Snowflake Reports Financial Results for the First Quarter of Fiscal 2025

Product revenue of $789.6 million in the first quarter, representing 34% year-over-year growth
Net revenue retention rate of 128%
485 customers with trailing 12-month product revenue greater than $1 million
709 Forbes Global 2000 customers
Remaining performance obligations of $5.0 billion, representing 46% year-over-year growth

Snowflake (NYSE: SNOW), the AI Data Cloud company, today announced financial results for its first quarter of fiscal 2025, ended April 30, 2024.

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Snowflake Q1 FY25 Infographic (Graphic: Snowflake)

Revenue for the quarter was $828.7 million, representing 33% year-over-year growth. Product revenue for the quarter was $789.6 million, representing 34% year-over-year growth. Net revenue retention rate was 128% as of April 30, 2024. The company now has 485 customers with trailing 12-month product revenue greater than $1 million and 709 Forbes Global 2000 customers, representing 30% and 8% year-over-year growth, respectively. Remaining performance obligations were $5.0 billion, representing 46% year-over-year growth. See the section titled "Key Business Metrics" for definitions of product revenue, net revenue retention rate, customers with trailing 12-month product revenue greater than $1 million, Forbes Global 2000 customers, and remaining performance obligations.

"We finished our first quarter with strong performance across many of our key metrics," said Sridhar Ramaswamy, CEO, Snowflake. "Product revenue was up 34% year-over-year at nearly $790 million, while remaining performance obligations were $5.0 billion, up 46% year-over-year. Our core business is very strong. Our AI products, now generally available, are generating strong customer interest. They will help our customers deliver effective and efficient AI-powered experiences faster than ever."

Snowflake today also announced its intent to acquire certain technology assets and hire key employees from TruEra, an AI observability platform. TruEra provides capabilities to evaluate and monitor large language model (LLM) applications and machine learning models in production.

First Quarter Fiscal 2025 GAAP and Non-GAAP Results:

The following table summarizes our financial results for the first quarter of fiscal 2025:

	First Quarter Fiscal 2025 GAAP Results			First Quarter Fiscal 2025 Non-GAAP Results ⁽¹⁾
	Amount (millions)	Year/Year Growth
Product revenue	$789.6	34%

	Amount (millions)	Margin		Amount (millions)	Margin
Product gross profit	$569.9	72%		$607.3	77%
Operating income (loss)	($348.6)	(42%)		$36.2	4%
Net cash provided by operating activities	$355.5	43 %	⁽²⁾
Free cash flow				$331.5	40%
Adjusted free cash flow				$365.7	44%

⁽¹⁾		We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures, and the table titled "GAAP to Non-GAAP Reconciliations" for a reconciliation of GAAP to non-GAAP financial measures.

⁽²⁾		Calculated as net cash provided by operating activities as a percentage of revenue.

Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes.

Financial Outlook:

Our guidance includes GAAP and non-GAAP financial measures.

The following table summarizes our guidance for the second quarter of fiscal 2025:

	Second Quarter Fiscal 2025 GAAP Guidance		Second Quarter Fiscal 2025 Non-GAAP Guidance ⁽¹⁾
	Amount (millions)	Year/Year Growth
Product revenue	$805 - $810	26 - 27%

				Margin
Operating income				3%

			Amount (millions)
Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted ⁽²⁾			362

⁽¹⁾		We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.

⁽²⁾		The potential impact of future repurchases under our existing stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases.

The following table summarizes our guidance for the full-year fiscal 2025:

	Full-Year Fiscal 2025 GAAP Guidance		Full-Year Fiscal 2025 Non-GAAP Guidance ⁽¹⁾
	Amount (millions)	Year/Year Growth
Product revenue	$3,300	24%

				Margin
Product gross profit				75%
Operating income				3%
Adjusted free cash flow				26%

			Amount (millions)
Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted ⁽²⁾			363

⁽¹⁾		We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures.

⁽²⁾		The potential impact of future repurchases under our existing stock repurchase program is not reflected in our guidance for weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted due to the uncertainty regarding, and the potential variability of, the timing and amount of repurchases.

A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. These factors could be material to our results computed in accordance with GAAP. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release. Our fiscal year ends January 31, and numbers are rounded for presentation purposes.

Conference Call Details

We will host a conference call today, beginning at 3 p.m. Mountain Time on May 22, 2024. Investors and participants may attend the call by dialing (833) 470-1428 (Access code: 837931), or if outside the United States, by dialing +1 (929) 526-1599 (Access code: 837931).

The call will also be webcast live on the Snowflake Investor Relations website at https://investors.snowflake.com .

