Company: CWAN
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001866368-25-000031
Chunk: 66

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 66
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 our consolidated statements of operations data expressed as a percentage of revenue for the periods indicated.

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Revenue100%100%100%100%Cost of revenue34%27%33%27%Gross profit66%73%67%73%Operating expenses:Research and development25%32%27%34%Sales and marketing22%15%20%15%General and administrative15%20%20%20%Total operating expenses62%67%67%69%Income (loss) from operations3%6%0%3%Interest expense8%1%6%1%Tax receivable agreement expense0%5 %0%4%Other (income) expense, net0%(3%)(1%)(3%)Income (loss) before income taxes(5%)4%(5%)2%Provision for (benefit from) income taxes0%0%0%0%Net income (loss)(5%)4 %(5%)2 %

Comparison of the three and nine months ended September 30, 2025 and 2024 (unaudited)

Revenue

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(In thousands, except percentages)20252024$ Change% Change20252024$ Change% ChangeRevenue$205,110 $115,828 $89,282 77 %$513,911 $325,338 $188,573 58 %

Revenue increased $89.3 million and $188.6 million for the three and nine months ended September 30, 2025 as compared to the corresponding periods in 2024. The increase was due to the acquired customer base from acquired entities, new clients brought onto our classic Clearwater platform, as well as changes to our existing clients’ assets on our classic Clearwater platform and increasing revenue which is not related to assets on our platform. Average assets on our classic Clearwater platform that were billed to new and existing clients increased 14% and 13% for the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024. Average basis point rate billed to clients increased by 2.0% and 3.7% for the three and nine months ended September 30, 2025, respectively, compared to the corresponding periods in 2024. 

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Cost of Revenue