Elastic
ESTCQ3 2024(ESTC Q1 FY2025)Estimated3% AI
AI Revenue %
3%
AI Fair Value
$67.9M
AI Revenue (Q)
$11.5M
Total Revenue (Q)
$382.1M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Elastic Q1 FY2025 (3 months ended Jul 31, 2024). 10-Q filing. Total revenue $347.4M (Subscription $323.8M, Services $23.6M; Elastic Cloud $157.3M at 45% of revenue). The filing explicitly references 'artificial intelligence (AI)' in forward-looking statements and mentions 'our initiatives and investments involving artificial intelligence (AI).' Elastic Cloud grew 30% YoY ($157.3M vs $121.2M), partly driven by AI use cases (vector search, RAG). However, Elastic does not break out AI-specific revenue. The vast majority of Elastic revenue remains traditional search, observability, and security workloads. Ring 1 AI features (vector search, ESRE, semantic search, ML inference endpoints) are growing but still a small portion of total revenue. More customers are adopting Elastic as a vector database for RAG applications, but this is incremental. Conservative estimate: ~3% of revenue from Ring 1 AI use cases. Math: ~$10.4M / $347.4M = 3.0%.
Analyzed by claude-opus-4-6
Quoted Figures
our initiatives and investments involving artificial intelligence (AI)
10-Q Forward-Looking Statements
Elastic Cloud $157,281 (45% of total revenue), Other subscription $166,493 (48%), Services $23,646 (7%), Total revenue $347,420
10-Q Note 3, Revenue Disaggregation
AI Products Identified (Ring 1)
ESRE (Elasticsearch Relevance Engine)Vector search (kNN)Semantic searchML inference endpointsPlayground (RAG experimentation)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
AI-enhanced security analyticsAI-assisted observabilityElastic AI Assistant
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix