Everpure Announces First Quarter Fiscal 2027 Financial Results

Everpure Announces First Quarter Fiscal 2027 Financial Results May 27, 2026 Total revenue growth of 35% year-over-year Product revenue growth of 55% year-over-year Increased FY27 revenue and operating profit guidance , /PRNewswire/ -- Everpure (NYSE: P), the company revolutionizing storage and data management, today announced financial results for its first quarter fiscal year 2027 ended May 3, 2026. "Q1 was another outstanding quarter, reflecting the deepening trust customers place in Everpure to unlock their most valuable asset—their data," said Charles Giancarlo, Chairman and CEO of Everpure. "As we expand our Enterprise Data Cloud vision with the integration of 1touch, we are uniquely positioned to help enterprises eliminate infrastructure friction and activate their data for the AI era." First Quarter Financial Highlights Revenue $1.1 billion, up 35% year-over-yearProduct revenue $577 million, up 55% year-over-yearSubscription services revenue $476 million, up 17% year-over-yearSubscription annual recurring revenue (ARR) $2 billion, up 19% year-over-yearRemaining performance obligations (RPO) $3.8 billion, up 41% year-over-yearGAAP gross margin 68.7%; non-GAAP gross margin 70.1% GAAP operating income $20 million; non-GAAP operating income $159 million GAAP operating margin 1.9%; non-GAAP operating margin 15.1%Operating cash flow $180 million; free cash flow $112 millionTotal cash, cash equivalents, and marketable securities $1.5 billionReturned approximately $84 million to stockholders through share repurchases of 1.3 million shares. "In Q1, we generated record revenue and operating profit, exceeding the high-end of our guidance," said Everpure CFO Tarek Robbiati. "We are executing extremely well in a challenging supply chain environment—carrying our strong momentum into FY27, fueled by robust, broad-based demand for our Everpure solutions. Our increased guidance for the year reflects confidence in our ability to deliver on our priorities this year." First Quarter Company Highlights A New Identity for the AI Era Formally transitioned the corporate brand from Pure Storage to Everpure and updated its ticker symbol (NYSE: P), reflecting the company's expansion from a storage provider to a leader in the future of data management.In May, completed the strategic acquisition of 1touch, an innovator in data intelligence and orchestration, adding data security posture management (DSPM), advanced data discovery, classification, and semantic context capabilities to the Everpure Platform. Advancing the Enterprise Data Cloud Vision Launched ActiveCluster support for file data, enabling fleet-wide, policy-driven mobility and continuous availability. This innovation allows file workloads to move across environments without disruption.Announced the upcoming beta of Everpure Data Stream, to simplify AI curation and orchestration by eliminating manual data movement, significantly reducing the complexity barriers that typically stall enterprise AI projects. Industry-Leading Performance & Consumption Models FlashBlade//EXA achieved the highest score ever recorded for the SPECstorage Solution 2020 AI_Image benchmark. Demonstrated superior performance economics, moving data twice as fast as competitors while occupying less than half a rack of storage space. Extended Evergreen//One support to FlashBlade//EXA, providing a flexible pay-as-you-go model for high-performance AI training and inference. Announced Purity DeepReduce, introducing adaptive, similarity-based data reduction, unlocking deeper efficiencies for AI pipelines, backups, and modern file and object workloads while preserving predictable, high-performance flash economics. Increasing Partner Value Updated the partner program, focused on data-centric services where storage and data are foundational, particularly in the MSP program, while distributors play an expanded role in enablement to accelerate partner readiness. Announced the general availability of Everpure™ FlashArray™ support for Microsoft Azure Local.Announced the general availability of Pure1 + Veeam Anomaly Awareness Workflow, a new integration that unifies Everpure Pure1 and Veeam Backup & Replication. Industry Recognition & Impact Recognized as part of CRN's 2026 AI 100 and Storage 100.Hope Galley, VP, Americas Partner Sales, was recognized as part of CRN's 2026 Women of the Channel Power 100. Second Quarter and FY27 Guidance Q2FY27 Revenue $1.095B to $1.105B Revenue YoY Growth Rate 27% to 28% Non-GAAP Operating Income $195M to $205M Non-GAAP Operating Income YoY Growth Rate 50% to 58% FY27 Prior Guidance