Summary
GitLab closed fiscal 2024 with $163.8 million in fourth-quarter revenue, up 33.3% from the prior-year quarter. Full-year revenue reached $579.9 million, up 36.7% from fiscal 2023. The top line carried through to gross profit: fourth-quarter gross profit was $147.8 million, up 36.0%, and full-year gross profit was $520.2 million, up 39.6%. GAAP gross margin was 90.2% in the quarter, up 1.8 percentage points, and 89.7% for the full year, up 1.9 percentage points. Operating losses narrowed. The fourth-quarter GAAP operating loss was $34.9 million, an improvement from a $46.3 million loss a year earlier. The full-year GAAP operating loss was $187.4 million, narrower than the $211.4 million loss in fiscal 2023. Operating margin was negative 21.3% in the quarter, up 16.4 percentage points, and negative 32.3% for the full year, up 17.5 percentage points. On the bottom line, the fourth-quarter GAAP net loss attributable to GitLab was $36.5 million, narrowed from $38.7 million. The full-year GAAP net loss attributable to GitLab was $424.2 million, widened from $172.3 million. Diluted EPS for fiscal 2024 was negative $2.75, down from negative $1.16, a wider loss.
Cash generation flipped positive. Fourth-quarter GAAP operating cash flow was $24.9 million, up from negative $11.7 million in the prior-year quarter. Full-year GAAP operating cash flow was $35.0 million, up from negative $77.4 million. Capital expenditures were $0.33 million in the quarter, down 68.7% from $1.05 million, and $1.60 million for the full year, down 73.7% from $6.07 million. Non-GAAP free cash flow, which subtracts capital expenditures from operating cash flow, was $24.5 million in the quarter and $33.4 million for the full year. Deferred revenue was $338.3 million, up 33.0% from $254.4 million a year earlier. Remaining performance obligations were $673.8 million, up 54.6% from $435.9 million. The company also reported non-GAAP operating income of $13.2 million in the quarter, a non-GAAP operating margin of 8%, and non-GAAP net income per share of $0.15. Those non-GAAP figures contrast with the GAAP operating loss and GAAP net loss.
Operational metrics showed expansion at the high end. Customers with more than $5,000 of ARR increased to 8,602, up 23% from the fourth quarter of fiscal 2023. Customers with more than $100,000 of ARR increased to 955, up 37%. Customers with more than $1 million of ARR increased to 96, up 52%. Dollar-Based Net Retention Rate was 130% in the fourth quarter. cRPO grew 40% to $430 million. GitLab continued to push AI into its platform. It announced GitLab Duo Pro, a paid add-on for Premium and Ultimate customers that includes Code Suggestions, Chat, and organizational controls for $19 per user per month. It launched an Enterprise Agile Planning SKU and released Remote Development workspaces into general availability. The company appointed Sabrina Farmer as chief technology officer. GitLab also noted that more than 30 million registered users and more than 50% of the Fortune 100 companies are customers, and that nearly 700 people contributed more than 2,100 merge requests to the core product in calendar year 2023.
