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CrowdStrike’s Earnings Beat + Flow Acquisition

A version of this blog post was previously published on Forbes.

CrowdStrike released its fiscal Q4 2024 results, beating consensus on revenue and earnings while providing strong guidance for the coming year. The company also announced the acquisition of Flow, which offers unique capabilities for protecting data within cloud environments.

After the earnings release, I talked with CrowdStrike CEO George Kurtz, who highlighted the company’s strong momentum in the SIEM space, while calling out cloud security as a major growth area moving forward.

Let’s take a deeper look at the quarter.

Quarterly Performance

CrowdStrike reported total revenue growth for the quarter of 33% year-over-year, reaching $845.3 million. Subscription revenue, a key component of CrowdStrike’s business model, also grew 33% over the previous year to $795.9 million. CrowdStrike also reported a record net new ARR of $282 million, up 27% year-over-year.

The company’s cloud business showed solid strength, with net new ARR growing nearly 200% year-over-year and more than $400 million in ending ARR. Cloud remains a significant investment area for CrowdStrike.

Kurtz told me, “Cloud is the battleground where the adversaries are showing up.” He likened it to the early days of endpoint security and believes CrowdStike’s platform approach to cyber-protection is a significant differentiator for CrowdStrike in the space. The company’s momentum bears that out.

The company’s SIEM business was notably strong, delivering an ARR of just over $850 million, more than doubling year-over-year. And, while CrowdStrike didn’t call out its managed services business on the earnings call, Kurtz said that the business is growing “triple digits.”

Looking forward, CrowdStrike provided strong guidance for the first quarter of fiscal 2025 and the full year. The company anticipates continued revenue growth of about 30% year-over-year for the current quarter and between 28% and 31% for the full fiscal year.

Flow Acquisition

In addition to releasing earnings results, CrowdStrike announced that it’s expanding its reach into the cloud security market by acquiring Flow. Flow’s technology provides real-time and continuous visibility into data risks, not just for data at rest but also for data in motion.

A defining feature of Flow’s solution is its ability to prevent data exfiltration, including protecting data exposed through Generative AI services. This is crucial for organizations looking to safeguard against data breaches and unauthorized access.

George Kurtz is excited about the increased capabilities that Flow will bring to CrowdStrike. He said that the cloud security market is traditionally underserved, and Flow’s capabilities will allow CrowdStrike to redefine that space.

“Flow lets us better understand the data moving through the system,” he told me, “Including data moving in and out of SaaS applications and generative AI services.” That’s a powerful story.

The acquisition is a strong one. It promises to make CrowdStrike the only cloud data protection platform designed to secure data in every state, both at rest and in motion, across endpoint and cloud environments.


CrowdStrike continues to excel and show leadership within the cybersecurity market, showing financial and operational in the right areas. Its overall revenue growth, particularly in subscription ARR, coupled with its strong subscription revenue growth, highlights the long-term value CrowdStrike provides to its customers.

The company also saw significant expansion of its customer base during the quarter, with thousands of subscription customers added. That customer growth, coupled with an expanding suite of cybersecurity products and services, positions CrowdStrike favorably for continued leadership in the cybersecurity space.

CrowdStrike’s acquisition of Flow is particularly timely, given the increasing reliance of businesses on cloud-based services and the corresponding rise in sophisticated cyber threats targeting sensitive data.  

The acquisition will significantly enhance CrowdStrike’s native data protection module, which has already started to replace legacy DLP products in Fortune 500 accounts. The integration of Flow’s technology will address the limitations of legacy DLP solutions, offering a next-gen alternative focused on cloud-centric data protection.

CrowdStrike is executing well in a fiercely competitive and dynamic market, contending with a range of established players and emerging startups while adjusting to evolving threat landscapes that demand constant innovation and adaptation.

SentinelOne is a notably aggressive competitor that continues outperforming the market with its nearly equally broad range of offerings. At the same time, more traditional competitors such as Palo Alto Networks, Cisco, and TrendForce remain formidable alternatives.

George Kurtz is watching the competition but believes that CrowdStrike’s platform approach to cybersecurity is a sustainable differentiator for the company. He said the platform approach is the basis for building next-generation SIEM technologies and is where the company is heavily focused.

As CrowdStrike looks ahead with strong guidance for fiscal 2025 and the integration of Flow’s innovative technologies, it continues to push the boundaries of cyber protection. In a competitive and rapidly evolving environment, CrowdStrike’s comprehensive platform approach and broadening array of cyber-protection capabilities promise to keep CrowdStrike at the top of its market.

Disclosure: The author is an industry analyst, and NAND Research an industry analyst firm, that engages in, or has engaged in, research, analysis, and advisory services with many technology companies, which may include those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.