Record Q1 for Fastly (NYSE: FSLY) with 20% revenue growth

Q: How did Fastly (FSLY) perform financially in Q1 2026?

Fastly delivered record Q1 2026 revenue of $173.0 million , up 20% year over year . GAAP net loss improved to $20.5 million , while non-GAAP net income reached $22.9 million and non-GAAP diluted EPS was $0.13 , reflecting stronger margins and cost discipline.

Q: How fast is Fastly (FSLY) growing its security revenue?

Fastly’s security revenue reached $38.8 million in Q1 2026, growing 47% year over year . Security products now contribute 22% of total revenue , highlighting a shift toward higher-value, security-focused offerings that complement its core network services business.

Q: What do Fastly’s Q1 2026 margins and profitability look like?

Fastly’s GAAP gross margin expanded to 62.5% , while non-GAAP gross margin reached 65.1% in Q1 2026. GAAP net loss narrowed to $20.5 million , and non-GAAP net income was $22.9 million , indicating meaningful operating leverage and improved efficiency.

Q: How strong are Fastly’s (FSLY) demand indicators like RPO and net retention?

Remaining performance obligations were $369 million in Q1 2026, up 63% from $226 million a year earlier. Fastly’s last 12‑month net retention rate improved to 113% , suggesting healthy expansion from existing customers and durable contracted revenue.

Q: What guidance did Fastly provide for Q2 and full-year 2026?

For Q2 2026, Fastly guided to $170.0–$176.0 million in revenue and non-GAAP EPS of $0.05–$0.08 . For full-year 2026, it expects $710.0–$725.0 million in revenue and non-GAAP EPS of $0.27–$0.33 , reflecting raised expectations.

Q: What was Fastly’s cash flow performance in Q1 2026?

Fastly generated $28.9 million of operating cash flow in Q1 2026, up from $17.3 million a year earlier. Free cash flow was positive at $4.1 million , compared with $8.2 million in the prior-year quarter, after higher capital expenditures.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Fastly reported a record first quarter for 2026, with revenue of $173.0 million, up 20% year over year, driven by strong growth in security and other newer products. Security revenue reached $38.8 million, growing 47% year over year and accounting for 22% of total revenue.

GAAP results improved, with a net loss of $20.5 million versus $39.1 million a year earlier, while non-GAAP net income was $22.9 million compared with a non-GAAP net loss previously. Non-GAAP diluted EPS was $0.13. GAAP gross margin expanded to 62.5%, and non-GAAP gross margin reached 65.1%.

Fastly generated $28.9 million of operating cash flow and $4.1 million of free cash flow. Remaining performance obligations rose to $369 million, up 63% year over year, and last 12‑month net retention improved to 113%. Management raised 2026 guidance, targeting $710–$725 million in revenue and non-GAAP EPS of $0.27–$0.33.

Positive

Strong top-line and mix improvement: Q1 2026 revenue reached $173.0 million, up 20% year over year, with higher-growth security revenue of $38.8 million expanding 47% and representing 22% of total revenue.
Profitability inflection on a non-GAAP basis: Non-GAAP net income was $22.9 million versus a non-GAAP net loss a year earlier, with non-GAAP gross margin rising to 65.1% and adjusted EBITDA improving to $29.5 million.
Robust demand indicators and raised outlook: Remaining performance obligations increased 63% year over year to $369 million, LTM net retention rose to 113%, and management raised 2026 guidance to $710–$725 million revenue and non-GAAP EPS of $0.27–$0.33.

Negative

None.

Insights

Fastly delivered a clear inflection: strong growth, margin expansion, and raised 2026 guidance.

Fastly posted Q1 2026 revenue of $173.0M, up 20% year over year, with especially strong security revenue of $38.8M growing 47%. Mix is shifting toward higher-value offerings, helping lift non-GAAP gross margin to 65.1%.

Profitability metrics improved sharply. GAAP net loss narrowed to $20.5M, while non-GAAP net income reached $22.9M and non-GAAP diluted EPS was $0.13. Adjusted EBITDA increased to $29.5M, supported by disciplined operating expenses and higher gross profit.

Demand indicators were strong: remaining performance obligations rose to $369M, up 63%, and LTM net retention improved to 113%. Management raised full-year 2026 guidance to $710–$725M of revenue and non-GAAP EPS of $0.27–$0.33, signaling confidence based on signed business and current momentum.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 2026 Revenue: $173.0M Security Revenue: $38.8M GAAP Gross Margin: 62.5% +5 more

8 metrics

Q1 2026 Revenue $173.0M Total revenue, up 20% year over year

Security Revenue $38.8M Q1 2026, 47% year-over-year growth and 22% of revenue

GAAP Gross Margin 62.5% Q1 2026 gross margin vs 53.2% in Q1 2025

Non-GAAP Gross Margin 65.1% Q1 2026 non-GAAP gross margin vs 57.3% prior year

GAAP Net Loss $20.5M Q1 2026 GAAP net loss vs $39.1M in Q1 2025

Non-GAAP Net Income $22.9M Q1 2026 non-GAAP net income vs $6.6M loss prior year

Remaining Performance Obligations $369M RPO in Q1 2026, up 63% from $226M in Q1 2025

Adjusted EBITDA $29.5M Q1 2026 adjusted EBITDA vs $7.8M in Q1 2025

Key Terms

Remaining Performance Obligations, Last 12-month net retention rate, Adjusted EBITDA, non-GAAP gross margin, +2 more

6 terms

Remaining Performance Obligations financial

"Remaining Performance Obligations (RPO)2 were $369 million, up 63% from $226 million"

Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.

Last 12-month net retention rate financial

"Last 12-month net retention rate (LTM NRR)4 increased to 113% in the first quarter"

Adjusted EBITDA financial

"Adjusted EBITDA | | $ | 29,463 | | | $ | 7,805"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-GAAP gross margin financial

"Non-GAAP gross margin1 of 65.1%, compared to 57.3% in the first quarter of 2025"

Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.

free cash flow financial

"Generated $4.1 million of positive free cash flow compared to $8.2 million"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

edge cloud platform technical

"Fastly’s powerful and programmable edge cloud platform helps the world’s top brands"

An edge cloud platform delivers computing, storage and software services close to where data is created — at network edges like cell towers, factories or retail locations — instead of relying on distant centralized data centers. Like a local kitchen preparing meals nearby rather than shipping from a faraway restaurant, it reduces delays and bandwidth use, enabling real-time features such as instant analytics, video processing or machine control; investors watch it because it can lower costs, open new revenue streams and signal competitive tech advantage.

Earnings Snapshot

Revenue: $173.0M · Guidance included

Q1 2026

Revenue $173.0M +20% YoY

GAAP Gross Margin 62.5%

Non-GAAP Gross Margin 65.1%

Non-GAAP Net Income $22.9M

RPO $369M +63% YoY

Guidance

For Q2 2026, revenue of $170.0–$176.0M and non-GAAP EPS of $0.05–$0.08; for full-year 2026, revenue of $710.0–$725.0M and non-GAAP EPS of $0.27–$0.33.

Understanding 8-K Material Events →

05/06/2026 - 04:09 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

FASTLY, INC.

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-38897	27-5411834
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

475 Brannan Street, Suite 300

San Francisco, CA 94107

(Address of principal executive offices) (Zip code)

(844) 432-7859

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange
on which registered

Class A Common Stock, $0.00002 par value

“FSLY”

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2026, Fastly, Inc. (the "Company") announced its financial results for the quarter ended March 31, 2026 by issuing a press release. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Attached hereto as Exhibit 99.2 and incorporated by reference herein is the Company’s investor supplement, regarding results of the quarter ended March 31, 2026 (the “Investor Supplement”). The Investor Supplement will be posted to http://investors.fastly.com immediately after the filing of this Form 8-K.

The information furnished on this Form 8-K, including the exhibits attached, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

On May 6, 2026, the Company posted supplemental financial and other information to http://investors.fastly.com.

The Company may announce material business and financial information to its investors using its investor relations website (http://investors.fastly.com), its filings with the Securities and Exchange Commission, its corporate X (formerly known as Twitter) account (@Fastly), its blog (http://www.fastly.com/blog), its corporate LinkedIn account (http://www.linkedin.com/company/fastly), webcasts, press releases, and conference calls. The Company uses these mediums, including its website, to communicate with investors and the general public about the Company, its products, and other issues. It is possible that the information that we make available on these mediums may be deemed to be material information. Therefore, the Company encourages investors and others interested in the Company to review the information that it makes available through these channels.