Guidance points to continued growth but a slower pace. For the first quarter of fiscal 2025, management guided revenue to $165.0 million to $166.0 million. For the full fiscal year 2025, it guided revenue to $725.0 million to $731.0 million. Non-GAAP operating income guidance is negative $13.0 million to negative $12.0 million for the first quarter and $5.0 million to $10.0 million for the full year. Non-GAAP diluted net income per share guidance is negative $0.05 to negative $0.04 for the first quarter and $0.19 to $0.23 for the full year, assuming approximately 158 million and 168 million weighted average shares outstanding for the first quarter and full year, respectively. The company did not provide a reconciliation of non-GAAP guidance to GAAP because certain items are out of its control or cannot be reasonably predicted. Risks include intense competition, loss of market share, the ability to achieve and sustain profitability, fluctuations in operating results, customer renewals and expansions, the incorporation of AI features, security and privacy breaches, and general economic conditions such as inflation, interest rates, and instability in the global banking sector. The company also flagged tax matters related to bilateral advance pricing agreement negotiations as a critical accounting estimate. The full-year GAAP net loss widened to $424.2 million from $172.3 million, and the company said it expects negotiations to continue into the middle of fiscal 2025.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2024 | Q3 FY2024 | QoQ | Q4 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $163.8M | $149.7M | +9.4% | $122.9M | +33.3% |
| Gross profit | $147.8M | $134.6M | +9.8% | $108.7M | +36.0% |
| Gross margin | 90.2% | 89.9% | +0.3 pp | 88.4% | +1.8 pp |
| Research & development | $52.4M | $49.1M | +6.8% | $43.7M | +19.9% |
| Sales & marketing | $90.8M | $87.0M | +4.4% | $81.5M | +11.3% |
| General & administrative | $39.5M | $38.8M | +1.8% | $29.8M | +32.9% |
| Total operating expenses | $182.7M | $174.9M | +4.5% | $154.9M | +17.9% |
| Operating income (loss) | -$34.9M | -$40.3M | +13.4% | -$46.3M | +24.6% |
| Operating margin | -21.3% | -26.9% | +5.6 pp | -37.6% | +16.3 pp |
| Net income (loss) | -$36.5M | -$285.2M | +87.2% | -$38.7M | +5.9% |
| Net margin | -22.3% | -190.5% | +168.3 pp | -31.5% | +9.2 pp |
| Diluted EPS | -$0.24 | -$1.84 | +$1.60 | -$0.26 | +$0.02 |
| Net retention rate | 130.0% | 128.0% | +2.0 pp | 130.0% | ±0.0 pp |
Risks
A pending bilateral advance pricing agreement between the U.S. IRS and Dutch Tax Authority created material tax uncertainty and contributed to the FY2024 year-to-date net loss, which widened to $424.2 million from $172.3 million in the FY2023 year-to-date. The company recorded significant unrecognized tax benefits and expects negotiations to continue into fiscal 2025.
GitLab is embedding generative AI features throughout its platform, exposing it to nascent AI regulations, copyright and IP misappropriation claims, privacy obligations, and reliance on third-party AI model vendors. Deploying AI systems also involves high computing costs that could adversely affect gross margin.
During fiscal 2024 GitLab implemented a price increase in its Premium tier and plans storage and transfer limits on its free SaaS product. These changes may cause customers to switch to the free version or cease using products, and the company has limited historical data on free-to-paid conversion, uptiering, downtiering, and churn.
The DevSecOps market is highly competitive with limited barriers to entry, and GitLab faces well-established competitors such as Atlassian and Microsoft, as well as AI-focused entrants. Many competitors are larger and have more capital to invest, which could lead to price pressure, reduced margins, or loss of market share.
Macroeconomic conditions including inflation, volatile interest rates, federal budget and debt ceiling uncertainty, potential government shutdowns, and actual or perceived instability in the global banking sector may pressure customer spending, lengthen sales cycles, and reduce renewals or expansions.
GitLab grew Base Customers to 8,602 as of January 31, 2024 from 7,002 as of January 31, 2023, and customers with ARR of $100,000 or more rose to 955 from 697. Managing rapid growth and forecasting revenue remains difficult, and FY2024 revenue growth of 36.7% year to date may not be sustained.
Security and privacy breaches remain a heightened risk because The DevSecOps Platform hosts sensitive customer data and uses third-party service providers. The filing specifically calls out AI-related sensitive data exposure from insufficient data anonymization and supply-chain cyber-attacks from open source technologies.
GitLab's public Handbook and emphasis on transparency may allow competitors or bad actors to exploit information, create Regulation FD compliance risk, and lead to disclosure control failures or securities law violations.
The open-core business model relies on independent open source contributors outside the company's direct control and makes source code-available software vulnerable to unauthorized distribution and sale. Contributor delays or governance failures could increase development costs and delay releases.
SaaS KPIs
All quarters →Dollar-Based Net Retention Rate
Customers with more than $100,000 of ARR
Customers with more than $5,000 of ARR
Total RPO
cRPO
Summary, forecast, risks and KPIs are extracted from Gitlab Inc.'s SEC filings for Q4 FY2024 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.