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    DigitalOcean Announces Fourth Quarter and Fiscal Year 2024 Financial Results

    2/25/25 7:05:00 AM ET
    $DOCN
    Computer Software: Programming Data Processing
    Technology
    Get the next $DOCN alert in real time by email

    Q4 2024 Revenue of $205 million, up 13% year-over-year; Full year 2024 revenue of $781 million, up 13% year-over-year

    2024 Net Income was $84 million, up 335% year-over-year, at 11% margin and Adjusted EBITDA was $328 million, up 19% year-over-year, at 42% margin

    DigitalOcean Holdings, Inc. (NYSE:DOCN), the simplest scalable cloud for growing tech companies, today announced results for its fourth quarter and fiscal year ended December 31, 2024.

    "We are entering 2025 with increasing momentum - in Q4 alone, we released more than four times as many products and features than we did in Q4 of the prior year, increased net dollar retention to 99%, grew revenue 13% year-over-year and delivered 18% adjusted free cash flow margin," said Paddy Srinivasan, CEO of DigitalOcean. "Our focused efforts on our Higher Spend Customers and our continued traction in AI drove quarterly revenue for our top 500+ customers, representing 22% of total revenue, to grow at 37% year-over-year. This shows clear progress on our strategy and builds on our leading position as the simple, scalable and approachable Cloud."

    Fourth Quarter 2024 Financial Highlights:

    • Revenue was $205 million, an increase of 13% year-over-year.
    • Annual Run-Rate Revenue (ARR)(1) ended the quarter at $820 million, an increase of 13% year-over-year.
    • Gross profit(2) of $126 million, an increase of 22% year-over-year, and gross profit margin was 62%.
    • Net income attributable to common stockholders was $18 million, an increase of 15% year-over-year, and net income margin was 9%.
    • Adjusted EBITDA was $86 million, an increase of 17% year-over-year, and adjusted EBITDA margin was 42%.
    • Diluted net income per share was $0.19 and non-GAAP diluted net income per share was $0.49.
    • Net cash from operating activities was $71 million as compared to $81 million in the fourth quarter 2023.
    • Adjusted free cash flow was $37 million as compared to $29 million in the fourth quarter 2023.
    • Cash and cash equivalents was $428 million as of December 31, 2024.

    Fourth Quarter 2024 Operational Highlights:

    • The number of Builders, Scalers and Scalers+(1), which collectively includes all customers spending more than $50 in a given month, increased 6% from the fourth quarter 2023 and revenue from these customers grew 16% year-over-year.
    • The number of Scalers+ grew 17% year-over-year to 504, while the revenue from these customers, which now represents 22% of total revenue, grew 37% year-over-year.
    • Net Dollar Retention Rate (NDR) increased to 99% from 97% in the prior quarter.
    • Average Revenue Per Customer (ARPU) was $105.75, an increase of 14% over the fourth quarter 2023.
    • ARPU for our Scalers+ customer category was $29,750.64, an increase of 18% over the fourth quarter 2023.
    • The Company released 49 new products and features, an increase of more than four times over the fourth quarter 2023.
    • Announced the general availability of our GenAI Platform, our platform enabling a simple solution to create, deploy, and integrate agents for real applications.
    • Announced the public preview of Cloudways Copilot, which is a suite of AI solutions designed to bring intelligent managed hosting to small and medium sized businesses (SMBs), starting with AI-powered issue diagnostics.
    • Announced Per-Bucket Access Keys for Spaces (GA), our S3-compatible object storage service. This much-anticipated feature provides customers with identity-based, bucket-level control over access permissions, helping to enhance their data security and simplifying management.
    • Announced VPC Peering, which enables customers to connect their Virtual Private Cloud (VPC) and establish seamless communication between resources hosted in those VPCs using private IP addresses, traversing through the DigitalOcean backbone. New features include creating VPC-native DOKS clusters via the UI and adding Pod and service networks as trusted database sources.
    • The Company repurchased 716,718 shares during the quarter.

    Fiscal Year 2024 Financial Highlights:

    • Revenue was $781 million, an increase of 13% year-over-year.
    • Gross profit(2) of $466 million, an increase of 17% year-over-year, and 60% of revenue.
    • Net income attributable to common stockholders was $84 million, an increase of 335% year-over-year, and net income margin was 11%.
    • Adjusted EBITDA was $328 million, an increase of 19% year-over-year, and adjusted EBITDA margin was 42%.
    • Diluted net income per share was $0.89 and non-GAAP diluted net income per share was $1.92.
    • Net cash from operating activities was $283 million as compared to $235 million in the prior year.
    • Adjusted free cash flow was $135 million as compared to $156 million in the prior year.

