Financial Analysis

Note 7 - Commitments and Contingencies Lease Commitments Future minimum operating lease payments as of July 31, 2026 were as follows (in thousands): Fiscal Years Ending January 31, Amount Remainder of 2027 $ 7,297 2028 8,644 2029 5,894 2030 4,081 2031 3,219 Thereafter 13,580 Total operating lease payments $ 42,715 Less: Imputed interest ( 8,599 ) Present value of operating lease liabilities $ 34,116 Legal Matters In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. The Company does not believe that there are any pending or threatened legal proceedings that are likely to have a material adverse effect on its condensed consolidated financial statements, h owever, the outcomes of litigation and legal matters are inherently unpredictable, and an unfavorable resolution could materially affect the Company's results of operations, financial position or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. The expense of litigation and the timing of this expense from period to period are difficult to estimate, subject to change and could affect the Company's results of operations. Indemnification In the normal course of business, the Company may agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors and parties to …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Note 8 - Convertible Notes In September 2025, the Company completed its IPO which qualified as a Qualified Initial Public Offering (""Qualified IPO"") as defined in the respective indentures governing the 2028 Notes and the 2029 Notes. As a result, the conversion rate for the 2028 Notes was finalized at 42.1046 shares of Class B common stock per $ 1,000 principal amount, representing a conversion price of approximately $ 23.75 per share. The conversion rate for the 2029 Notes was finalized at 40.4858 shares of Class B common stock per $ 1,000 principal amount, representing a conversion price of approximately $ 24.70 per share. 2028 Notes In December 2022, the Company issued $ 401.0 million of the 2028 Notes under an indenture with U.S. Bank Trust Company, National Association, as trustee. In April 2025, the 2028 Notes were amended to extend the maturity to December 15, 2028 , upon a Qualified IPO, to modify the optional repurchase period to 120 - 91 days before the new maturity date, and to adjust redemption conditions post-Qualified IPO. The 2028 Notes accrue interest at 3.75 % per annum, payable quarterly in cash or PIK at the Company's election, and are convertible into the Company's Class B common stock. The Company may redeem the notes after the one-year anniversary of a Qualified IPO if the stock price exceeds 200 % (or 230 % post-December 15, 2027) of the conversion price for a specific period unless it is a redemption in connec tion with a change in tax law. Holders …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes revenue from contracts through indirect channels, including channel partners and managed service providers, and direct end customers for the periods presented (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2026 2025 2026 2025 Indirect channels $ 213,695 $ 162,198 $ 408,567 $ 311,573 Direct end customers 6,846 8,560 13,566 16,921 Total revenue $ 220,541 $ 170,758 $ 422,133 $ 328,494

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Note 3 - Fair Value Measurements The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. The Company classifies its Convertible Notes within Level 3 and they are measured at fair value using valuation techniques and require significant management judgment or estimation. Cash Equivalents and Marketable Securities The following tables summarize cash equivalents and marketable securities within significant investment categories by level of input within the fair value hierarchy as of July 31, 2026 and January 31, 2026 (in thousands): July 31, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Level 1 Money market funds $ 27,028 $ - $ - $ 27,028 $ 27,028 $ - Level 2 Commercial paper 208,573 145 ( 130 ) 208,588 82,692 125,896 Corporate debt securities 358,356 18 ( 2,732 ) 355,642 - 355,642 Asset-backed securities 9,677 - ( 344 ) 9,333 - 9,333 Government agency securities 357,793 885 ( 3,040 ) 355,638 - 355,638 Total $ 961,427 $ 1,048 $ ( 6,246 ) $ 956,229 $ 109,720 $ 846,509 January 31, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Level 1 Money …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Pronouncements Not Yet Adopted In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU clarifies the threshold entities apply to begin capitalizing costs and removes references to software development project stages. The ASU requires that an entity capitalize software costs when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the intended functions, including consideration of whether there is significant development uncertainty. This ASU is effective for the Company beginning February 1, 2028. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. This ASU is effective for the Company beginning February 1, 2027 and requires either prospective or retrospective application. The Company is currentl …

