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Hortonworks impresses with strong Q1 numbers, revises up projections for coming year
The first quarter of 2015 was a good one for Hortonworks, Inc. with the company reporting numbers that topped market estimates, along with revised upward projections for the year ahead.
For Q1, Hortonworks booked total GAAP revenue of $22.8 million, up 167 percent compared to the first quarter of 2014.
Gross profit came in at $11.3 million, compared to $2.6 million for Q1 2014.
Operating GAAP loss, however, increased in raw numbers, totaling $40.5 million, compared to the lower figure of $20.3 million for the same period of 2014. Non-GAAP per-share loss was 77 cents, which was better than the 86 cents predicted by the market.
“We are pleased with our first quarter performance, which was highlighted by strong revenue growth and the addition of 105 new support subscription customer logos,” Chief Executive Officer of Hortonworks Rob Bearden said in a statement. “This brings our support subscription customer base to over 400 and represents over 200 percent year-over-year growth in our customer base. Coupled with our 143 percent dollar-based net expansion rate over the trailing four quarters, it is becoming more evident that our land and expand strategy is leading to rapid Hadoop adoption across many enterprise organizations.”
Future projections
What the market really liked in Hortonworks’ numbers was the revision of its projections going forward.
The company said it expected billings of $35.5 million and $37.5 million in the current quarter, which if delivered would be up 86 percent for Q2 2014, with a revised yearly figure of $153 million to $159 million, up from a previous projection of $150 million to $156 million.
Revenue projection for the year was also revised northwards up to $94 million to $97 million, compared with its previous target range of $83.5 million and $86.5 million.
It has been a busy year for Hortonworks since it went public back in December 2014. The company entered a Hadoop alliance with Pivotal Software, Inc. in February, and more recently it snapped up SequenceIQ, Inc. to improve on rapid Hadoop deployments.
Hortonwork’s share price reflected the market reaction to the positive figures, surging 12.21 percent in aftermarket trading to sit at $24.45, a reasonable premium over its IPO price of $17 a share.
Image credit: jinterwas/Flickr/CC by 2.0
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