Slides
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Investor Day ‘25September 17
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1Opening remarksByron StephenVice President, Investor Relations Agenda2Strategic visionRoy Mann & Eran Zinman Co-Founders & Co-CEOs 3Product strategyDaniel LereyaChief Product & Technology Officer 4Go-to-market overviewCasey GeorgeChief Revenue Officer 5Financial strategyEliran GlazerChief Financial Officer 6 Q&Amonday.comexecutive leadership
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Safe harborThis presentation has been prepared by monday.com Ltd. (“we,” “us,” “our,” “monday.com” or the “Company”). This presentation (including oral commentary that accompanies this presentation) contains “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 our financial outlook and market positioning. These forward-looking statements are made as of the date they were first issued and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “forecast,” “outlook,” “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond monday.com’s control. monday.com’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, our ability to effectively manage the scope and complexity of our business following years of rapid growth and our ability to maintain profitability; foreign currency exchange rate fluctuations; the fact that we continue to derive a majority of revenues from monday work management; fluctuations in operating results; real or perceived errors, failures, vulnerabilities or bugs in our platform, products or third-party applications offered in our app marketplace or interruptions or performance problems in the technology or infrastructure underlying our platform; risks related to artificial intelligence and machine learning; our ability to attract customers, grow our retention rates and expand usage within organizations, including cross-selling and upselling; risks related to our subscription-based business model; our sales efforts may require considerable time and expense and the use of differing sales strategies may extend our sales cycles; changes in sizes or types of business that purchase our platform and products; our ability to offer high-quality customer support and consistent sales strategies; maintenance of corporate culture; risks related to international operations and compliance with laws and regulations applicable to our global operations; risks related to acquisitions, strategic investments, partnerships, or alliances; risks associated with environmental and social responsibility and climate change; our dependence on key employees and ability to attract and retain highly skilled employees; our ability to raise additional capital or generatecash flows necessary to grow our business; uncertain global economic conditions and inflation; changes and competition in the market and software categories in which we participate; our ability to introduce new products, features, integrations, capabilities, and enhancements; the ability of our platform to interoperate with a variety of software applications; our reliance on third-party application stores to distribute our mobile application; our successful strategic relationships with, and our dependence on third parties; our reliance on traditional web search engines to direct traffic to our website; interruption or delays in service from third parties or our inability to plan and manage interruptions; risks related to security disruptions and unauthorized system access; evolving privacy protection and data security laws, regulations, industry standards, policies, contractual obligations, and cross-border data transfer or localization restrictions; new legislation and regulatory obligations regulating AI; changes in tax law and regulations or if we were to be classified as a passive foreign investment company; our ability to maintain, protect or enforce our intellectual property rightsor intellectual property infringement claims; risks related to our use of open-source software; risks related to our founder share that provides certain veto rights; risks related to our status as a foreign private issuer incorporated and located in Israel, including risks related to the ongoing war between Israel and Hamas and escalations thereof; our expectation not to pay dividends for the foreseeable future; risks related to our Digital Lift Initiative and the monday.com Foundation; risks related to legal and regulatory matters; and other factors described in “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 17, 2025. Further information on potential risks that could affect actual results will be included in the subsequent filings that monday.com makes with the Securities and Exchange Commission from time to time.Past performance is not necessarily indicative of future results. The forward-looking statements included in this presentation represent monday.com’s views as of the date of this presentation. monday.com anticipates that subsequent events and developments will cause its views to change. monday.com undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing monday.com’s views as of any date subsequent to the date of this presentation. This presentation contains certain supplemental financial measures that are not calculated pursuant to GAAP. The Company believes that these non-GAAP financial measures, when presented in conjunction with comparable GAAP measures, provide useful information about its operating results and enhance the overall ability to assess the Company’s financial performance. These non-GAAP financial measures are in addition to, and not as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their most directly comparable GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.
