFO, HashiCorp.

“I believe, however, that after these actions we are better positioned for our opportunity.” This was a difficult decision that we don’t take lightly, and I am deeply disappointed to lose many valued colleagues,” said McJannet. “We are responding to the current customer and economic environment with proactive actions to lower our ongoing costs. HashiCorp also announced targeted cuts in discretionary spending and a workforce reduction of approximately 8%. Ledger previously served as President of Worldwide Field Operations for Okta and Splunk and is currently a member of the HashiCorp board of directors. Ledger onboard as HashiCorp works to scale to our next stage of growth,” said McJannet. “As we look forward, I’m excited for the opportunity to bring such an experienced and skilled operator as Susan St. “And while we saw pressure in the buying process, the large number of new customers gives us ongoing confidence in both the market trend of cloud adoption and our ability to deliver value helping large enterprises operate their cloud infrastructure.”

“HashiCorp remains focused on its role as a partner to the Global 2000 as they transition to the cloud, and, despite the difficult macroeconomic environment, we saw meaningful progress with new customers in the first quarter,” said Dave McJannet, CEO, HashiCorp. Ledger as the company’s President, Worldwide Field Operations, starting in July 2023. HashiCorp also announced the appointment of Susan St. (NASDAQ: HCP), a leading provider of multi-cloud infrastructure automation software, today announced financial results for its first quarter of fiscal 2024, ended April 30, 2023. SAN FRANCISCO, J(GLOBE NEWSWIRE) - HashiCorp, Inc. Ledger as President, Worldwide Field Operations. HashiCorp reduces its workforce by approximately 8%.First quarter total non-GAAP RPO totaled $660.2 million, representing an increase of 44% year-over-year first quarter current non-GAAP RPO totaled $394.6 million, representing an increase of 29% year-over-year.

First quarter total GAAP RPO totaled $635.3 million, representing an increase of 46% year-over-year first quarter current GAAP RPO totaled $373.5 million, representing an increase of 31% year-over-year.

Trailing four quarter average Net Dollar Retention Rate was 127% at the end of the first quarter of fiscal 2024 and 133% at the end of first quarter of fiscal 2023.

First quarter revenue totaled $138.0 million, representing an increase of 37% year-over-year.

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