Summary by Moomoo AI
Elastic N.V. reported strong financial results for fiscal year 2024, with total revenue reaching $1.267 billion, up 19% from $1.069 billion in the previous year. The company achieved net income of $61.7 million, compared to a net loss of $236.2 million in fiscal 2023. Elastic Cloud revenue grew 29% year-over-year, contributing 43% of total revenue, while subscription revenue accounted for 93% of total revenue.The company demonstrated improved operational efficiency with gross margin increasing to 74% from 72% in the prior year. Operating cash flow strengthened significantly to $148.8 million, compared to $35.7 million in fiscal 2023. The customer base expanded to approximately 21,000, with over 1,330 customers generating more than $100,000 in annual contract value.Management highlighted the successful execution of strategic initiatives, including the release of a valuation allowance against U.S. federal and certain states' deferred tax assets of $250.7 million. The company maintained strong momentum in cloud adoption while implementing cost optimization measures, including a workforce realignment in Q4 FY2024 to better align with strategic priorities.