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Roy Mann & Eran ZinmanCo-Founders & Co-CEOs Strategicvision
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AI is a transformative technologyUnleashing this power for work is what guides us forward
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Our 3 guiding principles for the future of work with AI The traditional limits of capacity and cost are being erased with agentsSoftware creation is abundant and instantaneous, allowing us to build solutions and pursue new growth opportunities. Value for businesses comes from closing the adoption gap through usability, trust, and integration into teams’ daily workflows. Product strategyStrategic visionFinancial strategyGo-to-market overview
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Rapid AI innovation with strong customer usage Product strategyStrategic visionFinancial strategyGo-to-market overview
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Unlimited workforcemondayagentsmondaysidekick Software is infinitemondaymagicmondayvibe Adoption will win Today you’ll learn how AI will do the work for you Product strategyStrategic visionFinancial strategyGo-to-market overview
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Strong foundation forthe next growth chapter Product strategyStrategic visionFinancial strategyGo-to-market overview
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✦H1 FY’25 $1.2B+Annual recurring revenue (ARR)* Note: metrics end of the half ended June 30, 2025*For definitions of ARR and MAPP, see Appendix**Non-GAAP financial measures 30%Adjusted free cash flow margin** 28%Revenue growth ~2.5MMonthly active paying people (MAPP)* 250k+Customers 15%Non-GAAP operating margin** $1.6BCash and cash equivalents 2.9kEmployees Our story so far… Product strategyStrategic visionFinancial strategyGo-to-market overview
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monday.com is in a class of its own.Rule of 60 leadership Product strategyStrategic visionFinancial strategyGo-to-market overview Note: Data calculated as past 4 quarters of revenue growth and adjusted free cash flow margin, based on public disclosures
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Sources: Current and projected TAM from the relevant segments of the following reports.IDC Worldwide Collaborative Applications Market Forecast 2025-2029, IDC Worldwide Project and Portfolio Management Software Forecast 2025-2029, IDC Worldwide ICT Spending Guide 2023-2029 (Sales Force Productivity and Management Applications, Marketing Campaign Management Applications, Customer Service Applications, IT Service Management Software, IT Operations Management Software), Worldwide DevOps Software Tools by Operational Category 2023-2029 12% CAGR Work management $58B Service$45B Dev$23B CRM$32B ●Collaborative applications●Project and portfolio management ●Sales force productivity and management●Marketing campaign automations●Customer service●Application development●System and service management●Collaboration and planning●IT service management●IT operations management●Internal ticketing Product innovation expanding TAM opportunities Product strategyStrategic visionFinancial strategyGo-to-market overview
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0 10 20 30 40 Recently crossed $100M ARR! Healthy growth (+64% YoY) monday'sfastest growing product # of months since first paid customer New products are an accelerating ARR growth driver Product strategyStrategic visionFinancial strategyGo-to-market overview Note: for definition of ARR, see Appendix
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Today Only 6%of our accounts have two products or more →Growth potential Cross-sell growth potential ~40%of monday work management users are from sales, developer, or IT teams A major cross-sell opportunity to our existing base Accounts with 2+ core products out of our total accounts Product strategyStrategic visionFinancial strategyGo-to-market overview
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✦Performance Marketing (PM) spend A world-class customer acquisition machine 55+Customer acquisitionchannels Product strategyStrategic visionFinancial strategyGo-to-market overview ~10%New ARR from Google SearchNote: for definition of ARR, see Appendix
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The future of AI Marketing: AI optimization (AIO) Product strategyStrategic visionFinancial strategyGo-to-market overview Visitors from AI engines are already growing exponentiallybefore monetization and AIO at scale →Leveraging Developing internal tools to enhance AI-focused performance marketing capabilities→Tailored contentIncreasing visibility in AI search with content that wins the battle for attention →Deep data analysisMeasuring AI search visibility, sentiment & conversionData includes visitors from OpenAI, Google and Anthropic
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✦New land accounts ACV✦% of new ARR from Enterprise pricing tier 25% 38% H1’21 (IPO)H1’25% of gross new ARR from Enterprise pricing tier accountsNew accounts average contract value (ACV) New deals landing larger, from quantity to quality Product strategyStrategic visionFinancial strategyGo-to-market overview Note: for definition of ARR and ACV, see Appendix
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✦$500k+ ARR customers +115%ARR CAGR* $900kACV Upmarket acceleration continues for largest clients 15Avg. use cases per customerProduct strategyStrategic visionFinancial strategyGo-to-market overview Note: for definition of ARR, see Appendix*CAGR since H1’21
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Strategy & execution led to ~5X ACV growth in a decade Product strategyStrategic visionFinancial strategyGo-to-market overview Sales & partners groups founded DB 1.0Speed DB 2.0Scale ✦Average Contract Value Note: for definition of ACV see Appendix AI Blocks monetization Enterprise add-ons App marketplace
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AI augments every worker, allowing us to scale with lower cost➔R&D -100% of developers use AI, 20x improvement* in biggest tech debt project investment ➔CRO -agents have alreadyexecuted 1,000+ calls, booked 250+ meetings & generated 180+ leads ➔CCO ->70% of support ticketsresolved by AI agents Slower headcount growth as we scale with higher internal efficiencyYearly Headcount Growth Product strategyStrategic visionFinancial strategyGo-to-market overview *Estimated
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The future ofmonday.com Product strategyStrategic visionFinancial strategyGo-to-market overview
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A new era of work for monday work management Product strategyStrategic visionFinancial strategyGo-to-market overview
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A new era of work for monday CRM Product strategyStrategic visionFinancial strategyGo-to-market overview Note: for definition of ARR, see Appendix
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A new era of work for monday dev Product strategyStrategic visionFinancial strategyGo-to-market overview
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A new era of work for monday service Product strategyStrategic visionFinancial strategyGo-to-market overview
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Items managed effortlessly DB 1.0SpeedDB 2.0Scale DB 3.0Products at Scale Boards and dashboardsEnterprise deployments increased to DeliveredDeliveredRolling out monday DB is the enterprise grade infrastructure for scale and resilience DB Security Governance & admin User management & permissions Native mobile apps Extendible: API & monday apps framework Data building blocks: boards and columns, boards linkage, hierarchy Visualization building blocks:board views, widgets, dashboards Logic building blocks: automations and workflows Compliance: ISO27001 certified (+4 ISO27x), SOC1-3 report, GDPR, CCPA and HIPAA compliant Work OS platform
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Pricing modelSeat-based Consumption-based✦✦ ✦✦✦ ✦✦✦✦Free AI Blocks Rollout in Q4’25 Available now! Rollout in H1’26 Available now! A hybrid monetization model Product strategyStrategic visionFinancial strategy Go-to-market overview Available now!
