Elastic N.V. Reports Net Loss of $236 Million for Fiscal Year 2023
Company's Revenue Surpasses $1 Billion, Reflecting Strong Growth
Elastic N.V.,(ESTC) a leading provider of open-source search and analytics solutions, has announced its financial results for the fiscal year 2023. The company experienced significant growth in revenue, surpassing the $1 billion mark. However, Elastic N.V. also reported a net loss of $236 million for the year.**
Strong Revenue Growth
Elastic N.V. achieved remarkable growth in its revenue during the fiscal year 2023. The company's total revenue reached $1.07 billion, representing a substantial increase from $862 million in the previous year. This growth was primarily driven by robust performance in both subscription and services revenue streams.The subscription revenue segment showed exceptional progress, totaling $984 million for the fiscal year 2023, compared to $799 million in the prior year. This surge in subscription revenue can be attributed to the increased adoption of Elastic's open-source search and analytics solutions by enterprises worldwide.
Moreover, Elastic N.V. witnessed substantial growth in its services revenue, which amounted to $84 million, up from $64 million in the previous year. This increase can be attributed to the company's ability to provide value-added services that complement its core offerings.
