GitLab, a leading provider of DevSecOps platforms, has reported a significant increase in revenue and customer growth in its latest quarterly financial report. For the three months ended April 30, 2024, GitLab's total revenue rose to $169.2 million, a 33% increase from $126.9 million in the same period the previous year. This growth was driven by strong demand for GitLab's DevSecOps Platform, new customer acquisitions, and expansion within existing customer accounts. The company's subscription revenue from self-managed and SaaS offerings was a key contributor, accounting for $151.2 million, up 36% year-on-year. Additionally, GitLab saw a 15% increase in license revenue from self-managed and other sources, totaling $18 million. The company's gross margin remained stable at 89%, despite a 35% increase in the cost...Show More

GitLab, a leading provider of DevSecOps platforms, has reported a significant increase in revenue and customer growth in its latest quarterly financial report. For the three months ended April 30, 2024, GitLab's total revenue rose to $169.2 million, a 33% increase from $126.9 million in the same period the previous year. This growth was driven by strong demand for GitLab's DevSecOps Platform, new customer acquisitions, and expansion within existing customer accounts. The company's subscription revenue from self-managed and SaaS offerings was a key contributor, accounting for $151.2 million, up 36% year-on-year. Additionally, GitLab saw a 15% increase in license revenue from self-managed and other sources, totaling $18 million. The company's gross margin remained stable at 89%, despite a 35% increase in the cost of revenue, which was primarily due to higher personnel-related expenses and third-party hosting costs for increased SaaS and cloud usage. Operating expenses rose to $204.1 million, with sales and marketing, research and development, and general and administrative expenses all contributing to the increase. GitLab's net loss for the quarter was $54.9 million, an improvement from a net loss of $52.9 million in the prior year. The company's Dollar-Based Net Retention Rate was 129%, indicating strong revenue retention and expansion among existing customers. GitLab's customer base also grew, with a 21% increase in Base Customers and a 35% increase in customers with $100,000 or more in ARR. The company completed the acquisition of Rezilion Inc., enhancing its software security solutions and product offerings. GitLab's future plans include continued investment in research and development, sales and marketing, and customer support to drive growth and market penetration. The company also plans to leverage its open-core model to foster innovation and maintain its competitive edge.