    Fiscal Year 2024 Operational Highlights:

    • The Company released 125 new products and features throughout 2024, significantly increasing the pace of innovation.
    • Announced the General Availability of GPU droplets which democratizes on-demand access to NVIDIA H100 instances for customers with the ability to leverage 1, 8 or more GPUs providing flexible deployment options tailored to various use cases and budgets.
    • Relaunched the conference for developers, startups and founders, Deploy, where a number of product releases were announced, including VPC Peering, Global Load Balancing, Internal Load Balancing, Premium CPU Optimized 96 vCPU Droplets, Per-Bucket Access Keys for Spaces, among others.
    • Returned $57 million to shareholders by repurchasing 1,511,909 shares, bringing our total cumulative repurchases to $1.5 billion and 32,566,941 shares since our IPO through December 31, 2024.
    ________

    (1)

    Beginning in the fourth quarter of 2024, we changed our methodology for calculating certain key business metrics. See the discussion below under the heading "Key Business Metrics" and refer to our Annual Report on Form 10-K for the year ended December 31, 2024 for further details.

     

    (2)

    Beginning in the fourth quarter of 2024, we reclassified certain costs from sales and marketing and research and development to cost of revenue in order to better reflect the cost of supporting our growing customer base, and to improve comparability with peers. Amounts for the quarter and year ended December 31, 2023 have been recast to conform with current period presentation. Refer to our Annual Report on Form 10-K for the year ended December 31, 2024 for further details.

    Financial Outlook:

    DigitalOcean is initiating guidance for the first quarter ending March 31, 2025 as follows:

    • Total revenue of $207 to $209 million.
    • Adjusted EBITDA margin of 38% to 40%.
    • Non-GAAP diluted net income per share of $0.41 to $0.46.
    • Fully diluted weighted average shares outstanding of approximately 103 to 104 million shares.

    For the full year 2025, we expect:

    • Total revenue of $870 to $890 million.
    • Adjusted EBITDA margin of 37% to 40%.
    • Adjusted free cash flow margin in the range of 16% to 18% of revenue.
    • Non-GAAP diluted net income per share of $1.85 to $1.95.
    • Fully diluted weighted average shares outstanding of approximately 104 to 105 million shares.

    A reconciliation of non-GAAP outlook measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. For example, stock-based compensation expense-related charges are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. Accordingly, a reconciliation is not available without unreasonable effort and we are unable to assess the probable significance of the unavailable information, although it is important to note that these factors could be material to our results computed in accordance with GAAP.

    Conference Call Information:

    DigitalOcean will host a conference call today, February 25, 2025, at 8:00 a.m. ET to review its results. The conference call and presentation can be accessed by registering for the webcast at https://events.q4inc.com/attendee/858828391. A live webcast and replay of the conference call in addition to the presentation can be accessed from the DigitalOcean investor relations website at http://investors.digitalocean.com.

    About DigitalOcean

    DigitalOcean is the simplest scalable cloud platform that democratizes cloud and AI for growing tech companies around the world. Our mission is to simplify cloud computing and AI to allow builders to spend more time creating software that changes the world. More than 600,000 customers trust DigitalOcean to deliver the cloud, AI, and ML infrastructure they need to build and scale their organizations. To learn more about DigitalOcean, visit www.digitalocean.com.

    Forward‑Looking Statements

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our performance, including but not limited to statements in the section titled "Financial Outlook." The forward-looking statements contained in this release and the accompanying earnings call referenced in this release are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to: (1) fluctuations in our financial results make it difficult to project future results; (2) our ability to sustain profitability in the future; (3) our ability to expand usage of our platform by existing customers and/or attract new customers and/ or retain existing customers; (4) the speed at which the market for our platform and solutions develops; (5) the success of the development and use of our artificial learning and machine learning (AI/ML) product offerings or use of third-party AI/ML-based tools; (6) our ability to release updates and new features to our platform and adapt and respond effectively to rapidly changing technology or customer needs; (7) breaches in our security measures allowing unauthorized access to our platform, our data, or our customers' data; (8) the competitive markets in which we participate; (9) our ability to effectively integrate and retain new members of our executive leadership team and senior management; (10) general market, political, economic, and business conditions; (11) the operational challenges related to international operations; (12) liability we may incur due to the activities of our customers; and (13) our customers' ability to have continued and unimpeded access to our platform, including as a result of evolving laws and industry standards.

    Further information on these and additional risks, uncertainties, assumptions and other factors that could cause actual results or outcomes to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption "Risk Factors" and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings and reports we make with the SEC.

    We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this release. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. We assume no obligation to, and do not currently intend to, update any such forward-looking statements after the date of this release.

    About Non-GAAP Financial Measures

    To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States, or GAAP, we provide investors with non-GAAP financial measures including: (i) adjusted EBITDA and adjusted EBITDA margin; (ii) non-GAAP net income and non-GAAP diluted net income per share; and (iii) adjusted free cash flow and adjusted free cash flow margin. These measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, adjusted free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of adjusted free cash flow as a measure of our financial performance and liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. Our calculations of each of these measures may differ from the calculations of measures with the same or similar titles by other companies and therefore comparability may be limited. Because of these limitations, when evaluating our performance, you should consider each of these non-GAAP financial measures alongside other financial performance measures, including the most directly comparable financial measure calculated in accordance with GAAP and our other GAAP results. A reconciliation of each of our non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP is set forth in the tables in the section "Reconciliation of GAAP to Non-GAAP Data."

