Slides
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September 8, 2026 Fiscal Q2 2027 Earnings Results
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Data as of July 31, 2026 or the three months ended, as applicable 1. Represents quarterly GAAP revenue multiplied by 4 2 $909M QUARTERLY REVENUE RUN RATE 1 26% YoY REVENUE GROWTH 2,789 CUSTOMERS IN 89 COUNTRIES 110% DOLLAR-BASED NET RETENTION RATE 91% SUBSCRIPTION REVENUE $18M GAAP NET LOSS Braze Financial Highlights
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Forward-Looking Statements This presentation contains, and statements made during this presentation contain, “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Braze’s financial outlook for the third quarter of and the full fiscal year ending January 31, 2027, the anticipated performance of and customer value from its products and features, including its BrazeAI products and features, and its future business strategies and plans. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “hope,” “intend,” “may,” “might,” “potential,” “predict,” “project,” “shall,” “should,” “target,” “will” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on Braze’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Braze’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (1) the extent to which Braze achieves anticipated financial targets; (2) Braze’s ability to realize its broader strategic and operating objectives; (3) unstable market and economic conditions may have serious adverse consequences on Braze’s business, financial condition and share price; (4) Braze’s recent rapid revenue growth may not be indicative of its future revenue growth; (5) Braze’s history of operating losses; (6) Braze’s limited operating history at its current scale; (7) Braze’s ability to successfully manage its growth; (8) the accuracy of estimates of market opportunity and forecasts of market growth and the impact of global and domestic socioeconomic events on Braze’s business; (9) Braze’s ability and the ability of its platform to adapt and respond to changing customer or consumer needs, requirements or preferences; (10) Braze’s ability to attract new customers and renew existing customers; (11) the competitive markets in which Braze participates and the intense competition that it faces; (12) Braze’s ability to adapt and respond effectively to rapidly changing technology, evolving cybersecurity and data privacy risks, evolving industry standards or changing regulations; and (13) Braze’s reliance on third-party providers of cloud-based infrastructure; as well as other risks and uncertainties discussed in the “Risk Factors” section of Braze’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 25, 2026 and other subsequent filings Braze makes with the SEC from time to time, including Braze's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2026 that will be filed with the SEC. The forward-looking statements included in this presentation represent Braze’s views only as of the date of this press release and Braze assumes no obligation, and does not intend to update these forward-looking statements, except as required by law. Use of Non-GAAP Financial Measures This presentation contains the following non-GAAP financial measures: non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, basic and diluted, and non-GAAP free cash flow. Braze defines non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin, and non-GAAP net income (loss) as the respective GAAP balances, adjusted for stock-based compensation expense, employer taxes related to stock-based compensation, charitable contribution expense, acquisition related expense, and amortization of intangible assets. Braze defines non-GAAP free cash flow as net cash provided by (used in) operating activities, minus purchases of property and equipment and minus capitalized internal-use software costs. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures. Braze uses this non-GAAP financial information internally in analyzing its financial results and believes that this non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles in the United States (GAAP), and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in Braze’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by Braze’s management about which expenses are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided at the end of this presentation for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Braze encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly and fiscal year financial results, including this presentation, and not to rely on any single financial measure to evaluate Braze’s business. Braze has not reconciled its guidance as to non-GAAP gross margin, non-GAAP operating income (loss), non- GAAP net income (loss) or non-GAAP net income (loss) per share to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in Braze’s stock price. