Box’s Q1 Revenue Nearly Doubles As Its Losses Expand A More Modest 13%

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This afternoon, Box pulled the trigger on its updated S-1 document, detailing its fiscal first quarter financial performance. For the three-month period, Box had revenue of $45.3 million, and a loss of $38.5 million. The revenue figure is up 93.6 percent, and the loss total is up a more modest 13 percent.

So Box managed to nearly double its year-over-year revenue, with only a modest addition to its loss rate. Naturally, losing more than $38 million on revenue of $45 million means you are still nearly spending twice your top line in total, but the numbers are an improvement over what Box reported for its last year.

The company had a GAAP net loss margin of 85 percent in the quarter, which was down from 112 percent in its fiscal 2014. We’re currently in Box’s fiscal 2015, for what it’s worth.

For its most recent fiscal full year, Box had revenue of $124 million, and losses on a GAAP basis of $168 million.

For the period, Box had billings of $44.2 million, up from $28.38 million the year prior.

The numbers would have been better if Box had managed a decline in losses. However, its revenue growth rate could assuage that concern, at least partially. For comparison, in its fiscal 2013, Box had average revenue of roughly $31 million per quarter, so this first-quarter figure, while obviously far superior than its first-quarter 2013 tally, is a thinner percentage better than its last-year average. That could imply lower quarter-on-quarter growth.

Box burned substantial cash in the quarter. In its first S-1, it indicated that it ended January 31 of 2014 with $108.85 million in cash. It ended its most recent quarter, three months later, with $79.26 million. Box recently raised $150 million from private investors as it waits to go public. That raise is not present in the figures, as it took place after the end of the fiscal period.

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