New Guidance Revenue $4.3B to $4.4B $4.41B to $4.51B Revenue YoY Growth Rate 17% to 20% 20% to 23% Non-GAAP Operating Income $780M to $820M $820M to $860M Non-GAAP Operating Income YoY Growth Rate 23% to 29% 29% to 36% These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Everpure has not reconciled its guidance for non-GAAP operating income and related year-over-year growth rate to their most directly comparable GAAP measures because certain items that impact these measures are not within Everpure's control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort. Conference Call Information Everpure will host a teleconference to discuss the first quarter fiscal 2027 results at 2:00 pm PT today, May 27, 2026. A live audio broadcast of the conference call will be available on the Everpure Investor Relations website. Everpure will also post its earnings presentation and prepared remarks to this website concurrent with this release. A replay will be available following the call on the Everpure Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482. Additionally, Everpure is scheduled to participate at the following investor conferences: William Blair 46th Annual Growth Conference Date: Wednesday, June 3, 2026 Time: 9:20 a.m. PT / 12:20 p.m. ET Chief Technology and Growth Officer Rob Lee Evercore Global TMT Conference Date: Wednesday, June 3, 2026 Time: 2:10 p.m. PT / 5:10 p.m. ET Chief Executive Officer Charlie Giancarlo Bank of America Global Technology Conference Date: Wednesday, June 3, 2026 Time: 2:40 p.m. PT / 5:40 p.m. ET Chief Financial Officer Tarek Robbiati About Everpure Everpure (NYSE: P) allows organizations to take control of their data with an industry-leading, ever-evolving storage and data management platform. We help companies unleash the power of their data by ensuring it is secure, accessible, intelligent, and ready to perform in the AI era. We make data management effortless while simultaneously scaling performance and significantly reducing energy consumption. With one of the highest Net Promoter Scores for over a decade, Everpure is the choice of the world's most innovative organizations. For more information, visit www.everpuredata.com. Connect with Everpure Blog LinkedIn Twitter Facebook Everpure, the Everpure P Logo, Portworx, Pure Storage and the marks in the Everpure Trademark List are trademarks or registered trademarks of Everpure, Inc. or its licensed subsidiaries in the U.S. and/or other countries. The Trademark List can be found at Everpuredata.com/trademarks. Other names may be trademarks of their respective owners. Forward Looking Statements This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to our future period financial and business results, our ability to manage potential disruptions to our supply chain, our ability to procure a sufficient supply of flash and other components, the impact of recent increases in component costs, the anticipated effects of our recent acquisition of 1touch, our opportunity relating to hyperscale and AI environments, our ability to meet hyperscalers' performance, price and other requirements, our ability to expand with our current hyperscale customer and to land new hyperscale customers, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers and large enterprises, the structure, timing and amount of revenue from hyperscaler licensing and support services, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically ongoing development and customer adoption of new products and the Enterprise Data Cloud architecture (including Pure FusionTM), priorities around sustainability and energy saving benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, the impact of inflation, currency fluctuations, tariffs, or other adverse economic conditions, our expectations regarding our product and technology differentiation, new investments and partnerships, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.everpuredata.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the fiscal year ended February 1, 2026. All information provided in this release and in the attachments is as of May 27, 2026, and Everpure undertakes no duty to update this information unless required by law. Key Performance Metrics Subscription ARR is a key business metric that refers to the annualized recurring contract value of all active, non-cancelable customer subscription agreements with subscription terms of any length at the end of the quarter, plus on-demand billings for the quarter multiplied by four. Total Contract Value (TCV) Sales, or bookings, of Everpure's Evergreen//One and similar consumption- and subscription-based offerings