The content of the Company’s websites and information that the Company may post on or provide to online and social media channels, including those mentioned above, and information that can be accessed through the Company’s websites or these online and social media channels are not incorporated by reference into this Current Report on Form 8-K or in any other report or document the Company files with the Securities and Exchange Commission, and any references to the Company’s websites or these online and social media channels are intended to be inactive textual references only.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits



Exhibit No.						Exhibit Description

99.1						Press Release dated May 6, 2026
99.2						Investor Supplement for First Quarter 2026 Results

+ Indicates management contract or compensatory plan.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FASTLY, INC.

Dated:

May 6, 2026

By:

/s/ Richard Wong

Richard Wong

Chief Financial Officer

Exhibit 99.1

Fastly Announces Record First Quarter 2026 Financial Results

Record first quarter revenue of $173 million grew 20% year over year

Record first quarter gross margin of 62.5% and record non-GAAP gross margin of 65.1%

Record RPO of $369 million grew 63% year over year

SAN FRANCISCO — May 6, 2026 — Fastly, Inc. (NASDAQ: FSLY), a leader in global edge cloud platforms, today announced financial results for its first quarter ended March 31, 2026.

"Our first quarter performance demonstrates continued discipline and velocity as we delivered record revenue, gross margin, and RPO,” said Kip Compton, CEO at Fastly. “Driven by an accelerated innovation roadmap, we delivered 47% year-over-year security revenue growth. This performance reflects expansion within our installed base and robust new business wins, enabling us to raise our 2026 guidance.”


	Three months ended March 31,
	2026			2025
Revenue	$	173,021		$	144,474
Gross margin
GAAP gross margin	62.5		%	53.2		%
Non-GAAP gross margin(1)	65.1		%	57.3		%
Operating loss
GAAP operating loss	$	(23,895)		$	(38,179)
Non-GAAP operating income (loss)(1)	$	19,143		$	(5,845)
Net income (loss) per share
GAAP net loss per common share — basic and diluted	$	(0.13)		$	(0.27)
Non-GAAP net income (loss) per common share — basic(1)	$	0.15		$	(0.05)
Non-GAAP net income (loss) per common share — diluted(1)	$	0.13		$	(0.05)

For a reconciliation of non-GAAP financial measures to their corresponding GAAP measures, please refer to the reconciliation table at the end of this press release.

First Quarter 2026 Financial Summary

•Total revenue of $173.0 million, representing 20% year-over-year growth. Network Services revenue of $126.2 million, representing 11% year-over-year growth. Security revenue of $38.8 million, representing 47% year-over-year growth. Other revenue of $8.0 million, representing 67% year-over-year growth. Network Services revenue includes solutions designed to improve performance of websites, apps, APIs, and digital media. Security revenue includes products designed to protect websites, apps, APIs, and users. Other revenue includes Compute and Observability solutions.

•Generated $28.9 million of operating cash flow compared to $17.3 million of operating cash flow in the first quarter of 2025. Generated $4.1 million of positive free cash flow compared to $8.2 million in the first quarter of 2025.

•GAAP gross margin of 62.5%, compared to 53.2% in the first quarter of 2025. Non-GAAP gross margin1 of 65.1%, compared to 57.3% in the first quarter of 2025.

•GAAP net loss of $20.5 million, compared to $39.1 million in the first quarter of 2025. Non-GAAP net income1 of $22.9 million, compared to non-GAAP net loss1 of $6.6 million in the first quarter of 2025.

•GAAP net loss per basic and diluted share of $0.13, compared to $0.27 in the first quarter of 2025. Non-GAAP net income per basic share1 of $0.15, compared to non-GAAP net loss per basic share1 of $0.05 in the first quarter of 2025. Non-GAAP net income per diluted share1 of $0.13, compared to non-GAAP net loss per diluted share1 of $0.05 in the first quarter of 2025.

Key Metrics

•Remaining Performance Obligations (RPO)2 were $369 million, up 63% from $226 million in the first quarter of 2025.

•Large customer count3 was 634 in the first quarter, up 39 from the first quarter of 2025.

•Fastly's top ten customers accounted for 34% of revenue in the first quarter of 2026 compared to 33% in the first quarter of 2025. Revenue from the top ten customers increased 25% year-over-year compared to revenue growth of 17% year-over-year from customers outside the top ten.

•Last 12-month net retention rate (LTM NRR)4 increased to 113% in the first quarter from 110% in the fourth quarter of 2025.

First Quarter Business and Product Highlights

•Fastly appointed Joan Jenkins as Chief Marketing Officer to help accelerate global growth and strengthen its leadership in edge computing, security, and AI, bringing the Fastly platform story to a global audience.

•Fastly was named a Leader in “The Forrester Wave™: Edge Development Platforms, Q1 2026 Report,” receiving one of the highest overall evaluation scores and was the only company to receive a "halo” designation, indicating superior customer feedback.

•Expanded Bot Management with Content Guard, securing the AI bot landscape by blocking unauthorized AI agents to monetize IP and provide publishers precise control through unmatched visibility into all automated traffic.

•Enhanced the API Security suite by adding prioritization tools, bulk actions, and CI/CD integrations to API Discovery, enabling stronger visibility of "shadow APIs" in enterprise ecosystems.

•Enhanced our Compute & Security offerings by adding popular coding languages to expand security layer utility across diverse developer use cases.

•Launched the Fastly Agent Toolkit, equipping AI coding agents with Fastly-specific "skills" to accelerate the customer development lifecycle, deployment and time-to-value on our platform.

Second Quarter and Full Year 2026 Guidance


	Q2 2026	Full Year 2026
Total Revenue (millions)	$170.0 - $176.0	$710.0 - $725.0
Non-GAAP Operating Income (millions)	$12.0 - $16.0	$58.0 - $68.0
Non-GAAP Net Income per share(5)(6)	$0.05 - $0.08	$0.27 - $0.33

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Fastly’s future GAAP financial results.

Conference Call Information

Fastly will host an investor conference call to discuss its results at 1:30 p.m. PT / 4:30 p.m. ET on Wednesday, May 6, 2026.

To access the conference call, please pre-register and dial-in using this link at least 15 minutes prior to the 1:30 p.m. PT start time. Registrants will receive an email confirmation with dial-in details.

A live webcast of the event can be accessed using this link. A replay of the webcast will be available on https://investors.fastly.com starting approximately two hours after the event and archived on the site for one quarter.

About Fastly, Inc.

Fastly’s powerful and programmable edge cloud platform helps the world’s top brands deliver online experiences that are fast, safe, and engaging through edge compute, delivery, security, and observability offerings that improve site performance, enhance security, and empower innovation at global scale. Compared to other providers, Fastly’s powerful, high-performance, and modern platform architecture empowers developers to deliver secure websites and apps with rapid time-to-market and demonstrated, industry-leading cost savings. Organizations around the world trust Fastly to help them upgrade the internet experience, including Reddit, Universal Music Group, and SeatGeek. Learn more about Fastly at https://www.fastly.com, and follow us @fastly.

Forward-Looking Statements

This press release contains “forward-looking” statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors

that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include, but are not limited to, statements regarding our future financial and operating performance and shareholder returns, including our outlook and guidance and ability to improve liquidity; our ability to acquire new customers, expand cross-sell opportunities, and grow market share; our ability to enrich our revenue mix with platform enhancements; the performance of our existing and new platform enhancements; our ability to accelerate global growth; the performance, capabilities, and expectations regarding customer experiences with Bot Management with Content Guard, the API Security suite, including API Discovery, Next-Gen WAF, Fastly Agent Toolkit and its ability to enable coding agents to work with Fastly, and Object Storage; and Fastly's strategies, platform, and business plans. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports Fastly files with the Securities and Exchange Commission (“SEC”), including those more fully described in Fastly’s Annual Report on Form 10-K for the year ended December 31, 2025. Additional information will also be set forth in Fastly’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and other filings and reports that Fastly may file from time to time with the SEC. Copies of reports filed with the SEC are posted on Fastly’s website and are available from Fastly without charge.

