Elastic N.V. reported robust financial results for fiscal year 2024, with total revenue reaching $1.267 billion, a 19% increase year-over-year. Subscription revenue grew 19% to $1.177 billion, driven by a 29% surge in Elastic Cloud adoption, which now represents 43% of total revenue. The company achieved profitability with a net income of $61.7 million, compared to a net loss of $236.2 million in the previous year.Elastic's gross margin improved to 74%, up from 72% in FY2023, reflecting increased operational efficiency. The company continued to invest in research and development, with expenses in this area rising 9% to $342 million. Sales and marketing expenses increased by 11% to $559.6 million as Elastic expanded its market presence.A significant highlight was the release of a $250.7 million valuation allowance against U.S. federal and certain states' deferred tax assets, contributing to a tax benefit of $184.5 million. Elastic ended the year with a strong liquidity position, reporting $1.084 billion in cash, cash equivalents, and marketable securities. The company expressed confidence in its financial resources to support operations and growth initiatives for at least the next 12 months.

Elastic N.V. reported robust financial results for fiscal year 2024, with total revenue reaching $1.267 billion, a 19% increase year-over-year. Subscription revenue grew 19% to $1.177 billion, driven by a 29% surge in Elastic Cloud adoption, which now represents 43% of total revenue. The company achieved profitability with a net income of $61.7 million, compared to a net loss of $236.2 million in the previous year.Elastic's gross margin improved to 74%, up from 72% in FY2023, reflecting increased operational efficiency. The company continued to invest in research and development, with expenses in this area rising 9% to $342 million. Sales and marketing expenses increased by 11% to $559.6 million as Elastic expanded its market presence.A significant highlight was the release of a $250.7 million valuation allowance against U.S. federal and certain states' deferred tax assets, contributing to a tax benefit of $184.5 million. Elastic ended the year with a strong liquidity position, reporting $1.084 billion in cash, cash equivalents, and marketable securities. The company expressed confidence in its financial resources to support operations and growth initiatives for at least the next 12 months.