    Adjusted EBITDA and Adjusted EBITDA Margin

    We define adjusted EBITDA as net income attributable to common stockholders, adjusted to exclude depreciation and amortization, stock-based compensation, interest expense, acquisition related compensation, acquisition and integration related costs, income tax expense, loss on extinguishment of debt, restructuring and other charges, restructuring related charges, impairment of certain long-lived assets, and interest income and other income, net. We define adjusted EBITDA margin as adjusted EBITDA as a percentage of revenue. We believe that adjusted EBITDA, when taken together with our GAAP financial results, provides meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of adjusted EBITDA is helpful to our investors as it is a measure used by management in assessing the health of our business, evaluating our operating performance, and for internal planning and forecasting purposes.

    Our calculation of adjusted EBITDA and adjusted EBITDA margin may differ from the calculations of adjusted EBITDA and adjusted EBITDA margin by other companies and therefore comparability may be limited. Because of these limitations, when evaluating our performance, you should consider adjusted EBITDA and adjusted EBITDA margin alongside other financial performance measures, including our net income attributable to common stockholders and other GAAP results.

    Non-GAAP Net Income and Non-GAAP Diluted Net Income Per Share

    We define non-GAAP net income as net income attributable to common stockholders, excluding stock-based compensation, acquisition related compensation, amortization of acquired intangibles, acquisition and integration related costs, loss on extinguishment of debt, restructuring and other charges, restructuring related charges, impairment of certain long-lived assets, and other unusual or non-recurring transactions as they occur. We define non-GAAP diluted net income per share as non-GAAP net income divided by the weighted-average diluted shares outstanding, which includes the potentially dilutive effect of our stock options, RSUs, PRSUs, and Convertible Notes.

    We believe non-GAAP diluted net income per share provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this metric generally eliminates the effects of unusual or non-recurring items from period to period for reasons unrelated to overall operating performance.

    Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin

    Adjusted free cash flow is a non-GAAP financial measure that we define as Net cash provided by operating activities less purchases of property and equipment, capitalized internal-use software costs, and excluding cash paid for restructuring and other charges, acquisition related compensation, restructuring related charges, and acquisition and integration related costs. Adjusted free cash flow margin is calculated as adjusted free cash flow divided by total revenue.

    We believe that adjusted free cash flow and adjusted free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our core operations that can be used for strategic initiatives, including investing in our business and selectively pursuing acquisitions and strategic investments. We further believe that historical and future trends in adjusted free cash flow and adjusted free cash flow margin, even if negative, provide useful information about the amount of Net cash provided by operating activities that is available (or not available) to be used for strategic initiatives. One limitation of adjusted free cash flow and adjusted free cash flow margin is that they do not reflect our future contractual commitments. Additionally, adjusted free cash flow does not represent the total increase or decrease in our cash balance for a given period.

    Key Business Metrics:

    We utilize the key metrics set forth below to help us evaluate our business and growth, identify trends, formulate financial projections and make strategic decisions.

    Customers

    Beginning in the fourth quarter of 2024, we changed our methodology to calculate customer count as the average number of customers as of the last day of the month for each month in the most recent quarter. Customers are classified in the following categories based on the amount of their spend in a given month and individual customers may fall within different categories within a reporting period:

    • Testers: users that both (i) spend less than or equal to $50 in a month and (ii) have been on our platform for three months or less.
    • Learners: users that both (i) spend less than or equal to $50 in a month and (ii) have been on our platform for more than three months.
    • Builders: users that spend more than $50 and less than or equal to $500 in a month.
    • Scalers: users that spend more than $500 and less than or equal to $8,333 in a month.
    • Scalers+: users that spend more than $8,333 in a month.

    We refer to our Builders, Scalers and Scalers+ customers collectively as our Higher Spend Customers.

    ARPU

    We calculate ARPU on a monthly basis as our total revenue from Learners, Builders, Scalers and Scalers+ in that period divided by the total number of Learner, Builder, Scaler and Scaler+ customers determined as of the last day of that month. For a quarterly or annual period, ARPU is determined as the weighted average monthly ARPU over such three or 12-month period.

    ARR

    Beginning in the fourth quarter of 2024, we changed our methodology to calculate ARR by multiplying the revenue for the most recent quarter by four. For our ARR calculations, we include the total revenue from all customers, including Testers, Learners, Builders, Scalers, and Scalers+.

    Net Dollar Retention Rate

    We calculate net dollar retention rate monthly by starting with the revenue from all customers, including Testers, Learners, Builders, Scalers and Scalers+ for our IaaS and PaaS/SaaS offerings during the corresponding month 12 months prior, or the Prior Period Revenue. We then calculate the revenue from these same customers as of the current month, or the Current Period Revenue, including any expansion and net of any contraction or attrition from these customers over the last 12 months. The calculation also includes revenue from customers that generated revenue before, but not in, the corresponding month 12 months prior, but subsequently generated revenue in the current month and are therefore reflected in the Current Period Revenue. We include this group of re-engaged customers in this calculation because some of our customers use our platform for projects that stop and start over time. We then divide the total Current Period Revenue by the total Prior Period Revenue to arrive at the net dollar retention rate for the relevant month. For a quarterly or annual period, the net dollar retention rate is determined as the average monthly net dollar retention rates over such three or 12-month period.