An audio replay of the conference call and webcast will be available two hours after its completion and will be accessible for 30 days on the Snowflake Investor Relations website.

Investor Presentation Details

An investor presentation providing additional information and analysis can be found at https://investors.snowflake.com .

Statement Regarding Use of Non‑GAAP Financial Measures

We report the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Non-GAAP Product gross profit, Operating income, Net income, Net income attributable to Snowflake Inc., and Net income per share attributable to Snowflake Inc. common stockholders - basic and diluted. Non-GAAP product gross profit, operating income, net income, and net income attributable to Snowflake Inc. are each defined as the respective GAAP measure, excluding, as applicable, the effect of (i) stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, (ii) amortization of acquired intangibles, (iii) expenses associated with acquisitions and strategic investments, (iv) adjustments attributable to noncontrolling interest, and (v) the related income tax effect of these adjustments as well as the non-recurring income tax expense or benefit associated with acquisitions. Non-GAAP product gross margin is calculated as non-GAAP product gross profit as a percentage of product revenue. Non-GAAP operating margin is calculated as non-GAAP operating income as a percentage of revenue. Our non-GAAP net income per share attributable to Snowflake Inc. common stockholders - basic is calculated by dividing non-GAAP net income attributable to Snowflake Inc. by the weighted-average number of shares of common stock outstanding during the period. Our non-GAAP net income per share attributable to Snowflake Inc. common stockholders - diluted is calculated by dividing non-GAAP net income attributable to Snowflake Inc. by the non-GAAP weighted-average number of diluted shares outstanding, giving effect to all potentially dilutive common stock equivalents (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan). The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance conditions will be met. Amounts attributable to noncontrolling interest were not material for all periods presented. We believe the presentation of operating results that exclude these non-cash or non-recurring items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.

Free cash flow. Free cash flow is defined as net cash provided by operating activities reduced by purchases of property and equipment and capitalized internal-use software development costs. Cash outflows for employee payroll tax items related to the net share settlement of equity awards are included in cash flow for financing activities and, as a result, do not have an effect on the calculation of free cash flow. Free cash flow margin is calculated as free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations.

Adjusted free cash flow. Adjusted free cash flow is defined as free cash flow plus (minus) net cash paid (received) on employer and employee payroll tax-related items on employee stock transactions. Employee payroll tax-related items on employee stock transactions are generally pass-through transactions that are expected to have a net zero impact on free cash flow over time, but that may impact free cash flow in any given fiscal quarter due to differences between the time that we receive funds from our employees and the time we remit those funds to applicable tax authorities. We believe that excluding the effects of these payroll tax-related items will enhance stockholders' ability to evaluate our free cash flow performance, including on a quarter-over-quarter basis. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations.

We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.

Key Business Metrics

We monitor our key business metrics, including (i) free cash flow and (ii) the other metrics set forth below to help us evaluate our business and growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts, and assess operational efficiencies. See the section titled "Statement Regarding Use of Non-GAAP Financial Measures" for the definition of free cash flow. The calculation of our key business metrics may differ from other similarly titled metrics used by other companies, securities analysts, or investors.

Product Revenue . Product revenue is a key metric for us because we recognize revenue based on platform consumption, which is inherently variable at our customers' discretion, and not based on the amount and duration of contract terms. Product revenue is primarily derived from the consumption of compute, storage, and data transfer resources, which are consumed by customers on our platform as a single, integrated offering. Customers have the flexibility to consume more than their contracted capacity during the contract term and may have the ability to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal. Our consumption-based business model distinguishes us from subscription-based software companies that generally recognize revenue ratably over the contract term and may not permit rollover. Because customers have flexibility in the timing of their consumption, which can exceed their contracted capacity or extend beyond the original contract term in many cases, the amount of product revenue recognized in a given period is an important indicator of customer satisfaction and the value derived from our platform. Product revenue excludes our professional services and other revenue.

Net Revenue Retention Rate . To calculate net revenue retention rate, we first specify a measurement period consisting of the trailing two years from our current period end. Next, we define as our measurement cohort the population of customers under capacity contracts that used our platform at any point in the first month of the first year of the measurement period. The cohorts used to calculate net revenue retention rate include end-customers under a reseller arrangement. We then calculate our net revenue retention rate as the quotient obtained by dividing our product revenue from this cohort in the second year of the measurement period by our product revenue from this cohort in the first year of the measurement period. Any customer in the cohort that did not use our platform in the second year remains in the calculation and contributes zero product revenue in the second year. Our net revenue retention rate is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our net revenue retention rate for historical periods reflecting these adjustments. Since we will continue to attribute the historical product revenue to the consolidated contract, consolidation of capacity contracts within a customer's organization typically will not impact our net revenue retention rate unless one of those customers was not a customer at any point in the first month of the first year of the measurement period.

Customers with Trailing 12-Month Product Revenue Greater than $1 Million . To calculate the number of customers with trailing 12-month product revenue greater than $1 million, we count the number of customers under capacity arrangements that contributed more than $1 million in product revenue in the trailing 12 months. For purposes of determining our customer count, we treat each customer account, including accounts for end-customers under a reseller arrangement, that has at least one corresponding capacity contract as a unique customer, and a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. We do not include customers that consume our platform only under on-demand arrangements for purposes of determining our customer count. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our customer count for historical periods reflecting these adjustments.

Forbes Global 2000 Customers. Our Forbes Global 2000 customer count is a subset of our customer count based on the 2023 Forbes Global 2000 list. Our Forbes Global 2000 customer count is subject to adjustments for annual updates to the list by Forbes, as well as acquisitions, consolidations, spin-offs, and other market activity with respect to such customers, and we present our Forbes Global 2000 customer count for historical periods reflecting these adjustments.

Remaining Performance Obligations . Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. RPO excludes performance obligations from on-demand arrangements and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into U.S. dollars each period based on the applicable period-end exchange rates. RPO is not necessarily indicative of future product revenue growth because it does not account for the timing of customers' consumption or their consumption of more than their contracted capacity. Moreover, RPO is influenced by a number of factors, including the timing and size of renewals, the timing and size of purchases of additional capacity, average contract terms, seasonality, changes in foreign currency exchange rates, and the extent to which customers are permitted to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal.

Use of Forward‑Looking Statements

This release and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our performance, including but not limited to statements in the section titled "Financial Outlook." Words such as "guidance," "outlook," "expect," "anticipate," "should," "believe," "hope," "target," "project," "plan," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," "shall," and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Other than statements of historical fact, all statements contained in this release and accompanying oral presentation are forward-looking statements, including statements regarding (i) our future operating results, targets, or financial position; (ii) our business strategy, plans, or priorities; (iii) our new or enhanced products, services, and technology offerings, including those that are under development or not generally available; (iv) market size and growth, trends, and competitive considerations; (v) our vision, strategy and expected benefits relating to artificial intelligence, Snowpark, Snowflake Marketplace, the AI Data Cloud, and AI Data Clouds for specific industries, including the expected benefits and network effects of the AI Data Cloud; and (vi) the integration, interoperability, and availability of our products, services, and technology offerings with and on third-party products and platforms, including public cloud platforms.

The forward-looking statements contained in this release and the accompanying oral presentation are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to, those related to our business and financial performance; general market and business conditions, downturns, or uncertainty, including higher inflation, higher interest rates, fluctuations or volatility in capital markets or foreign currency exchange rates, and geopolitical instability; our ability to attract and retain customers; the extent to which customers continue to optimize consumption; the impact of new or optimized product features and pricing strategies on consumption, including Iceberg tables and tiered storage pricing; the extent to which customers continue to rationalize budgets and prioritize cash flow management, including through shortened contract durations; our ability to develop new products and services and enhance existing products and services; the growth of successful native applications on the Snowflake Marketplace; our ability to respond rapidly to emerging technology trends, including the use of artificial intelligence; our ability to execute on our business strategy, including our strategy related to artificial intelligence, the AI Data Cloud, Snowpark, and Snowflake Marketplace; our ability to increase and predict customer consumption of our platform, particularly in light of the impact of holidays on customer consumption patterns; our ability to compete effectively; and our ability to manage growth.

Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption "Risk Factors" and elsewhere in our Form 10-K for the fiscal year ended January 31, 2024 and other filings and reports we make with the Securities and Exchange Commission from time to time, including our Form 10-Q that will be filed for the fiscal quarter ended April 30, 2024.

Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. As a result of these risks, uncertainties, assumptions, and other factors, you should not rely on any forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current financial quarter.

About Snowflake

Snowflake makes enterprise AI easy, efficient and trusted. Thousands of companies around the globe, including hundreds of the world's largest, use Snowflake's AI Data Cloud to share data, build applications, and power their business with AI. The era of enterprise AI is here. Learn more at snowflake.com (NYSE: SNOW).

Source: Snowflake Inc.


Snowflake Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited)


	Three Months Ended April 30,
	2024			2023

Revenue	$	828,709		$	623,599
Cost of revenue		272,517			209,414
Gross profit		556,192			414,185
Operating expenses:
Sales and marketing		400,822			331,558
Research and development		410,794			277,412
General and administrative		93,148			78,453
Total operating expenses		904,764			687,423
Operating loss		(348,572	)		(273,238	)
Interest income		54,779			43,131
Other expense, net		(21,302	)		(2,562	)
Loss before income taxes		(315,095	)		(232,669	)
Provision for (benefit from) income taxes		2,721			(6,605	)
Net loss		(317,816	)		(226,064	)
Less: net loss attributable to noncontrolling interest		(828	)		(437	)
Net loss attributable to Snowflake Inc.	$	(316,988	)	$	(225,627	)
Net loss per share attributable to Snowflake Inc. common stockholders - basic and diluted	$	(0.95	)	$	(0.70	)
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. common stockholders - basic and diluted		333,584			324,157


Snowflake Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited)


	April 30, 2024		January 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	1,330,411	$	1,762,749
Short-term investments		2,200,935		2,083,499
Accounts receivable, net		345,505		926,902
Deferred commissions, current		85,448		86,096
Prepaid expenses and other current assets		180,991		180,018
Total current assets		4,143,290		5,039,264
Long-term investments		927,981		916,307
Property and equipment, net		263,667		247,464
Operating lease right-of-use assets		244,681		252,128
Goodwill		975,906		975,906
Intangible assets, net		307,967		331,411
Deferred commissions, non-current		179,917		187,093
Other assets		254,609		273,810
Total assets	$	7,298,018	$	8,223,383
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	64,239	$	51,721
Accrued expenses and other current liabilities		398,002		446,860
Operating lease liabilities, current		30,940		33,944
Deferred revenue, current		1,935,642		2,198,705
Total current liabilities		2,428,823		2,731,230
Operating lease liabilities, non-current		247,501		254,037
Deferred revenue, non-current		14,692		14,402
Other liabilities		39,310		33,120
Snowflake Inc. stockholders' equity		4,558,234		5,180,308
Noncontrolling interest		9,458		10,286
Total liabilities and stockholders' equity	$	7,298,018	$	8,223,383


Snowflake Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)


	Three Months Ended April 30,
	2024			2023
Cash flows from operating activities:
Net loss	$	(317,816	)	$	(226,064	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		40,221			23,163
Non-cash operating lease costs		13,722			12,869
Amortization of deferred commissions		22,764			17,672
Stock-based compensation, net of amounts capitalized		331,936			264,509
Net accretion of discounts on investments		(11,992	)		(15,331	)
Net realized and unrealized losses on strategic investments in equity securities		20,695			2,414
Deferred income tax		—			(8,868	)
Other		669			9,978
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable		579,319			362,893
Deferred commissions		(14,940	)		(16,440	)
Prepaid expenses and other assets		(1,111	)		5,527
Accounts payable		21,244			(3,093	)
Accrued expenses and other liabilities		(54,688	)		(8,542	)
Operating lease liabilities		(13,374	)		(10,763	)
Deferred revenue		(261,181	)		(110,480	)
Net cash provided by operating activities		355,468			299,444
Cash flows from investing activities:
Purchases of property and equipment		(16,519	)		(6,970	)
Capitalized internal-use software development costs		(7,404	)		(9,341	)
Cash paid for business combinations, net of cash, cash equivalents, and restricted cash acquired		—			(123,112	)
Purchases of investments		(1,078,261	)		(1,037,286	)
Sales of investments		30,360			5,652
Maturities and redemptions of investments		921,395			808,844
Settlement of cash flow hedges		(749	)		—
Net cash used in investing activities		(151,178	)		(362,213	)
Cash flows from financing activities:
Proceeds from exercise of stock options		10,686			15,370
Proceeds from issuance of common stock under employee stock purchase plan		46,735			37,065
Taxes paid related to net share settlement of equity awards		(174,590	)		(84,399	)
Repurchases of common stock		(516,329	)		(191,694	)
Net cash used in financing activities		(633,498	)		(223,658	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(2,633	)		535
Net decrease in cash, cash equivalents, and restricted cash		(431,841	)		(285,892	)
Cash, cash equivalents, and restricted cash—beginning of period		1,780,977			956,731
Cash, cash equivalents, and restricted cash—end of period	$	1,349,136		$	670,839


Snowflake Inc. GAAP to Non-GAAP Reconciliations (in thousands, except per share data and percentages) (unaudited)


	Three Months Ended April 30,
	2024					2023
	Amount			Amount as a % of Revenue		Amount			Amount as a % of Revenue
Revenue:
Product revenue	$	789,587		95	%	$	590,072		95	%
Professional services and other revenue		39,122		5	%		33,527		5	%
Revenue	$	828,709		100	%	$	623,599		100	%
Year-over-year growth		33	%				48	%

Cost of revenue:
GAAP cost of product revenue	$	219,657				$	159,378
Adjustments:
Stock-based compensation-related charges		(27,235	)				(18,800	)
Amortization of acquired intangibles		(10,147	)				(4,581	)
Non-GAAP cost of product revenue	$	182,275				$	135,997

GAAP cost of professional services and other revenue	$	52,860				$	50,036
Adjustments:
Stock-based compensation-related charges		(13,915	)				(14,920	)
Amortization of acquired intangibles		(1,627	)				(1,446	)
Non-GAAP cost of professional services and other revenue	$	37,318				$	33,670

GAAP cost of revenue	$	272,517		33	%	$	209,414		34	%
Adjustments:
Stock-based compensation-related charges		(41,150	)				(33,720	)
Amortization of acquired intangibles		(11,774	)				(6,027	)
Non-GAAP cost of revenue	$	219,593		26	%	$	169,667		27	%

Gross profit (loss):
GAAP product gross profit	$	569,930				$	430,694
Adjustments:
Stock-based compensation-related charges		27,235					18,800
Amortization of acquired intangibles		10,147					4,581
Non-GAAP product gross profit	$	607,312				$	454,075

GAAP professional services and other revenue gross loss	$	(13,738	)			$	(16,509	)
Adjustments:
Stock-based compensation-related charges		13,915					14,920
Amortization of acquired intangibles		1,627					1,446
Non-GAAP professional services and other revenue gross profit (loss)	$	1,804				$	(143	)

GAAP gross profit	$	556,192		67	%	$	414,185		66	%
Adjustments:
Stock-based compensation-related charges		41,150					33,720
Amortization of acquired intangibles		11,774					6,027
Non-GAAP gross profit	$	609,116		74	%	$	453,932		73	%

Gross margin:
GAAP product gross margin		72	%				73	%
Adjustments:
Stock-based compensation-related charges as a % of product revenue		4	%				3	%
Amortization of acquired intangibles as a % of product revenue		1	%				1	%
Non-GAAP product gross margin		77	%				77	%

GAAP professional services and other revenue gross margin		(35	%)				(49	%)
Adjustments:
Stock-based compensation-related charges as a % of professional services and other revenue		36	%				45	%
Amortization of acquired intangibles as a % of professional services and other revenue		4	%				4	%
Non-GAAP professional services and other revenue gross margin		5	%				—	%

GAAP gross margin		67	%				66	%
Adjustments:
Stock-based compensation-related charges as a % of revenue		6	%				6	%
Amortization of acquired intangibles as a % of revenue		1	%				1	%
Non-GAAP gross margin		74	%				73	%

Operating expenses:
GAAP sales and marketing expense	$	400,822		48	%	$	331,558		53	%
Adjustments:
Stock-based compensation-related charges		(80,621	)				(79,625	)
Amortization of acquired intangibles		(7,630	)				(7,307	)
Non-GAAP sales and marketing expense	$	312,571		38	%	$	244,626		39	%

GAAP research and development expense	$	410,794		50	%	$	277,412		44	%
Adjustments:
Stock-based compensation-related charges		(204,041	)				(146,628	)
Amortization of acquired intangibles		(3,600	)				(1,824	)
Non-GAAP research and development expense	$	203,153		25	%	$	128,960		21	%

GAAP general and administrative expense	$	93,148		11	%	$	78,453		13	%
Adjustments:
Stock-based compensation-related charges		(34,577	)				(27,648	)
Amortization of acquired intangibles		(441	)				(436	)
Expenses associated with acquisitions and strategic investments		(982	)				(2,629	)
Non-GAAP general and administrative expense	$	57,148		7	%	$	47,740		8	%

GAAP total operating expenses	$	904,764		109	%	$	687,423		110	%
Adjustments:
Stock-based compensation-related charges		(319,239	)				(253,901	)
Amortization of acquired intangibles		(11,671	)				(9,567	)
Expenses associated with acquisitions and strategic investments		(982	)				(2,629	)
Non-GAAP total operating expenses	$	572,872		70	%	$	421,326		68	%

Operating income (loss):
GAAP operating loss	$	(348,572	)	(42	%)	$	(273,238	)	(44	%)
Adjustments:
Stock-based compensation-related charges ⁽¹⁾		360,389					287,621
Amortization of acquired intangibles		23,445					15,594
Expenses associated with acquisitions and strategic investments		982					2,629
Non-GAAP operating income	$	36,244		4	%	$	32,606		5	%

