Slide 1: Q1 Fiscal 2026 Earnings Results
Q1 Fiscal 2026 Earnings Results June 5, 2025
Slide 2: Braze Financial Highlights
Braze Financial Highlights $648M QUARTERLY REVENUE RUN RATE 1 20% YoY REVENUE 2,342 CUSTOMERS IN OVER 75 GROWTH COUNTRIES 109% DOLLAR-BASED NET RETENTION 96% SUBSCRIPTION $36M GAAP RATE REVENUE NET LOSS Data as of April 30, 2025 or the three months ended, as applicable 1. Represents quarterly GAAP r
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: Q1'26 Financial Results Highlights
Q1'26 Financial Results Highlights • Revenue of $162.1 million, up 19.6% YoY and 1% sequentially • GAAP gross margin of 68.6%, up 150 basis points YoY; non-GAAP gross margin of 69.3%, up 140 basis points YoY • Dollar-based net retention rate of 109% compared to 117% in the prior year quarter and 111
Slide 5: Recent Business Highlights
Recent Business Highlights • Notable new business wins included Beyond, Inc., Chamberlain Group, an intelligence access leader, Evite, Freshket, Fubo, LUSH Cosmetics, Njuskalo, and ThredUP • Closed the acquisition of AI Decisioning Engine OfferFit, which will allow brands to benefit from complementa
Slide 6: Quarterly Revenue
Quarterly Revenue DOLLARS IN MILLIONS $160.4 $162.1 $152.1 $145.5 $135.5 $131.0 19.6% $124.0 $115.1 $101.8 Q1'26 YoY REVENUE GROWTH 31.3% 33.6% 33.1% 32.7% 33.1% 26.4% 22.7% 22.5% 19.6% FY'24 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 Reported Revenue YoY Revenue Grow
Slide 7: Non-GAAP Gross Margin
Non-GAAP Gross Margin 69.3% 68.8% 70.0% 71.4% 70.9% 70.5% 69.9% 69.3% Q1'26 NON-GAAP 67.9% 67.9% GROSS MARGIN FY'24 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 7
Slide 8: Dollar-Based Net Retention
Dollar-Based Net Retention 109% Q1'26 NET DOLLAR- 122% 120% 118% 117% 117% BASED RETENTION 114% 113% 111% 109% RATE FY'24 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 8
Slide 9: Braze Customers
Braze Customers Total Customers 2,342 Customers with over $500K ARR 2,296 262 2,211 2,163 247 2,102 2,044 234 2,011 1,958 222 1,866 212 202 189 164 173 11% Q1'26 YoY CUSTOMER GROWTH 24% Q1'26 YoY GROWTH OF $500K+ ARR 28% 29% 29% 28% CUSTOMERS 27% 24% 22% 24% 24% 24% 22% 17% 15% 13% 12% 11% 10% 10% F
Slide 10: Free Cash Flow
Free Cash Flow DOLLARS IN MILLIONS 14.1% 21.3% $21.7 $22.9 9.5% 8.4% $21.7 5.0% $11.4 $15.2 ($3.5) $7.2 $22.9M ($5.9) (2.7)% Q1'26 ($18.7) (4.8)% FREE CASH FLOW ($18.7) ($14.2) (9.4)% ($28.1) (16.2)% FY’24 Q1 FY’24 Q2 FY’24 Q3 FY’24 Q4 FY’25 Q1 FY’25 Q2 FY’25 Q3 FY’25 Q4 FY’26 Q1 Free Cash Flow Free
Slide 11: Remaining Performance Obligations
Remaining Performance Obligations DOLLARS IN MILLIONS +26% YoY +24% YoY 829.3 793.1 689.6 716.8 522.2 657.3 505.2 438.3 458.2 419.8 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 FY'25 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'26 Q1 Less than 1 year Total RPO 11
Slide 12: Guidance
Guidance DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS* Metric Q2'26 Guidance FY’26 Guidance Revenue $171.0 - 172.0 $702.0 - 706.0 Non-GAAP Operating Income $0.5 - 1.5 $5.5 - 9.5 Non-GAAP Net Income $2.5 - 3.5 $17.0 - 21.0 Non-GAAP Net Income Per Share $0.02 - 0.03 $0.15 - 0.18 Weighted A
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 Three Months Ended April 30, April 30, 2025 2024 2025 2024 GAAP sales and marketing expense $74,127 $69,827 Less: Gross profit
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 Three Months Ended April 30, April 30, 2025 2024 2025 2024 Net loss attributable to Braze,
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 April 30, 2025 2024 Net cash provided by operating activities $24,144 $19,395 Less: Purchases of property and equipment (217
Slide 18: GAAP to Non-GAAP Gross Margin Reconciliation
GAAP to Non-GAAP Gross Margin Reconciliation DOLLARS IN THOUSANDS FY’24 Q1 FY’24 Q2 FY’24 Q3 FY’24 Q4 FY’25 Q1 FY’25 Q2 FY’25 Q3 FY’25 Q4 FY’26 Q1 Gross Profit $69,093 $79,633 $87,582 $87,965 $90,911 $102,079 $106,142 $111,087 $111,202 Plus: Stock-based compensation expense 889 901 900 895 964 1,078
Slide 19: GAAP to Non-GAAP Free Cash Flow Reconciliation
GAAP to Non-GAAP Free Cash Flow Reconciliation DOLLARS IN THOUSANDS FY’24 Q1 FY’24 Q2 FY’24 Q3 FY’24 Q4 FY’25 Q1 FY’25 Q2 FY’25 Q3 FY’25 Q4 FY’26 Q1 Net cash provided by/(used in) operating $22,549 ($17,517) ($2,003) $3,821 $19,395 $11,612 ($11,410) $17,083 $24,144 activities Less: Purchases of prop
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