Business Cloud News

In its first financial results statement since going public (excluding its SEC filings) cloud storage and collaboration incumbent Box announced fourth quarter 2015 revenues of $62.6m, a 38.8 per cent increase year on year.

The company raked in $38.8m in the fourth quarter of fiscal 2014. Billings in the fourth quarter of fiscal 2015 were $82m, a 33 per cent year on year increase.

Box made its first quarterly results announcement this week

Box made its first quarterly results announcement this week

“The opportunity to transform how people work has never been greater, with organizations demanding technology that helps employees be more mobile and collaborative, while keeping information secure,” said Aaron Levie, co-founder and chief executive of Box.

“Box’s solid fiscal 2015 results – with 74 per cent revenue growth year over year – highlight our continued execution as we help our more than 45,000 customers transition to the cloud and strengthen our position as the secure platform of choice for enterprise content collaboration.”

While the company’s operating loss for the fourth quarter of fiscal 2015 was $45.8 million, or 73 per cent of the revenue it pulled in during the period, the company’s co-founder and chief financial officer Dylan Smith said the results show Box “made significant progress” on its path to profitability.

“We’re committed to managing the business to achieve profitability, and we have a strong balance sheet to fund this transition.”

Hitting profitability quickly requires the company to focus extensively on the enterprise, and since last year the firm has doubled down on targeting a range of sectors – announcing large deployments with known multinationals and strengthening its security posture (and enterprise confidence) through acquisition. In the past month alone the firm bought Airspot and Subspace, two mobile security startups.

It also launched industry-tailored offerings of its storage and collaboration platform, Box for Industries.

In January Box was the first pure-play cloud storage provider to go public in a move that saw the firm raise $175m. The firm’s initial share price was set at $14, which skyrocketed to $23.23 on the first day of trading before levelling out at just over $20, putting the company’s market cap at close to $2.35bn.