Hortonworks Q1 financial results reveal that despite increases in revenue and billings, it has nearly doubled its net loss from Q1 2014 to $40.5 million.
This increase in net loss is mainly due to an effort to expand its operations.
The company saw its total GAAP revenue increase by 167% to $22.8 million for the first quarter of 2015, while billings saw a rise of 99% from $14.1 million in Q1 2014 to $22.8 million in Q1 2015.
Gross profit makes for pleasant reading for the big data software company as it posted $11.3 million total GAAP for Q1 2015, compared to $2.6 million for the previous year.
Rob Beardem, CEO, Hortonworks, said: "We are pleased with our first quarter performance which was highlighted by strong revenue growth and the addition of 105 new support subscription customer logos."
"This brings our support subscription customer base to over 400 and represents over 200% year-over-year growth in our customer base. Coupled with our 143% dollar-based net expansion rate over the trailing four quarters, it is becoming more evident that our land and expand strategy is leading to rapid Hadoop adoption across many enterprise organizations."
Looking forward and the company expects total revenue to grow by 83% to reach between $94 and $97 million. The company also expects Gross Billings to rise to between $153 and $159 million which would represent a year over year growth of 79% at the midpoint.