Snowflake Reports Financial Results for the First Quarter of Fiscal 2023
4:05 PM ET, 05/25/2022 - Business Wire
Product revenue of $394.4 million in the first quarter, representing 84% year-over-year growth Remaining performance obligations of $2.6 billion, representing 82% year-over-year growth 6,322 total customers Net revenue retention rate of 174% 206 customers with trailing 12-month product revenue greater than $1 million
No-Headquarters/BOZEMAN, Mont.–(BUSINESS WIRE)–May 25, 2022-- Snowflake (NYSE: SNOW), the Data Cloud company, today announced financial results for its first quarter of fiscal 2023, ended April 30, 2022.
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Snowflake Q1 FY23 Infographic (Graphic: Snowflake)
Revenue for the quarter was $422.4 million, representing 85% year-over-year growth. Product revenue for the quarter was $394.4 million, representing 84% year-over-year growth. Remaining performance obligations were $2.6 billion, representing 82% year-over-year growth. Net revenue retention rate was 174% as of April 30, 2022. The company now has 6,322 total customers and 206 customers with trailing 12-month product revenue greater than $1 million. See the section titled “Key Business Metrics” for definitions of product revenue, remaining performance obligations, net revenue retention rate, total customers, and customers with trailing 12-month product revenue greater than $1 million.
“During Q1, product revenue grew 84% year-on-year to $394 million dollars. We closed the quarter with a record $181 million of non-GAAP adjusted free cash flow, pairing high growth with improving unit economics and operational efficiency,” said Frank Slootman, Chairman and CEO, Snowflake. “Snowflake’s strategic focus is to enable every single workload type that needs access to data.”