Elastic N.V. - ESTC STOCK NEWS

Elastic (NYSE: ESTC), the Search AI Company, has announced its financial results for Q4 and the full fiscal year 2024, which ended on April 30, 2024.

Q4 revenue reached $335 million, up 20% YoY, with Elastic Cloud revenue at $148 million, a 32% increase YoY.

For FY24, total revenue was $1.267 billion, a 19% increase YoY. However, GAAP operating losses were significant: $46 million for Q4 and $130 million for FY24.

Non-GAAP metrics were more favorable with $29 million in Q4 operating income and $142 million for FY24. The GAAP net loss per share for Q4 was $0.41, whereas non-GAAP diluted EPS was $0.21. Operating cash flow was strong, especially in Q4 with $61 million and adjusted free cash flow of $60 million.

Key customer metrics showed growth with over 1,330 customers having an ACV greater than $100,000. Noteworthy product innovations included the launch of the Search AI Lake and Elastic Cloud Serverless.

For Q1 FY25, Elastic expects revenue between $343 million and $345 million and for FY25, total revenue is projected to be between $1.468 billion and $1.480 billion.

Elastic (NYSE: ESTC), a leading Search AI company, announced its participation in two upcoming investor conferences. Management will present at the Bank of America Global Technology Conference on June 4, 2024, at 3:20 p.m. PT / 6:20 p.m. ET and at the Rosenblatt Technology Summit on June 13, 2024, at 12:00 p.m. PT / 3:00 p.m. ET. Live webcasts and replays of these events will be available on Elastic’s Investor Relations page.

Elastic (NYSE: ESTC) has announced that its Elasticsearch open inference API now supports integration with Microsoft's Azure AI Studio. This update allows developers to use the Elasticsearch vector database to store and utilize embeddings from various models hosted on Azure AI Studio, including those developed by OpenAI and Mistral.

Shay Banon, co-founder and CTO of Elastic, highlighted that this deeper integration provides developers within the Azure ecosystem with greater choice and flexibility. The support for Azure AI Studio aims to enhance the conversational search experience by leveraging Elasticsearch's capabilities.

Support for Azure AI Studio is available immediately, and developers are encouraged to visit the Elastic blog for more information.

Elastic (NYSE: ESTC) has announced new benchmarking results for its Elasticsearch on Azure's preview of the Cobalt 100 Arm-based virtual machines (VMs).

The benchmarking showed a performance increase of up to 37% in throughput when using Epsv6 VMs compared to the older Epsv5 VMs.

This was achieved using a macro benchmarking framework for Elasticsearch Rally with the elastic/logs track. Shay Banon, Elastic's CTO, expressed enthusiasm for the collaboration with Microsoft.

The improvements highlight Microsoft's commitment to advancing Azure infrastructure for better performance.

Elastic (NYSE: ESTC) is set to release its financial results for the fourth quarter and fiscal year 2024 on May 30, 2024. The results will be disclosed after the U.S. market closes.

The company will hold a conference call at 2:00 p.m. PT/5:00 p.m. ET to discuss the financial results and future business outlook. Investors can access the live webcast of the call through Elastic's investor relations website, with a replay available for two months.

Elastic (NYSE: ESTC) has introduced Search AI Lake, a pioneering cloud-native architecture designed for real-time, low-latency applications, including search, retrieval augmented generation (RAG), observability, and security. This architecture powers the new Elastic Cloud Serverless offering, which scales and manages workloads automatically. Key features include decoupled compute and storage for scalability, real-time query performance, and native AI inference capabilities. This innovation aims to handle high throughput, frequent updates, and large data volumes efficiently, reducing data duplication and operational costs. Search AI Lake and Elastic Cloud Serverless are available in tech preview.

Red Hat and Elastic announced an expanded collaboration to deliver next-generation search experiences supporting retrieval augmented generation (RAG) patterns using Elasticsearch as a preferred vector database solution integrated on Red Hat OpenShift AI. This collaboration aims to equip enterprises with tools to support RAG solutions over time on a single, consistent platform. RAG plays a important role in integrating large language models (LLM) into business applications. By combining LLMs with private data stores, IT teams can train models with targeted, private data without modifying the underlying model. The collaboration between Red Hat and Elastic enables organizations to get the most out of RAG, providing a trusted machine learning operations platform and a robust hybrid search solution for scaling AI responses. This partnership demonstrates the positive impact AI can have on business applications and the broader market, leading to greater AI adoption and more user choice.

Elastic Security Labs, a division of Elastic (NYSE: ESTC), released a comprehensive guide on how to avoid risks and abuses related to large language models (LLMs). The guide provides best practices and countermeasures for the secure adoption of LLM technology, aiming to help developers and security teams navigate the challenges posed by the rapid adoption of generative AI and LLM implementations. The research emphasizes the importance of security measures to protect against potential attacks and provides detection rules to monitor and mitigate LLM abuses.

Elastic (NYSE: ESTC) is revolutionizing the SIEM game with AI-driven security analytics through its Search AI platform. The new Attack Discovery feature prioritizes attacks over alerts, enabling security teams to quickly identify and respond to the most impactful threats. Leveraging rich contextual data, Elastic Security streamlines the investigation process and empowers analysts to focus on threat detection and response rather than sifting through alerts. Attack Discovery will be available with the Elastic 8.14 release, benefiting customers with an Enterprise license.