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HashiCorp (HCP) investor relations material
HashiCorp Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Dec, 2024
Executive summary
Q3 FY2025 revenue was $173.4M, up 19% year-over-year, driven by new customer additions, expanded product adoption, and product updates announced at HashiConf.
Net loss for the quarter was $13.0M, a significant improvement from $39.5M in the prior year quarter.
The pending IBM acquisition for $35/share (enterprise value $6.4B) is expected to close in Q1 2025, with shareholders to receive $35.00 per share in cash.
The company continues to see strong adoption of its cloud platform (HCP) and growth in large enterprise customers.
Financial highlights
Subscription revenue grew 18% year-over-year to $167.8M, with HCP revenue up 46% to $29.0M for the quarter.
Gross margin remained strong at 83% for the quarter, with GAAP gross profit at $143.6M and non-GAAP gross profit at $148.4M (86% margin).
GAAP operating loss improved to $29.9M from $55.6M; non-GAAP operating income was $11.0M vs. a $10.5M loss last year.
Free cash flow for the nine months ended October 31, 2024 was $49.9M, compared to an outflow of $30.2M in the prior year period; non-GAAP free cash flow for the quarter was $35.7M (21% of revenue).
Cash, cash equivalents, and short-term investments totaled $1.35B as of October 31, 2024.
Outlook and guidance
The IBM merger is expected to close in Q1 2025, subject to regulatory approvals and customary conditions.
The company expects to incur an additional $92M in transaction-related liabilities upon merger completion.
No financial guidance provided due to the pending IBM acquisition.
Management believes existing liquidity is sufficient to fund operations for at least the next 12 months.
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Frequently asked questions
HashiCorp Inc develops and sells open-source and commercial software tools for cloud infrastructure automation. Its products support provisioning, security, networking, and application deployment for enterprises across hybrid and multi-cloud environments. The company is headquartered in San Francisco, California, and its shares are listed on the NASDAQ.
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