Elastic N.V. reported significant financial performance improvements for the three and six months ended October 31, 2024, compared to the same periods in 2023. Total revenue for the quarter reached $365.4 million, an 18% increase from $310.6 million in the prior year. For the six-month period, revenue rose to $712.8 million, up from $604.4 million, also reflecting an 18% growth. Subscription revenue, which constitutes the majority of the company's income, was $340.8 million for the quarter, compared to $287.7 million in the same quarter of 2023, marking an 18% increase. Elastic Cloud revenue specifically grew by 25%, representing 46% of total revenue for the quarter.
Gross profit for the three months ended October 31, 2024, was $272.2 million, up from $230.5 million in the same period last year. The operating loss improved to $(4.4 million) from $(21.5 million), indicating better operational efficiency. However, the net loss for the quarter was $(25.5 million), slightly higher than the $(24.8 million) reported in the same quarter of 2023. For the six months, the net loss was $(74.7 million), compared to $(73.3 million) in the prior year.
The company’s total current assets increased to $1.6 billion as of October 31, 2024, from $1.5 billion in April 2024, while total current liabilities decreased to $790.7 million from $871.1 million. This led to an increase in total shareholders’ equity to $811.5 million, up from $738.2 million in April 2024.
Elastic N.V. also made strategic moves, including the acquisition of Opster Ltd. for $23 million, which is expected to enhance the efficiency of the Elastic Stack. The company continues to invest in its core product offerings, focusing on Search, Observability, and Security solutions, while expanding its global sales and marketing efforts.
Cash and cash equivalents as of October 31, 2024, totaled $658.5 million, up from $540.4 million in April 2024. The net cash provided by operating activities for the six months was $91.1 million, a significant increase from $35.4 million in the same period last year. The company reported a total of approximately 21,300 customers, an increase from 20,700 a year earlier, with over 1,420 customers generating more than $100,000 in annual contract value.
Overall, Elastic N.V. demonstrated strong revenue growth and improved operational metrics, despite a slight increase in net loss, reflecting ongoing investments in product development and market expansion.
About Elastic N.V.
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