RBRK Q3 FY25

1. Total Operating Revenue: On July 31, 2024, Rubrik's total operating revenue was RMB204,951,000, a 35.23% YoY increase from RMB151,535,000 in 2023, demonstrating the company's strong performance in the market.

2. Market Demand: Revenue in the first half of 2024 was US$236 million, a significant 43% YoY increase, surpassing analyst expectations. Subscription revenue also performed well, growing 38% YoY to US$221.5 million.

3. Net Loss: Despite revenue growth, Rubrik's net loss reached US$354 million in 2024, up from US$278 million in the same period last year, indicating the company's continued investment in business expansion.

## Industry Comparison

1. Overall Industry Analysis: The cloud computing and data protection industry as a whole showed a growth trend in 2024, with industry revenue generally rising, reflecting the increasing importance of data security and management by enterprises.

2. Peer Comparison Analysis: Rubrik's total operating revenue growth rate of 35.23% was significantly higher than the industry average of 20%. This indicates that Rubrik performed well in the market competition, possibly due to its competitive advantages in innovation and customer service.

## Summary

Rubrik's revenue performance in 2024 is noteworthy, with a growth rate higher than the industry average, indicating its strong market position in the cloud computing and data protection market. However, the increase in net loss despite revenue growth suggests the need for careful cost control to avoid affecting long-term financial health.

## Opportunities

1. Product Innovation: Rubrik launched the new API service Annapurna for generative AI applications, which may attract more customers and drive revenue growth in the future.

2. Market Demand: With the rising demand for data security, Rubrik's products and services will continue to see increased market demand.

3. IPO Plan: The company plans to go public through an IPO, expected to raise US$500 million to US$700 million, which may provide funding support for further expansion.

4. Technology Advancements: The development of AI technology brings new growth opportunities for Rubrik's product line, particularly in the areas of data management and protection.

## Risks

1. Persistent Losses: Despite revenue growth, the increase in net loss may raise concerns among investors about the company's financial health.

2. Intense Competition: The cloud computing and data protection industry is highly competitive, and Rubrik needs to continuously innovate to maintain its market share.

3. Cost Control: If effective cost control is not achieved during business expansion, it may affect the company's profitability.

4. Dependence on Subscription Model: The company's revenue largely depends on the subscription model, and any fluctuations in market demand can have a significant impact on revenue.

Rubrik demonstrates a strong revenue growth trend in the rapidly developing cloud computing industry but also faces challenges such as persistent losses and intense competition. It is important to closely monitor its future product innovation and cost management strategies.