Verkada Claims $130 Million Revenue And 60,000 Devices Every Quarter

By John Honovich, Published Sep 24, 2021, 09:34am EDT

Verkada regularly touted being a 'rocketship' but never markets its actual revenue. However, in a recent webinar, a Verkada VP boasted of $130 million revenue last year and that the company was shipping "60,000 devices every quarter."

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How big is that? How does it compare to competitors and what does this say about Verkada's growth rate? And can the numbers be trusted? Inside this note, we examine:

  • Revenue and Shipment Claims Made
  • Bookings vs. revenue
  • The device count now compares to what was revealed during March's Verkada breach/hack
  • Discrepancies between what Verkada claims and what is known about the company
  • Claimed unit shipments compare to rivals
  • Growth in sales organization
  • Verkada's expected growth rate

****: ******* *******'* *************** ********* *******'* ***** ***** responded ** *** ******** requests *** *******.

Claims **********

** ** ****** **** webinar, * ******* ********* declared:

**** **** ** *** over $*** ******* ** revenue. **'** *** **** 200,000 ******* **** ** the *****. *** **** we're ******* ******* **,*** devices ***** ***** *******

****** ** *** ********* below ***** **** ******** commentary ** *** ***** expanding ******* ********* (**** video ** ****** ** intrusion,**** ** ** *** HVAC) ****** ******* ******:

******* ****** ******* **** a *** ****** ***** claimed ********, ******* ** revenue ** $****+", ** the ******* ***** *****:

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True ******?

***** ******* **** ***** obvious****** **** ******** *** titles, ** ** ********** hard ** **** **** is ****. *** **** likely ****** ** **** it's ******** **** *** over $*** *******, *** revenue.

******* ***** **** ** that *******'* ****** **** ends ** *******, ** the ****** **** ******* employees ***** ** ********* to ** *** *, 2020 ** *** **, 2021.

Bookings ** *******

******* ***** ************* **** than *** ******* ** can ********* ** * year, ***** ** ********* sells *****-**** ************ ******** upfront. *** *******, * 3 **** ******* **** on ****** **, **** would **** ***** *** 0.5 **** ******* *********** for *******'* ****** ****, as *** ********* *.* years ***** ** ********** / ********* ***** ****** years.

*** *******, **** ** a ** ****** ********** 5-year ********:

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*** **** ** * different ****** (******* ******* in ******* **) ********** 10-year ****** ******* ********:

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** ******** *** ******* licensing ****** ********* **** devices ** ** *** 3 ** * **** range ** ~$*** *** camera.

*** ****** ** ***-******* licensing ***** ** **** revenue ***** ****** ** some ** ** **% less **** ****** *******.

Counting *********** *******

***** **** **** *** define ********, ***** ** some ******* ** ************** of *** ******* ********* define ***** *******. ** are *** *****, *** example, ** ******* ****** projects ********* **** ********* to (*.*., ****** * commits ** ****** *,*** cameras) *** ******* **** delivered *** ** *** fiscal ****. **** ***** not ** ******* *** they *** ***** ** as ******, ******* ********** the *** ******* *** two *******.

Cash *******

***********, *** ***** ** clear, ********** ** ******* recognized, ** ** ** advantage **** ******* *** collect **** *** ******** to ** **** ***** in *******. *** *******, using * ***** ******, if *** ******* **** 100,000 ******* **** ****, by ********** ** ******* of, ***, ~* ***** that ***** **** ******* collects ~$** ******* **** in **** *** ******** that ** **** *** deliver *** *****.

**** ****** **** ** expand **** ************ *** be **** ********* ** outside **********.

Device ***** - ***,*** ** *****

**** ******* **** **** / ****** ******** ** March, ** *** ********* that *** ******* *** ~150,000 ******* ******.

50,000+ ******* ***** **

** ********, ** **** August, ****** * ****** later, * ******* ********* claimed **** **** "*** over ***,*** ******* **** in *** *****", ** increase ** **** **** 50,000.

*** **** *********, *******, said **** *** "******* roughly **,*** ******* ***** quarter." ** **** ** the ****, *** ****** should ** ***** ***,***.

Low ***** ******** ** ******** ***********

** * ***** *****, i.e., ***,*** ***** *******, Verkada ** *** ***********. By ********, **** ** selling ******** ** ******* a ****, **** ********** modest ***** ************ ********* are ******* ******** ** thousands ** ******* * year.

Advantage ** ********* *******

*******, ******* ******* *** a ***** ********* ** recurring *******. *** ********* all ********* ****** ***********, the **** ******* **** ever ****** *** * device **** ** *** day *** ****** ** sold. *** *******, **** device ** * ********** (eventual) ******* ****** ** $1,000 ** ****.

********, **, ***** **** 2022, ******* *** **** 300,000 ******* ** *** field, **** ***** **** will ******** * ********* guaranteed $** ******* ** subscription ******* *******, **** if **** **** ******* new ** ****. ** their **** *****, ** / **** **** **** 1 ******* ******* ** the *****, **** **** generate ~$*** ******* ** revenue, **** ******* ******* a ****** *** ******, etc.