    Refer to our Annual Report on Form 10-K for the year ended December 31, 2024 for additional details, including a comparison of our customer count and ARR to our prior methodology for each period presented.

     

    DIGITALOCEAN HOLDINGS, INC.

     

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands, except share amounts)

    (unaudited)

     

     

    December 31, 2024

     

    December 31, 2023

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    428,446

     

     

    $

    317,236

     

    Marketable securities

     

    —

     

     

     

    94,532

     

    Accounts receivable, less allowance for credit losses of $5,940 and $5,848, respectively

     

    72,486

     

     

     

    62,186

     

    Prepaid expenses and other current assets

     

    40,786

     

     

     

    29,040

     

    Total current assets

     

    541,718

     

     

     

    502,994

     

     

     

     

     

    Property and equipment, net

     

    432,544

     

     

     

    305,444

     

    Restricted cash

     

    1,747

     

     

     

    1,747

     

    Goodwill

     

    348,674

     

     

     

    348,322

     

    Intangible assets, net

     

    117,718

     

     

     

    140,151

     

    Operating lease right-of-use assets, net

     

    187,877

     

     

     

    155,201

     

    Deferred tax assets

     

    200

     

     

     

    1,994

     

    Other assets

     

    8,537

     

     

     

    5,114

     

    Total assets

    $

    1,639,015

     

     

    $

    1,460,967

     

     

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    54,565

     

     

    $

    3,957

     

    Accrued other expenses

     

    38,156

     

     

     

    31,046

     

    Deferred revenue

     

    5,397

     

     

     

    5,340

     

    Operating lease liabilities, current

     

    75,785

     

     

     

    81,320

     

    Other current liabilities

     

    47,052

     

     

     

    70,982

     

    Total current liabilities

     

    220,955

     

     

     

    192,645

     

     

     

     

     

    Deferred tax liabilities

     

    4,123

     

     

     

    3,533

     

    Long-term debt

     

    1,485,366

     

     

     

    1,477,798

     

    Operating lease liabilities, non-current

     

    130,431

     

     

     

    91,161

     

    Other long-term liabilities

     

    1,095

     

     

     

    9,528

     

    Total liabilities

     

    1,841,970

     

     

     

    1,774,665

     

     

     

     

     

    Preferred stock ($0.000025 par value per share; 10,000,000 shares authorized; 0 shares

    issued and outstanding as of December 31, 2024 and 2023)

     

    —

     

     

     

    —

     

    Common stock ($0.000025 par value per share; 750,000,000 shares authorized; 92,234,517 and

    90,243,442 issued and outstanding as of December 31, 2024 and 2023, respectively)

     

    2

     

     

     

    2

     

    Additional paid-in capital

     

    57,282

     

     

     

    30,989

     

    Accumulated other comprehensive loss

     

    (1,497

    )

     

     

    (452

    )

    Accumulated deficit

     

    (258,742

    )

     

     

    (344,237

    )

    Total stockholders' deficit

     

    (202,955

    )

     

     

    (313,698

    )

     

     

     

     

    Total liabilities and stockholders' deficit

    $

    1,639,015

     

     

    $

    1,460,967

     

     

    DIGITALOCEAN HOLDINGS, INC.

     

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands, except per share amounts)

    (unaudited)

     

    Three Months Ended

     

    Year Ended

    December 31,

     

    December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenue

    $

    204,925

     

     

    $

    180,874

     

     

    $

    780,615

     

     

    $

    692,884

     

    Cost of revenue (1)

     

    78,842

     

     

     

    77,612

     

     

     

    314,672

     

     

     

    295,387

     

    Gross profit

     

    126,083

     

     

     

    103,262

     

     

     

    465,943

     

     

     

    397,497

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development (1)

     

    40,310

     

     

     

    29,976

     

     

     

    142,499

     

     

     

    136,917

     

    Sales and marketing (1)

     

    19,405

     

     

     

    17,395

     

     

     

    71,570

     

     

     

    65,055

     

    General and administrative

     

    33,833

     

     

     

    44,881

     

     

     

    160,867

     

     

     

    162,742

     

    Restructuring and other charges

     

    —

     

     

     

    25

     

     

     

    —

     

     

     

    20,887

     

    Total operating expenses

     

    93,548

     

     

     

    92,277

     

     

     

    374,936

     

     

     

    385,601

     

     

     

     

     

     

     

     

     

    Income from operations

     

    32,535

     

     

     

    10,985

     

     

     

    91,007

     

     

     

    11,896

     

     

     

     

     

     

     

     

     

    Other income (expense):

     

     

     

     

     

     

     

    Interest expense

     

    (2,226

    )

     

     

    (2,311

    )

     

     

    (9,113

    )

     

     

    (8,945

    )

    Interest income and other (expense) income, net

     

    (1,315

    )

     

     

    4,857

     

     

     

    15,805

     

     

     

    23,825

     

    Other (expense) income, net

     

    (3,541

    )

     

     

    2,546

     

     

     

    6,692

     

     

     

    14,880

     

     

     

     

     

     

     

     

     

    Income before income taxes

     

    28,994

     

     

     

    13,531

     

     

     

    97,699

     

     

