Data has become an important pillar for decision-makers in companies of all sizes. The corporate tech stack typically comprises cybersecurity applications, cloud storage instances, customer relationship management (CRM) and human capital management (HCM) systems, accounting tools, and more.

Many companies compete in cloud storage, data analytics, and network solutions. However, software-as-a-service (SaaS) application Cloudflare (NYSE: NET) is unique because it is a flexible tool that can be layered on top of different technologies. Cloudflare's business absolutely boomed over the last few years. This is not entirely surprising given the tailwinds in demand due to the COVID-19 pandemic. But even as society moves along from the height of the pandemic, Cloudflare is still witnessing a robust inflow of business. Let's dig in.

For the year ended Dec. 31, Cloudflare reported total revenue of $975 million, which was a 49% year-over-year increase. Gross margin was slightly lower during the same period, coming in at 76.1% in 2022 compared to 77.6% in 2021. However, despite the nominal deterioration in margin, the company's GAAP net loss improved dramatically. For 2022, the net loss was $193.4 million compared to $260.3 million in 2021.

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Source Fool.com