Darktrace PLC

156938

Equity

ISIN GB00BNYK8G86 / Valor 111074742

LSE London Stock Exchange, SETS (2024-10-01)

GBP 5.77%

Darktrace PLC
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About company

Darktrace PLC, established in 2013 by a team of mathematicians and cyber defense experts, has positioned itself as a global leader in the field of cybersecurity, leveraging artificial intelligence (AI) to offer comprehensive solutions aimed at mitigating cyber disruptions. The company's innovative approach is centered around its proprietary Self-Learning AI technology, which facilitates a tailored security posture for each of its clients by ensuring continuous monitoring across their entire digital infrastructure. This technology forms the backbone of Darktrace's Cyber AI Loop, enabling a proactive and adaptive response to a wide array of threats, including ransomware, cloud, and SaaS attacks. With a significant presence in over 110 countries, Darktrace serves a diverse clientele that spans various sectors, including public agencies, educational institutions, and businesses of all sizes. The company's commitment to innovation is underscored by its extensive research activities, primarily conducted through its AI Research Centre in Cambridge, UK, and supported by over 145 patents and pending applications. Darktrace's global operations are supported by more than 2,200 employees, and it has been recognized for its influential role in the cybersecurity industry, including being named one of TIME magazine’s “Most Influential Companies” in 2021.

Summarized from source with an LLMView SourceSector: Technology

Revenue Growth

Darktrace PLC reported that its FY 2024 revenue is expected to total at least $689.5 million, reflecting a year-over-year growth of at least 26.4%. This includes fourth-quarter revenue of at least $183.1 million, which shows a year-over-year growth of at least 24.6%.

Net ARR Added

In the fourth quarter of FY 2024, Darktrace PLC added net Annual Recurring Revenue (ARR) of $51.1 million, marking a year-over-year growth of 12.4% on a constant currency basis. This represents the third consecutive quarter of upward trajectory in Net ARR added.

Customer Base Expansion

As of June 30, 2024, Darktrace PLC had 9,735 customers, showing a year-over-year growth of 10.6%. The company added 936 net new customers since June 2023, with 333 of these additions occurring in the fourth quarter.

Gross ARR Churn and Retention

Darktrace PLC reported a one-year gross ARR churn of 6.3% as of June 30, 2024, which is a 0.5 percentage point improvement year-over-year. The Net ARR retention rate improved to 106.6%, reflecting a 2.0 percentage point increase from June 2023.

Outlook and Future Expectations

Darktrace PLC expects new customer ARR additions to increase through FY 2025. The company also anticipates maintaining a stable direct cost profile, leading to a full-year gross margin in the range of recent reported periods. However, due to regulatory processes surrounding the proposed Thoma Bravo acquisition, Darktrace is not providing its expected FY 2024 Adjusted EBITDA margin and Free cash flow conversion or an outlook for FY 2025 performance at this time.

Summarized from source with an LLMView Source

Key figures

43.0%1Y

-23.2%3Y

%5Y

Performance

6.01%1Y

57.7%3Y

64.2%5Y

Volatility