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Key takeawaysDurable model with industry leading executionRule of 60 performance, improving margins, and a strong cash position give us the flexibility to scale1AI is accelerating adoption and efficiencyEmbedded across every product, AI is driving faster customer adoption, stronger usage, and meaningful productivity gains2Multi-product strategy is unlocking new growthProving the strength of our expansion beyond Work Management3Significant cross-sell and upmarket opportunityWith only 6% of accounts using more than one product, and enterprise deals growing in size and quality, the runway for growth is substantial4World class acquisition engine built for the futureDiverse acquisition strategy is driving new customer growth, with AI-optimized search and data-driven marketing set to power the next phase of demand generation5Product strategyStrategic visionFinancial strategyGo-to-market overview
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What you will hear todayProductstrategy→Daniel Lereya, CPTO Our unique platform provides the infrastructure required to capitalize on the AI opportunity ahead Go-to-Market overview→Casey George, CRO We continue to evolve our GTM strategy to drive upmarket and multi-product expansion Financialstrategy→Eliran Glazer, CFO We are well positioned to continue driving highly efficient growth at scale Product strategyStrategic visionFinancial strategyGo-to-market overview
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Product Strategy: The future of work with AI Daniel LereyaChief Product & Technology Officer
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AI fundamentally changes the expectations from work software A perfect solution, for every vertical need, in secondsA virtual workforce, at your hands Product strategyStrategic visionFinancial strategyGo-to-market overview
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This presents huge opportunity for businesses Can be infinite times more powerfulPush for unprecedented efficiencyProvide service with superior quality Product strategyStrategic visionFinancial strategyGo-to-market overview
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We’re known for our culture and unmatched executionThat culture is exactly why we’re moving so fast in this new AI era. Product strategyStrategic visionFinancial strategyGo-to-market overview
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Transforms a simple prompt into a complete, customized work solution. Introducing: Product strategyStrategic visionFinancial strategyGo-to-market overview
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Repair schedule $200K Project ManagementMarketing Campaigns ManagementCreative Project ManagementCustomer Relationship Management Operations ManagementReal Estate ManagementEvent ManagementEmployee Management (Onboarding, HR, Development)Sales ManagementFinance Management (Budget, Invoice)Property ManagementDigital Asset ManagementIT Support/TicketingTask ManagementOther Infinite use cases From intent to solution Near-instant onboardingfrom intent to a working solution in minutes.Accelerated time-to-valuetailored setups drive adoption, expansion, and stickiness from day one.Boosted acquisition and GTM efficiencyfuels no-touch funnels, removes sales friction, and shortens support cycles. monday magic provides: solutions built in <3 months Product strategyStrategic visionFinancial strategyGo-to-market overview
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Vibe coding is transforming how software is being created
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Introducing: Build fully connected, enterprise-grade business apps on top of monday.com, in minutes, with simple words. Andre Cornette, IT manager, Durham County Government Product strategyStrategic visionFinancial strategyGo-to-market overview “The more I use Vibe, the more I am falling in love with it. It has given me the ability to channel my inner developer and improve the speed at which I can get things done״.
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Vibe coding creates siloed apps.Businesses need scalable work software.Apps alone aren’t enough. To power real work, they must meet the standards of enterprise software
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monday vibe + monday DB:Unleashing the power of vibe coding for workWith monday DB, every app built on vibe gains the full strength of monday’s platform. ✦Unified & connectednatively linked to your data, workflows, and integrations, ensuring no silos.✦Built to scaleyears of investment enabling reliable performance across entire organizations.✦Governed & controlledrobust permissions, role management, and governance built in.✦Enterprise-Grade securitycompliance and protection at the highest standards.
