Remote-First-Company/NEW YORK – November 1, 2022 – VAST Data, the data platform company for the AI-powered world, today shared a business update, highlighting strong growth metrics through the first half of 2022. Driven by the global acquisition of new 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 58x*. VAST’s unique 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 the first half of the year include:
More than a dozen customers invested more than $10M in Universal Storage
Three customers have now exceeded more than $100M in commitments for Universal Storage since first engaging the company
Gross margins have remained at the 90% level
Cash flow positive, on average, for the last six quarters
More than half of VAST customers have spent over $1M 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 at General Atlantic, former CIO of General Electric and board member at 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 world-leading OEM partners, global 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 of 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.
*Source: IDC’s Worldwide Quarterly Enterprise Storage Systems Tracker, 2Q22 release, September 2022 for FOBS Market Growth & VAST Internal Data