Use of Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses the following non-GAAP measures of financial performance: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP basic and diluted net income (loss) per common share, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, free cash flow and adjusted EBITDA. The presentation of this additional financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. These non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. In addition, these non-GAAP financial measures may be different from the non-GAAP financial measures used by other companies. These non-GAAP measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Management compensates for these limitations by reconciling these non-GAAP financial measures to the most comparable GAAP financial measures within our earnings releases.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP basic and diluted net income (loss) per common share, non-GAAP research and development, non-GAAP sales and marketing, and non-GAAP general and administrative differ from GAAP in that they exclude stock-based compensation expense and related employer payroll taxes, amortization of capitalized stock-based compensation - cost of revenue, amortization of acquired intangible assets, executive transition costs, and amortization of debt discount and issuance costs.

Adjusted EBITDA: excludes stock-based compensation expense and related employer payroll taxes, amortization of capitalized stock-based compensation - cost of revenue, depreciation and other amortization expenses, amortization of acquired intangible assets, executive transition costs, interest income, interest expense, including amortization of debt discount and issuance costs, other expense, net, and income taxes.

Amortization of Acquired Intangible Assets: consists of non-cash charges that can be affected by the timing and magnitude of asset purchases and acquisitions. Management considers its operating results without this activity when evaluating its ongoing non-GAAP performance and its adjusted EBITDA performance because these charges are non-cash expenses that can be affected by the timing and magnitude of asset purchases and acquisitions and may not be reflective of our core business, ongoing operating results, or future outlook.

Amortization of Debt Discount and Issuance Costs: consists primarily of amortization expense related to our debt obligations. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook. These are included in our total interest expense.

Capital Expenditures: consists of cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, capitalized internal-use software and payments on finance lease obligations, as reflected in our statement of cash flows.

Depreciation and Other Amortization Expense: consists of non-cash charges that can be affected by the timing and magnitude of asset purchases. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because these charges are non-cash expenses that can be affected by the timing and magnitude of asset purchases and may not be reflective of our core business, ongoing operating results, or future outlook.

net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results, or future outlook.

Free Cash Flow: calculated as net cash used in operating activities less purchases of property and equipment, net of proceeds from sale of property and equipment, principal payments of finance lease liabilities and capitalized internal-use software costs. Management specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Management considers non-GAAP free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Fastly's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

Income Taxes: consists primarily of expenses recognized related to state and foreign income taxes. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Interest Expense: consists primarily of interest expense related to our debt instruments, including amortization of debt discount and issuance costs. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Interest Income: consists primarily of interest income related to our marketable securities. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Other Expense, Net: consists primarily of foreign currency transaction gains and losses. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Stock-Based Compensation Expense and Related Employer Payroll Taxes: consists of expenses for stock options, restricted stock units, performance awards and other shares issued under our equity incentive plans or our Employee Stock Purchase Plan ("ESPP"), as applicable, and the related employer payroll taxes. Although stock-based compensation and its related employer payroll taxes are expenses for the Company, management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance, primarily because they are expenses not believed by management to be reflective of our core business, ongoing operating results, or future outlook. In addition, the value of some stock-based instruments is determined using formulas that incorporate variables, such as market volatility, that are beyond our control.

Amortization of Capitalized Stock-Based Compensation - Cost of Revenue: in order to reflect the performance of our core business, ongoing operating results, or future outlook, and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies, similar to stock-based compensation, management considers it appropriate to exclude amortization of capitalized stock-based compensation from our non-GAAP financial measures.

Management believes these non-GAAP financial measures and adjusted EBITDA serve as useful metrics for our management and investors because they enable a better understanding of the long-term performance of our core business and facilitate comparisons of our operating results over multiple periods and to those of peer companies, and when taken together with the corresponding GAAP financial measures and our reconciliations, enhance investors' overall understanding of our current financial performance.

In the financial tables below, the Company provides a reconciliation of the most comparable GAAP financial measure to the historical non-GAAP financial measures used in this press release.

Key Metrics

1 Beginning with the quarter ended March 31, 2026, we are excluding stock-based compensation related employer payroll taxes from our non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) per common share — basic and non-GAAP net income (loss) per common share — diluted, because we consider our operating results without this activity when evaluating our ongoing non-GAAP net income (loss) performance and our adjusted EBITDA performance. We did not recast the presentation for all prior periods presented due to the immaterial amount of such payroll taxes.

2 Remaining Performance Obligations include future committed revenue for periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied. During the third quarter of 2025, we identified an error in RPO calculations from certain contracts with a termination-for-convenience clause. We recast the presentation of RPO for all prior periods presented to reflect the correction of this error.

3 Our large customers are defined as those with annualized current quarter revenue in excess of $100,000. This is calculated by taking the revenue for each customer within the quarter and multiplying it by four.

4 We calculate LTM Net Retention Rate by dividing the total customer revenue for the prior twelve-month period (“prior 12-month period”) ending at the beginning of the last twelve-month period (“LTM period”) minus revenue contraction due to billing decreases or customer churn, plus revenue expansion due to billing increases during the LTM period from the same customers by the total prior 12-month period revenue. We believe the LTM Net Retention Rate is supplemental as it removes some of the volatility that is inherent in a usage-based business model.

5 Non-GAAP net income (loss) per share is calculated as Non-GAAP net income (loss) divided by weighted average diluted shares for 2026.

6 Assumes weighted average diluted shares outstanding of 182.6 million in Q2 2026 and 182.0 million for the full year 2026.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts, unaudited)


	Three months ended March 31,
	2026		2025
Revenue	$	173,021	$	144,474
Cost of revenue(1)	64,840		67,676
Gross profit	108,181		76,798
Operating expenses:
Research and development(1)	41,972		37,429
Sales and marketing(1)	55,114		49,313
General and administrative(1)	34,990		28,235
Total operating expenses	132,076		114,977
Loss from operations	(23,895)		(38,179)
Interest income	2,927		2,975
Interest expense	(3,306)		(3,173)
Other expense, net	(380)		(80)
Loss before income taxes	(24,654)		(38,457)
Income tax (benefit) expense	(4,130)		691
Net loss	$	(20,524)	$	(39,148)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.13)	$	(0.27)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	153,579		143,284

__________

(1)Includes stock-based compensation expense as follows:


	Three months ended March 31,
	2026		2025
Cost of revenue	$	2,536	$	1,939
Research and development	10,030		8,893
Sales and marketing	9,353		6,693
General and administrative	13,062		8,057
Total	$	34,981	$	25,582

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, unaudited)


	Three months ended March 31,
	2026			2025
Gross profit
GAAP gross profit	$	108,181		$	76,798
Stock-based compensation expense and related employer payroll taxes(1)	2,748			1,939
Amortization of capitalized stock-based compensation - Cost of revenue	1,688			1,641
Amortization of acquired intangible assets	—			2,475
Non-GAAP gross profit	$	112,617		$	82,853
GAAP gross margin	62.5		%	53.2		%
Non-GAAP gross margin	65.1		%	57.3		%
Research and development
GAAP research and development	$	41,972		$	37,429
Stock-based compensation expense and related employer payroll taxes(1)	(11,388)			(8,893)
Non-GAAP research and development	$	30,584		$	28,536
Sales and marketing
GAAP sales and marketing	$	55,114		$	49,313
Stock-based compensation expense and related employer payroll taxes(1)	(10,140)			(6,693)
Amortization of acquired intangible assets	(2,159)			(2,301)
Executive transition costs	(262)			—
Non-GAAP sales and marketing	$	42,553		$	40,319
General and administrative
GAAP general and administrative	$	34,990		$	28,235
Stock-based compensation expense and related employer payroll taxes(1)	(13,592)			(8,057)
Executive transition costs	(1,061)			(335)
Non-GAAP general and administrative	$	20,337		$	19,843
Operating income (loss)
GAAP operating loss	$	(23,895)		$	(38,179)
Stock-based compensation expense and related employer payroll taxes(1)	37,868			25,582
Amortization of capitalized stock-based compensation - Cost of revenue	1,688			1,641
Executive transition costs	1,323			335
Amortization of acquired intangible assets	2,159			4,776
Non-GAAP operating income (loss)	$	19,143		$	(5,845)
Net income (loss)
GAAP net loss	$	(20,524)		$	(39,148)
Stock-based compensation expense and related employer payroll taxes(1)	37,868			25,582
Amortization of capitalized stock-based compensation - Cost of revenue	1,688			1,641
Executive transition costs	1,323			335
Amortization of acquired intangible assets	2,159			4,776
Amortization of debt discount and issuance costs	401			217
Non-GAAP net income (loss)	$	22,915		$	(6,597)
Non-GAAP net income (loss) per common share — basic	$	0.15		$	(0.05)
Non-GAAP net income (loss) per common share — diluted	$	0.13		$	(0.05)
Weighted average basic common shares	153,579			143,284
Weighted average diluted common shares	176,494			143,284

