Posted on Tuesday, Apr 26th 2022
According to a recent report, the
global Data Warehouse as a Service Market is estimated to grow at 25% CAGR to reach $7.69 billion by 2028. The growth is driven by increasing investments in machine learning and artificial intelligence along with BYOD services. San Mateo-based Snowflake is a leading data warehouse solution provider that is addressing this growing market through inorganic growth. Snowflake’s Financials
For the recently reported fourth quarter, Snowflake’s revenues grew 101% to $383.8 million. Product revenues grew 102% to $359.6 million. Remaining performance obligations grew 99% to 2.6 billion. Net revenue retention rate was 178%. For the quarter, Snowflake had 184 customers with a trailing twelve-month revenue of more than $1 million.
GAAP net loss of $132.2 million fell significantly compared to GAAP net loss of $198.9 million a year ago. Non-GAAP net loss per share was $0.43, compared to non-GAAP net loss per share of $0.70 a year ago.
For the full year, Snowflake saw revenues grow to $1.22 billion from $592 million reported a year ago. Net loss per share reduced from $3.81 per share a year ago to $2.26 per share.
The company expects product revenues of $383-$388 million for the first quarter of fiscal 2022 and product revenues of $1.88-$1.90 billion for the full fiscal year 2022.
Snowflake’s Streamlit Acquisition
Recently, Snowflake announced its acquisition of San Francisco-based Streamlit, a framework built to simplify and accelerate the creation of data applications, for an undisclosed sum. Streamlit’s open-source framework allows developers and data scientists to build and share data apps quickly and iteratively, without requiring expert front-end developers. Developers and data scientists use Streamlit’s solutions for building data applications and interactive data experiences. Streamlit has recorded more than 8 million downloads. More than 1.5 million applications have been built using its framework.
The Snowflake Data Cloud already provides developers and data scientists with access to a secure collaboration hub for data. The acquisition will allow both companies to work together and unlock the unrealized potential of data and make it easier to build applications. Developers will be able to create apps using tools with simplified data access and governance. Streamlit users will benefit from greater resources for continued innovation on Streamlit’s framework in addition to easier access to trusted and secure data to power data applications. Snowflake customers will be able to leverage Streamlit’s app development framework to further unlock data with the Snowflake Data Cloud.
Prior to the acquisition, Streamlit was privately held and had raised $62 million in threesn rounds of funding led by Sequoia Capital, Gradient Ventures, GGV Capital, Jeremy Liew, Elad Gil, Daniel Gross, Bloomberg Beta, and Augusto Marietti. Its most recent round was held in April 2021 where it raised $35 million at an undisclosed valuation.
Snowflake’s stock is currently trading at $186.94 with a market capitalization of $58.8 billion. It hit a 52-week high of $405.00 in November of last year and a 52-week low of $164.29 earlier this month.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. Photo credit: danna § curious tangles /Flickr.com This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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