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to Braze’s results calculated in accordance with GAAP. Operational Data Operational and other internal data included in this presentation is approximate and is based on various assumptions. This data is tracked with internal systems and tools that are not independently verified by any third party, and is accordingly subject to adjustment. The methodology underlying the data included in this presentation may vary from prior years and prior year results may not be directly comparable to current results. Customer Metrics and Market Data Unless otherwise noted, information in this presentation concerning Braze’s industry, including industry statistics and forecasts, competitive position and the markets in which Braze operates is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third party sources, as well as data from Braze's internal research, and are based on assumptions made by Braze upon reviewing such data, and Braze’s experience in, and knowledge of, such industry and markets, which it believes to be reasonable. Projections, forecasts, assumptions and estimates of the future performance of the industry in which Braze operates and Braze’s future performance are necessarily subject to uncertainty and risk due to a variety of factors. Braze has not independently verified the accuracy or completeness of the information provided by independent industry and research organizations, other third parties or other publicly available information. Accordingly, Braze makes no representations as to the accuracy or completeness of that information nor does Braze undertake to update such information after the date of this presentation. Trademarks All third-party trademarks, including names, logos and brands, referenced by Braze in this presentation are property of their respective owners. All references to third-party trademarks are for identification purposes only. Such use should not be construed as an endorsement of the products or services of us. 3 Forward Looking Statements and Disclaimer 3
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• Revenue of $227.2 million, up 26.2% YoY and 7.7% sequentially • GAAP gross margin of 66.8%, down 90 basis points YoY; non-GAAP gross margin of 68.6%, down 70 basis points YoY • Dollar-based net retention rate of 110% compared to 108% in the prior year quarter and 110% in Q1 of FY’27 • GAAP operating loss of $18.1 million compared to a loss of $38.8 million in the prior year quarter; non-GAAP operating income of $22.0 million compared to $6.0 million in the prior year quarter • GAAP net loss per share attributable to Braze common stockholders, basic and diluted, of $0.17 based on 111.3 million weighted average shares outstanding in the second quarter of fiscal year ending January 31, 2027, compared to GAAP net loss per share attributable to Braze common stockholders, basic and diluted, of $0.26, based on 106.8 million weighted average shares outstanding in the second quarter of the fiscal year ended January 31, 2026 • Non-GAAP net income per share attributable to Braze common stockholders, diluted, was $0.19 based on 114.2 million weighted average shares outstanding in the second quarter of the fiscal year ending January 31, 2027, compared to non-GAAP net income per share attributable to Braze common stockholders, diluted, of $0.15 based on 109.8 million weighted average shares outstanding in the second quarter of the fiscal year ended January 31, 2026 • Net cash provided by operating activities was $24.2 million compared to net cash provided by operating activities of $7.0 million in the prior year quarter • Free cash flow was $21.7 million compared to $3.5 million in the prior year quarter • Customer count increased to 2,789 as of July 31, 2026 from 2,422 in the prior year quarter 4 Q2'27 Financial Results Highlights
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5 Recent Business Highlights Business Highlights • Notable new business wins and existing customer expansions in the quarter included Boots Thailand, Chime, David Jones, Foxtel Group, Insurify - the leading U.S. insurance marketplace, Omaze UK, Property Finder, and Wilson Sporting Goods. • At Cannes Lions International Festival of Creativity, Braze engaged with hundreds of attendees including guests, reporters and partners to explore how data and BrazeAI™ fuel personalization, customer engagement, and creative orchestration. • Released fifth annual Environmental, Social, and Governance (ESG) Report, showcasing continued commitment to building a more equitable and sustainable future. Highlights include an 18% reduction in emissions year-over-year in FY’26 and surpassing $4.4 million in charitable grants to more than 200 nonprofits and charitable organizations to date. • Welcomed 10 startups to the sixth cohort of Braze's product grant program, Tech for an Equitable Future, which equips founders with enterprise- grade customer engagement technology to build stronger customer relationships, drive revenue, and accelerate growth. • Earned multiple recognitions for fostering an exceptional work environment globally including Fortune Best Large Workplaces in New York™ 2026, UK's Best Large Workplaces for Development™ 2026, UK’s Best Large Workplaces for Wellbeing™ 2026, UK’s Best Large Workplaces for Women™ 2026, and Australia’s Best Workplaces™ in Technology 2026. • Preparing to host Braze Forge 2026, taking place September 28-30 in Las Vegas, Braze's flagship customer engagement conference where marketers and technologists will gain hands-on AI experience, sharpen their skills, and explore the ideas, technologies, and strategies defining the future of customer engagement.
