Financial Analysis

Note 7 - Commitments and Contingencies Lease Commitments Future minimum operating lease payments as of April 30, 2026 were as follows (in thousands): Fiscal Years Ending January 31, Amount Remainder of 2027 $ 9,861 2028 6,819 2029 4,878 2030 3,733 2031 3,221 Thereafter 13,584 Total operating lease payments $ 42,096 Less: Imputed interest ( 8,812 ) Present value of operating lease liabilities $ 33,284 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 …

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"Note 8 - Convertible Notes In September 2025, the Company completed its IPO which qualified as 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, or Tax Red …

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 April 30, 2026 2025 Indirect channels $ 194,872 $ 149,375 Direct end customers 6,720 8,361 Total revenue $ 201,592 $ 157,736

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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 April 30, 2026 and January 31, 2026 (in thousands): April 30, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Level 1 Money market funds $ 39,630 $ 21 $ - $ 39,651 $ 39,651 $ - Level 2 Commercial paper 359,382 742 ( 131 ) 359,993 58,077 301,916 Corporate debt securities 296,335 35 ( 1,204 ) 295,166 - 295,166 Asset-backed securities 18,449 - ( 336 ) 18,113 - 18,113 Government agency securities 283,110 422 ( 1,389 ) 282,143 - 282,143 Total $ 996,906 $ 1,220 $ ( 3,060 ) $ 995,066 $ 97,728 $ 897,338 January 31, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Level 1 …

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 4 - Revenue Recognition Disaggregation of Revenue Subscription revenue is recognized over time and accounted for 99 % of the Company's total revenue for the three months ended April 30, 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 April 30, 2026 2025 Americas $ 112,120 $ 88,090 Asia Pacific and Japan (""APJ"") 37,046 29,717 Europe, the Middle East, and Africa (""EMEA"") 52,426 39,929 Total revenue $ 201,592 $ 157,736 Reve nue from the United States, which was included within the Americas region in the table above, was $ 88.7 million and $ 70.3 million during the three months ended April 30, 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 April 30, 2026 2025 Indirect channels $ 194,872 $ 149,375 Direct end customers 6,720 8,361 Total revenue $ 201,592 $ 157,736 Deferred Revenue Deferred revenue consists primarily of payments received and accounts receivable recorded in advance of performance under the contract. Such amounts are recognized as revenue over the contractual period. The amounts of revenue recognized during the three months ended April 30, 2026 and 202 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Note 10 - Segment Information The Company has a single and 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 three months ended April 30, 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): April 30, 2026 January 31, 2026 United States $ 67,388 $ 69,273 Rest of the world 55,729 56,699 Total long-lived assets $ 123,117 $ 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