Operating margin:
GAAP operating margin		(42	%)				(44	%)
Adjustments:
Stock-based compensation-related charges as a % of revenue		43	%				46	%
Amortization of acquired intangibles as a % of revenue		3	%				3	%
Expenses associated with acquisitions and strategic investments as a % of revenue		—	%				—	%
Non-GAAP operating margin		4	%				5	%

Net income (loss):
GAAP net loss	$	(317,816	)	(38	%)	$	(226,064	)	(36	%)
Adjustments:
Stock-based compensation-related charges ⁽¹⁾		360,389					287,621
Amortization of acquired intangibles		23,445					15,594
Expenses associated with acquisitions and strategic investments		982					2,629
Income tax effect related to the above adjustments and acquisitions		(15,555	)				(25,631	)
Non-GAAP net income	$	51,445		6	%	$	54,149		9	%

Net income (loss) attributable to Snowflake Inc.:
GAAP net loss attributable to Snowflake Inc.	$	(316,988	)	(38	%)	$	(225,627	)	(36	%)
Adjustments:
Stock-based compensation-related charges ⁽¹⁾		360,389					287,621
Amortization of acquired intangibles		23,445					15,594
Expenses associated with acquisitions and strategic investments		982					2,629
Income tax effect related to the above adjustments and acquisitions		(15,555	)				(25,631	)
Adjustments attributable to noncontrolling interest, net of tax		(113	)				(60	)
Non-GAAP net income attributable to Snowflake Inc.	$	52,160		6	%	$	54,526		9	%

Net income (loss) per share attributable to Snowflake Inc. common stockholders - basic and diluted:
GAAP net loss per share attributable to Snowflake Inc. common stockholders - basic and diluted	$	(0.95	)			$	(0.70	)
Weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders - basic and diluted		333,584					324,157

Non-GAAP net income per share attributable to Snowflake Inc. common stockholders - basic	$	0.16				$	0.17
Weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders - basic		333,584					324,157

Non-GAAP net income per share attributable to Snowflake Inc. common stockholders - diluted	$	0.14				$	0.15
Non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders - diluted ⁽²⁾		363,314					360,309

Free cash flow and adjusted free cash flow:
GAAP net cash provided by operating activities	$	355,468		43	%	$	299,444		48	%
Adjustments:
Purchases of property and equipment		(16,519	)				(6,970	)
Capitalized internal-use software development costs		(7,404	)				(9,341	)
Non-GAAP free cash flow		331,545		40	%		283,133		45	%
Adjustments:
Net cash paid on payroll tax-related items on employee stock transactions ⁽³⁾		34,146					3,785
Non-GAAP adjusted free cash flow	$	365,691		44	%	$	286,918		46	%
Non-GAAP free cash flow margin		40	%				45	%
Non-GAAP adjusted free cash flow margin		44	%				46	%

⁽¹⁾		Stock-based compensation-related charges included employer payroll tax-related expenses on employee stock transactions of approximately $21.9 million and $15.9 million for the three months ended April 30, 2024 and 2023, respectively.

⁽²⁾		For the periods in which we had non-GAAP net income, the non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders - diluted included the effect of all potentially dilutive common stock equivalents (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan). The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance conditions will be met.

⁽³⁾		The amounts for the three months ended April 30, 2024 and 2023 do not include employee payroll taxes of $174.6 million and $84.4 million, respectively, related to net share settlement of employee restricted stock units, which were reflected as cash outflows for financing activities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240522387237/en/

Investor Contact
Jimmy Sexton
IR@snowflake.com

Press Contact
Eszter Szikora
Press@snowflake.com

News Provided by Business Wire via QuoteMedia

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SNOW

1911 Gold Announces C$11.5 Million "Bought Deal" Life Offering and Private Placement

1911 Gold Corporation (" 1911 Gold " or the " Company ") (TSXV: AUMB; FRA: 2KY) is pleased to announce that it has entered into an agreement with Haywood Securities Inc. (" Haywood "), as lead underwriter and sole bookrunner, on its own behalf and on behalf of a syndicate of underwriters (together with Haywood, the " Underwriters "), pursuant to which the Underwriters have agreed to purchase, on a "bought deal" basis: (i) 2,500,000 common shares of the Company (the " Non-FT Shares ") at a price of C$0.20 per Non-FT Share (the " Non-FT Issue Price "); (ii) 2,924,000 common shares which qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the " Tax Act ")) and qualify as "Canadian exploration expenses" and "flow through mining expenditures" as defined in the Tax Act and that are incurred in the province of Manitoba and qualify for the Manitoba Mineral Exploration Tax Credit (the " Tranche 1 CEE Shares ") at a price of C$0.342 per Tranche 1 CEE Share (the " Tranche 1 CEE Issue Price "); (iii) 26,042,000 common shares which qualify as "flow-through shares" (within the meaning of the Tax Act) and qualify as "Canadian exploration expenses" as defined in the Tax Act (the " Tranche 2 CEE Shares " and together with the Tranche 1 CEE Shares, the " CEE Offered Shares ") at a price of C$0.288 per Tranche 2 CEE Share (the " Tranche 2 CEE Issue Price "); and (iv) 10,163,000 common shares which qualify as "flow-through shares" (within the meaning of the Tax Act) and qualify as "accelerated Canadian development expenses" as defined in the Tax Act (the " CDE Offered Shares " and, together with the Non-FT Shares and CEE Offered Shares, the " Offered Shares ") at a price of C$0.246 per CDE Offered Share (the " CDE Issue Price ") for aggregate gross proceeds to the Company of C$11,500,202 (the " Underwritten Offering ").

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Surface Metals to Present at Fast Markets Lithium Supply and Battery Raw Materials Conference

Surface Metals Inc. (CSE:SUR) (OTCQB: SURMF) (the "Company", or "Surface Metals") is pleased to announce that the Company will be attending and presenting to industry at the 17th Annual Fast Markets Lithium Supply and Battery Raw Materials Conference June 23rd - 26th, 2025 in Las Vegas, Nevada.

The Fast Markets Lithium Supply and Battery Raw Materials Conference, a four day event, is the largest global forum for lithium and battery raw materials, with keynote speakers and attendees from around the world including top producers to end users as well as participants along the entire supply chain. Fast Markets is the most trusted cross-commodity price reporting agency (PRA) in the agriculture, forest products, metals and mining, and energy transition markets.

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1911 Gold Corporation Announces Staged Return of Personnel to Site

1911 Gold Corporation (" 1911 Gold " or the " Company ") (TSXV: AUMB; OTCQB: AUMBF; FRA: 2KY) is pleased to announce that, following the easing of wildfire-related evacuation orders, the Company has initiated a staged return of employees and contractors to its True North site near Bissett, Manitoba .

Favourable weather conditions and the efforts of emergency crews have significantly reduced wildfire risk in the region. The Town of Bissett and the Company's True North site have remained safe throughout the evacuation period, with no damage to infrastructure. Site access routes have been cleared and deemed safe for travel, and camp facilities remained operational during the evacuation to support the firefighting efforts.

Personnel are returning to the site in a structured and phased manner, and full operations are expected to resume in the coming days. As part of its commitment to the safety and recovery of the region, 1911 Gold continues to provide housing to approximately 40 wildfire personnel who remain active in the area.

"Thanks to the tireless efforts of emergency responders, we are now in a position to resume site activities safely," stated Shaun Heinrichs , President and CEO of 1911 Gold. "We are grateful that both the Town of Bissett and our facilities have remained unharmed, and we remain committed to supporting the firefighting efforts as the region recovers."

The Company plans to recommence exploration and development activities at the True North site, including preparations for an underground drill program that is expected to commence later this summer.

About 1911 Gold Corporation

1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totalling more than 61,647 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba , and also owns the True North mine and mill complex at Bissett, Manitoba . 1911 Gold believes its land package is a prime exploration opportunity, with the potential to develop a mining district centred on the True North complex. The Company also owns the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario , and intends to focus on organic growth and accretive acquisition opportunities in North America .

1911 Gold's True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, in order to build mutually beneficial working relationships.

ON BEHALF OF THE BOARD OF DIRECTORS

Shaun Heinrichs
President and CEO

www.1911gold.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements with respect to the terms of the Offering, the use of proceeds of the Offering, the timing and ability of the Company to close the Offering, the timing and ability of the Company to receive necessary regulatory approvals, the tax treatment of the securities issued under the Offering, the timing for the Qualifying Expenditures to be renounced in favour of the subscribers, and the plans, operations and prospects of the Company, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: 1911 Gold Corporation