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6 Recent Innovations & Partnerships Innovations and Partnerships • Expanded BrazeAI Operator™ to take action across the full Braze platform, including the ability to build new Canvas steps from conversational prompts, making it easier for marketers to create sophisticated customer journeys that reflect both customer needs and business goals. Users can also easily select pre-built Agents with Operator with pre-filled prompts and instructions, allowing them to deploy sophisticated Agents in minutes. • Brought Braze Surveys' native, code-free surveys to landing pages and in-app messages, giving marketers more places to collect qualitative, zero-party feedback and act on it without leaving Braze. • Entered a 3-year Strategic Collaboration Agreement (SCA) with AWS, a construct used to equip select partners with the resources, support, and funding needed to scale globally. This elevates Braze’s collaboration with AWS, unlocking a dedicated co-sell motion, joint go-to-market commitment, and incentives for AWS sellers to bring Braze into their accounts. • Recognized as an AWS Media & Entertainment Competency Partner, highlighting Braze's deep technical expertise helping the world’s leading media and entertainment brands orchestrate real-time, cross-channel experiences that drive streaming minutes, boost subscriber retention, and maximize lifetime value. • Announced a broader bi-directional integration with Databricks CustomerLake, the Agentic CDP built natively on the Lakehouse, enabling joint customers to activate governed audiences to Braze and share engagement signals back to Databricks through Open Sharing, reducing reliance on standalone middleware and delivering a composable solution for customer engagement. • Named Snowflake's 2026 Asia-Pacific & Japan (APJ) Product Growth Partner of the Year and recognized as a Leader in Snowflake's Modern Marketing Data Stack (MMDS) report for the fifth consecutive year, reflecting a shared commitment to serving customers with the tools they need to deliver exceptional engagement at scale. Management Team Updates • Pearce Dolan joined the company as Chief Product Officer on August 24, 2026 to lead product strategy and vision, accelerating Braze's momentum at the frontier of AI-driven customer engagement. Mr. Dolan brings nearly 20 years of experience in product and technology, having held leadership positions at hypergrowth tech startups spanning early stage through $10B+ valuations.
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7 Management Team Updates Management Team Updates • Pearce Dolan joined the company as Chief Product Officer on August 24, 2026 to lead product strategy and vision, accelerating Braze's momentum at the frontier of AI-driven customer engagement. Mr. Dolan brings nearly 20 years of experience in product and technology, having held leadership positions at several hypergrowth tech startups spanning early stage through $10B+ valuations.
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YoY Revenue Growth DOLLARS IN MILLIONS Reported Revenue 8 26.2% Q2'27 YoY REVENUE GROWTH $145.5 $152.1 $160.4 $162.1 $180.1 $190.8 $205.2 $211.0 $227.2 26.4% 22.7% 22.5% 19.6% 23.8% 25.5% 27.9% 30.2% 26.2% FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'27 Q1 FY'27 Q2 Quarterly Revenue
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9 68.6% Q2'27 NON-GAAP GROSS MARGIN 70.9% 70.5% 69.9% 69.3% 69.3% 69.1% 67.2% 67.4% 68.6% FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'27 Q1 FY'27 Q2 Non-GAAP Gross Margin
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10 110% Q2'27 NET DOLLAR- BASED RETENTION RATE 114% 113% 111% 109% 108% 108% 109% 110% 110% FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'27 Q1 FY'27 Q2 Dollar-Based Net Retention
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11 15% Q2'27 YoY CUSTOMER GROWTH Q2'27 YoY GROWTH OF $500K+ ARR CUSTOMERS 28% Customers with $500K+ ARRTotal Customers Customers with $500K+ ARR YoY GrowthTotal Customers YoY Growth 2,163 2,211 2,296 2,342 2,422 2,528 2,609 2,713 2,789 10% 10% 12% 11% 12% 14% 14% 16% 15% FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'27 Q1 FY'27 Q2 222 234 247 262 282 303 333 349 361 28% 24% 22% 24% 27% 29% 35% 33% 28% FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'27 Q1 FY'27 Q2 Braze Customers Customers with over $500K ARRTotal Customers
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DOLLARS IN MILLIONS FY’25 Q2 FY’25 Q3 FY’25 Q4 FY’26 Q2 FY’26 Q3 Free Cash Flow Free Cash Flow Margin % ($28.1) FY’26 Q1 ($18.7) $21.7 12 $21.7M Q2'27 FREE CASH FLOW FY’26 Q4 $7.2 ($14.2) $15.2 $22.9 $3.5 $17.8 $13.9 $26.8 $21.7 5.0% (9.4)% 9.5% 14.1% 2.0% 6.8% Free Cash Flow 9.3% FY’27 Q1 FY’27 Q2 12.7% 9.6%
