Elastic N.V. delivered a strong finish to fiscal year 2024 with Q4 2024 revenue of $335 million, up 20% year over year, and cloud revenue of $148 million, up 32% YoY. Non-GAAP operating margin reached 8.6% in Q4, supported by sustained revenue outperformance and disciplined cost management, while GAAP net income remained negative at -$41.1 million and GAAP diluted EPS was -$0.41. The company generated $60 million in free cash flow in Q4 and ended the period with a robust balance sheet, including $1.087 billion in cash and investments and net debt of roughly $50.6 million. Elastic is positioning for multi-year growth through GenAI, vector search, and the Elastic Stack, while maintaining a prudent FY25 guidance framework that does not bake in meaningful near-term GenAI revenue upside. GenAI-related usage is rapidly expanding in high-ACV accounts, with more than 1,000 paying customers leveraging vector database and Retrieval-Augmented Generation (RAG) capabilities and more than 145 customers with ACV over $100k adopting GenAI use cases. Management emphasizes that GenAI adoption remains in early stages but represents a significant long-term growth driver, complemented by ongoing platform enhancements in search, observability, and security and a multi-cloud product strategy (Elastic Cloud, upcoming Serverless). FY25 guidance calls for revenue of $1.468â$1.480 billion, non-GAAP operating margins of 11.7â12.3%, and non-GAAP EPS of $1.35â$1.47, with no meaningful near-term GenAI uplift assumed. Investors should monitor GenAI uptake, acceleration in cloud ARR, SMB softness, open AI ecosystem partnerships, and the pace of margin expansion through operating leverage.