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17,000+ apps have already been built with ✦Apps created by users with monday vibe Product strategyStrategic visionFinancial strategy Go-to-market overview General availabilityGradual release
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With AI, everyone is now a builder Product strategyStrategic visionFinancial strategyGo-to-market overview
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Build powerful agents for any kind of job. Introducing: Product strategyStrategic visionFinancial strategyGo-to-market overview
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Unleashing the power of agents for all information workersWith a simple and intuitive experience, no code needed. Product strategyStrategic visionFinancial strategyGo-to-market overview
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monday platform is going to do the work for you Product strategyStrategic visionFinancial strategyGo-to-market overview A perfect solution, for every vertical need, in secondsA virtual workforce, at your hands
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Multi-product synergy Product strategyStrategic visionFinancial strategyGo-to-market overview
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From managing workto doing the work Product strategyStrategic visionFinancial strategyGo-to-market overview
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Note: for definition of ARR, see Appendix Segments defined by company size. SMB = less than 100 employees; mid-market = 100-1,500 employees; enterprise = greater than 1,500 employees ARR14% CAGR(2025-2028) Diversified customer base $1.1B largest deployment 80,000 seatsARR by customer size SMBMid-market Enterprise The category leader, serving customers of all sizes 2025 TAM$58B Product strategyStrategic visionFinancial strategyGo-to-market overview monday.com is the only work management vendor to be named a Leader in 3 Gartner®, Magic Quadrant™reports Gartner®, Magic Quadrant™for Marketing Work Management Platforms, Michael McCune et al., 17 December 2024Gartner®, Magic Quadrant™for Collaborative Work Management, Nikos Drakos et al., 2 December 2024Gartner®, Magic Quadrant™for Adaptive Project Management and Reporting, Kevin Rose et al., 4 September 2024The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this Investor Presentation), and the opinions expressed in the Gartner Content are subject to change without notice.Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved. Marketing Work ManagementCollaborative Work ManagementAdaptive Project Management & Reporting Sources: Current and projected TAM from the relevant segments of the following reports.IDC Worldwide Collaborative Applications Market Forecast 2025-2029, IDC Worldwide Project and Portfolio Management Software Forecast 2025-2029 Note: metrics as of the end of the quarter ended June 30, 2025
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Next generation of Work Management, built for EnterpriseDelivering the enterprise-grade trust, security, and governance and the advanced PMO capabilities, required by the world’s largest organizations. Fueling our upmarket momentum These advanced new enterprise capabilities were adopted by nearly half ofenterprise accounts in just 5 months since release Portfolio managementResource managementExecutive reportingEnterprise-scale reporting across portfolios and resources, powered by mondayDB 3.0 Product strategyStrategic visionFinancial strategyGo-to-market overview
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A personal AI agent for every monday user Introducing: ✦Understands your full work context ✦Lives where you work✦Improves with every interaction✦Easy to adopt with just one click Product strategyStrategic visionFinancial strategyGo-to-market overview
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✦Types of work done by Enabling infinite use cases Product strategyStrategic visionFinancial strategyGo-to-market overview ✦Sidekick interactions Draft a follow-up email to a client based on our latest conversation Sales Find candidates best fit to develop me an application for mobile. HR Generate a report showing how many properties are in each payment status Sales Team Lead Set up an integration to automatically send an invoice to a client Finance Gradual release
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From managing salesto closing dealsactual sales Product strategyStrategic visionFinancial strategyGo-to-market overview
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ARR Leading with SMB $100M+$32Blargest deployment 1,500 seats33,479accounts SMBMid-marketEnterprise From $0 to $100M ARR in just 3 years 33%cross-sell% of total ARR Product strategyStrategic visionFinancial strategyGo-to-market overview ARR by customer size Sources: Current and projected TAM from the relevant segments of the following reports.IDC Worldwide ICT Spending Guide 2023-2029 (Sales Force Productivity and Management Applications, Marketing Campaign Management Applications, Customer Service Applications) Segments defined by company size. SMB = less than 100 employees; mid-market = 100-1,500 employees; enterprise = greater than 1,500 employees 61% Y/Y growth12% CAGR(2025-2028) Note: for definitions of ARR and cross-sell, see AppendixNote: metrics as of the end of the quarter ended June 30, 2025 2025 TAM
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Introducing the new way for marketers to win create, launch, and optimize marketing campaigns.
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AI that generates demand for you From drafting content manuallyand waiting on designers To AI instantly creating campaign-ready emails, ads, and visuals.→ From manuallychecking engagement reportsTo AI proactively surfacinghigh-potential leads as they emerge.→ Product strategyStrategic visionFinancial strategyGo-to-market overview
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From a single product to a CRM suite:accelerating growth in the mid-market Product strategyStrategic visionFinancial strategyGo-to-market overview Sales Closing deals