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+24% YoY +27% YoY Less than 1 year Total RPO DOLLARS IN MILLIONS 13 558.2 572.7 642.1 670.3 691.1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'27 Q1 FY'27 Q2 862.2 891.4 1,033.0 1,079.2 1,092.5 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'27 Q1 FY'27 Q2 Remaining Performance Obligations
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DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS Metric Q3'27 Guidance FY’27 Guidance Revenue $229.0 - 230.0 $910.0 - 913.0 Non-GAAP Operating Income $16.0 - 17.0 $75.5 - 76.5 Non-GAAP Net Income $15.0 - 16.0 $72.5 - 73.5 Non-GAAP Net Income Per Share $0.13 - 0.14 $0.64 - 0.65 Weighted Average Shares Outstanding, Diluted ~114.5M ~114.0M Guidance
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Appendix
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Number of Customers: We define a customer, as of period end, as the separate and distinct, ultimate parent-level entity that has an active subscription with us to use our products. A single organization could have multiple distinct contracting divisions or subsidiaries, all of which together would be considered a single customer. Monthly Active User: A monthly active user is an end user of a customer who has engaged with the customer’s applications and websites in the previous 30-day period. We include each distinguishable end user in our calculation of monthly active users, even though some users may access our customers’ applications and websites using more than one device, and multiple users may gain access using the same device. Dollar-based Net Retention Rate: We calculate our dollar-based net retention rate as of a period end by starting with the ARR from a cohort of customers as of 12 months prior to such period-end (the Prior Period ARR). Braze then calculates the ARR from the same cohort of customers as of the end of the current period (the Current Period ARR). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but excludes ARR from new customers in the current period. Braze then divides the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time dollar-based net retention rate. Braze then calculates the weighted average point-in-time dollar-based net retention rates as of the last day of each month in the current trailing 12-month period to arrive at the dollar-based net retention rate. Organic Revenue: Braze defines organic revenue as total GAAP revenue, less GAAP revenue generated from business units acquired within the prior 12 months. Annual Recurring Revenue (ARR): We define ARR as the annualized value of customer subscription contracts, including certain premium professional services that are subject to contractual subscription terms, as of the measurement date, assuming any contract that expires during the next 12 months is renewed on its existing terms (including contracts for which we are negotiating a renewal). Our calculation of ARR is not adjusted for the impact of any known or projected future events (such as customer cancellations, expansion or contraction of existing customers relationships or price increases or decreases) that may cause any such contract not to be renewed on its existing terms. Remaining Performance Obligations: The transaction price allocated to remaining performance obligations represents amounts under non-cancelable contracts expected to be recognized as revenue in future periods, and may be influenced by several factors, including seasonality, the timing of renewals, the timing of service delivery and contract terms. Unbilled portions of the remaining performance obligation are subject to future economic risks including bankruptcies, regulatory changes and other market factors. 16 Operating Metrics - Definitions
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Three Months Ended July 31, Six Months Ended July 31, 2026 2025 2026 2025 GAAP sales and marketing expense $92,878 $82,599 $182,066 $156,726 Less: Stock-based compensation expense 13,014 12,138 23,598 22,149 Employer taxes related to stock-based compensation expense 75 298 268 711 Amortization of intangibles expense 450 325 1,050 325 Non-GAAP sales and marketing expense $79,339 $69,838 $157,150 $133,541 GAAP research and development expense $45,275 $41,250 $91,375 $78,047 Less: Stock-based compensation expense 14,785 14,091 29,425 25,427 Employer taxes related to stock-based compensation expense 388 418 695 1,162 Non-GAAP research and development expense $30,102 $26,741 $61,255 $51,458 GAAP general and administrative expense $31,826 $36,794 $62,715 $77,294 Less: Stock-based compensation expense 6,479 11,972 13,650 19,947 Employer taxes related to stock-based compensation expense 202 335 341 548 1% Pledge charitable contribution expense 583 751 1,083 1,860 Acquisition related expense 102 1,403 274 11,423 Amortization of intangibles expense 78 86 156 187 Non-GAAP general and administrative expense $24,382 $22,247 $47,211 $43,329 Three Months Ended July 31, Six Months Ended July 31, 2026 2025 2026 2025 Gross Profit $151,856 $121,890 $290,519 $233,092 Plus: Stock-based compensation expense 1,383 1,348 2,589 2,425 Employer taxes related to stock- based compensation expense 184 55 215 115 Amortization of intangibles expense 2,363 1,575 4,725 1,575 Non-GAAP gross profit $155,786 $124,868 $298,048 $237,207 GAAP gross margin 66.8% 67.7% 66.3% 68.1% Non-GAAP gross margin 68.6% 69.3% 68.0% 69.3% Reconciliation of GAAP to Non-GAAP Gross Margin Reconciliation of GAAP to Non-GAAP Operating Expenses DOLLARS IN THOUSANDS 17 GAAP to Non-GAAP Reconciliation
