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Snowflake (NYSE: SNOW) announced the Polaris Catalog at its Snowflake Summit 2024. Polaris is a vendor-neutral, open catalog for Apache Iceberg, designed to offer organizations greater control and flexibility over their data. It will be open sourced in 90 days, ensuring compatibility with major platforms like AWS, Google Cloud, and Microsoft Azure. Polaris allows centralized access to Iceberg tables using an open REST protocol, eliminating vendor lock-in. Major industry players such as AWS, Confluent, and Dremio have expressed support. This move aligns with Snowflake's commitment to open-source initiatives, enhancing interoperability and data access for enterprises.
Snowflake (NYSE: SNOW) reported its fiscal Q1 2025 financial results, showcasing notable growth. The company achieved a product revenue of $789.6 million, marking a 34% year-over-year increase, and a total revenue of $828.7 million, representing a 33% year-over-year growth. Snowflake's net revenue retention rate stood at 128% as of April 30, 2024.
The company's customer base includes 485 customers with trailing 12-month product revenue over $1 million and 709 Forbes Global 2000 customers. Additionally, remaining performance obligations reached $5.0 billion, reflecting a 46% year-over-year growth.
Snowflake announced its intention to acquire technology assets and key personnel from TruEra, an AI observability platform. For fiscal Q1 2025, the company reported a GAAP gross profit of $569.9 million (72% margin) and a non-GAAP gross profit of $607.3 million (77% margin). Operating income (loss) was ($348.6) million (-42%) on a GAAP basis and $36.2 million (4%) on a non-GAAP basis. Net cash provided by operating activities was $355.5 million, with free cash flow at $331.5 million and adjusted free cash flow at $365.7 million.
Snowflake Data Cloud Summit 2024 is the largest user-conference ever, highlighting innovative AI advancements and application development. The event will feature keynotes by industry leaders, over 450 sessions, and 180 partners, showcasing Snowflake's impact on enterprises. The summit will focus on empowering businesses with a governed data foundation to unlock their data potential and accelerate AI adoption.
Snowflake (NYSE: SNOW) will announce its financial results for the first quarter of fiscal year 2025 on May 22, 2024. The conference call will be held to discuss the results, starting at 3 p.m. Mountain Time. Investors can join the call by dialing (833) 470-1428 (Access code: 837931). The call will also be live webcasted on the Snowflake Investor Relations website.
