Reported results
- Revenue was $227.2 million compared to $180.1 million in Q2 fiscal 2026, up 26.2% year-over-year; subscription revenue was $207.7 million compared to $171.8 million.
- GAAP gross margin was 66.8% compared to 67.7% in Q2 fiscal 2026; non-GAAP gross margin was 68.6% compared to 69.3%.
- GAAP operating loss was $18.1 million compared to $38.8 million in Q2 fiscal 2026; non-GAAP operating income was $22.0 million compared to $6.0 million.
- GAAP net loss per share was $0.17 (111.3 million weighted average shares) compared to $0.26 in Q2 fiscal 2026 (106.8 million weighted average shares); non-GAAP net income per share, diluted, was $0.19 (114.2 million weighted average shares) compared to $0.15.
- Net cash provided by operating activities was $24.2 million compared to $7.0 million; non-GAAP free cash flow was $21.7 million compared to $3.5 million in Q2 fiscal 2026.
- Remaining performance obligations as of July 31, 2026 were $1,092.5 million, of which $691.1 million is current; total customers increased to 2,789 from 2,422 year-over-year; dollar-based net retention for all customers was 110% compared to 108%.
Guidance
- FY 2027 Q3 guidance: Revenue $229.0–$230.0 million; non-GAAP operating income $16.0–$17.0 million; non-GAAP net income $15.0–$16.0 million; non-GAAP net income per share, diluted, $0.13–$0.14 (weighted average shares ~114.5 million).
- FY 2027 full-year guidance: Revenue $910.0–$913.0 million; non-GAAP operating income $75.5–$76.5 million; non-GAAP net income $72.5–$73.5 million; non-GAAP net income per share, diluted, $0.64–$0.65 (weighted average shares ~114.0 million).
Notes
Company notes it has not reconciled non-GAAP guidance to GAAP measures due to uncertainty regarding stock-based compensation expense variability. Six-month period data also provided in financial tables. Document contains detailed reconciliations of non-GAAP measures to GAAP equivalents.
Price and volatility reaction
The stock moved -21.7% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved +30.3 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 30.31 | 2026-09-08 |
| Close after release | 23.725 | 2026-09-09 |
| Realised move | -21.7% | close to close |
| 30d ATM IV change | +30.3 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-09-08 (8-K, Item 2.02). Read the original filing on sec.gov.