Okta, a leading independent identity partner, reported a year of financial growth and business expansion in its annual financial report for the fiscal year ended January 31, 2024. The company's revenue increased to $2,263 million, up 22% from the previous year's $1,858 million. Despite this growth, Okta experienced a net loss of $355 million, which was an improvement from the prior year's net loss of $815 million. The company's subscription revenue, which constitutes approximately 97% of total revenue, was a key driver of growth, primarily due to new customer acquisitions and increased usage among existing customers. Okta's customer base grew to over 18,950, with 4,485 customers having an annual contract value above $100,000. The company's Dollar-Based Net Retention Rate for the trailing 12 months ended...Show More

Okta, a leading independent identity partner, reported a year of financial growth and business expansion in its annual financial report for the fiscal year ended January 31, 2024. The company's revenue increased to $2,263 million, up 22% from the previous year's $1,858 million. Despite this growth, Okta experienced a net loss of $355 million, which was an improvement from the prior year's net loss of $815 million. The company's subscription revenue, which constitutes approximately 97% of total revenue, was a key driver of growth, primarily due to new customer acquisitions and increased usage among existing customers. Okta's customer base grew to over 18,950, with 4,485 customers having an annual contract value above $100,000. The company's Dollar-Based Net Retention Rate for the trailing 12 months ended January 31, 2024, was 111%. Okta's business development was marked by the expansion of its Workforce Identity Cloud and Customer Identity Cloud, powered by Auth0, which now boasts over 7,000 integrations. Looking ahead, Okta plans to continue investing in its platform infrastructure and support organizations to improve gross margins and expand its security posture. However, the company also noted potential future financial performance impacts from cybersecurity incidents and current economic conditions, including rising interest rates and inflation. Okta completed the acquisition of Spera Cybersecurity, Inc. and its subsidiary, indicating a strategic move to enhance its security offerings. The company's liquidity remains strong, with cash, cash equivalents, and short-term investments totaling $2,202 million as of January 31, 2024.