Elastic NV, known as the Search AI Company, has announced its financial results for the first quarter of fiscal 2026, ending July 31, 2025. The company reported a total revenue of $415 million, marking a 20% increase year-over-year, or 18% on a constant currency basis. Subscription revenue reached $389 million, also reflecting a 20% year-over-year increase, or 19% on a constant currency basis. Sales-led subscription revenue amounted to $339 million, experiencing a 22% year-over-year rise, or 20% on a constant currency basis. Meanwhile, Elastic Cloud revenue grew by 24% year-over-year to $196 million, consistent with constant currency metrics. The company expects a non-GAAP operating margin of approximately 16% for the first quarter of fiscal 2026. Furthermore, Elastic anticipates non-GAAP diluted earnings per share to range between $0.56 and $0.58, based on an estimated 108.5 million to 109.5 million diluted weighted average ordinary shares outstanding. Looking ahead to fiscal 2026, which concludes on April 30, 2026, Elastic projects total revenue to be between $1.679 billion and $1.689 billion, representing a 14% year-over-year growth at the midpoint, or 13% on a constant currency basis. The non-GAAP operating margin is expected to remain approximately 16%, with non-GAAP diluted earnings per share projected to be between $2.29 and $2.35, assuming 109.0 million to 111.0 million diluted weighted average ordinary shares outstanding. As of July 31, 2025, Elastic's cash, cash equivalents, and marketable securities totaled $1.494 billion. The company also reported a net expansion rate of approximately 112%, with the total customer count having an Annual Contract Value $(ACV)$ greater than $100,000 growing to over 1,550 from over 1,510 in the previous quarter and over 1,370 in the same quarter the previous year. Elastic's CEO, Ash Kulkarni, highlighted the strong performance in Q1, attributing it to the demand for the company's differentiated technology and effective sales execution. The influence of AI on technology decisions was noted as a factor in demonstrating the value of Elastic's Search AI Platform to its customers.