Elastic

Elastic Q4 FY2024 / Full Year FY2024 (year ended Apr 30, 2024). 10-K filing. FY2024 total revenue ~$1,264.3M (derived: 9-month revenue from Q3 10-Q was $932.3M, FY2024 total from 10-K). Implied Q4 revenue ~$332.0M. This is the FIRST Elastic filing that explicitly references 'artificial intelligence (AI)' in its forward-looking statements and risk factors. The 10-K adds new risk factor language: 'We may not be successful in our artificial intelligence initiatives, and social, ethical, and regulatory issues relating to the use of AI in our offerings may result in new or enhanced governmental or regulatory scrutiny, reputational harm, damage to our competitive position, and liability.' This confirms Elastic began materially investing in and shipping AI capabilities. During FY2024, Elastic launched ESRE, vector search (kNN), semantic search, and began positioning for RAG (Retrieval Augmented Generation) use cases. These are Ring 1 features that exist BECAUSE of transformer/embedding model advances. However, Elastic does not break out AI-specific revenue. The AI features are bundled into Elastic Cloud and self-managed subscriptions. Conservative estimate: ~2% of revenue attributable to customers specifically adopting Elastic for vector search/ESRE/RAG capabilities (Ring 1), based on the nascent but growing AI use case. Math: ~$6.6M / $332.0M = 2.0%.