On May 29, 2024, Pure Storage, Inc. reported its financial results for the first quarter of fiscal year 2025, which ended on May 5, 2024. The company announced an 18% year-over-year increase in total revenue, reaching $693.5 million. Subscription services revenue grew by 23% to $346.1 million, while subscription annual recurring revenue (ARR) rose to $1.4 billion, marking a 25% increase from the previous year. Pure Storage also reported a 27% increase in remaining performance obligations (RPO), totaling $2.3 billion. The company's GAAP gross margin was 71.5%, with a non-GAAP gross margin of 73.9%. Despite a GAAP operating loss of $41.8 million, the non-GAAP operating income was $100.4 million. The company highlighted a strong cash flow performance, with $221.5 million in operating cash flow and $172.7 million in free cash flow. Pure Storage's...Show More

On May 29, 2024, Pure Storage, Inc. reported its financial results for the first quarter of fiscal year 2025, which ended on May 5, 2024. The company announced an 18% year-over-year increase in total revenue, reaching $693.5 million. Subscription services revenue grew by 23% to $346.1 million, while subscription annual recurring revenue (ARR) rose to $1.4 billion, marking a 25% increase from the previous year. Pure Storage also reported a 27% increase in remaining performance obligations (RPO), totaling $2.3 billion. The company's GAAP gross margin was 71.5%, with a non-GAAP gross margin of 73.9%. Despite a GAAP operating loss of $41.8 million, the non-GAAP operating income was $100.4 million. The company highlighted a strong cash flow performance, with $221.5 million in operating cash flow and $172.7 million in free cash flow. Pure Storage's total cash, cash equivalents, and marketable securities stood at $1.7 billion. The company's CEO, Charles Giancarlo, emphasized Pure Storage's unique position in integrating fragmented data storage environments and its focus on enabling enterprises to adapt to rapid technological changes. Pure Storage is set to showcase its latest innovations at the upcoming Pure//Accelerate conference in June, where it will address critical customer topics such as AI and Cyber Resiliency. The company also provided guidance for the second quarter and full fiscal year 2025, projecting revenue growth rates of 9.6% and 10.5%, respectively, and significant growth in TCV sales for its subscription service offerings.