Confluent, Inc. reported revenue of $963.6 million for the year ended December 31, 2024, a 24% increase compared to the $777.0 million reported in 2023. This growth was driven by a 26% increase in subscription revenue to $922.1 million, primarily from existing customers and new customer acquisitions. Services revenue, however, decreased by 13% to $41.6 million, mainly due to reduced professional services delivery. The company reported a net loss of $345.1 million for 2024, compared to a net loss of $442.7 million in 2023. Stock-based compensation expense totaled $395.6 million in 2024.
Significant changes compared to the previous fiscal year include a shift in revenue mix, with Confluent Cloud contributing 51% of total revenue in 2024, up from 45% in 2023. Confluent Platform's contribution to subscription revenue decreased to 47% in 2024 from 52% in 2023. The company's customer count increased by 17% year-over-year to approximately 5,800 customers as of December 31, 2024, with 1,381 customers having annual recurring revenue (ARR) of $100,000 or more. The dollar-based net retention rate was 117% as of December 31, 2024.
Strategic developments during the year included the acquisition of WarpStream Labs, Inc. in September 2024, adding a bring-your-own-cloud (BYOC) managed service offering to its portfolio. The company also continued to invest in its Data Streaming Platform, enhancing its capabilities for streaming, connecting, processing, and governing data. The acquisition of immerok GmbH in 2023 expanded the company's Apache Flink capabilities. Confluent also highlighted its consumption-oriented go-to-market model, emphasizing customer success and value.
Confluent's operational developments show a continued focus on cloud adoption, with Confluent Cloud representing a significant portion of its revenue. The company's international revenue accounted for 40% of total revenue in 2024. As of December 31, 2024, Confluent employed 3,060 people across 27 countries. The company's 10-K filing also details its risk factors, including those related to competition, macroeconomic conditions, cybersecurity, and intellectual property.
Looking ahead, Confluent plans to continue investing in Confluent Cloud, its Data Streaming Platform capabilities, and international expansion. The company acknowledges the challenges posed by macroeconomic uncertainty and increased customer scrutiny on IT spending, but remains focused on driving customer adoption and expanding usage of its offerings. The company does not anticipate paying cash dividends in the foreseeable future.
About Confluent, Inc.
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