Cloud storage firm Box has reported a first-quarter loss that widened from the last year while revenues were up 45%.
For Q1 fiscal 2016 ended 30 April 2015, the loss was $47.3m, or $0.40 per share, compared to $38.6m, or $2.81 per share, for the same period a year ago.
Revenue was $65.6mn Q1, compared to $45.3m the company reported last year. Operating expenses increased to $95.1m, from $73.8m in the prior year.
The company added over 2,000 new customers in the quarter, increasing its global customer base to more than 47,000.
It exceeded 37 million registered users with the number of paying users increasing 70% and accounting for over 10% of total users.
Looking forward to Q2, Box expects revenues of $69m to $70m. For the full year of 2016, revenues are anticipated to be in the range of $286m to $290m.
Box co-founder and CFO Dylan Smith said: "While we continue to focus on investing in technology innovation and growth, we also remain committed to achieving positive free cash flow."
Earlier this month, the Government Digital Service in the UK, has selected Box to power its content sharing and collaboration across government departments.
