Company: CWAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001866368-25-000018
Chunk: 107

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 107
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%Net income (loss)(13%)0 %(6%)1 %

Comparison of the three and six months ended June 30, 2025 and 2024 (unaudited)

Revenue

Three Months EndedJune 30,Six Months EndedJune 30,(In thousands, except percentages)20252024$ Change% Change20252024$ Change% ChangeRevenue$181,937 $106,791 $75,146 70 %$308,801 $209,510 $99,291 47 %

Revenue increased $75.1 million and $99.3 million for the three and six months ended June 30, 2025 as compared to the corresponding period in 2024. The increase was due to new clients brought onto our Clearwater platform which resulted in an increase in revenue of $8.4 million and $14.9 million for the three and six months ended June 30, 2025, respectively; acquired customer base related to the Enfusion and Beacon acquisitions of $42.5 million and $8.8 million, respectively; and changes to our existing clients’ assets on our Clearwater platform and increasing revenue which is not related to assets on our platform. Average assets on our Clearwater platform that were billed to new and existing clients increased 11% and 12% for the three and six months ended June 30, 2025, respectively, as compared to the corresponding period in 2024. Average basis point rate billed to clients increased by 6.0% and 4.1% for the three and six months ended June 30, 2025, respectively, compared to the corresponding period in 2024. 

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Cost of Revenue

Three Months EndedJune 30,Six Months EndedJune 30,(In thousands, except percentages)20252024$ Change% Change20252024$ Change% ChangeEquity-based compensation$4,619 $3,273 $1,346 41 %$8,083 $6,419 $1,664 26 %All other cost of revenue58,804 26,617 32,187 121 %89,264 51,650 37,614 73 %Total cost of revenue$63,423 $29,890 $33,533 112 %$97,347 $58,069 $39,278 68 %Percent of revenue35 %