Elastic reported strong Q1 fiscal 2025 results with total revenue increasing 18% year-over-year to $347.4 million, driven by continued adoption of Elastic Cloud which grew 30% YoY to represent 45% of total revenue. Subscription revenue rose 20% to $323.8 million, while services revenue remained flat at $23.6 million. The company's customer base expanded to approximately 21,200, with over 1,370 customers generating more than $100,000 in annual contract value.Operating loss improved to $33.8 million compared to $36.2 million in the prior year period, reflecting enhanced operational efficiency despite ongoing investments in growth initiatives. Gross margin remained stable at 74%, while operating expenses increased to $289.5 million or 84% of revenue, primarily due to higher personnel costs and marketing investments to drive expansion.The company maintained strong liquidity with cash, cash equivalents and marketable securities of $1.15 billion as of July 31, 2024. Net cash provided by operating activities was $52.8 million, up from $37.8 million in the prior year period. The company's Net Expansion Rate remained healthy at approximately 112%, demonstrating strong customer retention and upsell momentum.

Elastic reported strong Q1 fiscal 2025 results with total revenue increasing 18% year-over-year to $347.4 million, driven by continued adoption of Elastic Cloud which grew 30% YoY to represent 45% of total revenue. Subscription revenue rose 20% to $323.8 million, while services revenue remained flat at $23.6 million. The company's customer base expanded to approximately 21,200, with over 1,370 customers generating more than $100,000 in annual contract value.Operating loss improved to $33.8 million compared to $36.2 million in the prior year period, reflecting enhanced operational efficiency despite ongoing investments in growth initiatives. Gross margin remained stable at 74%, while operating expenses increased to $289.5 million or 84% of revenue, primarily due to higher personnel costs and marketing investments to drive expansion.The company maintained strong liquidity with cash, cash equivalents and marketable securities of $1.15 billion as of July 31, 2024. Net cash provided by operating activities was $52.8 million, up from $37.8 million in the prior year period. The company's Net Expansion Rate remained healthy at approximately 112%, demonstrating strong customer retention and upsell momentum.