Okta Shares Down 6.21% On Q1 Fiscal Year 2025 Financial Results

30 พ.ค.

Okta (OKTA), the leading independent identity partner, has announced its financial results for the first quarter of fiscal year 2025. The company reported a 19% year-over-year increase in Q1 revenue and a 20% year-over-year increase in subscription revenue. The current remaining performance obligations (cRPO) also increased by 15% to $1.949 billion. The company's CEO, Todd McKinnon, stated that the company began the new fiscal year with record non-GAAP profitability and cash flow.

The total revenue for Q1 was $617 million, an increase of 19% year-over-year. Subscription revenue was $603 million, an increase of 20% year-over-year. The RPO, or subscription backlog, was $3.364 billion, an increase of 14% year-over-year. The cRPO, or subscription backlog expected to be recognized over the next 12 months, was $1.949 billion, up 15% compared to the first quarter of fiscal 2024.

GAAP operating loss was $47 million, or 8% of total revenue, compared to a GAAP operating loss of $160 million, or (31)% of total revenue, in the first quarter of fiscal 2024. Non-GAAP operating income was $133 million, or 22% of total revenue, compared to a non-GAAP operating income of $37 million, or 7% of total revenue, in the first quarter of fiscal 2024.

GAAP net loss was $40 million, compared to a GAAP net loss of $119 million in the first quarter of fiscal 2024. Non-GAAP net income was $117 million, compared to a non-GAAP net income of $38 million in the first quarter of fiscal 2024. Net cash provided by operations was $219 million, or 36% of total revenue, compared to net cash provided by operations of $129 million, or 25% of total revenue, in the first quarter of fiscal 2024. Free cash flow was $214 million, or 35% of total revenue, compared to $124 million, or 24% of total revenue, in the first quarter of fiscal 2024.

The company's financial outlook for Q2 is expected to be stable but challenging, with growth rates of 13% to 14% year-over-year. For the full year, the company expects total revenue of $2.530 billion to $2.540 billion, with non-GAAP operating income of $490 million to $500 million, a non-GAAP operating margin of 19% to 20%, and a non-GAAP free cash flow margin of approximately 22%.

Technical Outlook
Okta shares is down 6.78% as of the time of writing trading with a weak Relative Strength Index (RSI) of 30.61 which is currently oversold. Due to the "Golden Cross Pattern" on the 11th of January, OKTA shares surge to local monthly highs. The daily price chart depicts a long "Bearish Harami" candle stick pattern.