Darktrace PLC (LSE:DARK) said it is facing an increasingly big drag from foreign exchange rates, but reaffirmed full-year revenue growth guidance of 30% to 33%.
The cybersecurity firm said 46% to 47% of its revenue is expected to be recognised in the first half of the current financial year, due to sales being “likely to experience increasing drag from FX rate impacts”.
As of 30 September, annual recurring revenue (ARR) in dollar terms was US$494.4mln compared to constant currency ARR of US$511.5mln, which highlighted the US$17.1mln of exchange rate movements that Darktrace said is a “headwind that is likely to impact the conversion of constant currency ARR to USD revenue for the rest of FY 2023.”
In the first quarter of 2023, it grew its customer base to 7,757, which contributed to net annual recurring revenue (ARR) growth of 13.4% to US$26.6mln, while total revenue in the first quarter was up 37% to US$136.3mln.
"Using our market-leading Self-Learning AI technology, Darktrace empowers organisations to interrupt cyber threats before they experience a business disruption,” said chief financial officer Cathy Graham.
“This focus, and the value it provides to users of our technology, allowed us to maintain strong sales activity through the first quarter of FY 2023, again expanding our customer base, ARR and revenue.”