is an operating metric, representing the value of orders received during the period. Non-GAAP Financial Measures To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Everpure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses such as stock-based compensation expense, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, amortization of acquired intangible assets, restructuring costs related to severance and termination benefits, acquisition related transaction expenses and gains from mark-to-market adjustments on strategic investments that may not be indicative of our ongoing core business operating results. Everpure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures" and "Reconciliation from net cash provided by operating activities to free cash flow," included at the end of this release. EVERPURE, INC. Condensed Consolidated Balance Sheets (in thousands, unaudited) At the End of First Quarter of Fiscal 2027 Fiscal 2026 Assets Current assets: Cash and cash equivalents $ 837,794 $ 854,873 Marketable securities 666,955 692,446 Accounts receivable, net of allowance of $203 and $203 886,811 944,844 Inventory 77,940 75,935 Deferred commissions, current 143,364 139,379 Prepaid expenses and other current assets 437,017 356,015 Total current assets 3,049,881 3,063,492 Property and equipment, net 613,917 587,022 Operating lease right-of-use-assets 201,816 185,975 Deferred commissions, non-current 288,885 280,190 Intangible assets, net 5,342 7,346 Goodwill 365,075 365,075 Restricted cash 8,285 7,687 Other assets, non-current 216,746 177,472 Total assets $ 4,749,947 $ 4,674,259 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 173,207 $ 153,312 Accrued compensation and benefits 236,221 347,205 Accrued expenses and other liabilities 181,942 184,338 Operating lease liabilities, current 45,366 44,080 Deferred revenue, current 1,249,675 1,181,055 Total current liabilities 1,886,411 1,909,990 Operating lease liabilities, non-current 185,595 172,063 Deferred revenue, non-current 1,127,682 1,046,442 Other liabilities, non-current 108,121 100,096 Total liabilities 3,307,809 3,228,591 Stockholders' equity: Common stock and additional paid-in capital 2,600,504 2,624,790 Accumulated other comprehensive income (loss) (1,613) 1,709 Accumulated deficit (1,156,753) (1,180,831) Total stockholders' equity 1,442,138 1,445,668 Total liabilities and stockholders' equity $ 4,749,947 $ 4,674,259 EVERPURE, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data, unaudited) First Quarter of Fiscal 2027 2026 Revenue: Product $ 576,544 $ 372,144 Subscription services 476,352 406,341 Total revenue 1,052,896 778,485 Cost of revenue: Product(1) 204,544 141,050 Subscription services(1) 125,020 101,282 Total cost of revenue 329,564 242,332 Gross profit 723,332 536,153 Operating expenses: Research and development(1) 259,092 221,740 Sales and marketing(1) 347,856 278,512 General and administrative(1) 96,445 67,072 Total operating expenses 703,393 567,324 Income (loss) from operations 19,939 (31,171) Other income (expense), net 13,931 31,655 Income before provision for income taxes 33,870 484 Income tax provision 9,792 14,479 Net income (loss) $ 24,078 $ (13,995) Net income (loss) per share attributable to common stockholders, basic $ 0.07 $ (0.04) Net income (loss) per share attributable to common stockholders, diluted $ 0.07 $ (0.04) Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic 331,152 326,539 Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted 343,493 326,539 (1) Includes stock-based compensation expense as follows: Cost of revenue -- product $ 4,132 $ 3,266 Cost of revenue -- subscription services 8,155 7,162 Research and development 60,331 49,242 Sales and marketing 29,163 22,084 General and administrative 20,283 14,521 Total stock-based compensation expense $ 122,064 $ 96,275 EVERPURE, INC. Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) First Quarter of Fiscal 2027 2026 Cash flows from operating activities Net income (loss) $ 24,078 $ (13,995) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 40,198 33,770 Stock-based compensation expense 122,064 96,275 Other 4,381 705 Changes in operating assets and liabilities, net of effects of acquisition: Accounts receivable, net 58,032 269,542 Inventory (2,768) 2,669 Deferred commissions (12,680) (3,657) Prepaid expenses and other assets (117,076) (19,440) Operating lease right-of-use assets 10,574 8,397 Accounts payable 16,254 (26,991) Accrued compensation and other liabilities (102,069) (84,343) Operating lease liabilities (10,684) (11,238) Deferred revenue 149,860 32,242 Net cash provided by operating activities 180,164 