Slide 1: Q4 Fiscal 2025 Earnings Results
Q4 Fiscal 2025 Earnings Results March 27, 2025
Slide 2: Braze Financial Highlights
Braze Financial Highlights $642M QUARTERLY REVENUE RUN RATE 1 22% YoY REVENUE 2,296 CUSTOMERS IN OVER 75 GROWTH COUNTRIES 111% DOLLAR-BASED NET RETENTION 96% SUBSCRIPTION $17M GAAP RATE REVENUE NET LOSS Data as of January 31, 2025 or the three months ended, as applicable 1. Represents quarterly GAAP
Slide 3: Forward Looking Statements and Disclaimer
Forward Looking Statements and Disclaimer 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 bu
Slide 4: Q4'25 Financial Results Highlights
Q4'25 Financial Results Highlights • Revenue of $160.4 million, up 22.5% YoY and 5.5% sequentially • GAAP gross margin of 69.3%, up 210 basis points YoY; non-GAAP gross margin of 69.9%, up 200 basis points YoY • Dollar-based net retention rate of 111% compared to 117% in the prior year quarter and 1
Slide 5: Q4'25 Recent Business Highlights
Q4'25 Recent Business Highlights • Notable new business wins and upsells in the quarter included America's Test Kitchen, Dis-Chem, Dunkin' UAE, Kueski, Legal & General, Muvi Cinemas, QDOBA Mexican Eats, Springer Nature, and tonies® • Announced a new strategic partnership and integration with Shopify
Slide 6: Quarterly Revenue
Quarterly Revenue DOLLARS IN MILLIONS $160.4 $152.1 $145.5 $135.5 $131.0 22.5% $124.0 $115.1 $101.8 $98.7 Q4'25 YoY REVENUE GROWTH 40.1% 31.3% 33.6% 33.1% 32.7% 33.1% 26.4% 22.7% 22.5% FY'23 Q4 FY'24 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 Reported Revenue YoY Revenue Growt
Slide 7: Non-GAAP Gross Margin
Non-GAAP Gross Margin 69.9% 68.8% 70.0% 71.4% 70.9% 70.5% 69.9% Q4'25 NON-GAAP 67.0% 67.9% 67.9% GROSS MARGIN FY'23 Q4 FY'24 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 7
Slide 8: Dollar-Based Net Retention
Dollar-Based Net Retention 111% Q4'25 NET DOLLAR- 124% 122% 120% 118% 117% 117% 114% 113% BASED RETENTION 111% RATE FY'23 Q4 FY'24 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 8
Slide 9: Braze Customers
Braze Customers Total Customers Customers with over $500K ARR 247 2,296 234 2,211 2,163 222 2,102 2,011 2,044 212 1,958 202 1,866 189 1,770 173 156 164 12% Q4'25 YoY CUSTOMER GROWTH 22% 46% Q4'25 YoY GROWTH OF $500K+ ARR 29% 27% 28% 29% 29% 28% CUSTOMERS 24% 22% 24% 24% 22% 17% 15% 13% 12% 10% 10% F
Slide 10: Free Cash Flow
Free Cash Flow DOLLARS IN MILLIONS 21.3% $21.7 9.5% 8.4% $15.2 $21.7 5.0% $11.4 $7.2 ($1.9) ($3.5) $15.2M (1.9)% ($5.9) (2.7)% Q4'25 (4.8)% ($14.2) FREE CASH FLOW ($18.7) ($18.7) (9.4)% ($28.1) (16.2)% FY’23 Q4 FY’24 Q1 FY’24 Q2 FY’24 Q3 FY’24 Q4 FY’25 Q1 FY’25 Q2 FY’25 Q3 FY’25 Q4 Free Cash Flow Fr
Slide 11: Remaining Performance Obligations
Remaining Performance Obligations DOLLARS IN MILLIONS +24% YoY +23% YoY $793.1 $689.6 $716.8 $639.2 $657.3 $505.2 $438.3 $458.2 $409.1 $419.8 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 Less than 1 year Total RPO 11
Slide 12: Guidance
Guidance DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS* Metric Q1'26 Guidance* FY’26 Guidance* Revenue $158.0 - 159.0 $686.0 - 691.0 Non-GAAP Operating Income $0.0 - 1.0 $25.5 - 29.5 (Loss) Non-GAAP Net Income $4.5 - 5.5 $34.0 - 38.0 Non-GAAP Net Income Per Share $0.04 - 0.05 $0.31 - 0.35
Slide 13: Appendix
Appendix
Slide 14: Operating Metrics - Definitions
Operating Metrics - Definitions Number of Customers: We define a customer 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 tog
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation DOLLARS IN THOUSANDS Reconciliation of GAAP to Non-GAAP Gross Margin Reconciliation of GAAP to Non-GAAP Operating Expenses Three Months Ended Twelve Months Ended Three Months Ended Twelve Months Ended January 31, January 31, January 31, January 31, 2025 2024 2025 2024
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Reconciliation of GAAP to Non-GAAP Operating Income (Loss) Reconciliation of GAAP to Non-GAAP Net Income (Loss) Three Months Ended Twelve Months Ended Three Months Ended Twelve Months Ended January 31, January 31, January
Slide 17: GAAP Cash Flows from Operations to Free Cash Flow
GAAP Cash Flows from Operations to Free Cash Flow DOLLARS IN THOUSANDS Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow Three Months Ended Twelve Months Ended January 31, January 31, 2025 2024 2025 2024 Net cash provided by operating $17,083 $3,821 $36,680 $6,850
Slide 18: GAAP to Non-GAAP Gross Margin Reconciliation
GAAP to Non-GAAP Gross Margin Reconciliation DOLLARS IN THOUSANDS FY’23 Q4 FY’24 Q1 FY’24 Q2 FY’24 Q3 FY’24 Q4 FY’25 Q1 FY’25 Q2 FY’25 Q3 FY’25 Q4 Gross Profit $65,250 $69,093 $79,633 $87,582 $87,965 $90,911 $102,079 $106,142 $111,087 Plus: Stock-based 896 889 901 900 895 964 1,078 1,003 977 compens
Slide 19: GAAP to Non-GAAP Free Cash Flow Reconciliation
GAAP to Non-GAAP Free Cash Flow Reconciliation DOLLARS IN THOUSANDS FY’23 Q4 FY’24 Q1 FY’24 Q2 FY’24 Q3 FY’24 Q4 FY’25 Q1 FY’25 Q2 FY’25 Q3 FY’25 Q4 Net cash provided by/(used in) $12 $22,549 ($17,517) ($2,003) $3,821 $19,395 $11,612 ($11,410) $17,083 operating activities Less: Purchases of property
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