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From a single product to a CRM suite:accelerating growth in the mid-market Large potential within existing customersMarketing campaigns and lead generation capabilities are requested by more than 50% of monday CRM accountsduring sign-up Product strategyStrategic visionFinancial strategyGo-to-market overview MarketingSales Closing dealsLead generation withmonday campaigns Post-sales project delivery
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From empowering the sales process to executing sales for you Product strategyStrategic visionFinancial strategyGo-to-market overview Introducing: ✦Contacts 100% of leads✦Available 24/7✦Speaks every major language and engages naturally Chris, the AI SDR agent
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A new era for software creation Product strategyStrategic visionFinancial strategyGo-to-market overview
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Enterprise Strong and balanced growth across all segments ARR Segments defined by company size. SMB = less than 100 employees; mid-market = 100-1,500 employees; enterprise = greater than 1,500 employees 2025 TAM 12% CAGR(2025-2028) Diversified customer base $14M $23Blargest deployment 600seats4,673accounts SMBMid-marketEnterprise 44%cross-sell% of total ARR Product strategyStrategic visionFinancial strategyGo-to-market overview Sources: Current and projected TAM from the relevant segments of the following reports: Worldwide DevOps Software Tools by Operational Category 2023-2029 ARR by customer size 67% Y/Y growth Note: for definitions of ARR and cross-sell, see AppendixNote: metrics as of the end of the quarter ended June 30, 2025
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The businessBreaking the organizational “wall” between Tech and Business teams Developer managersLeveraging AI to provide deep insights for development managers DevelopersA connective tissue between developers and AI agents ✦ ✦ Empowering the next generation of software development✦ Product strategyStrategic visionFinancial strategyGo-to-market overview Available in Q4‘25Available in Q2‘26Available in Q1‘26
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From answering ticketsto solving problems Product strategyStrategic visionFinancial strategyGo-to-market overview
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Our fastest-growing product, fueled by large accounts Note: for definitions of ARR and cross-sell, see Appendix Segments defined by company size. SMB = less than 100 employees; mid-market = 100-1,500 employees; enterprise = greater than 1,500 employees Sources: Current and projected TAM from the relevant segments of the following reports.IDC Worldwide ICT Spending Guide 2023-2029 (Customer Service Applications, IT Service Management Software, IT Operations Management Software) ARR11% CAGR(2025-2028) Leading with mid-market and enterprise $7M2,500 seatsARR by customer size 2025 TAM$45Blargest deployment 1,008accountsHighest ACV product Mid-marketEnterprise SMB 60%cross-sell% of total ARR Product strategyStrategic visionFinancial strategyGo-to-market overview 60%+non-IT internal business teams 45% Q/Q growth Note: for definitions of ARR and cross-sell, see AppendixNote: metrics as of the end of the quarter ended June 30, 2025
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Next generation of Enterprise Service Management: 98%Employees900 Faster resolutions with 55 hours saved every month of HR tickets triaged with AI LocationLondon, UKIndustryBanking Enterprise Service Management, for every department in the organization Product strategyStrategic visionFinancial strategyGo-to-market overview Multi portal SLA management Coming soon Serve multiple audiences from one platform with personalized portals, each with its own look, permissions, and AI agent. Track and meet SLAs with adaptable rules, alerts, and workflows -ensuring fast, reliable service for any policy.
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From solving tickets to solving problems:best in class service, across your entire organization ➝Chasing Service Level Agreements (SLAs)➝High cost, as service scales with people➝Inconsistent service quality Old world | Manual service Product strategyStrategic visionFinancial strategyGo-to-market overview Teams triaged, routed, and resolved every ticket themselves.
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➝Service Level Agreements met instantly➝People build and perfect AI agents as service scales➝Consistently high-quality service New world | AI-based service From solving tickets to solving problems.Best in class service, across your entire org Product strategyStrategic visionFinancial strategyGo-to-market overview ➝Chasing Service Level Agreements (SLAs)➝High cost, as service scales with people➝Inconsistent service quality Old world | Manual serviceTeams triaged, routed, and resolved every ticket themselves.AI agents are solving tickets
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Empowering organizations to build, train and perfect AI-based service✦Seamlessly connect to organizational data and toolsensuring agents have the full context to deliver accurate, high-quality outcomes.✦Govern and control AI performancewith enterprise-grade oversight, tuning, and security guardrails.✦Continuously enhance AI effectivenesslearning from interactions, adapting to policies, and driving better outcomes over time. Product strategyStrategic visionFinancial strategyGo-to-market overview
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Unlimited workforcemondayagentsmondaysidekick Software is infinitemondaymagicmondayvibe Adoption will win The future of work by monday.com Product strategyStrategic visionFinancial strategyGo-to-market overview
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We don’t just build AI —we live it. 100% of monday developers are using AI every day ➝3 major AI capabilities releasedin the last 3 months➝20x improvement*Biggest tech debt project investment dropped from 33 dev years to 5 months ➝From 3d →1d handling time of complex customer tickets in automation➝100% higher test coveragein 6 months ➝21% faster onboardingof new engineer hires with AI➝60% faster root-cause investigationof complex board-related issues Accelerated pace of innovationImproved Product Quality and ServiceEngineering Productivity AI benefits for engineering teams: Product strategyStrategic visionFinancial strategyGo-to-market overview *Estimated
