GitLab, a leading provider of DevSecOps platforms, has reported a significant increase in revenue for the fiscal year ended January 31, 2024. The company's total revenue rose by 37% to $579.9 million, up from $424.3 million in the previous fiscal year. This growth was primarily driven by strong demand for GitLab's DevSecOps Platform, new customer acquisitions, and expansion within existing paid customers. The number of customers with Annual Recurring Revenue (ARR) over $100,000 increased to 955, up from 697 in the previous year. Despite the revenue growth, GitLab reported a net loss of $428.0 million for the fiscal year 2024, which was attributed to increased operating expenses and a significant provision for income taxes due to bilateral advance pricing agreement negotiations. The company's Dollar-Based Net Retention...Show More

GitLab, a leading provider of DevSecOps platforms, has reported a significant increase in revenue for the fiscal year ended January 31, 2024. The company's total revenue rose by 37% to $579.9 million, up from $424.3 million in the previous fiscal year. This growth was primarily driven by strong demand for GitLab's DevSecOps Platform, new customer acquisitions, and expansion within existing paid customers. The number of customers with Annual Recurring Revenue (ARR) over $100,000 increased to 955, up from 697 in the previous year. Despite the revenue growth, GitLab reported a net loss of $428.0 million for the fiscal year 2024, which was attributed to increased operating expenses and a significant provision for income taxes due to bilateral advance pricing agreement negotiations. The company's Dollar-Based Net Retention Rate remained strong at 130%, indicating robust revenue retention and expansion among existing customers. GitLab's business development has been marked by the continued adoption of its DevSecOps platform across various industries, with more than 30 million registered users and over 50% of the Fortune 100 companies as customers. The company's future plans include further investments in its existing products and services, as well as potential acquisitions or investments in complementary businesses, products, and technologies. GitLab's cash, cash equivalents, and short-term investments totaled $1.0 billion as of January 31, 2024, positioning the company to support working capital and strategic investments for at least the next 12 months.