SOURCE 1911 Gold Corporation

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2025/17/c4423.html

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Target Area (name)	Drill Hole (number)	From (m)	To (m)	Interval (m)	Au (g/t)
SAM West	TN-25-039	10.00	10.50	0.50	2.95
		64.40	65.30	0.90	2.86
SAM West	TN-25-041	21.30	22.20	0.90	2.59
SAM West	TN-25-056	103.10	105.40	2.30	9.59
	*Including*	103.10	104.90	1.80	11.25
	*Including*	103.10	103.60	0.50	21.30
SAM West	TN-25-057	145.00	146.40	1.40	58.66
	*Including*	145.00	145.90	0.90	63.20
	*and*	145.90	146.40	0.50	50.50
SAM West	TN-25-058	201.90	203.40	1.50	2.84
		237.60	238.10	0.50	3.62
		249.30	249.80	0.50	10.40
		275.90	276.40	0.50	3.65
SAM West	TN-25-060	237.20	237.80	0.60	3.97
		241.20	242.00	0.80	3.44


1)	Intercepts above a cut-off grade of 2.25 g/t Au
2)	Maximum of 2.50 m internal dilution and no top capping applied
3)	Intervals represent drill core length and are considered to represent 60% to 90% of true widths
4)	Full Significant Assay Results included in Table 2
5)	Drill hole Information included in Table 3

Table 2: True North; Select Drill Hole Assays
Target Area (name)		Drill Hole (number)	From (m)	To (m)	Interval (m)	Au* (g/t)
SAM West	TN-25-039		10.00	10.50	0.50	2.95
			18.00	20.60	2.60	0.93
			48.00	49.00	1.00	1.11
			64.40	65.30	0.90	2.86
SAM West	TN-25-041		9.00	10.00	1.00	0.87
			20.50	21.30	0.80	0.87
			21.30	22.20	0.90	2.59
			22.20	22.80	0.60	0.76
			28.40	29.30	0.90	2.07
Gate	TN-25-044		10.10	11.00	0.90	1.30
Gate	TN-25-046			No Significant Values
Gate	TN-25-047			No Significant Values
Gate	TN-25-049		89.90	90.80	0.90	0.57
Gate	TN-25-050			No Significant Values
SAM West	TN-25-056		100.70	102.30	1.60	1.42
			103.10	105.40	2.30	9.59
	*Including*		103.10	104.90	1.80	11.25
	*Including*		103.10	103.60	0.50	21.30
			106.80	112.40	5.60	1.09
SAM West	TN-25-057		136.60	140.80	4.20	0.63
			145.00	146.40	1.40	58.66
	*Including*		145.00	145.90	0.90	63.20
	*and*		145.90	146.40	0.50	50.50
			147.20	151.00	3.80	0.60
			187.30	187.80	0.50	0.95
			201.60	203.40	1.80	1.06
			210.50	211.50	1.00	0.93
			217.50	218.00	0.50	1.93
			303.40	304.10	0.70	1.08
SAM West	TN-25-058		97.10	97.80	0.70	1.46
			100.00	101.70	1.70	1.22
			115.70	116.20	0.50	1.01
			118.20	119.20	1.00	0.93
			198.00	199.40	1.40	0.79
			201.90	203.40	1.50	2.84
			214.90	215.60	0.70	2.06
			237.60	238.10	0.50	3.62
			247.30	248.30	1.00	1.06
			249.30	249.80	0.50	10.40
			275.90	276.40	0.50	3.65
SAM West	TN-25-059		339.70	340.80	1.10	2.07
SAM West	TN-25-060		215.20	216.30	1.10	1.87
			237.20	237.80	0.60	3.97
			240.20	241.20	1.00	1.13
			241.20	242.00	0.80	3.44
			252.30	254.50	2.20	0.57
			290.20	290.90	0.70	0.63
			313.30	314.80	1.50	1.12

Drill Hole (Number)	`Target (Name)	Northing* (m)	*Easting (m)**	Elevation (masl)	Azimuth (°)	Inclination (°)	Depth (m)
TN-25-039	SAM West	5655810	311885	251	197	-70	131
TN-25-041	SAM West	5655810	311885	251	230	-45	110
TN-25-044	Gate	5655940	312204	257	129	-56	176
TN-25-046	Gate	5655940	312204	257	106	-48	269
TN-25-047	Gate	5655940	312204	257	74	-59	372
TN-25-049	Gate	5655800	312446	250	89	-45	194
TN-25-050	Gate	5655800	312446	250	71	-52	269
TN-25-056	SAM West	5655890	311918	259	350	-71	302
TN-25-057	SAM West	5655890	311918	259	327	-57	320
TN-25-058	SAM West	5655895	311924	251	56	-72	299
TN-25-059	SAM West	5655933	311986	248	348	-73	377
TN-25-060	SAM West	5655935	311991	256	327	-65	389

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1911 Gold Intersects up to 58.66 g/t Gold over 1.40 m on San Antonio West Zone at True North

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