     

    26,776

     

    Income tax (expense) benefit

     

    (10,728

    )

     

     

    2,407

     

     

     

    (13,207

    )

     

     

    (7,367

    )

    Net income attributable to common stockholders

    $

    18,266

     

     

    $

    15,938

     

     

    $

    84,492

     

     

    $

    19,409

     

    Net income (loss) per share attributable to common stockholders

    Basic

    $

    0.20

     

     

    $

    0.18

     

     

    $

    0.92

     

     

    $

    0.22

     

    Diluted

    $

    0.19

     

     

    $

    0.17

     

     

    $

    0.89

     

     

    $

    0.20

     

    Weighted-average shares used to compute net income (loss) per share attributable to common stockholders

    Basic

     

    92,250

     

     

     

    87,929

     

     

     

    91,634

     

     

     

    90,141

     

    Diluted

     

    94,404

     

     

     

    92,028

     

     

     

    94,503

     

     

     

    96,415

     

    _________________

    (1)

    Amounts for the year ended December 31, 2023 have been recast to conform with current period presentation. Refer to Note 2. Summary of Significant Accounting Policies, Prior Period Reclassification, in Item 8. in the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024 for further details.

     

    DIGITALOCEAN HOLDINGS, INC.

     

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (unaudited)

     

    Year Ended December 31,

     

     

    2024

     

     

     

    2023

     

    Operating activities

     

     

     

    Net income attributable to common stockholders

    $

    84,492

     

     

    $

    19,409

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

     

    130,052

     

     

     

    117,866

     

    Stock-based compensation

     

    90,545

     

     

     

    88,347

     

    Provision for expected credit losses

     

    16,446

     

     

     

    15,357

     

    Operating lease right-of-use assets and liabilities, net

     

    324

     

     

     

    5,709

     

    Net accretion of discounts and amortization of premiums on investments

     

    2,569

     

     

     

    1,866

     

    Non-cash interest expense

     

    7,987

     

     

     

    7,949

     

    Loss on impairment of certain long-lived assets

     

    356

     

     

     

    1,140

     

    Deferred income taxes

     

    2,337

     

     

     

    (67

    )

    Release of VAT reserve

     

    —

     

     

     

    (819

    )

    Other

     

    4,921

     

     

     

    627

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    (26,746

    )

     

     

    (22,668

    )

    Prepaid expenses and other current assets

     

    (12,099

    )

     

     

    (9,593

    )

    Accounts payable and accrued expenses

     

    7,423

     

     

     

    (11,077

    )

    Deferred revenue

     

    57

     

     

     

    (315

    )

    Other assets and liabilities

     

    (25,939

    )

     

     

    21,211

     

    Net cash provided by operating activities

     

    282,725

     

     

     

    234,942

     

     

     

     

     

    Investing activities

     

     

     

    Capital expenditures - property and equipment

     

    (178,167

    )

     

     

    (119,299

    )

    Capital expenditures - internal-use software development

     

    (8,356

    )

     

     

    (5,514

    )

    Cash paid for acquisition of businesses, net of cash acquired

     

    —

     

     

     

    (99,023

    )

    Cash paid for asset acquisitions

     

    —

     

     

     

    (2,500

    )

    Purchase of marketable securities

     

    —

     

     

     

    (352,313

    )

    Maturities of marketable securities

     

    91,675

     

     

     

    979,565

     

    Purchased interest on marketable securities

     

    —

     

     

     

    (151

    )

    Proceeds from interest on marketable securities

     

    —

     

     

     

    151

     

    Proceeds from sale of equipment

     

    43

     

     

     

    236

     

    Net cash (used in) provided by investing activities

     

    (94,805

    )

     

     

    401,152

     

     

     

     

     

    Financing activities

     

     

     

    Proceeds related to the issuance of common stock under equity incentive plan

     

    13,069

     

     

     

    38,410

     

    Proceeds from the issuance of common stock under employee stock purchase plan

     

    4,095

     

     

     

    4,977

     

    Principal repayments of finance leases

     

    (5,475

    )

     

     

    (2,260

    )

    Employee payroll taxes paid related to net settlement of equity awards

     

    (28,347

    )

     

     

    (21,575

    )

    Repurchase and retirement of common stock including related costs

     

    (59,788

    )

     

     

    (488,455

    )

    Net cash used in financing activities

     

    (76,446

    )

     

     

    (468,903

    )

     

     

     

     

    Effect of exchange rate changes on cash, cash equivalents, and restricted cash

     

    (264

    )

     

     

    (15

    )

    Increase (decrease) in cash, cash equivalents and restricted cash

     

    111,210

     

     

     

    167,176

     

    Cash, cash equivalents and restricted cash - beginning of period

     

    318,983

     

     

     

    151,807

     

    Cash, cash equivalents and restricted cash - end of period

    $

    430,193

     

     

    $

    318,983

     

     

    DIGITALOCEAN HOLDINGS, INC.

     

    RECONCILIATION OF GAAP TO NON-GAAP DATA

    (unaudited)

     

    Adjusted EBITDA and Adjusted EBITDA Margin

     

    Three Months Ended

     

    Year Ended

     

    December 31,

     

    December 31,

    (In thousands)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    GAAP Net income attributable to common stockholders

    $

    18,266

     

     

    $

    15,938

     

     

    $

    84,492

     

     

    $

    19,409

     

     

     

     

     

     

     

     

     

    Adjustments:

     

     

     

     

     

     

     

    Depreciation and amortization

     

    29,227

     

     

     

    30,781

     

     

     

    130,052

     

     

     

    117,866

     

    Stock-based compensation(1)

     

    22,886

     

     

     

    22,265

     

     

     

    90,398

     

     

     

    115,019

     

    Interest expense

     

    2,226

     

     

     

    2,311

     

     

     

    9,113

     

     

     

    8,945

     

    Acquisition related compensation

     

    1,222

     

     

     

    5,187

     

     

     

    12,661

     

     

     

    27,763

     

    Acquisition and integration related costs

     

    —

     

     

     

    1,032

     

     

     

    —

     

     

     

    6,145

     

    Income tax expense

     

    10,728

     

     

     

    (2,407

    )

     

     

    13,207

     

     

     

    7,367

     

    Restructuring and other charges(1)

     

    —

     

     

     

    25

     

     

     

    —

     

     

     

    20,887

     

    Restructuring related charges(1)(2)

     

    —

     

     

     

    3,222

     

     

     

    4,025

     

     

     

    (23,535

    )

    Impairment of certain long-lived assets

     

    —

     

     

     

    —

     

     

     

    356

     

     

     

    1,140

     

    Interest income and other (expense) income, net(3)

     

    1,315

     

     

     

    (4,857

    )

     

     

    (15,805

    )

     

     

    (23,825

    )

    Adjusted EBITDA

    $

    85,870

     

     

    $

    73,497

     

     

    $

    328,499

     

     

    $

    277,181

     

    As a percentage of revenue:

     

     

     

     

     

     

     

    Net income margin

     

    9

    %

     

     

    9

    %

     

     

    11

    %

     

     

    3

    %

    Adjusted EBITDA margin

     

    42

    %

     

     

    41

    %

     

     

    42

    %

     

     

    40

    %

    _____________________

    (1)

    For the year ended December 31, 2024, non-GAAP stock-based compensation excludes $0.1 million as it is presented in Restructuring related charges. For the year ended December 31, 2023, non-GAAP stock-based compensation excludes the $31.3 million reversal related to the former CEO's forfeited MRSU award that is reported in Restructuring related charges, as well as $3.9 million that is reported in Restructuring and other charges, in the table above.

     

    (2)

    For the year ended December 31, 2024, primarily consists of executive reorganization charges. For the year ended December 31, 2023, primarily consists of the $31.3 million reversal of stock-based compensation related to the former CEO's forfeited MRSU award, partially offset by salary continuation charges, executive reorganization charges including severance, CEO search firm fees, and other legal and professional service costs.

     

    (3)

    For the years ended December 31, 2024 and 2023, primarily consists of interest and accretion income from our cash and cash equivalents and marketable securities.

    Non-GAAP Net Income and Non-GAAP Diluted Net Income Per Share

     

     

     

     

     

     

    Three Months Ended

     

    Year Ended

     

    December 31,

     

    December 31,

    (In thousands)

     

    2024

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    GAAP Net income attributable to common stockholders

    $

    18,266

     

    $

    15,938

     

     

    $

    84,492

     

     

    $

    19,409

     

    Stock-based compensation(1)

     

    22,886

     

     

    22,265

     

     

     

    90,398

     

     

     

    115,019

     

    Acquisition related compensation

     

    1,222

     

     

    5,187

     

     

     

    12,661

     

     

     

    27,763

     

    Amortization of acquired intangible assets

     

    5,385

     

     

    5,736

     

     

     

    22,426

     

     

     

    18,967

     

    Acquisition and integration related costs

     

    —

     

     

    1,032

     

     

     

    —

     

     

     

    6,145

     

    Restructuring and other charges(1)

     

    —

     

     

    25

     

     

     

    —

     

     

     

    20,887

     

    Restructuring related charges(1)(2)

     

    —

     

     

    3,222

     

     

     

    4,025

     

     

     

    (23,535

    )

    Impairment of certain long-lived assets

     

    —

     

     

    —

     

     

     

    356

     

     

     

    1,140

     

    Non-GAAP income tax adjustment(3)

     

    1,371

     

     

    (11,076

    )

     

     

    (23,202

    )

     

     

    (25,469

    )

    Non-GAAP Net income

    $

    49,130

     

    $

    42,329

     

     

    $

    191,156

     

     

    $

    160,326

     

     

     

     

     

     

     

     

     

    Non-cash charges related to convertible notes(4)

    $

    1,592

     

    $

    1,565

     

     

    $

    6,357

     

     

    $

    6,249

     

    Non-GAAP Net income used to compute net income per share, diluted

    $

    50,722

     

    $

    43,894

     

     

    $

    197,513

     

     

    $

    166,575

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Year Ended

     

    December 31,

     

    December 31,

    (In thousands, except per share amounts)

     

    2024

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    GAAP Net income per share attributable to common stockholders, diluted