Sales **** ******

**** ** ****, ** declared ******* ** ** "*** ******* ******* ***** Surveillance ***** ************ ****".

**** ********* ** ** true, **** *** ******* growing ********* ** **** 800:

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*** *** ***** ************ continues ** **** ** unprecedented *******, *** **** 400 **** ******* *** 3 ***** *** **** of ***** *********** ****:

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******* *** ***** ***+ salespeople **** ** *** last ** ****** ***, at ***+ ***** **** members, **'* *** ******* sales ************ ** ***** American ******** ********.

**** **** ** *** of *** **** ********* elements *** *******'* ****** growth, *** *** *** how ********* *** *** company's ***** **** ******. Can **** ** ********** at *** ** *,*** salespeople? *** **** ****** can *** ******* ***** team **** **** *** email **** *** ****?

Growth ******* *** *******

**** *********, ******* ***** about ******** ********, * feat **********, ***** *******'* ******** is ****, *** **** ** achieve ** ******* *****.

** ******* *******'* ******* is ******** $*** ******* or $** ******* ** 2020, *** *** **** be **** ****** **** that **** *** ********. Even ** *******'* ****** revenue *** **** ***** than **** **** ********* touted, ******** ******** *** a *** ***** **** soon ***** ******* ** generate $***+ ******* ******* or **** $* *******.

*** **** ******** **** growth ****? ** ** seen.

Comments (13)

**** ****'** **** ** impressive, *** ****'** ******** a *** ** *****. It **** ** *********** to *** *** **** they *** **** ** up.

Agree
Disagree
Informative
Unhelpful
Funny

******** **** **** ** 800+ *********, **** ******* Valley ******* ***** ** ~$150 ******* ********. **** excludes **** *** *******.

*****, * ***'* ***** that's *** ******* *** investors ** **** ** they *** ******* *** line ****** *** **** it ****** **** ****** in *****.

Agree: 1
Disagree
Informative: 3
Unhelpful
Funny

* ***** **'* *** a ******* *** ********* yet - *** ** some ***** ****'** ***** to **** * ******. Is **** * *****, 5 *****, ** *****? My ***** ** ****** to * ***** **** 2 ** **.

Agree
Disagree
Informative
Unhelpful
Funny

*** ****** ** **** other ********* ***** *** company **, ** ******* could **** ******** ****** for * ****** *** investors ***** ***** ******* increase *** *******'* *********, if *** **** ****** is **********. **** ** common *** **** *********.

Agree: 2
Disagree
Informative: 1
Unhelpful
Funny

**** ****'** **** ** impressive, *** ****'** ******** a *** ** *****.

****’** ******* ** ***** control:

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Agree
Disagree
Informative
Unhelpful
Funny: 8

******** ** *****, **** reminded ** ** ***** the ** ** *******, Verkada *** ***** ** new *** ** ** days, ***** ** ************ atypical:

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* ****** ** **** are ********** ***** / effort ** ** **** ads ***** *** **** a ***** ********* ************.

Agree
Disagree
Informative
Unhelpful
Funny: 2

* ******** *** * Verkada ** ** ******* the ***** ***, ***** I *** ***** **** before.

Agree: 1
Disagree
Informative
Unhelpful
Funny

******* ********* *** **** last ***** -******* ** *** **** Ad *** ** **** I *** ** *******, GRRRRR

* ** ******* ** see *** **** ** an ****** ******* *** are ******.

Agree: 1
Disagree
Informative
Unhelpful
Funny

**** ***'* **** ******* me. * ** ***** recieve ** ***** * week **** ****. **** are *********. *'** **** them * ** *** interested ******* *****.

Agree
Disagree
Informative: 5
Unhelpful
Funny

******* ***** *** ****? I **** *** "** Not ****" ***** ***** but ****** ********. ********* if ***** ** * case *** ****?

Agree: 2
Disagree
Informative
Unhelpful
Funny

******, **** ** ** on *** ****** ****, this ** **** **** the ** ***** * week **** **** ** making ** *** **** year.

* ** *******, * hope ** ***** *** you ****.

*******, **** ** * systematic ***** **** *******, see"********, ****, *** **********" - ******* ***** ********* End *****. **** ** **** I ** ********** ** see, *** ** *** keep ** ******* *** sales **** **** *** are ********** *** ***** already?

Agree: 1
Disagree
Informative
Unhelpful
Funny: 4

******, ******* *** *** of ** ********* ** their **** **** ** was ** **** ** which ****** ** ******. They ******** ** ***********, until * *** ** a ***** **** **** one ** ***** ******** and **** ** **** their ******* ***** ******. (Harassment, *****, ******, ***) and ***** ** ******* them *** ** ******* our ************ *****. ** you *** ****** ** do *** ****, * promise **** **** ***** you *****.

** **** *** ***** from *****, **** ** get * ***** ** give **** ***** **** gear.

Agree: 2
Disagree
Informative: 6
Unhelpful: 1
Funny

*** **** ****, ****'* not * *** ****.

Agree
Disagree
Informative
Unhelpful
Funny: 2
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