Carbon Black Inc (NASDAQ: CBLK) stock rose over 0.2% in the pre market session on June 8th, 2018 though the company posted better-than-expected results for the first quarter of 2018. This earnings report is the company’s first since going public in early May. The company reported a fiscal first-quarter loss of $60.6 million as compared with a loss of $24.1 million, in the year-ago period.
As of March 31, 2018, CBLK had $33.7 million in cash and cash equivalents. During the three months ended March 31, 2018, CBLK used ($0.8) million of cash in operations and ($1.8) million in capital expenditures and capitalized software development costs, leading to negative free cash flow of ($2.6) million, compared to negative free cash flow of ($8.1) million in the year-ago period. Subsequent to the end of the quarter, the company closed its initial public offering of common stock on May 8, 2018, which generated proceeds, net of underwriting discounts and commissions, of $162.6 million.
CBLK in the first quarter of FY 18 has reported the adjusted loss per share of 98 cents, beating the analysts’ estimates for the adjusted earnings per share of $1.27 as per the analysts surveyed by FactSet. The company had reported the adjusted revenue growth of 35.9 percent to $48.4 million in the first quarter of FY 18, beating the analysts’ estimates for revenue of $48 million.
For the second quarter, CBLK estimates an adjusted loss in the range of 42 cents to 41 cents a share on revenue of $48.5 million to $49 million. The analysts expect a loss of 43 cents a share on revenue of $48.2 million.
Additionally, in the first quarter 2018, CBLK continued to grow its customer base, ending the first quarter 2018 with 4,006 total customers, up from 2,648 in the year-ago period and from 3,739 at the end of the previous quarter. The growth came due to the strong demand across the entire product portfolio and customer acquisition across a broad range of industries. In addition, CBLK delivered Cb Defense for VMware, which is a new offering on the Predictive Security Cloud platform, jointly developed through an exclusive partnership with VMware and designed to bring a new level of security to software-defined data centers. CBLK also experienced significant uptake in its first full quarter of shipping Cb ThreatSight, a managed triage alert service that leverages the Predictive Security Cloud to help understaffed security teams prioritize the most threatening alerts in their environment.