Company: FSLY
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001140361-25-015174
Chunk: 34

Company: Fastly, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 34
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 executive officer, principal financial officer, and our other two most highly compensated executive officers, are:

| • | Todd Nightingale, our Chief Executive Officer (our “CEO”); |

| • | Artur Bergman, our Chief Technology Officer; |

| • | Ronald Kisling, our Chief Financial Officer; and |

| • | Scott Lovett, our Chief Revenue Officer. |

Executive Summary 2024 Business Highlights

In 2024, we were challenged by demand headwinds at a small number of our largest customers and took appropriate measures to align our cost structure and go-to-market efforts to the changing environment. As a result, we reduced the revenue concentration of our top-ten customers from 40% of revenue in the fourth quarter of 2023 to 32% of revenue in the fourth quarter of 2024, while growing total revenue year-over-year in 2024. As companies continue to accelerate their digital transformations to adapt to the latest features and trends, they are turning to us for higher performance, best in class security, and low latency to build the most engaging applications. We expanded our platform capabilities to meet these expectations by continuing to invest in product innovation and feature velocity. In 2024, we introduced two additional products to our security portfolio, Fastly Bot Management and Fastly DDoS Protection, to augment our award winning Next-Gen WAF. We also introduced Fastly AI Accelerator and Fastly Object Storage to enhance our edge compute platform capabilities. We continue to enhance our platform’s ease of use by expanding the number of industry partners and open-source industry consortium participation. We simplified the new platform developer onboarding experience by introducing in-app purchases for Fastly DDoS Protection, Object Storage, and AI Accelerator to streamline and simplify our go-to-market. These actions underscore our focus on building community among the builders and maintainers of a faster, safer, and more inclusive internet.

Financially, we finished 2024 on a strong note, delivering fourth quarter revenue of nearly $140.6 million, representing 2% year-over-year growth. This growth was driven by continued demand for our edge platform by both new and existing customers. Additional highlights of our performance in 2024 include:

| • | Total revenue of $543.7 million, representing 7% growth year-over-year |

| • | U.S. GAAP gross margin of 54.4%, compared to 52.6% in fiscal 2023; non-GAAP gross margin of 57.