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Home > Cloud Computing > DigitalOcean announces third-quarter financial results

DigitalOcean announces third-quarter financial results

DigitalOcean announced the third-quarter 2021 financial results, which ended September 30. The revenue was increased by 37% year-over-year.

Erdem Yasar by Erdem Yasar
November 8, 2021
in Cloud Computing
2 min read
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DigitalOcean announces third-quarter financial results
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DigitalOcean Holdings, the cloud for developers, startups, and SMBs, announced its financial results for the third quarter of 2021. The company stated that during the quarter, revenue growth was accelerated to 37% and the net dollar retention rate was increased to 116%. DigitalOcean also stated that average revenue per customer increased by 28% year-over-year.

Financial highlights

  • Revenue was $111.4 million, an increase of 37% year-over-year.
  • Annual Run-Rate Revenue (ARR) ended the quarter at $455 million, an increase of 36% year-over-year.
  • GAAP Gross Profit of $67.9 million or 61% of revenue, and adjusted Gross Profit of $89.0 million or 80% of revenue.
  • Adjusted EBITDA was $36.4 million and adjusted EBITDA margin was 33% of revenue as compared to adjusted EBITDA of $26.4 million and adjusted EBITDA margin of 33% in the prior-year period.
  • Capital expenditures were $26.7 million or 24% of revenue as compared to $26.1 million or 32% of revenue in the prior-year period.
  • Cash, cash equivalents, and restricted cash were $592.0 million with zero debt as of September 30, 2021.

DigitalOcean also shared a financial outlook for the fourth quarter and for the full year. For the fourth quarter, the company expects:

  • Total revenue of $117 to $119 million.
  • Adjusted EBITDA margin of 30% to 31%.
  • Fully diluted weighted average shares outstanding of 122 to 124 million shares.
Yancey Spruill, CEO of DigitalOcean
Yancey Spruill, CEO of DigitalOcean

For the full year, the company expects:

  • Total revenue of $426 to $428 million.
  • Adjusted EBITDA margin of 30% to 31%.
  • Fully diluted weighted average shares outstanding of 116 to 118 million shares.
  • Capital expenditures as a percentage of revenue of 25% to 26%.

Yancey Spruill, CEO of DigitalOcean said,

“We are excited about the continued acceleration across our business. We are building the foundation for durable 30%+ revenue growth with strong free cash flow generation driven by investments in product innovation to support our customers’ needs and sales and marketing initiatives to further penetrate our massive market opportunity.”

See more Cloud Computing News


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Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7 News. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7 News, Erdem was the managing editor of T3 Magazine.

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