, Snowflake has garnered considerable buzz — and debate — for numbers that show fast growth and high retention to go with high losses and the corresponding multiple on revenue that it has been able to achieve from investors. Snowflake reported revenue of $264.7 million for the fiscal year ended January 31, up 174%, and revenue of $242 million for the six months ending July 31, an increase of 133%. It spent heavily to do so, with losses widening to $348.
Unlike some open-source database companies, Snowflake works with a relatively smaller number of customers, often big businesses: it counted 3,117 customers as of July 31, more than double a year before. Perhaps most exciting to traders, Snowflake’s customers stick around: the company achieved net revenue retention of 158% as of July 31.
Such a large-sized IPO will make big financial winners of Snowflake’s early investors, employees and not one, but two CEOs who have led the San Mateo, Calif.-based business. CEO Frank Slootman, who came out of retirement after previously taking ServiceNow and Data Domain public to lead Snowflake in 2019, owns more than 5 million shares outright and through vested options, with another roughly 10 million remaining in unvested shares.
Of Snowflake’s three cofounders, Benoit Dageville remains as the company’s president of products and still owns more than 8 million shares and vested options; another, Thierry Cruanes, recently resigned from Snowflake’s board but remains as chief technology officer with more than 1.
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