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Elastic N.V. (ESTC+0.42%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $365.4 million from $310.6 million in the same quarter the previous year. Subscription revenue increased by 18% to $340.8 million, driven by continued adoption of Elastic Cloud.
Services revenue grew by 7% to $24.6 million, attributed to increased adoption of services offerings.
Cost of subscription revenue increased by 17% to $69.9 million, primarily due to higher cloud infrastructure costs. Total cost of revenue was $93.2 million, resulting in a gross profit of $272.2 million.
Research and development expenses rose by 10% to $88.2 million, reflecting continued investment in new and existing offerings.
Sales and marketing expenses increased by 8% to $144.3 million, driven by higher personnel and related costs.
General and administrative expenses increased by 14% to $44.1 million, primarily due to higher personnel and related costs.
The company reported an operating loss of $4.4 million for the quarter, compared to a loss of $21.5 million in the previous year.
Interest expense remained relatively flat at $6.5 million, while other income, net increased by 11% to $9.1 million.
The provision for income taxes increased significantly to $23.7 million, primarily due to growth in business operations in jurisdictions with taxable income.
Net loss for the quarter was $25.5 million, compared to a net loss of $24.8 million in the previous year.
Elastic had cash, cash equivalents, and marketable securities totaling $1.198 billion as of October 31, 2024, and believes these resources will be sufficient to fund operations for at least the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Elastic N.V. quarterly 10-Q report dated November 25, 2024. To report an error, please email earnings@qz.com.