    $

    0.19

     

    $

    0.17

     

     

    $

    0.89

     

     

    $

    0.20

     

    Stock-based compensation(1)

     

    0.22

     

     

    0.22

     

     

     

    0.88

     

     

     

    1.10

     

    Acquisition related compensation

     

    0.01

     

     

    0.05

     

     

     

    0.12

     

     

     

    0.26

     

    Amortization of acquired intangible assets

     

    0.05

     

     

    0.06

     

     

     

    0.22

     

     

     

    0.18

     

    Acquisition and integration related costs

     

    —

     

     

    0.01

     

     

     

    —

     

     

     

    0.06

     

    Restructuring and other charges(1)

     

    —

     

     

    —

     

     

     

    —

     

     

     

    0.20

     

    Restructuring related charges(1)(2)

     

    —

     

     

    0.03

     

     

     

    0.04

     

     

     

    (0.23

    )

    Impairment of certain long-lived assets

     

    —

     

     

    —

     

     

     

    —

     

     

     

    0.01

     

    Non-cash charges related to convertible notes(4)

     

    0.02

     

     

    0.02

     

     

     

    0.06

     

     

     

    0.06

     

    Non-GAAP income tax adjustment(3)

     

    —

     

     

    (0.12

    )

     

     

    (0.30

    )

     

     

    (0.25

    )

    Non-GAAP Net income per share, diluted*

    $

    0.49

     

    $

    0.44

     

     

    $

    1.92

     

     

    $

    1.59

     

     

     

     

     

     

     

     

     

    GAAP Weighted-average shares used to compute net income per share, diluted

     

    94,404

     

     

    92,028

     

     

     

    94,503

     

     

     

    96,415

     

    Weighted-average dilutive effect of potentially dilutive securities

     

    8,403

     

     

    8,403

     

     

     

    8,403

     

     

     

    8,403

     

    Non-GAAP Weighted-average shares used to compute net income per share, diluted

     

    102,807

     

     

    100,431

     

     

     

    102,906

     

     

     

    104,818

     

     

    *May not foot due to rounding

    _____________________

    (1)

    For the year ended December 31, 2024, non-GAAP stock-based compensation excludes $0.1 million as it is presented in Restructuring related charges. For the year ended December 31, 2023, non-GAAP stock-based compensation excludes the $31.3 million reversal related to the former CEO's forfeited MRSU award that is reported in Restructuring related charges, as well as $3.9 million that is reported in Restructuring and other charges, in the table above.

     

    (2)

    For the year ended December 31, 2024, primarily consists of executive reorganization charges. For the year ended December 31, 2023, primarily consists of the $31.3 million reversal of stock-based compensation related to the former CEO's forfeited MRSU award, partially offset by salary continuation charges, executive reorganization charges including severance, CEO search firm fees, and other legal and professional service costs.

     

    (3)

    For the years ended December 31, 2024 and 2023, we used a tax rate of 16% and 17%, respectively, which we believe is a reasonable estimate of our long-term effective tax rate applicable to non-GAAP pre-tax income for 2024 and 2023, respectively.

     

    (4)

    Consists of non-cash interest expense for amortization of deferred financing fees related to the Convertible Notes.

    Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin

     

    Three Months Ended

     

    Year Ended

     

    December 31,

     

    December 31,

    (In thousands)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    GAAP Net cash provided by operating activities

    $

    71,339

     

     

    $

    80,515

     

     

    $

    282,725

     

     

    $

    234,942

     

    Adjustments:

     

     

     

     

     

     

     

    Capital expenditures - property and equipment

     

    (45,280

    )

     

     

    (52,222

    )

     

     

    (178,167

    )

     

     

    (119,299

    )

    Capital expenditures - internal-use software development

     

    (1,864

    )

     

     

    (1,439

    )

     

     

    (8,356

    )

     

     

    (5,514

    )

    Restructuring and other charges

     

    —

     

     

     

    17

     

     

     

    60

     

     

     

    16,792

     

    Restructuring related charges(1)

     

    129

     

     

     

    1,413

     

     

     

    5,049

     

     

     

    5,371

     

    Acquisition related compensation

     

    12,386

     

     

     

    —

     

     

     

    33,099

     

     

     

    16,851

     

    Acquisition and integration related costs

     

    —

     

     

     

    544

     

     

     

    302

     

     

     

    6,611

     

    Adjusted free cash flow

    $

    36,710

     

     

    $

    28,828

     

     

    $

    134,712

     

     

    $

    155,754

     

    As a percentage of revenue:

     

     

     

     

     

     

     

    GAAP Net cash provided by operating activities

     

    35

    %

     

     

    45

    %

     

     

    36

    %

     

     

    34

    %

    Adjusted free cash flow margin

     

    18

    %

     

     

    16

    %

     

     

    17

    %

     

     

    22

    % 

    _________________

    (1)

    For the year ended December 31, 2024, primarily consists of executive reorganization charges. For the year ended December 31, 2023, primarily consists of salary continuation charges and executive reorganization charges, including CEO search firm fees and other legal and professional service costs.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250225177253/en/

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    • DigitalOcean Welcomes Cloud & AI Developer Community to Deploy 2025 Conference