(1) Similar to stock-based compensation, we believe it is also appropriate to exclude employer payroll taxes related to stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. However, we have not historically done so. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2026, we are excluding stock-based compensation related employer payroll taxes from our non-GAAP financial measures. We did not recast the presentation for all prior periods presented due to the immaterial amount of such payroll taxes. Refer to Non-GAAP Financial Measures definition for further details.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, unaudited) (continued)


	Three months ended March 31,
	2026	2025
Reconciliation of GAAP to Non-GAAP diluted shares
GAAP diluted shares	153,579	143,284
Other dilutive equity awards	22,915	—
Non-GAAP diluted shares	176,494	143,284
Non-GAAP diluted net income (loss) per share	0.13	(0.05)


	Three months ended March 31,
	2026		2025
Adjusted EBITDA
GAAP net loss	$	(20,524)	$	(39,148)
Stock-based compensation expense and related employer payroll taxes(1)	37,868		25,582
Amortization of capitalized stock-based compensation - Cost of revenue	1,688		1,641
Depreciation and other amortization	10,320		13,650
Amortization of acquired intangible assets	2,159		4,776
Amortization of debt discount and issuance costs	401		217
Executive transition costs	1,323		335
Interest income	(2,927)		(2,975)
Interest expense	2,905		2,956
Other expense, net	380		80
Income tax (benefit) expense	(4,130)		691
Adjusted EBITDA	$	29,463	$	7,805

(1)Similar to stock-based compensation, we believe it is also appropriate to exclude employer payroll taxes related to stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. However, we have not historically done so. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2026, we are excluding stock-based compensation related employer payroll taxes from our non-GAAP financial measures. We did not recast the presentation for all prior periods presented due to the immaterial amount of such payroll taxes. Refer to Non-GAAP Financial Measures definition for further details.

Condensed Consolidated Balance Sheets

(in thousands, unaudited)


	As of March 31, 2026		As of December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	146,670	$	180,563
Marketable securities	183,819		181,196
Accounts receivable, net of allowance for credit losses	130,037		118,029
Prepaid expenses and other current assets	29,560		26,921
Total current assets	490,086		506,709
Property and equipment, net	215,911		186,785
Operating lease right-of-use assets, net	57,697		52,067
Goodwill	670,356		670,356
Intangible assets, net	23,494		25,771
Other assets	55,984		57,789
Total assets	$	1,513,528	$	1,499,477
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	39,006	$	17,612
Accrued expenses	45,523		70,669
Long-term debt, current	—		38,557
Operating lease liabilities, current	28,107		24,427
Deferred revenue	39,560		35,234
Other current liabilities	11,244		7,499
Total current liabilities	163,440		193,998
Long-term debt, net	323,620		323,282
Operating lease liabilities, non-current	46,019		43,921
Other long-term liabilities	3,303		8,698
Total liabilities	536,382		569,899
Stockholders’ equity:
Common stock	3		3
Additional paid-in capital	2,112,577		2,044,103
Accumulated other comprehensive loss	(423)		(41)
Accumulated deficit	(1,135,011)		(1,114,487)
Total stockholders’ equity	977,146		929,578
Total liabilities and stockholders’ equity	$	1,513,528	$	1,499,477

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)


	Three months ended March 31,
		2026		2025
Cash flows from operating activities:
Net loss		$	(20,524)	$	(39,148)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense		11,892		15,167
Amortization of intangible assets		2,277		4,900
Non-cash lease expense		6,198		5,655
Amortization of debt discount and issuance costs		401		217
Amortization of deferred contract costs		4,758		4,850
Stock-based compensation		34,981		25,582
Deferred income taxes		(4,330)		422
Provision for credit losses		1,518		946
Loss on disposals of property and equipment		276		—
Accretion of discounts on investments		(798)		(626)
Other adjustments		(218)		376
Changes in operating assets and liabilities:
Accounts receivable, net		(13,526)		(3,993)
Prepaid expenses and other current assets		(2,639)		2,216
Other assets		1,350		(2,095)
Accounts payable		6,812		2,575
Accrued expenses		3,523		(3,383)
Operating lease liabilities		(5,809)		(5,556)
Other liabilities		2,724		9,183
Net cash provided by operating activities		28,866		17,288
Cash flows from investing activities:
Purchases of marketable securities		(179,340)		(179,486)
Maturities of marketable securities		177,143		7,969
Purchases of property and equipment		(21,021)		(2,605)
Capitalized internal-use software		(3,736)		(4,763)
Net cash used in investing activities		(26,954)		(178,885)
Cash flows from financing activities:
Repayment of convertible senior notes		(38,593)		—
Payments of other debt issuance costs		(502)		—
Repayments of finance lease liabilities		—		(1,711)
Proceeds from exercise of vested stock options		1,043		408
Proceeds from employee stock purchase plan		2,279		2,131
Net cash (used in) provided by financing activities		(35,773)		828
Effects of exchange rate changes on cash and cash equivalents		(32)		78
Net decrease in cash and cash equivalents		(33,893)		(160,691)
Cash and cash equivalents at beginning of period		180,563		286,175
Cash and cash equivalents at end of period		$	146,670	$	125,484

Free Cash Flow

(in thousands, unaudited)


	Three months ended March 31,
		2026		2025
Net cash provided by operating activities		$	28,866	$	17,288
Capital expenditures(1)		(24,757)		(9,079)
Free Cash Flow		$	4,109	$	8,209

__________

(1)Capital expenditures are defined as cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, capitalized internal-use software and payments on finance lease obligations, as reflected in our statement of cash flows.

Contacts

Investor Contact

Vernon Essi, Jr.

ir@fastly.com

Media Contact

Stacey Hurwitz

press@fastly.com

Source: Fastly, Inc.

First Quarter 2026 Investor Supplement

Product Innovation and Developments

•Enhanced the API Security suite by adding prioritization tools, bulk actions, and CI/CD integrations to API Discovery, enabling stronger visibility of "shadow APIs" in enterprise ecosystems.

•Enhanced our Compute & Security offerings by adding popular coding languages to expand security layer utility across diverse developer use cases.

•Launched the Fastly Agent Toolkit, equipping AI coding agents with Fastly-specific "skills" to accelerate the customer development lifecycle, deployment and time-to-value on our platform.

Customer Highlights

•A large social media platform selected Fastly’s full platform to support its API and Video-on-Demand operations in this multimillion dollar ARR win.

•A privacy-first web browser leveraged the Fastly platform to power a native, in-browser VPN.

•A global social media provider selected Fastly in a critical cross-sell win to secure its global API traffic.

•A leading digital payment conglomerate expanded its Fastly footprint by adding 10 new products and services on our platform.

•A multi-national tech company chose Fastly for our network, security and privacy offerings to accelerate and secure their critical workloads.


Calculations of Key and Other Selected Metrics – Quarterly (unaudited)
	Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			Q1 2026
Revenue by Product (in millions):
Network Services Revenue	$	104.2		$	107.4		$	110.1		$	113.3		$	114.9		$	118.8		$	130.8		$	126.2
Security Revenue	$	25.4		$	26.2		$	26.9		$	26.4		$	29.3		$	34.0		$	35.4		$	38.8
Other Revenue	$	2.8		$	3.6		$	3.6		$	4.8		$	4.5		$	5.4		$	6.4		$	8.0
Total Revenue	$	132.4		$	137.2		$	140.6		$	144.5		$	148.7		$	158.2		$	172.6		$	173.0
Key Metrics:
Large Customer Count(6)	601			576			596			595			622			627			628			634
Large Customer Revenue %	91		%	92		%	93		%	93		%	94		%	94		%	94		%	94		%
Top Ten Customer Revenue %	34		%	33		%	32		%	33		%	31		%	32		%	34		%	34		%
LTM Net Retention Rate (NRR)(2)	110		%	105		%	102		%	100		%	104		%	106		%	110		%	113		%
Remaining Performance Obligations (RPO)(1)	$	220.2		$	231.1		$	227.6		$	225.9		$	247.1		$	268.0		$	353.8		$	368.7
Current RPO %(7)	78.0		%	78.0		%	79.0		%	69.0		%	76.0		%	77.0		%	70.0		%	75.0		%

Exhibit 99.2

Corporate Highlights

Key Financial & Metrics Highlights

•Total revenue of $173.0 million, representing 20% year-over-year growth highlighted by Security revenue growing 47% year-over-year and representing 22% of total revenue.

