Elastic N.V. shares surged 21.6% in premarket trading after the company reported first-quarter results that topped analyst expectations and raised its full-year outlook.
The enterprise search, security and observability platform operator posted adjusted earnings per share of $0.70, exceeding the $0.58 consensus estimate by 21%. Revenue totaled $478 million, up 15% year-over-year and above the $469.73 million estimate. Sales-led subscription revenue, excluding monthly Elastic Cloud, rose 18% to $399 million.
Current remaining performance obligations increased 21% year-over-year to $1.153 billion, while total remaining performance obligations grew 27% to $1.854 billion. The company added more than 80 customers with annual contract values exceeding $100,000, bringing the total in that cohort to over 1,800.
For the fiscal year ending January 2027, Elastic raised its adjusted EPS guidance to a range of $3.29 to $3.37, with a midpoint of $3.33, surpassing the $3.24 consensus. Full-year revenue guidance was increased to between $2.00 billion and $2.01 billion, with a midpoint of $2.005 billion, exceeding the $1.99 billion estimate.
Second-quarter revenue is forecast between $486 million and $487 million, representing 14.9% year-over-year growth at the midpoint. Adjusted EPS for the quarter is projected between $0.80 and $0.82.
Chief Executive Officer Ash Kulkarni said the results reflected "the durability of that demand," citing record quarter-over-quarter net customer additions to the >$100,000 ACV cohort and continued strength in cRPO and RPO growth.
