CrowdStrike hails subscription growth in Q1 results

The US security vendor saw both top and bottom lines surge

CrowdStrike achieved top and bottom line growth in its first quarter fiscal year 2022, ending April 30, 2021, owing to a rise in subscription customers.

Revenues shot up 70 per cent to $302m from $178m in the same period the previous year.

Gross profit also saw lightening growth, climbing 71 per cent to $224m (€184m).

"CrowdStrike kicked off the new fiscal year with strong momentum and delivered outstanding first quarter results that exceeded our expectations," said its co-founder and CEO, George Kurtz.

"We saw strength in multiple areas of the business, added $144m in net new ARR in the quarter and grew ending ARR 74 per cent year over year to exceed $1.19bn."

Customer subscriptions paved the way

The US security vendor owes its Q1 spike in large part to a rise in subscription customers, which grew by 1,524 in the quarter.

This totalled 11,420 subscription customers for Q1, representing an 82 per cent year on year increase.

CrowdStrike said this included 119 subscription customers from the $400m February acquisition of Humio.

Kurtz adds: "Customers of all sizes are increasingly choosing CrowdStrike as their security platform of record with 1,524 net new subscription customers added in the quarter and half of total subscription customers now adopting at least five cloud modules.

"We believe the robust demand environment driven by secular trends, such as digital and security transformation, cloud adoption and a heightened threat environment, provides a runway for long-term sustainable growth."

The vendor also highlighted other revenue drivers such as the addition of new features for its Falcon Horizon Cloud Security Posture Management, new product integrations with Google Cloud, and strengthened the alliance with EY where its CrowdStrike Falcon was selected as the preferred cybersecurity technology platform.