•Remaining Performance Obligations (RPO)1 were $369 million, up 63% from $226 million in the first quarter of 2025.

•Last 12-month net retention rate (LTM NRR)2 increased to 113% in the first quarter from 110% in the fourth quarter of 2025.

Second Quarter and Full Year 2026 Guidance


	Q2 2026	Full Year 2026
Total Revenue (millions)	$170.0 - $176.0	$710.0 - $725.0
Non-GAAP Operating Income (millions)(3)	$12.0 - $16.0	$58.0 - $68.0
Non-GAAP Net Income per share(4)(5)	$0.05 - $0.08	$0.27 - $0.33

Key Metrics

1.Remaining Performance Obligations include future committed revenue for periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied. During the third quarter of 2025, we identified an error in RPO calculations from certain contracts with a termination-for-convenience clause. We recast the presentation of RPO for all prior periods presented to reflect the correction of this error.

2.We calculate LTM Net Retention Rate by dividing the total customer revenue for the prior twelve-month period (“prior 12-month period”) ending at the beginning of the last twelve-month period (“LTM period”) minus revenue contraction due to billing decreases or customer churn, plus revenue expansion due to billing increases during the LTM period from the same customers by the total prior 12-month period revenue. We believe the LTM Net Retention Rate is supplemental as it removes some of the volatility that is inherent in a usage-based business model.

3.For a reconciliation of non-GAAP financial measures to their corresponding GAAP measures, please refer to the reconciliation table at the end of this supplement.

4.Assumes weighted average diluted shares outstanding of 182.6 million in Q2 2026 and 182.0 million for the full year 2026.

5.Non-GAAP net income (loss) per share is calculated as Non-GAAP net income (loss) divided by weighted average diluted shares for 2026.

6.Our large customers are defined as those with annualized current quarter revenue in excess of $100,000. This is calculated by taking the revenue for each customer within the quarter and multiplying it by four.

7.Current RPO % is calculated as RPO expected to be recognized over the next 12 months divided by total RPO. During the third quarter of 2025, we identified an error in RPO calculations from certain contracts with a termination-for-convenience clause. We recast the presentation of current RPO for all prior periods presented to reflect the correction of this error.

Forward-Looking Statements

This investor supplement contains “forward-looking” statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include, but are not limited to, statements regarding our future financial and operating performance and shareholder returns, including our outlook and guidance and ability to improve liquidity; our ability to acquire new customers, expand cross-sell opportunities, and grow market share; our ability to enrich our revenue mix with platform enhancements; our ability to accelerate global growth; the performance, capabilities, and expectations regarding customer experiences with Bot Management with Content Guard, the API Security suite, including API Discovery, Next-Gen WAF, Fastly Agent Toolkit and its ability to enable coding agents to work with Fastly, and Object Storage; and Fastly's strategies, platform, and business plans. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports Fastly files with the Securities and Exchange Commission (“SEC”), including those more fully described in Fastly's Annual Report on Form 10-K for the year ended December 31, 2025. Additional information will also be set forth in Fastly’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and other filings and reports that Fastly may file from time to time with the SEC. Copies of reports filed with the SEC are posted on Fastly’s website and are available from Fastly without charge.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), the Company uses the following non-GAAP measures of financial performance: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP basic and diluted net income (loss) per common share, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, free cash flow and adjusted EBITDA. The presentation of this additional financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. These non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. In addition, these non-GAAP financial measures may be different from the non-GAAP financial measures used by other companies. These non-GAAP measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Management compensates for these limitations by reconciling these non-GAAP financial measures to the most comparable GAAP financial measures within our earnings releases.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net income (loss) and non-GAAP basic and diluted net income (loss) per common share, non-GAAP research and development, non-GAAP sales and marketing, and non-GAAP general and administrative differ from GAAP in that they exclude stock-based compensation expense and related employer payroll taxes, amortization of capitalized stock-based compensation - cost of revenue, amortization of acquired intangible assets, executive transition costs, net gain on extinguishment of debt, impairment expense, restructuring charges, gain on modification of lease, and amortization of debt discount and issuance costs.

Adjusted EBITDA: excludes stock-based compensation expense and related employer payroll taxes, amortization of capitalized stock-based compensation - cost of revenue, gain on modification of lease, depreciation and other amortization expenses, amortization of acquired intangible assets, net gain on extinguishment of debt, impairment expense, executive transition costs, restructuring charges, interest income, interest expense, including amortization of debt discount and issuance costs, other income (expense), net, and income taxes.

Executive Transition Costs: consists of one-time cash charges recognized with respect to changes in our executive’s employment status. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results, or future outlook.

Free Cash Flow: calculated as net cash used in operating activities less purchases of property and equipment, net of proceeds from sale of property and equipment, principal payments of finance lease liabilities, capitalized internal-use software costs and advance payments made related to capital expenditures. Management specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Management considers non-GAAP free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Fastly's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

Gain on Modification of Lease: consists of a one-time non-cash charge recognized with respect to the modification of our leases. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results, or future outlook.

Impairment Expense: consists of charges related to our long-lived assets. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Interest Income: consists primarily of interest income related to our marketable securities. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Net Gain on Debt Extinguishment: relates to net gain on the partial repurchase of our outstanding convertible debt. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Other Income (Expense), Net: consists primarily of foreign currency transaction gains and losses. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Restructuring Charges: consists primarily of employee-related severance and termination benefits related to management's restructuring plan that resulted in a reduction in our workforce. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

our performance and compare our operating results to peer companies, similar to stock-based compensation, management considers it appropriate to exclude amortization of capitalized stock-based compensation from our non-GAAP financial measures.

In the financial tables below, the Company provides a reconciliation of the most comparable GAAP financial measure to the historical non-GAAP financial measures used in this investor supplement.

Consolidated Statements of Operations – Quarterly

(unaudited, in thousands, except per share amounts)


	Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026
Revenue	$	132,371	$	137,206	$	140,579	$	144,474	$	148,709	$	158,223	$	172,612	$	173,021
Cost of revenue(1)	59,470		62,466		65,516		67,676		67,593		65,894		66,652		64,840
Gross profit	72,901		74,740		75,063		76,798		81,116		92,329		105,960		108,181
Operating expenses:
Research and development(1)	35,106		31,884		32,742		37,429		42,221		41,421		41,591		41,972
Sales and marketing(1)	52,959		45,994		50,050		49,313		51,100		49,998		51,023		55,114
General and administrative(1)	28,433		27,173		26,154		28,235		24,323		29,698		28,436		34,990
Impairment expense	3,137		559		448		—		415		—		—		—
Restructuring charges	—		9,720		—		—		—		—		—		—
Total operating expenses	119,635		115,330		109,394		114,977		118,059		121,117		121,050		132,076
Loss from operations	(46,734)		(40,590)		(34,331)		(38,179)		(36,943)		(28,788)		(15,090)		(23,895)
Net gain on extinguishment of debt	—		—		1,365		—		—		—		941		—
Interest income	3,937		3,819		3,267		2,975		3,084		3,080		3,151		2,927
Interest expense	(464)		(473)		(1,231)		(3,173)		(3,164)		(3,161)		(3,201)		(3,306)
Other income (expense), net	193		(317)		(815)		(80)		39		(55)		(625)		(380)
Loss before income taxes	(43,068)		(37,561)		(31,745)		(38,457)		(36,984)		(28,924)		(14,824)		(24,654)
Income tax expense (benefit)	661		455		1,141		691		557		559		681		(4,130)
Net loss	$	(43,729)	$	(38,016)	$	(32,886)	$	(39,148)	$	(37,541)	$	(29,483)	$	(15,505)	$	(20,524)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.32)	$	(0.27)	$	(0.23)	$	(0.27)	$	(0.26)	$	(0.20)	$	(0.10)	$	(0.13)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	137,444		139,237		141,085		143,284		145,780		148,129		150,324		153,579