283,936 Cash flows from investing activities Purchases of property and equipment(1) (68,414) (72,346) Purchases of marketable securities and other (112,952) (114,896) Sales of marketable securities 69,160 18,207 Maturities of marketable securities 66,712 57,253 Net cash used in investing activities (45,494) (111,782) Cash flows from financing activities Proceeds from exercise of stock options 6,646 5,359 Proceeds from issuance of common stock under employee stock purchase plan 30,001 27,240 Principal payments on borrowings and finance lease obligations (612) (1,125) Tax withholding on vesting of equity awards (102,920) (61,300) Repurchases of common stock (84,103) (119,936) Net cash used in financing activities (150,988) (149,762) Net increase (decrease) in cash, cash equivalents and restricted cash (16,318) 22,392 Cash, cash equivalents and restricted cash, beginning of period 864,979 737,750 Cash, cash equivalents and restricted cash, end of period $ 848,661 $ 760,142 (1) Includes capitalized internal-use software costs of $10.3 million and $6.9 million for the first quarter of fiscal 2027 and 2026. Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited): First Quarter of Fiscal 2027 First Quarter of Fiscal 2026 GAAP results GAAP gross margin (a) Adjustment Non- GAAP results Non- GAAP gross margin (b) GAAP results GAAP gross margin (a) Adjustment Non- GAAP results Non- GAAP gross margin (b) $ 4,132 (c) $ 3,266 (c) 330 (d) 240 (d) — 208 (e) 1,269 (f) 3,306 (f) Gross profit -- product $ 372,000 64.5 % $ 5,731 $ 377,731 65.5 % $ 231,094 62.1 % $ 7,020 $ 238,114 64.0 % $ 8,155 (c) $ 7,162 (c) 768 (d) 743 (d) — 632 (e) 66 (f) — Gross profit -- subscription services $ 351,332 73.8 % $ 8,989 $ 360,321 75.6 % $ 305,059 75.1 % $ 8,537 $ 313,596 77.2 % $ 12,287 (c) $ 10,428 (c) 1,098 (d) 983 (d) — 840 (e) 1,335 (f) 3,306 (f) Total gross profit $ 723,332 68.7 % $ 14,720 $ 738,052 70.1 % $ 536,153 68.9 % $ 15,557 $ 551,710 70.9 % (a) GAAP gross margin is defined as GAAP gross profit divided by revenue. (b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue. (c) To eliminate stock-based compensation expense. (d) To eliminate payroll tax expense related to stock-based activities. (e) To eliminate expenses for severance and termination benefits related to workforce realignment. (f) To eliminate amortization expense of acquired intangible assets. The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited): First Quarter of Fiscal 2027 First Quarter of Fiscal 2026 GAAP results GAAP operating margin (a) Adjustment Non- GAAP results Non- GAAP operating margin (b) GAAP results GAAP operating margin (a) Adjustment Non- GAAP results Non- GAAP operating margin (b) $ 122,064 (c) $ 96,275 (c) 9,852 (d) 8,615 (d) 1,566 (e) 3,536 (e) — 5,489 (f) 5,335 (i) — Operating income (loss) $ 19,939 1.9 % $ 138,817 $ 158,756 15.1 % $ (31,171) (4.0) % $ 113,915 $ 82,744 10.6 % $ 122,064 (c) $ 96,275 (c) 9,852 (d) 8,615 (d) 1,566 (e) 3,536 (e) — 5,489 (f) 105 (g) 153 (g) — (2,435) (h) 5,335 (i) — Net income (loss) $ 24,078 $ 138,922 $ 163,000 $ (13,995) $ 111,633 $ 97,638 Net income (loss) per share -- diluted $ 0.07 $ 0.47 $ (0.04) $ 0.29 Weighted- average shares used in per share calculation -- diluted 343,493 — 343,493 326,539 9,470 (j) 336,009 (a) GAAP operating margin is defined as GAAP operating income (loss) divided by revenue. (b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue. (c) To eliminate stock-based compensation expense. (d) To eliminate payroll tax expense related to stock-based activities. (e) To eliminate amortization expense of acquired intangible assets. (f) To eliminate expenses for severance and termination benefits related to workforce realignment (g) To eliminate amortization expense of debt issuance costs related to our debt. (h) To eliminate unrealized gain from mark-to-market adjustment on strategic investment. (i) To eliminate acquisition-related transaction expenses. (j) To include effect of dilutive securities (employee stock options, restricted stock, and shares from employee stock purchase plan). Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited): First Quarter of Fiscal 2027 2026 Net cash provided by operating activities $ 180,164 $ 283,936 Less: purchases of property and equipment(1) (68,414) (72,346) Free cash flow (non-GAAP) $ 111,750 $ 211,590 (1) Includes capitalized internal-use software costs of $10.3 million and $6.9 million for the first quarter of fiscal 2027 and 2026. View original content to download multimedia:https://www.prnewswire.com/news-releases/everpure-announces-first-quarter-fiscal-2027-financial-results-302783502.html SOURCE Everpure