Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B | B |
| Q2'25 → | B+ | B+ |
| Q3'25 → | B | B- |
| Q4'25 → | B+ | B |
| Q1'26 → | B+ | B+ |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ✅ | Disciplined OpEx management while investing in growth OpEx in line with expectations, operating leverage demonstrated | delivered |
| Q1'26 | ✅ | APJ investment and expansion Singapore office opened, key leadership hires completed | delivered |
| Q1'26 | ✅ | Gross margin expansion on revenue growth 65.1% achieved vs 64% guidance, record high | delivered |
| Q1'26 | ✅ | Security acceleration continuing 47% growth vs 32% last quarter, fourth consecutive quarter acceleration | exceeded |
| Q1'26 | ⏳ | Free cash flow $40-50M for 2026 Maintained despite higher CapEx - will test execution | pending |
| Q1'26 | ✅ | Infrastructure CapEx 10-12% of revenue Maintained guidance despite supply chain pressures | delivered |
| Q1'26 | ✅ | Revenue guidance $700-720M for 2026 Raised to $710-725M, $5M midpoint increase | exceeded |
| Q4'25 | ✅ | Cash CapEx of 10-11% for 2025 Came in at 9% due to $10M timing shift to 2026 | delivered |
| Q4'25 | ✅ | 2025 free cash flow of $25-35M Delivered $45.8M, beat high end by $10.8M | exceeded |
| Q4'25 | ✅ | 2025 gross margins between 60-61% Delivered 60.9%, above range | exceeded |
| Q4'25 | ✅ | 2025 revenue guidance of $610-614M Delivered $624M, beat high end by $10M | exceeded |
| Q4'25 | ✅ | Q4 operating profit of $8-12M Delivered $21.2M, beat high end by $9.2M | exceeded |
| Q4'25 | ✅ | Q4 gross margin of 61.5% +/- 50bps Delivered 64%, beat midpoint by 250bps | exceeded |
| Q4'25 | ✅ | Q4 revenue guidance of $159-163M Delivered $172.6M, beat high end by $9.6M | exceeded |
| Q3'25 | ⏳ | International expansion with targeted 2026 impact Hired APJ leader, seeing early wins but still expecting main impact in 2026 | pending |
| Q3'25 | ✅ | Operating expenses to decline sequentially in Q3 OpEx came in better than expected with lower discretionary spend | delivered |
| Q3'25 | ✅ | Gross margins to improve 50bps in Q3 to 59.5% Delivered 62.8%, 330bps above guidance midpoint | exceeded |
| Q3'25 | ✅ | Positive free cash flow for full year 2025 Raised guidance to $25-35M range, well above breakeven promise | delivered |
| Q3'25 | ✅ | Operating profit during the second half of 2025 $11.6M Q3 operating profit significantly ahead of timeline | exceeded |
| Q3'25 | ✅ | Double-digit growth rates for Q3 revenue Delivered 15% YoY vs promise of double-digit - exceeded expectation | delivered |
| Q2'25 | ✅ | Package deals contributing to committed revenue growth RPO record high at $315M, package renewals up 130% | delivered |
| Q2'25 | ✅ | Revenue from top 10 to remain in low-mid 30s Hit 31% vs 33% prior, within promised range | delivered |
| Q2'25 | ✅ | Pricing environment stabilizing to high teens decline Called out 'favorable pricing' suggesting better than high teens stabilization | exceeded |
| Q2'25 | ⏳ | Security growth to outpace market in back half 15% growth in Q2 is good start, but market rates are mid-teens so need to sustain | pending |
| Q2'25 | ⏳ | Operating profit in second half of 2025 Reiterated commitment, Q3 guidance shows path to positive operating income | pending |
| Q2'25 | ✅ | Double-digit growth rates year-over-year for Q2 Hit 12% growth vs 8% in Q1, exceeded guidance range | delivered |
| Q1'25 | ❌ | Security portfolio expansion would drive growth acceleration Security growth slowed to 7% vs 17% normalized last quarter despite complete portfolio | missed |
| Q1'25 | ✅ | Operating loss $15M-$9M for 2025 Raised guidance to $12M-$6M loss after Q1 beat | exceeded |
| Q1'25 | ✅ | Free cash flow negative $20M to negative $10M in 2025 Q1 delivered +$8.2M, now guiding negative $10M to breakeven for full year | exceeded |
| Q1'25 | ⏳ | Gross margins approximately flat plus/minus 50bps for 2025 Q1 came in 57.3%, tracking well vs ~58% full year guidance | pending |
| Q1'25 | ✅ | 2025 revenue guidance of $575M-$585M (7% growth) Raised to $585M-$595M (9% growth) - beat by $10M at midpoint | exceeded |
| Q1'25 | ✅ | Revenue concentration will stabilize in low to mid-30s Hit 33% in Q1, within the promised range though at high end | delivered |
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