Nimble Storage: Fiscal 4Q14 Financial Results

Nimble Storage, Inc. reported financial results for the fourth quarter and fiscal year ended January 31, 2014. 

Fiscal Fourth Quarter 2014 Financial Highlights:

• Revenues were $41.7 million, compared to $20.2 million in the fourth quarter of fiscal 2013, representing growth of 107% year-over-year.
• Non-GAAP Gross Margins of 67.2% compared to 61.8% in the fourth quarter of fiscal 2013.
• Non-GAAP Operating Margins of negative 20.9% compared to negative 45.8% in the fourth quarter of fiscal 2013.
• GAAP net loss was $13.2 million, or $0.29 per basic and diluted share, compared with a net loss of $10.2 million, or $0.53 per basic and diluted share in the fiscal fourth quarter of 2013.
• Non-GAAP net loss was $9.1 million, or $0.14 per basic and diluted share, compared with a net loss of $9.3 million, or $0.16 per basic and diluted share in the fiscal fourth quarter of 2013.

Fiscal Year 2014 Financial Highlights:

• Revenues were $125.7 million, compared to $53.8 million in fiscal 2013, representing growth of 134% year-over-year.
• Non-GAAP Gross Margins of 65.4% compared to 62.3% in fiscal 2013.
• Non-GAAP Operating Margins of negative 26.6% compared to negative 46.7% in fiscal 2013.
• GAAP net loss was $43.1 million, or $1.61 per basic and diluted share, compared with a net loss of $27.9 million, or $1.53 per basic and diluted share in fiscal 2013.
• Non-GAAP net loss was $34.0 million, or $0.56 per basic and diluted share, compared with a net loss of $25.3 million, or $0.46 per basic and diluted share in fiscal 2013.

“Fiscal 2014 was an exciting year for Nimble Storage. We completed our IPO and achieved strong year-over-year revenue growth of 134%,” said Suresh Vasudevan, CEO, Nimble Storage. “We ended fiscal 2014 with over 2,600 end-customers and over 900 channel partners, while further expanding our customer base of large enterprise companies and service providers.  We view this success and our continued momentum as market validation of our differentiated platform, built on our innovative CASL file system software and InfoSight, our cloud based management software.”

Recent Business Highlights:

• Announced Storage SmartStack converged infrastructure solution that allows enterprises to address the storage performance challenges for desktop and server virtualization workloads in a single converged infrastructure stack.
• Signed an exclusive master distribution agreement with Toshiba, which will distribute  hybrid arrays through its value-added distributor and reseller partner community in Japan. In addition,Toshiba will provide local language 24×7 on-site support for all hybrid storage products throughout Japan.
• Announced that its Storage CS-Series Arrays have been selected as the Best Hybrid Flash Storage Product by TechTarget’s storage magazine Modern Infrastructure Magazine.
• Raised $176.7 million in net proceeds from its December 12, 2013 initial public offering.