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Three Months Ended July 31, Six Months Ended July 31, 2026 2025 2026 2025 Net loss attributable to Braze, Inc. ($18,853) ($27,899) ($45,444) ($63,685) Plus: Stock-based compensation expense 35,661 39,549 69,262 69,948 Employer taxes related to stock- based compensation expense 849 1,106 1,519 2,536 1% Pledge charitable contribution expense 583 751 1,083 1,860 Acquisition related expense 102 1,403 274 11,423 Amortization of intangibles expense 2,891 1,986 5,931 2,087 Non-GAAP net income (loss) attributable to Braze, Inc. (1) $21,233 $16,896 $32,625 $24,169 Non-GAAP net income per share attributable to Braze, Inc. common stockholders, basic $0.19 $0.16 $0.29 $0.23 Non-GAAP net income per share attributable to Braze, Inc. common stockholders, diluted $0.19 $0.15 $0.29 $0.22 Weighted-average shares used to compute net income per share attributable to Braze, Inc. common stockholders, basic 111,252 106,807 111,028 105,858 Weighted-average shares used to compute net income per share attributable to Braze, Inc. common stockholders, diluted 114,203 109,771 113,207 108,904 1 Assumes no non-GAAP tax expenses associated with the non-GAAP adjustment due to the Company’s historical non-GAAP net loss position and available deferred tax assets sufficient to offset such non-GAAP tax expense. Three Months Ended July 31, Six Months Ended July 31, 2026 2025 2026 2025 Loss from operations ($18,123) ($38,753) ($45,637) ($78,975) Plus: Stock-based compensation expense 35,661 39,549 69,262 69,948 Employer taxes related to stock-based compensation expense 849 1,106 1,519 2,536 1% Pledge charitable contribution expense 583 751 1,083 1,860 Acquisition related expense 102 1,403 274 11,423 Amortization of intangibles expense 2,891 1,986 5,931 2,087 Non-GAAP income from operations $21,963 $6,042 $32,432 $8,879 GAAP operating margin (8.0%) (21.5%) (10.4%) (23.1%) Non-GAAP operating margin 9.7% 3.4% 7.4% 2.6% Reconciliation of GAAP to Non-GAAP Operating Income (Loss) Reconciliation of GAAP to Non-GAAP Net Income DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 18 GAAP to Non-GAAP Reconciliation
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Three Months Ended July 31, Six Months Ended July 31, 2026 2025 2026 2025 Net cash provided by operating activities $24,212 $6,952 $52,338 $31,096 Less: Purchases of property and equipment (1,170) (2,609) (1,278) (2,826) Capitalized internal-use software costs (1,298) (810) (2,525) (1,865) Non-GAAP free cash flow $21,744 $3,533 $48,535 $26,405 Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow DOLLARS IN THOUSANDS 19 GAAP Cash Flows from Operations to Free Cash Flow
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FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'27 Q1 FY'27 Q2 Gross Profit $102,079 $106,142 $111,087 $111,202 $121,890 $128,211 $134,354 $138,663 $151,856 Plus: Stock-based compensation expense 1,078 1,003 977 1,077 1,348 1,278 1,126 1,206 1,383 Employer taxes related to stock-based compensation expense 46 42 33 60 55 58 45 31 184 Amortization of intangibles expense — — — — 1,575 2,363 2,362 2,362 2,363 Non-GAAP Gross Profit $103,203 $107,187 $112,097 $112,339 $124,868 $131,910 $137,887 $142,262 $155,786 GAAP Gross Margin 70.2% 69.8% 69.3% 68.6% 67.7% 67.2% 65.5% 65.7% 66.8% Non-GAAP Gross Margin 70.9% 70.5% 69.9% 69.3% 69.3% 69.1% 67.2% 67.4% 68.6% 20 DOLLARS IN THOUSANDS GAAP to Non-GAAP Gross Margin Reconciliation
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FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'27 Q1 FY'27 Q2 Net cash provided by/(used in) operating activities $11,612 ($11,410) $17,083 $24,144 $6,952 $20,967 $19,375 $28,126 $24,212 Less: Purchases of property and equipment (3,309) (1,923) (1,087) (217) (2,609) (1,942) (4,820) (108) (1,170) Capitalized internal-use software costs (1,069) (915) (791) (1,055) (810) (1,246) (665) (1,227) (1,298) Non-GAAP Free Cash Flow $7,234 ($14,248) $15,205 $22,872 $3,533 $17,779 $13,890 $26,791 $21,744 Non-GAAP Free Cash Flow Gross Margin 5.0% (9.4%) 9.5% 14.1% 2.0% 9.3% 6.8% 12.7% 9.6% 17 21 DOLLARS IN THOUSANDS GAAP to Non-GAAP Free Cash Flow Reconciliation