__________

(1)Includes stock-based compensation expense as follows:


	Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026
Cost of revenue	$	2,044	$	1,911	$	1,910	$	1,939	$	2,573	$	2,861	$	2,764	$	2,536
Research and development	7,983		7,378		7,922		8,893		11,755		11,915		11,890		10,030
Sales and marketing	7,058		7,113		7,047		6,693		8,176		8,754		9,348		9,353
General and administrative	9,063		8,614		8,066		8,057		3,831		9,599		8,275		13,062
Total	$	26,148	$	25,016	$	24,945	$	25,582	$	26,335	$	33,129	$	32,277	$	34,981

Reconciliation of GAAP to Non-GAAP Financial Measures - Quarterly

(unaudited, in thousands, except per share amounts)


	Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026
Gross profit
GAAP gross profit	$	72,901	$	74,740	$	75,063	$	76,798	$	81,116	$	92,329	$	105,960	$	108,181
Stock-based compensation expense and related employer payroll taxes(1)	2,044		1,911		1,910		1,939		2,573		2,861		2,764		2,748
Amortization of capitalized stock-based compensation - cost of revenue	1,184		1,338		1,371		1,641		1,581		1,664		1,662		1,688
Amortization of acquired intangible assets	2,475		2,475		2,475		2,475		2,475		2,475		—		—
Non-GAAP gross profit	78,604		80,464		80,819		82,853		87,745		99,329		110,386		112,617
GAAP gross margin	55.1%		54.5%		53.4%		53.2%		54.5%		58.4%		61.4%		62.5%
Non-GAAP gross margin	59.4%		58.6%		57.5%		57.3%		59.0%		62.8%		64.0%		65.1%
Research and development
GAAP research and development	35,106		31,884		32,742		37,429		42,221		41,421		41,591		41,972
Stock-based compensation expense and related employer payroll taxes(1)	(7,983)		(7,378)		(7,922)		(8,893)		(11,755)		(11,915)		(11,890)		(11,388)
Executive transition costs	—		—		—		—		—		(326)		(221)		—
Non-GAAP research and development	27,123		24,506		24,820		28,536		30,466		29,180		29,480		30,584
Sales and marketing
GAAP sales and marketing	52,959		45,994		50,050		49,313		51,100		49,998		51,023		55,114
Stock-based compensation expense and related employer payroll taxes(1)	(7,058)		(7,113)		(7,047)		(6,693)		(8,176)		(8,754)		(9,348)		(10,140)
Amortization of acquired intangible assets	(2,301)		(2,300)		(2,299)		(2,301)		(2,279)		(2,159)		(2,159)		(2,159)
Executive transition costs	—		—		—		—		—		—		—		(262)
Non-GAAP sales and marketing	43,600		36,581		40,704		40,319		40,645		39,085		39,516		42,553
General and administrative
GAAP general and administrative	28,433		27,173		26,154		28,235		24,323		29,698		28,436		34,990
Stock-based compensation expense and related employer payroll taxes(1)	(9,063)		(8,614)		(8,066)		(8,057)		(3,831)		(9,599)		(8,275)		(13,592)
Executive transition costs	—		—		—		(335)		—		(643)		—		(1,061)
Gain on modification of lease	—		—		—		—		736		—		—		—
Non-GAAP general and administrative	19,370		18,559		18,088		19,843		21,228		19,456		20,161		20,337
Operating income (loss)
GAAP operating loss	(46,734)		(40,590)		(34,331)		(38,179)		(36,943)		(28,788)		(15,090)		(23,895)
Stock-based compensation expense and related employer payroll taxes(1)	26,148		25,016		24,945		25,582		26,335		33,129		32,277		37,868
Amortization of capitalized stock-based compensation - cost of revenue	1,184		1,338		1,371		1,641		1,581		1,664		1,662		1,688
Restructuring charges	—		9,720		—		—		—		—		—		—
Executive transition costs	—		—		—		335		—		969		221		1,323
Gain on modification of lease	—		—		—		—		(736)		—		—		—
Amortization of acquired intangible assets	4,776		4,775		4,774		4,776		4,754		4,634		2,159		2,159
Impairment expense	3,137		559		448		—		415		—		—		—
Non-GAAP operating income (loss)	(11,489)		818		(2,793)		(5,845)		(4,594)		11,608		21,229		19,143
Net income (loss)
GAAP net loss	(43,729)		(38,016)		(32,886)		(39,148)		(37,541)		(29,483)		(15,505)		(20,524)
Stock-based compensation expense and related employer payroll taxes(1)	26,148		25,016		24,945		25,582		26,335		33,129		32,277		37,868
Amortization of capitalized stock-based compensation - cost of revenue	1,184		1,338		1,371		1,641		1,581		1,664		1,662		1,688
Restructuring charges	—		9,720		—		—		—		—		—		—
Executive transition costs	—		—		—		335		—		969		221		1,323
Gain on modification of lease	—		—		—		—		(736)		—		—		—
Amortization of acquired intangible assets	4,776		4,775		4,774		4,776		4,754		4,634		2,159		2,159
Net gain on extinguishment of debt	—		—		(1,365)		—		—		—		(941)		—
Impairment expense	3,137		559		448		—		415		—		—		—
Amortization of debt issuance costs	349		358		318		217		217		216		257		401
Non-GAAP net income (loss)	$	(8,135)	$	3,750	$	(2,395)	$	(6,597)	$	(4,975)	$	11,129	$	20,130	$	22,915
GAAP net loss per common share — basic and diluted	$	(0.32)	$	(0.27)	$	(0.23)	$	(0.27)	$	(0.26)	$	(0.20)	$	(0.10)	$	(0.13)
Non-GAAP net income (loss) per common share — basic	$	(0.06)	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.08	$	0.13	$	0.15
Non-GAAP net income (loss) per common share — diluted	$	(0.06)	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.07	$	0.12	$	0.13
Weighted average basic common shares	137,444		139,237		141,085		143,284		145,780		148,129		150,324		153,579
Weighted average diluted common shares	137,444		143,415		141,085		143,284		145,780		161,229		164,074		176,494

(1)Similar to stock-based compensation, we believe it is also appropriate to exclude employer payroll taxes related to stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. However, we have not historically done so. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2026, we are excluding stock-based compensation related employer payroll taxes from our non-GAAP financial measures. We did not recast the presentation for all prior periods presented due to the immaterial amount of such payroll taxes. Refer to Non-GAAP Financial Measures definition for further details.

Reconciliation of GAAP to Non-GAAP Financial Measures - Quarterly (Continued)

(unaudited, in thousands, except per share amounts)


	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Reconciliation of GAAP to Non-GAAP diluted shares:
GAAP diluted shares	137,444	139,237	141,085	143,284	145,780	148,129	150,324	153,579
Other dilutive equity awards	—	4,178	—	—	—	13,100	13,750	22,915
Non-GAAP diluted shares	137,444	143,415	141,085	143,284	145,780	161,229	164,074	176,494
Non-GAAP diluted net income (loss) per share	(0.06)	0.03	(0.02)	(0.05)	(0.03)	0.07	0.12	0.13


	Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026
Adjusted EBITDA
GAAP net loss	$	(43,729)	$	(38,016)	$	(32,886)	$	(39,148)	$	(37,541)	$	(29,483)	$	(15,505)	$	(20,524)
Stock-based compensation expense and related employer payroll taxes(1)	26,148		25,016		24,945		25,582		26,335		33,129		32,277		37,868
Amortization of capitalized stock-based compensation - cost of revenue	1,184		1,338		1,371		1,641		1,581		1,664		1,662		1,688
Gain on modification of lease	—		—		—		—		(736)		—		—		—
Depreciation and other amortization	13,443		13,781		13,911		13,650		13,505		14,101		13,725		10,320
Amortization of acquired intangible assets	4,776		4,775		4,774		4,776		4,754		4,634		2,159		2,159
Amortization of debt discount and issuance costs	349		358		318		217		217		216		257		401
Net gain on extinguishment of debt	—		—		(1,365)		—		—		—		(941)		—
Impairment expense	3,137		559		448		—		415		—		—		—
Executive transition costs	—		—		—		335		—		969		221		1,323
Restructuring charges	—		9,720		—		—		—		—		—		—
Interest income	(3,937)		(3,819)		(3,267)		(2,975)		(3,084)		(3,080)		(3,151)		(2,927)
Interest expense	115		115		913		2,956		2,947		2,945		2,944		2,905
Other (income) expense, net	(193)		317		815		80		(39)		55		625		380
Income tax (benefit) expense	661		455		1,141		691		557		559		681		(4,130)
Adjusted EBITDA	$	1,954	$	14,599	$	11,118	$	7,805	$	8,911	$	25,709	$	34,954	$	29,463

(1)Similar to stock-based compensation, we believe it is also appropriate to exclude employer payroll taxes related to stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. However, we have not historically done so. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2026, we are excluding stock-based compensation related employer payroll taxes from our non-GAAP financial measures. We did not recast the presentation for all prior periods presented due to the immaterial amount of such payroll taxes. Refer to Non-GAAP Financial Measures definition for further details.

