Let's have a look at several exciting hypergrowth stocks. The first one is CrowdStrike.

According to analysts from Statista, the cybersecurity industry is expected to grow by 10% annually over the next five years; market leader CrowdStrike, as well as its endpoint protection platform, look poised to deliver prolonged hypergrowth.

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Increasing the company's revenue as well as free cash flow by 61% and 34% in the first quarter of 2022, the company showed the rare combination of high-speed growth and robust cash generation.

Operating through its cloud-native Falcon platform, it offers more than 20 modules that protect various business needs.

Thanks to this widespread offering, most of CrowdStrike's clients use multiple modules -- giving CrowdStrike a dollar-based net retention rate above 120% for a very long time.

Further demonstrating this formidable upselling, during the Q1 earnings call, the company's management explained that since more than 70% of its clients currently use four or more modules, it would be replacing the metric with seven or more modules.

Moreover, due to this ability to expand its sales from current customers, as well as the secular tailwinds provided by the cybersecurity sector, the company's hypergrowth looks poised to continue.

Hypergrowth stocks and investors

Investors should pay attention to other exciting hypergrowth stocks as well. Now, we can discuss Datadog and what makes it attractive to investors.

Importantly, through its original objective to break down technology silos, the company wants to make walled-off programs, software, as well as data deployable everywhere and to everyone, thanks to its unified platform. Its suite of offerings now consists of 14 products, providing monitoring and security to businesses with increasingly complex and growing cloud operations as well as technologies.

With Datadog's customer base growing from around 5,000 clients in 2017 to nearly 20,000 at the end of Q1 2022, the company's revenue jumped by ten times over the same period.

For the first quarter of the year, the company's revenue rose by 83% year over year while nearly tripling its free cash flow generated during the same period of time. Besides leading this charge, the number of customers spending over $100,000 in annual recurring revenue (ARR) with Datadog grew from around 1,400 to over 2,200 in 2021, demonstrating quickly increasing usage among Datadog's current customers.

Following recent partnerships with tech giants, Microsoft and Amazon, to help customers migrate their operations onto the hyperscalers' respective AWS and Azure clouds, the company looks to become the market leader in the observability space.

We have to mention Bill.com when it comes to interesting hypergrowth stocks. The company aims to bring accounts receivable and accounts payable into the digital age for entrepreneurs as well as small and mid-sized companies. Through its financial operations platform, the company generates revenue primarily from usage-based transaction fees and subscriptions to use its platform.

Nevertheless, these accelerating losses are primarily a product of integrating these significant acquisitions, which already amount to nearly 40% of the above-mentioned company's total revenue.