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Key takeawaysFrom managing to doingProduct strategy is shifting from supporting work to actually doing it, with AI-powered agents and workflows.1The platform is our moatmondayDB provides the enterprise-grade foundation for AI apps, ensuring security, scale and governance.2Multi product strategy is workingmonday CRM reached $100M ARR in just three years and monday Service is the fastest-growing product ever.3AI is embedded across our entire product suiteEmbedded everywhere, AI is a compounding growth driver accelerating adoption and customer value.4Culture accelerates innovationOur unique culture of speed and innovation is a key differentiator with AI as an accelerator.5Product strategyStrategic visionFinancial strategyGo-to-market overview
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Go-to-marketstrategy Casey GeorgeChief Revenue Officer
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My journey to monday.com 30+ years of GTM leadershipat leading technology firms, including GM roles at Verint North America and IBM Security North America Led Qlik’s global revenue organization (Thoma Bravo-backed), overseeing $1.3B in ARR and managing a 1,000+ person team across sales, channels & RevOps Key leadership role at Talend, where contributions were instrumental in the company’s acquisition by Qlik Product strategyStrategic visionFinancial strategyGo-to-market overview
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We serve a huge & highly diversified customer base Note: metrics as of the end of the quarter ended June 30, 2025Note: for definition of ARR, see AppendixProduct strategyStrategic visionFinancial strategyGo-to-market overview
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Adopted across the world’s largest brands Product strategyStrategic visionFinancial strategyGo-to-market overview
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Note: for definition of ARR, see Appendix ✦Total ARR +50%ARR CAGRH1’20-H1’25 Consistent ARR hypergrowth Product strategyStrategic visionFinancial strategyGo-to-market overview
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✦Products % of ARR New products’ ARR increased 98% YoY,with a growing share in total ARR Product strategyStrategic visionFinancial strategyGo-to-market overview Note: for definition of ARR, see Appendix
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2.5XACVuplift Accounts with multi-product adoption show a 2.5x uplift to ACV Cross-sell shows significant potential 3%Enterprise tieradd-on adoption 3% of Enterprise tier accounts have adoptedone of our paid add-ons 6%Multi-productadoption 6% of total accounts have adopted more than one productProduct strategyStrategic visionFinancial strategyGo-to-market overview Note: for definition of ACV, see Appendix
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✦$50K+ ARR customers ✦$100K+ ARR customers 11%20%27%32%36%38%% of ARR 5%12%17%20%24%26%% of ARR Growing number of large customerswith higher seats & ARR Product strategyStrategic visionFinancial strategyGo-to-market overview Note: for definition of ARR, see Appendix
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$500K+ ARR accounts are growing rapidly,currently 5% of total ARR Product strategyStrategic visionFinancial strategyGo-to-market overview Note: for definition of ARR, see Appendix
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Product strategyStrategic visionFinancial strategyGo-to-market overview Product strategyStrategic visionFinancial strategyGo-to-market overview Note: for definition of ARR, see Appendix Ongoing expansion at a major global bank
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A growing partnership network supporting our growth Active channel partners266+8% YoY AddedARR~20%From partners Cloud alliancepartners Apps collecting payments577+61% YoYPartner product specialists41+111% YoY Referralpartners2,111Certifiedreps6,000+Marketplaceapps819++53% YoY Product strategyStrategic visionFinancial strategyGo-to-market overview Note: for definition of ARR, see AppendixNote: metrics as of the end of the quarter ended June 30, 2025
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Multi-productgrowth✦Product suite play✦Increase cross-sell✦Pricing & bundling✦Integrated AI capabilities Accelerate upmarket✦Solution selling✦Outbound sales✦Global expansion Customer retention✦End-to-end ownership✦Fewer stakeholders✦AI-powered at scale Accelerating our GTM strategy Product strategyStrategic visionFinancial strategyGo-to-market overview
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Multi-product Product strategyStrategic visionFinancial strategyGo-to-market overview
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Aligning our QC headcountto enhance our product motion Product strategyStrategic visionFinancial strategyGo-to-market overview ✦New product overlays
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Product bundling: Platform consolidation for aseamless customer experience at a competitive price Connectedbusiness→SMB Connectedcustomer journey→Mid-market Connectedoperations→High mid-market& Enterprise AI offeringProduct strategyStrategic visionFinancial strategyGo-to-market overview
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Moving upmarket Product strategyStrategic visionFinancial strategyGo-to-market overview
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Opportunity All existing enterprise accounts are underpenetrated Strategy Leverage touch channels to target and build relationships with C-suite executives →Outcome Drive incremental new pipeline and unlock previously-untapped budgets Outbounding to our existing baseBiggest growth opportunity Product strategyStrategic visionFinancial strategyGo-to-market overview
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Moving to solution selling:Driving stickiness, expansion and higher ACV Product strategyStrategic visionFinancial strategyGo-to-market overview
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Customer retention Product strategyStrategic visionFinancial strategyGo-to-market overview
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Pillars for success ✦End-to-endownership Every customer assigned to a dedicated Retention Owner with clear KPIs ✦Minimize stakeholders Streamline roles to reduce overlap and ensure clear accountability ✦AI-poweredat scale Enhancing engagement and efficiency across all customer interactionsProduct strategyStrategic visionFinancial strategyGo-to-market overview