      DigitalOcean debuts vision for future of cloud, AI for digital-native businesses DigitalOcean, the simplest scalable cloud for growing tech companies, today kicked off its Deploy 25 customer conference in Austin, Texas bringing together the most passionate community of builders to share best practices, network, and experience DigitalOcean's vision for the future of cloud computing and AI. The event features keynote presentations from DigitalOcean leadership and customers, the unveiling of new innovations in cloud and AI, as well as opportunities to learn from the rest of the DigitalOcean community. "2024 was another monumental year for DigitalOcean, featuring groundbreaking product inno

      1/22/25 10:55:00 AM ET
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    • DigitalOcean Hires Larry D'Angelo as Chief Revenue Officer

      30 year tech industry veteran will oversee the go-to-market strategy and drive rapid growth DigitalOcean Holdings, Inc. (NYSE:DOCN), the developer cloud optimized for startups and growing digital businesses, is pleased to announce the appointment of Larry D'Angelo as its new Chief Revenue Officer, effective today. In this role, D'Angelo will drive DigitalOcean's new business growth via direct sales and channel partnerships, customer success, customer support, and corporate communications. "Larry is a seasoned operator with rich experience scaling businesses, driving exceptional customer experience, and building world class organizations," said Paddy Srinivasan, CEO of DigitalOcean. "He

      7/22/24 8:00:00 AM ET
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    • DigitalOcean Hires Wade Wegner as Chief Ecosystem and Growth Officer

      Wegner will strengthen DigitalOcean's position within the developer community and further fuel growth DigitalOcean Holdings, Inc. (NYSE:DOCN), the developer cloud optimized for startups and growing technology businesses, announced today that Wade Wegner joined the company as Chief Ecosystem and Growth Officer. This unique and critical position bridges the gap between research and development and go-to-market strategy. In this executive role, Wegner will oversee Developer Relations, Marketing, Growth, and Partnerships. "Wade is a transformative technology leader who blends deep technical expertise with strategic vision," said Paddy Srinivasan, CEO DigitalOcean. "He brings robust develope

      7/8/24 4:05:00 PM ET
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    • SEC Form SC 13G filed by DigitalOcean Holdings Inc.

      SC 13G - DigitalOcean Holdings, Inc. (0001582961) (Subject)

      11/13/24 10:09:04 AM ET
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    • Amendment: SEC Form SC 13G/A filed by DigitalOcean Holdings Inc.

      SC 13G/A - DigitalOcean Holdings, Inc. (0001582961) (Subject)

      11/12/24 2:34:08 PM ET
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    • Amendment: SEC Form SC 13G/A filed by DigitalOcean Holdings Inc.

      SC 13G/A - DigitalOcean Holdings, Inc. (0001582961) (Subject)

      11/4/24 1:09:50 PM ET
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    • DigitalOcean Announces First Quarter 2025 Financial Results

      Q1 2025 Revenue of $211 million, up 14% year-over-year Q1 2025 Net Income was $38 million, up 170% year-over-year, at 18% margin and Adjusted EBITDA was $86 million, up 16% year-over-year, at 41% margin DigitalOcean Holdings, Inc. (NYSE:DOCN), the simplest scalable cloud for digital native enterprises, today announced results for its first quarter ended March 31, 2025. "The momentum we generated in 2024 in both core cloud and AI continued into Q1, as we grew total revenue 14% year-over-year, our highest quarterly growth rate since Q3 2023, with AI ARR continuing to grow north of 160% year-over-year, and we delivered more than 50 new product features, over 5 times as many as we delivered

      5/6/25 7:00:00 AM ET
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    • DigitalOcean Announces Date of First Quarter 2025 Earnings Conference Call

      DigitalOcean Holdings, Inc. (NYSE:DOCN), the simplest scalable cloud for digital native enterprises, announced today that it will report financial results for the first quarter ended March 31, 2025 before the market opens on Tuesday, May 6, 2025. The company will also hold a conference call on the same day at 8 a.m. ET / 5 a.m. PT to discuss its financial results and financial outlook with the investment community. Investors and analysts can pre-register for the webcast at https://events.q4inc.com/attendee/492751082. The earnings release, webcast link and any accompanying materials will be posted to the DigitalOcean investor relations website at http://investors.digitalocean.com. A live w

      4/15/25 8:30:00 AM ET
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    • DigitalOcean Announces Fourth Quarter and Fiscal Year 2024 Financial Results

      Q4 2024 Revenue of $205 million, up 13% year-over-year; Full year 2024 revenue of $781 million, up 13% year-over-year 2024 Net Income was $84 million, up 335% year-over-year, at 11% margin and Adjusted EBITDA was $328 million, up 19% year-over-year, at 42% margin DigitalOcean Holdings, Inc. (NYSE:DOCN), the simplest scalable cloud for growing tech companies, today announced results for its fourth quarter and fiscal year ended December 31, 2024. "We are entering 2025 with increasing momentum - in Q4 alone, we released more than four times as many products and features than we did in Q4 of the prior year, increased net dollar retention to 99%, grew revenue 13% year-over-year and deliver

      2/25/25 7:05:00 AM ET
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