Shares in Rubrik Inc. rose more than 2% in late trading today after the data security software provider reported earnings and revenue beats in its first quarterly financial report since going public in April.

For its fiscal 2025 first quarter ended on April 30, Rubrik reported an adjusted earnings per share loss of $1.58, up from a loss of $1.48 in the same quarter of the previous year, on revenue of $172.2 million, up 38% year-over-year. Analysts were expecting a loss of $1.84 per share on revenue of $171.5 million.

Rubrik’s solid figures were driven by subscription revenue, which jumped 59% year-over-year, to $172.2 million. Annual recurring revenue likewise rose 46% from the first quarter of fiscal 2024, sitting at $856.1 million as of the end of the quarter. The figures were boosted by Rubrik now having 1,859 customers spending $100,000 per more per annum, up 41% year-over-year.

Cash flow from operations in the quarter was negative $31.4 million, higher than the negative $17.5 million in the first quarter of fiscal 2024. Rubrik was sitting on $606.3 million in cash, cash equivalents and short-term investments as of the end of April.

Highlights in the quarter, aside from Rubrik’s public offering of 23.5 million Class A common stock shares on the New York Stock Exchange, included the company making its DSPM Everywhere service generally available. DSPM Everywhere allows organizations to secure mission-critical data for comprehensive protection, recovery and resilience against cyberattacks, whether in a cloud, software-as-a-service or on-premises environment.

Rubrik also announced a strategic partnership with CrowdStrike Holdings Inc. to accelerate data security transformation and prevent breaches of critical information. The partnership sees data-centric attack context from the Rubrik Security Cloud combined with CrowdStrike’s Falcon XDR platform to allow organizations to rapidly detect, investigate and stop attacks targeting sensitive data.

“The explosion of data, especially with AI, is creating a massive market opportunity for Rubrik,” co-founder and Chief Executive Bipul Sinha said in the company’s earnings release. “The value we bring to our customers has resulted in subscription annual recurring revenue up 46% year over year in Q1 to $856 million.”

For its fiscal 2025 second quarter, Rubrik expects to see an adjusted earnings per share loss of 48 to 50 cents on revenue of $195 million to $197 million. Both figures were roughly in line with analyst estimates of a loss of 50 cents per share on revenue of $195.9 million.

For its full fiscal year, Rubrik expects an adjusted earnings per share loss of $2.25 to $2.35 on revenue of $810 million to $824 million.

Photo: Rubrik