Company: CWAN
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001866368-25-000031
Chunk: 140

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 140
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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. 

36

Cost of Revenue

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(In thousands, except percentages)20252024$ Change% Change20252024$ Change% ChangeEquity-based compensation$4,398 $3,460 $938 27 %$12,480 $9,879 $2,601 26 %All other cost of revenue66,240 27,897 38,343 137 %155,504 79,547 75,957 95 %Total cost of revenue$70,638 $31,357 $39,281 125 %$167,984 $89,426 $78,558 88 %Percent of revenue34 %27 %33 %27 %

Cost of revenue changed as follows:

Change From 2024 to 2025 QTDChange From 2024 to 2025 YTD(in thousands)Increased depreciation and amortization$19,171 $34,818 Increased payroll and related costs12,728 28,249 Increased data costs3,822 7,994 Increased technology costs1,389 3,426 Increased equity-based compensation938 2,601 Increased facility costs910 1,255 Other items323 215 Total change$39,281 $78,558 

The increase in cost of revenue for the three and nine months ended September 30, 2025 was primarily