Weka revenues suggest ongoing hypergrowth

Scale-out parallel filesystem supplier Weka said in April it was enjoying a hypergrowth period and its latest quarterly results indicate more of the same.

Revenues in its third fiscal 2022 quarter were larger than Weka’s entire takings for last year, the privately-owned company claims, without revealing actual revenue or profit figures.

President Jonathan Martin said: “Only three quarters on and it has already been an unprecedented year of innovation and record growth at Weka… The investments we’ve made – in our technology, our people, and our continued expansion in the Asia Pacific region and beyond – are now driving material results far exceeding our very high expectations.”

Weka is positioning its filesystem software as a good fit with AI and machine learning. It says businesses and other organizations are on board the digital transformation train, and looking to use AI and ML to analyze data and provide insights. Weka claims its filesystem software can deliver more data, significantly faster, to customers’ AI, ML and high-performance compute farms than competing systems.

The company said:

  • It netted multiple seven and eight-figure deals with businesses and research organizations in the media and entertainment, space exploration, aerospace and defense, pharmaceutical, and autonomous vehicles industries
  • It achieved a 255 percent net dollar retention (NDR) rate in Q3 and maintained a zero-churn business
  • It delivered 250 percent of its Q3 financial plan, growing total contract value (TCV) by 635 percent and annual reccurring revenue (ARR) by 232 percent year-over-year
  • 43 percent of its Q3 customer transactions were in the cloud

It saw a near 50 percent year-over-year increase in employee headcount since the start of the calendar year. The company recruited sales, pre-sales, solution engineering, and customer success teams in Australia, South Korea, Singapore, and Taiwan to serve these and adjacent markets, including India and China. 

CFO Intekhab Nazeer said: “The Weka team has again outperformed against our ambitious annual operating plan for a third straight quarter. We could not be prouder of their determination and fortitude in delivering record results in what has been a challenging economic climate for so many. Looking ahead, with the tailwinds of a significant qualified pipeline and steadily ramping cloud business fueling our fourth quarter, we are optimistic for a strong finish to our fiscal year 2022.”

At this rate we might start thinking of a Weka IPO in 2023, if it thinks it should strike while the AI/ML iron is hot.