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Doubling down on retention with a newAI-first customer focused organization
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Leveraging AI capabilities for improved sales efficiency Product strategyStrategic visionFinancial strategyGo-to-market overview
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Leveraging AI agents at scale to enhance our GTMOur agents optimize and speed execution, cut manual work, and let reps focus on what really matters: closing deals. Product strategyStrategic visionFinancial strategyGo-to-market overview
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Our AI agents have already handled 1,000+ calls, booked 250+ meetings, and generated 180+ leads✦Speed tolead Agents reach leads in minutes vs. days, cutting response times by over 90% ✦Efficiencygains One AI agent books ~3x more meetings per week than the average SDR ✦Improved conversions 20% more conversions ✦AI-powered processes Rebalancing 400+ portfolios, routing leads at scale, standardizing & moreProduct strategyStrategic visionFinancial strategyGo-to-market overview
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Key takeawaysSignificant mid and upmarket opportunity Expansion within existing large accounts remains the single biggest growth lever1Multi-product adoption unlocks value2.5x ACV uplift as customer embrace new products and add-ons2Solution selling to the C-suiteIncreasing executive-level engagement to unlock new budgets, drive stickiness and expand seat3AI-first GTM executionAI agents are already reshaping sales efficiency -tripling SDR productivity, cutting response times and accelerating adoption4 Product strategyStrategic visionFinancial strategyGo-to-market overview
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Financialstrategy Eliran GlazerChief Financial Officer
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Product strategyStrategic visionFinancial strategyGo-to-market overview
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✦Total revenue +50%Revenue CAGRFY’20-FY’25F Market-leading growth through strong execution Product strategyStrategic visionFinancial strategyGo-to-market overview *Midpoint of FY’25 financial outlook as provided in Q2 FY25 earnings materials on August 11, 2025
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✦Non-GAAP operating income* +6,600bpsOperating margin* expansionFY’20-FY’25F Driving significant operating leverage Product strategyStrategic visionFinancial strategyGo-to-market overview *Non-GAAP financial measures**Midpoint of FY’25 financial outlook as provided in Q2 FY25 earnings materials on August 11, 2025
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✦Adjusted FCF margin*$1.6BCash position $326M FY25 Adj. free cash flow*Note: Cash position as of the end of Q2 FY25 Well positioned with strongcash generation and balance sheet Product strategyStrategic visionFinancial strategyGo-to-market overview **Non-GAAP financial measures**Midpoint of FY’25 financial outlook as provided in Q2 FY25 earnings materials on August 11, 2025
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✦% of ARR -contract duration✦% of ARR -contract size ARR trends reflect more upmarket adoption Product strategyStrategic visionFinancial strategyGo-to-market overview Note: For definition of ARR, see Appendix Multi-year
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Note: This chart illustrates the total ARR of each cohort as of June 30, 2025 over the periods presented. Each cohort representscustomers who made their first purchase from us in a given year. For example, the 2022 cohort includes all customers that made their first purchase from us between January 1, 2022 and December 31, 2022. Note: For definition of ARR, see Appendix Ongoing customer expansion across all cohorts Product strategyStrategic visionFinancial strategyGo-to-market overview
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✦All customers ✦$50k+ customers✦$100k+ customers Stable NDR metrics withopportunities for improvement Product strategyStrategic visionFinancial strategyGo-to-market overview *For definition of NDR, see Appendix
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✦Gross retentionFocused on gross retention +800bpsGross retention improvementQ2’21-Q2’25 Product strategyStrategic visionFinancial strategyGo-to-market overview *For definition of gross retention, see Appendix
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✦Remaining performance obligation (RPO) Driving a durable revenue stream Product strategyStrategic visionFinancial strategyGo-to-market overview *For definition of RPO, see Appendix
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✦Total Revenue Sustained top-line strength in interim outlook Product strategyStrategic visionFinancial strategyGo-to-market overview *Midpoint of FY’25 financial outlook as provided in Q2 FY25 earnings materials on August 11, 2025
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✦PRODUCTIVITY-FOCUSEDDisciplined headcount growth with a focus on productivity over pace✦PLATFORM and AIInvesting in infrastructure and enhancing AI capabilities✦PRODUCT SUITESInvesting in expanding our products✦EXPANDING GTM ECOSYSTEMInvesting in upmarket talent and expanding global reach Maintaining disciplined investment approach✦Total headcount Product strategyStrategic visionFinancial strategyGo-to-market overview
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Sales &marketing Continued profitable growth at scale Drive Non-GAAP S&M as a % of revenue to 40% by FY’27 Research &developmentContinue to invest in organic innovation (AI, new products) General &Administrative Drive efficiency through automation and streamlined internal workflows OutcomeContinued expansion in Non-GAAP Operating and Adjusted FCF Margins Product strategyStrategic visionFinancial strategyGo-to-market overview *Non-GAAP financial measures Gross profitIncremental AI-related compute costs will moderate gross margins to mid-80%
