Snowflake’s S-1 Filing Reveals Fast-Growing Revenue And Slowing Losses

Data cloud warehouse company Snowflake has publicly filed its S-1 registration statement with the U.S. Securities and Exchange Commission after confidentially filing to go public earlier this summer.

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Snowflake, which was last privately valued at $12.4 billion, plans to trade on the New York Stock Exchange under the ticker SNOW. The San Mateo, California-based company, which is backed by investors including Sequoia Capital and Dragoneer Investment Group, has raised at least $1.4 billion in total funding, per Crunchbase.

The company reported nearly $242 million in revenue for the six months ended on July 31, 2020. That’s an increase of about 133 percent from its revenue during the same period the year prior, when it generated about $104 million in revenue. During that same period of massive growth, its losses also shrunk a bit. The company reported $171 million in net losses for the six months ending on July 31, 2020, down from about $177 million in losses during the same period the year prior.

In the filing, Snowflake also said it had nearly $887 million in cash, cash equivalents, and short and long-term investments on hand as of July 31. The company has 3,117 customers, according to the S-1 filing.

In February, Snowflake raised $479 million in a round of funding, which gave the company a $12.4 billion valuation. That’s around three times its previous valuation, which was $3.9 billion.

CEO Frank Slootman told Crunchbase News at the time of its last fundraise that the company didn’t need the money, but did need to find a way to bring Salesforce 1 to the cap table because of its new partnership with the company. He was right: Snowflake has plenty of cash and is growing fast.

He also said back in February that an IPO would be next for the company, and that the earliest it would go public would be July.

The IPO market experienced a major slowdown following the outbreak of the COVID-19 pandemic, but has since picked up–especially this week. Snowflake is one of at least five venture-backed startups to file public S-1s on Monday.

Illustration: Li-Anne Dias.