Darktrace edges closer to year high share price as revenue rockets

CEO Poppy Gustafsson said Darktrace was in good shape and expecting continued growth ahead of completing its $5.3 billion takeover by US giant Thoma Bravo.

Darktrace's FY 2024 revenue is expected to total at least $689.5 million, for year-over-year growth of 26.4 per cent, maybe more. This incorporates fourth quarter revenue of no less than $183.1m, reflecting growth of at least 24.6 per cent on last time.

Gustafsson said there was more innovation to come from Darktrace. “We are pleased with the strong close to our financial year, which saw the third consecutive quarter of upward trajectory in year-over-year Net ARR added growth,” she commented.

“This, alongside a reduction in gross ARR churn, an improvement in net ARR retention, and continued margin strength, demonstrate that the significant changes we implemented across the business to prepare for our next phase of growth are having a sustained positive impact.

“The Thoma Bravo offer to acquire Darktrace continues to progress as expected, with our shareholders voting overwhelmingly in favour of the offer. The regulatory processes are proceeding with relevant waiting periods having expired and formal and informal clearances being received in line with the anticipated timelines.

“As we await the conclusion of the remaining regulatory processes, we remain fully focused on bringing more of our AI-powered cyber security products to additional customers around the world, and we remain excited about the many opportunities ahead for our business.”

With 9,735 customers at June 30, Darktrace has grown its customer base by 10.6 per cent in the last year. It added 936 net new customers since June 2023 – 333 of whom were added in the fourth quarter.