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Cloudflare Announces First Quarter 2021 Financial Results bu businesswire.com/news/home/20210506005381/en/ May 6 , 2021 SAN FRANCISCO -- ( BUSINESS WIRE ) -- Cloudflare , Inc. ( NYSE : NET ) , the security , performance , and reliability company helping to build a better Internet , today announced financial results for its first quarter ended March 31 , 2021 . " We had a record - setting start to the year . Our Q1 revenue growth was up 51 % year - over year , and dollar net retention increased to 123 % . We crossed 4 million total customers , and our large customer count was up 70 % year - over - year , accounting for more than half of our total revenue , " said Matthew Prince , co - founder & CEO of Cloudflare . " We delivered terrific financial results while also investing in innovation , the fuel our engine runs on . Firing on all cylinders , we've already announced or delivered more than 100 products and capabilities this year . There's no slowing down as we continue to deliver business - critical offerings and displace point solutions with Cloudflare's robust global network . " First Quarter Fiscal 2021 Financial Highlights • Revenue : Total revenue of $ 138.1 million , representing an increase of 51 % year over - year . • Gross Profit : GAAP gross profit was $ 106.0 million , or 76.8 % gross margin , compared to $ 70.4 million , or 77.2 % , in the first quarter of 2020. Non - GAAP gross profit was $ 107.2 million , or 77.6 % gross margin , compared to $ 71.5 million , or 78.3 % , in the first quarter of 2020 . Operating Loss : GAAP loss from operations was $ 31.3 million , or 22.6 % of total revenue , compared to $ 36.1 million , or 39.5 % of total revenue , in the first quarter of 2020. Non - GAAP loss from operations was $ 7.5 million , or 5.4 % of total revenue , compared to $ 14.4 million , or 15.8 % of total revenue , in the first quarter of 2020 . • Net Loss : GAAP net loss was $ 40.0 million , compared to $ 32.7 million in the first quarter of 2020. Non - GAAP net loss was $ 9.3 million , compared to $ 12.3 million in the first quarter of 2020. GAAP net loss per share was $ 0.13 , compared to $ 0.11 in the first quarter of 2020. Non - GAAP net loss per share was $ 0.03 , compared to $ 0.04 in the first quarter of 2020 . • Cash Flow : Net cash flow from operations was $ 23.5 million , compared to negative $ 14.3 million for the first quarter of 2020. Free cash flow was negative $ 2.2 million , or 2 % of total revenue , compared to negative $ 30.6 million , or 34 % of total revenue , in the first quarter of 2020 . Cash , cash equivalents , and available - for - sale securities were $ 1,035.2 million as of March 31 , 2021 . 1/19