Rubrik, Inc. reported significant financial developments for the three months ended July 31, 2024, reflecting a robust growth trajectory despite an increase in net loss. The company recorded a net loss of $176.9 million, compared to a loss of $81.1 million during the same period in 2023.
Total revenue for the quarter reached $204.9 million, marking a 35% increase from $151.5 million in the prior year. Subscription revenue was a key driver of this growth, totaling $191.3 million, which represents a substantial 50% increase from $127.5 million in the same quarter of 2023. Gross profit also improved, amounting to $149.8 million, up from $116.1 million year-over-year.
However, total operating expenses surged to $318.1 million, significantly higher than $189.7 million in the same period last year. This increase in expenses contributed to the wider net loss, indicating heightened investment in growth initiatives.
Rubrik's cash and cash equivalents increased to $142.3 million as of July 31, 2024, up from $130.0 million at the end of January 2024. Additionally, short-term investments saw a remarkable rise to $459.0 million, compared to $149.2 million earlier in the year. Deferred revenue also grew, reaching $626.1 million, up from $526.5 million as of January 31, 2024.
The company reported a Subscription Annual Recurring Revenue (ARR) of $919.1 million, reflecting a 40% increase from $655.0 million as of July 31, 2023. Cloud ARR experienced even more significant growth, rising 80% to $677.9 million from $376.8 million in the previous year. The average subscription dollar-based net retention rate exceeded 120%, indicating strong customer loyalty and expansion.
Strategically, Rubrik completed the acquisition of Laminar Technologies, Inc. in August 2023 for $104.9 million, aimed at enhancing its data security posture management capabilities. Additionally, the company successfully executed its Initial Public Offering (IPO) in April 2024, raising approximately $710.3 million in net proceeds, which is expected to bolster its financial position and support future growth initiatives.
About Rubrik, Inc.
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