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"Note 11 - Restructuring Plan In June 2026, the Company approved a restructuring plan (the ""Plan"") intended to realign resources as part of the Company's transition to an AI-native business. The Plan resulted in a reduction of the Company's global workforce by approximately 5 %. During the three and six months ended July 31, 2026 , the Company recognized restructuring costs of approximately $ 3.5 million related primarily to employee severance and other termination-related benefits. The execution of the Plan was substantially completed as of July 31, 2026, however, the elimination of certain positions outside of the United States remains subject to extended consultation requirements mandated by local jurisdictions. The Company does not expect any additional restructuring costs associated with these remaining activities to be material. The following table summarizes the restructuring costs recognized in the condensed consolidated statements of operations for the three and six months ended July 31, 2026 (in thousands): Amount Sales and marketing $ 382 Research and development 2,334 General and administrative 784 Total restructuring costs $ 3,500 The following table summarizes the restructuring liability that is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets (in thousands): Amount Balance as of April 30, 2026 $ - Restructuring costs 3,500 Cash payment ( 2,357 ) Balance as of July 31, 2026 1,143"

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"Note 4 - Revenue Recognition Disaggregation of Revenue Subscription revenue is recognized over time and accou nted for 99 % of the C ompany's total revenue for the three and six months ended July 31, 2026 and 2025, respectively. The following table summarizes the disaggregation of revenue by geographic area, based on the shipping address of the end customer for contracts through channel partners and direct customers (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2026 2025 2026 2025 Americas $ 120,887 $ 96,770 $ 233,006 $ 184,861 Asia Pacific and Japan (""APJ"") 41,842 31,908 78,889 61,625 Europe, the Middle East, and Africa (""EMEA"") 57,812 42,080 110,238 82,008 Total revenue $ 220,541 $ 170,758 $ 422,133 $ 328,494 Revenue from the United States, which was included within the Americas region in the table above, was $ 95.9 million, $ 76.4 million, $ 184.6 million, and $ 146.7 million durin g the three months ended July 31, 2026 and 2025, and the six months ended July 31, 2026 and 2025, respectively. The following table summarizes revenue from contracts through indirect channels, including channel partners and managed service providers, and direct end customers for the periods presented (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2026 2025 2026 2025 Indirect channels $ 213,695 $ 162,198 $ 408,567 $ 311,573 Direct end customers 6,846 8,560 13,566 16,921 Total revenue $ 220,541 $ 170,758 $ 422,133 $ 328,494 Deferred Revenue Defer …

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"Note 10 - Segment Information The Company has a single reportable segment. The Company's chief operating decision maker (""CODM"") is its Chief Executive Officer , and the CODM reviews financial information presented on a condensed consolidated basis for purposes of allocating resources, evaluating financial performance and monitoring budget versus actual results based on net income (loss) that is also reported on the condensed consolidated statements of operations. The significant expenses within net loss on which the CODM relies include those that are reported on the condensed consolidated statements of operations. The measure of the Company's single operating segment assets is reported on the condensed consolidated balance sheets as total assets. Revenue disaggregation by geography is presented in Note 4, Revenue Recognition. No single country other than the United States represented 10% or more of the Company's total revenue during the three and six months ended July 31, 2026 and 2025. Long-lived assets, which are comprised of property and equipment, net and operating lease right-of-use assets, by geographic area are summarized as follows (in thousands): July 31, 2026 January 31, 2026 United States $ 73,213 $ 69,273 Rest of the world 55,863 56,699 Total long-lived assets $ 129,076 $ 125,972"

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"Note 9 - Stockholders' Equity Common Stock In connection with the completion of the IPO, the Company amended and restated its certificate of incorporation (the ""Charter""), which authorizes three classes of $ 0.0001 par common stock: 3,000,000,000 shares of Class A common stock, 600,000,000 shares of Class B common stock, and 1,000,000,000 shares of Class C common stock. The rights of the holders of Class A common stock, Class B common stock, and Class C common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 20 votes per share and is convertible at any time into one share of Class A common stock. Shares of Class C common stock have no voting rights, except as otherwise required by law. Class A and Class B common stock are referred to collectively as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. Common stockholders are entitled to dividends when and if declared by the board of directors. Each outstanding share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. Any share of Class B common stock will automatically convert to Class A common stock following the earliest to occur of (i) the sale or transfer of such share of Class B common stock, except for permitted transfers as described in the …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing