Vast Data Annual ARR 4.2X in 1H22 Compared to 1H21

VAST Data, Inc. shared a business update, highlighting strong growth metrics through 1H22.

Driven by the acquisition of data-driven customers and the expansion of its many petabyte-scale deployments, VAST’s Annual Recurring Revenue (ARR) was 4.2x compared to the same time period the prior year, outpacing industry growth by 58x¹. Its business model has also allowed the company to maintain cash flow positivity while continuing its rapid growth trajectory, representing a mix of capital efficiency and hypergrowth that is rare within the technology industry.

VAST Data business highlights for 1H22 include:

More than a dozen customers invested more than $10 million in universal storage
3 customers have exceeded more than $100 million in commitments for universal storage since first engaging the company
Gross margins have remained at the 90% level
Cash flow positive, on average, for last 6 quarters
More than half of customers have spent over $1 million for universal storage, to date

“VAST’s unique ability to balance hyper-growth with capital efficiency demonstrates the immense value its solution offers customers,” said Gary Reiner, operating partner, General Atlantic Service Company, L.P., former CIO, General Electric and board member, VAST. “We are even more excited about VAST’s near-term plans to continue innovating, expanding further into the cloud with remarkably advanced data management capabilities.“

VAST expects its business momentum will continue in the coming months as the company doubles down on the all-flash cloud, revolutionizes the data lake and onboards OEM partners, system integrators and key ISV partners.

“As data becomes the most critical asset within the enterprise, organizations are waking up to the fact that they need more utility from their data than legacy data platforms will allow them to realize,” said Renen Hallak, founder and CEO, VAST Data. “The data tidal wave doesn’t care about market conditions, and our growth reflects the determination of our customers as they increase their pace of innovation even in recessionary times. The platform revolution is only just beginning, and we can’t wait to show everyone our next acts which will be unveiled over the coming months.“

¹Source: IDC’s Worldwide Quarterly Enterprise Storage Systems Tracker, 2Q22 release, September 2022 for FOBS Market Growth and VAST Internal Data.