Everpure, Inc., formerly known as Pure Storage, reported significant financial growth in its first quarter of fiscal 2027, with total revenue reaching $1.05 billion, a 35% increase from $778.5 million in the same period last year. The company's product revenue surged by 55% to $576.5 million, driven by heightened demand for its FlashArray and FlashBlade solutions, while subscription services revenue grew by 17% to $476.4 million, reflecting strong sales of its Evergreen offerings. The company also reported a net income of $24.1 million, compared to a net loss of $14.0 million in the first quarter of fiscal 2026, marking a significant turnaround in profitability.
In terms of operational metrics, Everpure's customer base expanded, contributing to a 19% year-over-year growth in Subscription Annualized Recurring Revenue (ARR), which reached $2.04 billion. The company’s remaining performance obligations (RPO) also increased to $3.8 billion, indicating a robust pipeline of contracted but unrecognized revenue. Geographically, revenue from the United States grew by 39% to $739.4 million, while international revenue increased by 27% to $313.5 million, showcasing the company's successful expansion efforts.
Strategically, Everpure completed the acquisition of 1touch, a data intelligence and orchestration firm, for $125 million, enhancing its capabilities in data security and management. The company also launched new products, including support for FlashBlade//EXA and the integration of Everpure Pure1 with Veeam Backup & Replication, further solidifying its position in the data management market. Additionally, Everpure updated its ticker symbol to reflect its broader focus beyond storage solutions.
Despite the positive financial performance, Everpure faced challenges, including increased operating expenses, which rose to $703.4 million from $567.3 million year-over-year. This increase was primarily due to higher research and development costs, sales and marketing expenses, and general administrative costs, driven by a growing workforce and investments in technology. The company reported a gross margin of 69%, consistent with the previous year, indicating effective cost management amidst rising expenses.
Looking ahead, Everpure anticipates continued growth in both product and subscription services revenue, supported by its strategic investments and product innovations. The company plans to leverage its strong cash position, with $1.5 billion in cash, cash equivalents, and marketable securities, to fund future growth initiatives and potential acquisitions. Everpure remains optimistic about its ability to capture market share in the evolving data management landscape, particularly as demand for cloud-based solutions and AI integration increases.
About Pure Storage, Inc.
Pure Storage is a global leader in data management and storage, providing all-flash enterprise storage solutions that simplify data infrastructure across on-premises, cloud, and hybrid environments. Its core offerings include the Pure Platform, software-defined storage, and subscription services like Evergreen//One. The company focuses on high-performance, reliable, and energy-efficient storage for diverse workloads, supporting AI, cloud-native applications, and enterprise data clouds for a broad customer base.
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