Shares in Hashicorp Inc. declined slightly in late trading today after the cloud infrastructure automation company reported earnings and revenue beats in its fiscal 2024 fourth quarter but fell short on outlook for its next quarter.

For the quarter that ended on Jan. 31, Hashicorp reported adjusted earnings per share of five cents, up from a loss of seven cents per share in the same quarter of the previous fiscal year, on revenue of $155.8 million, up 15% year-over-year. Both were beats, as analysts were expecting adjusted earnings per share of one cent on revenue of $149.29 million.

Gross profit in the quarter came in at $128.8 million, up from $112.3 million in the fourth quarter of fiscal 2023. Net cash provided by operating activities was $10.3 million, up from $1.6 million. Remaining performance obligations, the contracted revenue the company has yet to recognize from its signed contracts, sat at $775.8 million as of the end of the quarter, up from $647.1 million the previous year.

HashiCorp ended the fourth quarter with 4,423 customers, up from 4,354 customers at the end of the previous fiscal quarter and 3,870 customers at the end of the fourth quarter of fiscal 2023. As of the end of the quarter, Hashicorp had 897 customers with $100,000 or more in annual recurring revenue, up from 877 customers at the end of the previous quarter, and 798 customers with annual recurring revenue at the end of the fourth quarter of fiscal 2023.

Customers with $100,000 or more in annual recurring revenue represented 89% of total revenue in the fourth quarter of fiscal 2024, the same percentage as in the previous fiscal quarter and fourth quarter of fiscal 2023. Quarterly subscription revenue from the HashiCorp Cloud Platform reached $21.3 million in the fourth quarter, up from $14.5 million in the fourth quarter of fiscal 2023.

Recent business highlights included new features to its Terraform Cloud, including the general availability of aggregated VCS reviews, a service that streamlines the verification process across multiple workspaces by offering an aggregated view of status checks. The company also announced the general availability of on-demand policy evaluation, which is said to improve visibility and control by letting users evaluate the effects of policy changes in Terraform Cloud before they are enforced.

“The HashiCorp team closed fiscal 2024 strong in Q4, with results that exceeded expectations,” Chief Executive Dave McJannet said in the company’s earnings release. “In fiscal 2025, we are doubling down on initiatives to simplify our go-to-market, improve our product monetization, and focus our business on the HashiCorp Cloud Platform. These efforts will help us reaccelerate our revenue growth in the new fiscal year.”

Though McJannet was upbeat, Hashicorp’s outlook fell short, with the company forecasting an adjusted earnings per share loss of two cents to break-even in its fiscal 2025 first quarter versus the one cent per share expected by analysts. Hashicorp also expects revenue of $152 million to $154 million in the quarter. For the full fiscal year, Hashicorp is forecasting revenue of $643 million to $647 million.

Image: Hashicorp