Snowflake Inc. (SNOW)

Snowflake delivers the Data Cloud, a network in which customers, partners, data providers, and data consumers can break down data silos and share and derive value from data in secure, governed, and compliant ways. Its cloud-native platform lets customers consolidate structured, semi-structured, and unstructured data into a single source of truth to generate business insights, build data-driven applications, and share data, generally without copying or moving the underlying data. The platform is delivered as a service with near-zero maintenance and sold on a consumption-based model in which customers pay only for the resources they use.

Its architecture has three independently scalable but logically integrated layers (centralized storage, multi-cluster compute, and cloud services) and runs on three major public clouds across 31 regional deployments worldwide. It supports workloads including data warehousing, data lakes, data engineering, data science, data application development, and data sharing. Related capabilities include the Snowflake Data Marketplace, data clean rooms, the Snowpark developer framework, SQL-based querying, time travel, zero-copy cloning, database replication, serverless services, and built-in security features such as authentication, role-based access control, and encryption.

Snowflake also offers industry-focused offerings, namely the Financial Services, Media, Healthcare and Life Sciences, and Retail Data Clouds, and a Powered by Snowflake program that supports companies building applications on the platform. The Snowflake Partner Network of system integrators, resellers, data providers, services partners, and technology partners helps drive adoption. The platform is used globally by organizations of all sizes across many industries.

As of January 31, 2022, Snowflake had 5,944 customers, including 241 of the Fortune 500 and 488 of the Global 2000, which contributed approximately 26% and 40% of fiscal 2022 revenue, respectively. It had 184 customers with more than $1 million in trailing 12-month product revenue and a net revenue retention rate of 178%. Revenue was $1.2 billion in fiscal 2022, compared with $592.0 million in fiscal 2021 and $264.7 million in fiscal 2020, with net losses of $679.9 million, $539.1 million, and $348.5 million, respectively.

Snowflake sells primarily through a direct sales team of field and inside sales professionals segmented by customer industry, size, and region. Its growth strategies include platform innovation, new customer acquisition, increased usage by existing customers, global expansion in EMEA, APJ, and Latin America, expansion of data content and sharing, and growth of its partner network.