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✦Adj. FCF margin** targets✦Non-GAAP operating margin** targets Scaling efficiently for sustained margin growth Product strategyStrategic visionFinancial strategyGo-to-market overview *Midpoint of FY’25 financial outlook as provided in Q2 FY25 earnings materials on August 11, 2025**Non-GAAP financial measures
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M&A ✦Acquisitions that accelerate our product roadmap✦Grow in talent and technology Sharerepurchases ✦Tool to manage dilution✦Targeting dilution of ~2% Investing in organic growth ✦Platform and AI✦Product suite offerings✦Sales and marketing Capital allocation focused on building market share Product strategyStrategic visionFinancial strategyGo-to-market overview
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Key takeawaysWe have a strong track record of executionConsistently delivered strong top-line growth, margin expansion and cash generation1Durable revenue visibility Growing RPO provides a strong forward revenue stream and enhances predictability2Disciplined investment approachBalanced investment in AI, product innovation, and GTM, with disciplined, productivity-led headcount growth3First-ever share repurchase program of $870 million4 Product strategyStrategic visionFinancial strategyGo-to-market overview *Non-GAAP financial measures*Midpoint of FY’25 financial outlook as provided in Q2 FY25 earnings materials on August 11, 2025
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Appendix(1) Annual recurring revenue (“ARR”) is defined to mean, as of a measurement date, the annualized value of our customer subscription plans assuming that any contract that expires during the next 12 months is renewed on its existing terms. (2) Monthly active paying people (“MAPP”) measures the number of current paying users that have performed at least one meaningful action on the monday.complatform over the last 30 days. (3) We calculate Net Dollar Retention Rate (NDR) as of a period end by starting with the ARR from customers as of the 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these customers as of the current period end (“Current PeriodARR”). The calculation of Current Period ARR includes any upsells, contraction and attrition. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net dollar retention rate. We then use a weighted average of this calculation of our quarterly Net Dollar Retention Rate for the four quarters ending with the most recent quarter. (4) Annual Contract Value (“ACV”) is calculated by dividing ARR by the total number of customers as of the end of the relevant period.(5) Remaining Performance Obligations (RPOs) are the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the reporting date. RPOs include both deferred revenues and non-invoiced amounts expected to be billed and recognized in the future.(6) Product cross-sell ARR -ARR coming from accounts who purchase the referenced product at least 14 days after becoming a mondayclient(7) We calculate Gross Dollar Retention Rate as of a period end by starting with the ARR from customers as of the 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these customers as of the current period end (“Current Period ARR”) foreach customer, then take the lowest value between Prior Period ARR and Current period ARR to get the “Gross current period ARR,” including onlythe impact of contraction and attrition. We then divide the total Gross current period ARR by the total Prior Period ARR to arrive at the gross dollar retention rate. We then use a weighted average of this calculation of our quarterly Gross Dollar Retention Rate for the four quarters ending with the most recent quarter.(8) Customer’s segment is defined based on the company size of the customer. Customers with 1,500+ employees are considered Enterprise, customers with 100-1,499 employees are considered Mid-Market and the rest are considered SMB. Company size is determined based on internal marking, external data providers and user inputs.
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Reconciliation of non-GAAP financial measures Adjusted free cash flow ($ in millions)FY’20FY’21FY’22FY’23FY’24H1’25Net cash provided by (used in) operating activities(37.2)16.427.1215.4311.1178.8 Purchase of PP&E(4.4)(11.6)(16.0)(7.9)(13.2)(9.6) Capitalized software development costs(1.1)(2.2)(3.0)(2.6)(2.1)(1.7) Purchase of property and equipment related to build-out and expansion of our corporate headquarters2.07.3---6.1 Adjusted free cash flow(40.7)9.98.1204.9295.8173.6 Adjusted free cash flow margin(25%)3%2%28%30%30%
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Reconciliation of non-GAAP financial measures Non-GAAP operating income($ in thousands)FY’20FY’21FY’22FY’23FY’24H1’25✦Reconciliation of gross profit:GAAP gross profit138,635269,137452,501649,050868,304521,286Add: Share-based compensation2,7207,68110,4066,3076,6033,406Non-GAAP gross profit141,355276,818462,907655,357874,907524,692✦Reconciliation of gross margin:GAAP gross margin86%87%87%89%89%90%Non-GAAP adjustments2%3%2%1%1%0%Non-GAAP gross margin88%90%89%90%90%90%✦Reconciliation of operating expenses:GAAP research and development43,48073,686127,047156,500213,709156,424Less: Share-based compensation12,14221,77932,95738,73750,99543,347Non-GAAP research and development31,33851,9079,490117,763162,714113,077GAAP sales and marketing191,353268,083392,068438,402533,539294,310Less: Share-based compensation10,06823,13533,45725,39533,86519,205Non-GAAP sales and marketing181,285244,948358,611413,007499,674275,105
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Reconciliation of non-GAAP financial measuresNon-GAAP operating income (cont.) ($ in thousands)FY’20FY’21FY’22FY’23FY’24H1’25Reconciliation of operating expenses (cont.):GAAP general and administrative54,33953,49385,40192,733142,09072,307Less: Share-based compensation39,41520,93428,10029,74737,74621,645Less: Charitable contribution to foundation- - - -24,208-Non-GAAP general and administrative14,92432,55957,30162,98680,13650,662Reconciliation of operating income (loss) and margin:GAAP operating loss(150,537)(126,125)(152,015)(38,585)(21,034)(1,755)Add: Share-based compensation64,34573,529104,920100,186129,20987,603Add: Charitable contribution to foundation- - - -24,208-Non-GAAP operating income (loss)(86,192)(52,596)(47,095)61,601132,38385,848GAAP operating margin(93%)(41%)(29%)(5%)(2%)0%Non-GAAP adjustments40%24%20%13%16%15%Non-GAAP operating margin(53%)(17%)(9%)8%14%15%