Non-GAAP Consolidated Statements of Operations - Quarterly

(unaudited, in thousands, except per share amounts)


	Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026
Revenue	$	132,371	$	137,206	$	140,579	$	144,474	$	148,709	$	158,223	$	172,612	$	173,021
Cost of revenue(1)(2)(3)	53,767		56,742		59,760		61,621		60,964		58,894		62,226		60,404
Gross profit(1)(2)	78,604		80,464		80,819		82,853		87,745		99,329		110,386		112,617
Operating expenses:
Research and development(1)(4)	27,123		24,506		24,820		28,536		30,466		29,180		29,480		30,584
Sales and marketing(1)(3)	43,600		36,581		40,704		40,319		40,645		39,085		39,516		42,553
General and administrative(1)(4)(5)	19,370		18,559		18,088		19,843		21,228		19,456		20,161		20,337
Total operating expenses(1)(2)(3)(4)(5)(6)(7)	90,093		79,646		83,612		88,698		92,339		87,721		89,157		93,474
Income (loss) from operations(1)(2)(3)(4)(5)(6)(7)	(11,489)		818		(2,793)		(5,845)		(4,594)		11,608		21,229		19,143
Interest income	3,937		3,819		3,267		2,975		3,084		3,080		3,151		2,927
Interest expense(8)	(115)		(115)		(913)		(2,956)		(2,947)		(2,945)		(2,944)		(2,905)
Other income (expense), net	193		(317)		(815)		(80)		39		(55)		(625)		(380)
Income (loss) before income taxes(1)(2)(3)(4)(5)(6)(7)(8)(9)	(7,474)		4,205		(1,254)		(5,906)		(4,418)		11,688		20,811		18,785
Income tax expense (benefit)	661		455		1,141		691		557		559		681		(4,130)
Net income (loss)(1)(2)(3)(4)(5)(6)(7)(8)(9)	$	(8,135)	$	3,750	$	(2,395)	$	(6,597)	$	(4,975)	$	11,129	$	20,130	$	22,915
Net income (loss) per share attributable to common stockholders, basic	$	(0.06)	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.08	$	0.13	$	0.15
Net income (loss) per share attributable to common stockholders, diluted	$	(0.06)	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.07	$	0.12	$	0.13
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic	137,444		139,237		141,085		143,284		145,780		148,129		150,324		153,579
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted	137,444		143,415		141,085		143,284		145,780		161,229		164,074		176,494

(1)Excludes stock-based compensation expense and related employer payroll taxes. See GAAP to Non-GAAP reconciliations.

(2)Excludes amortization of capitalized stock-based compensation - cost of revenue. See GAAP to Non-GAAP reconciliations.

(3)Excludes amortization of acquired intangible assets. See GAAP to Non-GAAP reconciliations.

(4)Excludes executive transition costs. See GAAP to Non-GAAP reconciliations.

(5)Excludes gain on modification of lease. See GAAP to Non-GAAP reconciliations.

(6)Excludes impairment expense. See GAAP to Non-GAAP reconciliations.

(7)Excludes restructuring charges. See GAAP to Non-GAAP reconciliations.

(8)Excludes amortization of debt discount and issuance costs. See GAAP to Non-GAAP reconciliations.

(9)Excludes net gain on extinguishment of debt. See GAAP to Non-GAAP reconciliations.

Consolidated Balance Sheets - Quarterly

(unaudited, in thousands)


	Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026
Assets
Current assets:
Cash and cash equivalents	$	147,196	$	217,514	$	286,175	$	125,484	$	82,487	$	113,131	$	180,563	$	146,670
Marketable securities	164,569		90,733		9,707		181,808		238,721		229,780		181,196		183,819
Accounts receivable, net of allowance for credit losses	113,878		116,800		115,988		119,035		117,318		109,184		118,029		130,037
Prepaid expenses and other current assets	25,312		28,011		28,325		26,243		26,137		27,689		26,921		29,560
Total current assets	450,955		453,058		440,195		452,570		464,663		479,784		506,709		490,086
Property and equipment, net	177,058		180,288		179,097		177,876		181,770		182,896		186,785		215,911
Operating lease right-of-use assets, net	52,451		47,700		50,433		48,802		54,001		53,050		52,067		57,697
Goodwill	670,356		670,356		670,356		670,356		670,356		670,356		670,356		670,356
Intangible assets, net	52,676		47,776		42,876		37,976		32,814		28,055		25,771		23,494
Other assets	79,176		72,576		68,402		61,665		59,573		56,461		57,789		55,984
Total assets	$	1,482,672	$	1,471,754	$	1,451,359	$	1,449,245	$	1,463,177	$	1,470,602	$	1,499,477	$	1,513,528
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	5,532	$	11,354	$	6,044	$	9,802	$	13,344	$	10,829	$	17,612	$	39,006
Accrued expenses	34,445		40,854		41,622		37,165		45,282		60,421		70,669		45,523
Long-term debt, current	—		—		—		187,871		188,051		188,232		38,557		—
Finance lease liabilities, current	8,178		4,882		2,328		617		80		—		—		—
Operating lease liabilities, current	25,399		23,857		25,155		26,988		23,673		23,676		24,427		28,107
Deferred revenue	—		—		—		—		—		—		35,234		39,560
Other current liabilities	35,748		33,261		29,307		38,442		42,373		45,757		7,499		11,244
Total current liabilities	109,302		114,208		104,456		300,885		312,803		328,915		193,998		163,440
Long-term debt, net	344,167		344,498		337,614		149,874		149,883		149,893		323,282		323,620
Operating lease liabilities, non-current	44,634		40,565		39,561		36,615		48,577		47,106		43,921		46,019
Other long-term liabilities	3,382		3,029		4,478		4,848		9,267		7,723		8,698		3,303
Total liabilities	501,485		502,300		486,109		492,222		520,530		533,637		569,899		536,382
Stockholders’ equity:
Common stock	3		3		3		3		3		3		3		3
Additional paid-in capital	1,903,374		1,929,397		1,958,157		1,989,108		2,012,312		2,035,956		2,044,103		2,112,577
Accumulated other comprehensive loss	(282)		(22)		(100)		(130)		(169)		(12)		(41)		(423)
Accumulated deficit	(921,908)		(959,924)		(992,810)		(1,031,958)		(1,069,499)		(1,098,982)		(1,114,487)		(1,135,011)
Total stockholders’ equity	981,187		969,454		965,250		957,023		942,647		936,965		929,578		977,146
Total liabilities and stockholders’ equity	$	1,482,672	$	1,471,754	$	1,451,359	$	1,449,245	$	1,463,177	$	1,470,602	$	1,499,477	$	1,513,528

Consolidated Statements of Cash Flows – Quarterly

(unaudited, in thousands)


	Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026
Cash flows from operating activities:
Net loss	$	(43,729)	$	(38,016)	$	(32,886)	$	(39,148)	$	(37,541)	$	(29,483)	$	(15,505)	$	(20,524)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense	13,318		13,656		13,786		15,167		14,962		15,639		15,263		11,892
Amortization of intangible assets	4,900		4,900		4,900		4,900		4,878		4,759		2,284		2,277
Non-cash lease expense	5,800		5,463		5,655		5,655		5,694		5,476		5,620		6,198
Amortization of debt discount and issuance costs	349		358		316		217		217		216		256		401
Amortization of deferred contract costs	4,531		4,773		4,746		4,850		4,847		4,869		4,803		4,758
Stock-based compensation	26,148		25,016		24,945		25,582		26,335		33,129		32,277		34,981
Deferred income taxes	333		339		893		422		327		289		395		(4,330)
Provision for credit losses	393		1,054		1,434		946		1,048		1,236		951		1,518
Loss on disposals of property and equipment	45		—		96		—		(43)		—		229		276
Accretion of discounts on investments	(1,244)		(1,064)		(507)		(626)		(1,356)		(1,305)		(1,416)		(798)
Impairment of operating lease right-of-use assets	—		371		—		—		—		—		—		—
Impairment expense	3,137		559		448		—		415		—		—		—
Net gain on extinguishment of debt	—		—		(1,365)		—		—		—		(941)		—
Other adjustments	(178)		520		(897)		376		(84)		(189)		446		(218)
Changes in operating assets and liabilities:
Accounts receivable	(6,754)		(3,976)		(622)		(3,993)		669		6,898		(9,796)		(13,526)
Prepaid expenses and other current assets	(2,131)		(2,589)		(207)		2,216		121		(1,526)		768		(2,639)
Other assets	(3,210)		(2,705)		(4,140)		(2,095)		(6,076)		(4,820)		(6,554)		1,350
Accounts payable	(341)		4,754		(3,903)		2,575		3,446		(2,741)		1,209		6,812
Accrued expenses	1,911		2,707		1,220		(3,383)		1,577		1,339		20		3,523
Operating lease liabilities	(4,406)		(7,329)		(7,200)		(5,556)		(2,332)		(5,774)		(7,045)		(5,809)
Other liabilities	(3,820)		(3,789)		(1,492)		9,183		8,694		912		(830)		2,724
Net cash provided by (used in) operating activities	(4,948)		5,002		5,220		17,288		25,798		28,924		22,434		28,866
Cash flows from investing activities:
Purchases of marketable securities	(60,249)		(37,902)		—		(179,486)		(93,440)		(79,136)		(37,775)		(179,340)
Sales of marketable securities	—		—		—		—		—		18,128		7,808		—
Maturities of marketable securities	77,597		113,032		81,480		7,969		37,836		71,417		79,954		177,143
Advance payment for purchase of property and equipment	(790)		—		—		—		—		—		—		—
Purchases of property and equipment	(1,762)		(1,996)		(4,969)		(2,605)		(9,852)		(6,046)		(10,191)		(21,021)
Proceeds from sale of property and equipment	24		—		—		—		44		—		—		—
Capitalized internal-use software	(6,829)		(6,818)		(5,602)		(4,763)		(4,542)		(4,707)		(3,645)		(3,736)
Net cash provided by (used in) investing activities	7,991		66,316		70,909		(178,885)		(69,954)		(344)		36,151		(26,954)
Cash flows from financing activities:
Repayment of convertible senior notes	—		—		—		—		—		—		—		(38,593)
Proceeds from issuance of convertible notes	—		—		—		—		—		—		180,000		—
Payments of issuance costs for convertible notes	—		—		(5,729)		—		—		—		(5,924)		(502)
Cash paid for debt extinguishment	—		—		—		—		—		—		(148,875)		—
Payments for purchase of capped calls	—		—		—		—		—		—		(18,162)		—
Repayments of finance lease liabilities	(4,236)		(3,296)		(2,554)		(1,711)		(537)		(80)		—		—
Payment of deferred consideration for business acquisitions	(3,771)		—		—		—		—		—		—		—
Proceeds from exercise of vested stock options	180		19		805		408		279		71		286		1,043
Proceeds from employee stock purchase plan	1,034		2,168		161		2,131		1,240		2,106		1,529		2,279
Net cash provided by (used in) financing activities	(6,793)		(1,109)		(7,317)		828		982		2,097		8,854		(35,773)
Effects of exchange rate changes on cash and cash equivalents	(13)		109		(151)		78		177		(33)		(7)		(32)
Net increase (decrease) in cash and cash equivalents	(3,763)		70,318		68,661		(160,691)		(42,997)		30,644		67,432		(33,893)
Cash and cash equivalents at beginning of period	150,959		147,196		217,514		286,175		125,484		82,487		113,131		180,563
Cash and cash equivalents at end of period	$	147,196	$	217,514	$	286,175	$	125,484	$	82,487	$	113,131	$	180,563	$	146,670

Free Cash Flow

(in thousands, unaudited)


	Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026
Net cash provided by (used in) operating activities	$	(4,948)	$	5,002	$	5,220	$	17,288	$	25,798	$	28,924	$	22,434	$	28,866
Capital expenditures(1):
Purchases of property and equipment	(1,762)		(1,996)		(4,969)		(2,605)		(9,852)		(6,046)		(10,191)		(21,021)
Proceeds from sale of property and equipment	24		—		—		—		44		—		—		—
Capitalized internal-use software	(6,829)		(6,818)		(5,602)		(4,763)		(4,542)		(4,707)		(3,645)		(3,736)
Repayments of finance lease liabilities	(4,236)		(3,296)		(2,554)		(1,711)		(537)		(80)		—		—
Advance payment for purchase of property and equipment	(790)		—		—		—		—		—		—		—
Free Cash Flow	$	(18,541)	$	(7,108)	$	(7,905)	$	8,209	$	10,911	$	18,091	$	8,598	$	4,109

__________

Source: View Original Filing on SEC EDGAR

FAQ

How did Fastly (FSLY) perform financially in Q1 2026?

Fastly delivered record Q1 2026 revenue of $173.0 million, up 20% year over year. GAAP net loss improved to $20.5 million, while non-GAAP net income reached $22.9 million and non-GAAP diluted EPS was $0.13, reflecting stronger margins and cost discipline.

How fast is Fastly (FSLY) growing its security revenue?

Fastly’s security revenue reached $38.8 million in Q1 2026, growing 47% year over year. Security products now contribute 22% of total revenue, highlighting a shift toward higher-value, security-focused offerings that complement its core network services business.

What do Fastly’s Q1 2026 margins and profitability look like?

Fastly’s GAAP gross margin expanded to 62.5%, while non-GAAP gross margin reached 65.1% in Q1 2026. GAAP net loss narrowed to $20.5 million, and non-GAAP net income was $22.9 million, indicating meaningful operating leverage and improved efficiency.

How strong are Fastly’s (FSLY) demand indicators like RPO and net retention?

Remaining performance obligations were $369 million in Q1 2026, up 63% from $226 million a year earlier. Fastly’s last 12‑month net retention rate improved to 113%, suggesting healthy expansion from existing customers and durable contracted revenue.

What guidance did Fastly provide for Q2 and full-year 2026?

For Q2 2026, Fastly guided to $170.0–$176.0 million in revenue and non-GAAP EPS of $0.05–$0.08. For full-year 2026, it expects $710.0–$725.0 million in revenue and non-GAAP EPS of $0.27–$0.33, reflecting raised expectations.

What was Fastly’s cash flow performance in Q1 2026?

Fastly generated $28.9 million of operating cash flow in Q1 2026, up from $17.3 million a year earlier. Free cash flow was positive at $4.1 million, compared with $8.2 million in the prior-year quarter, after higher capital expenditures.

Filing Exhibits & Attachments

5 documents

Record Q1 for Fastly (NYSE: FSLY) with 20% revenue growth

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Fastly (FSLY) perform financially in Q1 2026?

How fast is Fastly (FSLY) growing its security revenue?

What do Fastly’s Q1 2026 margins and profitability look like?

How strong are Fastly’s (FSLY) demand indicators like RPO and net retention?

What guidance did Fastly provide for Q2 and full-year 2026?

What was Fastly’s cash flow performance in Q1 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

Record Q1 for Fastly (NYSE: FSLY) with 20% revenue growth

Rhea-AI Filing Summary

Positive

Negative

Insights

Equity research analyst positive

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Fastly (FSLY) perform financially in Q1 2026?

How fast is Fastly (FSLY) growing its security revenue?

What do Fastly’s Q1 2026 margins and profitability look like?

How strong are Fastly’s (FSLY) demand indicators like RPO and net retention?

What guidance did Fastly provide for Q2 and full-year 2026?

What was Fastly’s cash flow performance in Q1 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents