Elastic N.V.

3. Revenue

Disaggregation of Revenue

The following table presents revenue by category (in thousands):

Concentration of Credit Risk

One customer, a channel partner, accounted for 12% of total revenue during the three months ended July 31, 2025 and 2024. The same customer accounted for 12% of net accounts receivable as of July 31, 2025. No customer accounted for 10% or more of net accounts receivable as of April 30, 2025.

Deferred Revenue

The Company recognized revenue of $311.6 million and $261.4 million for the three months ended July 31, 2025 and 2024, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods.

Unbilled Accounts Receivable

Unbilled accounts receivable is recorded as part of accounts receivable, net in the Company’s condensed consolidated balance sheets. As of July 31, 2025 and April 30, 2025, unbilled accounts receivable was $2.4 million and $2.5 million, respectively.

Remaining Performance Obligations

Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not been recognized, including deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with such arrangements.

As of July 31, 2025, the Company had $1.461 billion of RPO, of which the Company expects to recognize approximately 65% as revenue over the next twelve months, approximately 91% over the next twenty-four months, and the remainder thereafter.

Deferred Contract Acquisition Costs

Amortization expense with respect to deferred contract acquisition costs was $26.2 million and $23.2 million for the three months ended July 31, 2025 and 2024, respectively. The Company didnot recognize any impairment of deferred contract acquisition costs for the three months ended July 31, 2025 and 2024.