# EDGAR Filing Document

**Accession Number:** 0002063196
**File Stem:** 0001193125-25-315967
**Filing Date:** 2025-12
**Character Count:** 38569
**Document Hash:** 31c9f2dced8b2428051fbe7f13cdffd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-315967.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0001193125-25-315967

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251211

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Netskope Inc
- **CENTRAL INDEX KEY:** 0002063196
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 461141117
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42848
- **FILM NUMBER:** 251565160

**BUSINESS ADDRESS:**
- **STREET 1:** 2445 AUGUSTINE DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95054
- **BUSINESS PHONE:** (800)-979-6988

**MAIL ADDRESS:**
- **STREET 1:** 2445 AUGUSTINE DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95054

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** December 11, 2025<br>

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Netskope, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Delaware | 001-42848 | 46-1141117 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 2445 Augustine Drive, Suite 301 |  |  |
| Santa Clara**,** California |  | 95054 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (800) 979-6988<br>

Not applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Class A Common Stock, $0.0001 par value | NTSK | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On December 11, 2025, Netskope, Inc. (the "Company") issued a press release announcing its financial results for the third quarter of fiscal year 2026 ended October 31, 2025 A copy of the press release is furnished herewith as Exhibit 99.1. The Company makes reference to non-GAAP financial information in the Company's press release. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

**Item 7.01 – Regulation FD Disclosure.**

On December 11, 2025, the Company posted supplemental investor materials on the investor relations section of its website (investors.netskope.com). The Company announces material information to the public about it, its products and services, and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investors.netskope.com), LinkedIn (Netskope) and Instagram (@Netskope) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.

The information contained in Item 2.02 and Item 7.01 of this Current Report on Form 8-K and in the accompanying exhibits are "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

## Item 9.01 Financial Statements and Exhibits.

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1\* | [<u>Press Release issued by Netskope, Inc. dated December 11, 2025</u>](ck0002063196-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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\* Filed herewith.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Netskope, Inc. |
| Date: | December 11, 2025 | By:  | /s/ Drew Del Matto |
|  |  | Name: | Drew Del Matto |
|  |  | Title | Chief Financial Officer |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img109323930_0.jpg](img109323930_0.jpg)

**Netskope Announces Strong Third Quarter Fiscal Year 2026** 

**Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**ARR increased 34% year-over-year to $754 million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Q3 revenue increased 33% year-over-year to $184.2 million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Surpassed $1 billion in Remaining Performance Obligations, reflecting 41% year-over-year growth**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Q3 net cash provided by operating activities was $11.2 million, representing 6% of revenue**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Q3 free cash flow was $10.6 million, representing a positive 6% free cash flow margin**

SANTA CLARA, Calif. – December 11, 2025 – Netskope (NASDAQ: NTSK) a leader in modern security and networking for the cloud and AI era, today announced financial results for the third quarter of fiscal year 2026, ended October 31, 2025.

"We delivered an excellent third quarter with accelerating top line growth and incremental improvements to the bottom line," said Sanjay Beri, CEO of Netskope. "Cloud modernization and AI are fueling strong demand for our market-leading Netskope One platform of security, networking, and analytics products. And, the investments we've made in our foundational technology architecture, NewEdge private cloud, and go-to-market engine are driving clear returns as we successfully scale to address our estimated $149 billion market opportunity."

**Third Quarter Fiscal Year 2026 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Annual Recurring Revenue (ARR):** ARR grew 34% year-over-year to $754 million as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Revenue**: Q3 Revenue was $184.2 million, an increase of 33% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Gross Profit and Margin:** GAAP gross profit was $106.6 million, compared to $91.8 million for the third quarter of fiscal 2025, and GAAP gross margin was 58%, compared to 66% for the third quarter of fiscal 2025. Non-GAAP gross profit was $137.6 million, compared to $97.5 million for the third quarter of fiscal 2025, and non-GAAP gross margin was 75%, compared to 70% for the third quarter of fiscal 2025. Non-GAAP gross profit excludes $28.6 million in stock-based compensation expense and related taxes, compared to $0.6 million in the prior year period, due primarily to the vesting of certain equity awards in conjunction with the initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Loss from Operations and Operating Margin:** GAAP loss from operations was $(447.0) million, compared to a loss of $(53.8) million for the third quarter of fiscal 2025, and GAAP operating margin was (243)%, compared to (39)% for the third quarter of fiscal 2025. Non-GAAP loss from operations was $(28.2) million, compared to a loss of $(35.5) million for the third quarter of fiscal 2025, and non-GAAP operating margin was (15)%, compared to (26)% for the third quarter of fiscal 2025. Non-GAAP loss from operations excludes $416.2 million in stock-based compensation expense and related taxes, compared to $12.3 million in the prior year period, due primarily to the vesting of certain equity awards in conjunction with the initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net Loss Per Share:** GAAP net loss per share was $(1.85), compared to $(0.72) in the third quarter of fiscal 2025. Non-GAAP net loss per share was $(0.10), compared to $(0.37) in the third quarter of fiscal 2025.

------

Non-GAAP net loss per share excludes $0.04 for the loss on the change in fair market value of convertible notes, compared to $0.18 in the year ago period. As of October 31, 2025, the weighted average common stock outstanding was 245 million and the fully-diluted share count under the treasury stock method was approximately 506 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Cash Flow:** Net cash generated from operations was $11.2 million, compared to $(10.9) million used in operations in the third quarter of fiscal 2025 and operating cash flow margin was 6%, compared to (8)% in the third quarter of fiscal 2025. Free cash flow was $10.6 million, compared to $(28.6) million in the third quarter of fiscal 2025 and free cash flow margin was positive 6%, compared to (21)% in the third quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Cash, Cash Equivalents, and Marketable Securities:** Total cash, cash equivalents and marketable securities at the end of the third quarter was $1.2 billion.

**Recent Business Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Completed our Initial Public Offering in September, raising $992.2 million in IPO proceeds, net of underwriting discounts and commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In addition to being recognized as a Leader in both the 2025 Gartner Magic Quadrant for Secure Services Edge (SSE), for **<u>four consecutive years</u>** and a Leader in the 2025 Magic Quadrant for SASE platforms for two consecutive years, during Q3 Fiscal 2026, Netskope was also recognized as:

oA leader in The Forrester Wave™: Secure Access Service Edge Solutions, Q3 2025 report. Netskope was the highest scoring vendor in the report overall and also the highest scoring vendor in Forrester's "Strength of Offering" category.

oA Leader in GigaOMs DLP Radar report and SD-WAN Platforms Radar report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expanded our NewEdge private cloud network with new data centers in Malaysia, Toronto, Hawaii, and Oman to meet growing customer demand. NewEdge now covers close to 80 major metropolitan areas, with over 120 data centers globally, all of which are available to every customer, have full edge compute, and run all services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Announced updates to our Netskope One platform, including:

oUniversal Zero Trust Network Access (UZTNA) enhancements to extend to IoT and OT use cases. Netskope's UZTNA solution helps customers modernize their networks by enabling the consolidation of legacy technologies beyond just Virtual Private Networking (VPN), to also include Network Access Control (NAC) and Virtual Desktop Infrastructure (VDI).

oNew AI-powered innovations which improve efficiency and effectiveness of security teams. This includes an integrated AI agent for Netskope One Private Access, which provides insight into an organization's existing ZTNA network topologies and private application configurations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deepened our collaboration with Microsoft through enterprise security and AI integrations, including Netskope One integration with Microsoft Purview. In addition, we released Netskope One Advanced SSE for Microsoft Entra Global Secure Access (GSA), and new protections for Microsoft 365 Copilot conversations - including GenAI queries, responses, and AI-generated content - using our market-leading data and threat protection delivered through our new CASB API for Microsoft 365 Copilot.

------

**Financial Outlook**

Netskope is providing the following guidance for the fourth quarter of 2026 and fiscal year 2026:

For the fourth quarter of fiscal 2026, we expect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Q4 revenue of $188 million to $190 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP operating margin of (14.0)% to (13.0)%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP net loss per share of $(0.07) to $(0.05), using approximately 400 million weighted average common stock outstanding

For the full year of fiscal 2026, we expect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenue of $701 million to $703 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP gross margin of approximately 75%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP operating margin of (17.0)% to (16.5)%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP net loss per share of $(0.53) to $(0.51), using approximately 215 million weighted average common stock outstanding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Free cash flow of $5 million to $8 million

These statements are forward-looking, and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling items that may be incurred in the future, such as stock-based compensation and related employer payroll taxes, the effect of which may be significant.

**Conference Call**

Netskope will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of Netskope's website at investors.netskope.com.

**Supplemental Financial and Other Information:**

Supplemental financial information can be accessed through Netskope's investor relations website at investors.netskope.com.

**About Netskope**

Netskope (NASDAQ: NTSK), a leader in modern security and networking for the cloud and AI era, addresses the needs of both security and networking teams by providing optimized access and real-time, context-based security for people, devices, and data anywhere they go. Thousands of customers, including more than 30 of the Fortune 100, trust the Netskope One platform, its Zero Trust Engine, and its powerful NewEdge network to reduce risk and gain full visibility and control over cloud, AI, SaaS, web, and private applications—providing security and accelerating performance without trade-offs. Learn more at netskope.com, on LinkedIn, and Instagram.

**Forward-Looking Statements**

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This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding our future financial and operating performance, including our GAAP and non-GAAP guidance and financial outlook for the fourth quarter of fiscal 2026 and full year fiscal 2026. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including but not limited to: macroeconomic influences and instability, geopolitical events, operations and financial results and the economy in general; risks associated with scaling our business and managing our rapid growth; our ability to expand our partner relationships; our ability to identify and effectively implement the necessary changes to address execution challenges; our limited experience with new products and the risks associated with new product offerings, including adoption by customers and the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products as well as existing products; rapidly evolving technological developments in the market for security, networking and analytics products and our ability to innovate and remain competitive; length of sales cycles; risks related to the use of AI in our platform; and general market, political, economic and business conditions, as well as those risks and uncertainties included in filings we make with the Securities and Exchange Commission from time to time.

All forward-looking statements in this press release are based on information available to Netskope as of the date hereof, and we undertake no obligation to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current financial quarter.

**Non-GAAP Financial Measures**

In addition to GAAP financial measures, this press release includes non-GAAP financial measures that we use to evaluate our business performance, identify trends affecting our business, formulate business plans and make strategic decisions. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP loss from operations, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share, free cash flow and free cash flow margin, and their respective definitions are presented below.

There are limitations to the non-GAAP financial measures included in this press release, and they may not be comparable to similarly titled measures of other companies. The non-GAAP financial measures included in this press release should not be considered in isolation from or as a substitute for their most directly comparable GAAP financial measures. Our management believes that our non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses that may not be indicative of our ongoing core operating performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and when planning, forecasting and analyzing future periods.

For a reconciliation of the non-GAAP financial measures presented for historical periods to their most directly comparable GAAP financial measures, please see the tables captioned "Reconciliation of GAAP to Non-GAAP Financial Information" included at the end of this press release. We encourage you to review the reconciliation in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and may include other expenses, costs and non-recurring items.

**Non-GAAP Gross Profit and Non-GAAP Gross Margin**

We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related taxes, and amortization of acquired intangible assets. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.

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**Non-GAAP Loss from Operations and Non-GAAP Operating Margin**

We define non-GAAP loss from operations as GAAP loss from operations excluding stock-based compensation expense and related taxes, amortization of acquired intangible assets, and acquisition-related expense. We define non-GAAP operating margin as non-GAAP loss from operations as a percentage of revenue.

**Non-GAAP Net Loss**

We define non-GAAP net loss as GAAP net loss adjusted to exclude stock-based compensation expense and related taxes, amortization of acquired intangible assets, acquisition-related expense, gain/loss on fair value change in convertible notes, and non-GAAP provision for (benefit from) income taxes.

**Non-GAAP Net Loss Per Share**

We define non-GAAP net loss per share as GAAP net loss per share, adjusted to exclude stock-based compensation expense and related taxes, amortization of acquired intangible assets, acquisition-related expense, gain/loss on fair value change in convertible notes, and non-GAAP provision for (benefit from) income taxes.

**Free Cash Flow and Free Cash Flow Margin**

We define free cash flow as net cash provided by (used in) operating activities less purchase of property and equipment and intangible assets and capitalized internal-use software. Free cash flow margin is determined by dividing free cash flow by revenue. We believe free cash flow and free cash flow margin serve as valuable indicators of liquidity, as it provides our management, board of directors, and investors with insight into our ability to generate cash from our operations, strategic initiatives, and strengthening our balance sheet.

**Investor Relations Contact:**

Michelle Spolver

IR@netskope.com

**Media Contact:**

Tim Whitman

press@netskope.com

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**NETSKOPE, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

*(in thousands)*

*(unaudited)*

---

| | | |
|:---|:---|:---|
|  | **October 31,** | **January 31,** |
|  | **2025** | **2025** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $984652 | $166012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 168251 | 80679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 131534 | 195100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 5377 | 5763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred contract acquisition costs | 48813 | 42860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 63213 | 37991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1401840 | 528405 |
| Property and equipment, net | 89544 | 99480 |
| Operating lease right-of-use assets | 32816 | 34571 |
| Intangible assets, net | 23895 | 37242 |
| Goodwill | 61083 | 61083 |
| Deferred contract acquisition costs, noncurrent | 89188 | 78805 |
| Other assets, noncurrent | 16670 | 18920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1715036 | $858506 |
| **Liabilities and stockholders' equity (deficit)** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $16430 | $2652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 77471 | 62781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 471455 | 430156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 10124 | 10267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 27505 | 20852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 602985 | 526708 |
| Deferred revenue, noncurrent | 148426 | 160151 |
| Convertible notes | 780365 | 626622 |
| Operating lease liabilities, noncurrent | 24492 | 25808 |
| Other liabilities, noncurrent | 7737 | 4806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1564005 | 1344095 |
| Stockholders' equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible preferred stock | - | 1050561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | - | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock | 5 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B common stock | 34 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2796530 | 418791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (73408) | (5439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (2572130) | (1949512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | 151031 | (485589) |
| Total liabilities and stockholders' equity (deficit) | $1715036 | $858506 |

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**NETSKOPE, INC.**

**CONDENSED CONSOLIDATED STATEMENTS of OPERATIONS**

*(in thousands, except share and per share data)*

*(unaudited)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>October 31,** | **Three Months Ended <br>October 31,** | **Nine Months Ended<br>October 31,** | **Nine Months Ended<br>October 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue | $184173 | $138532 | $512667 | $389782 |
| Cost of revenue<sup>(1)</sup> | 77530 | 46765 | 173267 | 141209 |
| Gross profit | 106643 | 91767 | 339400 | 248573 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing<sup>(1)</sup> | 149869 | 65765 | 297295 | 217391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Research and development<sup>(1)</sup> | 262702 | 62402 | 403439 | 192758 |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative<sup>(1)</sup> | 141042 | 17434 | 176959 | 52989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 553613 | 145601 | 877693 | 463138 |
| Loss from operations | (446970) | (53834) | (538293) | (214565) |
| Other income (expense), net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on changes in fair value of convertible notes | (8439) | (18125) | (85841) | (63249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income, net | 5407 | 711 | 9529 | 3469 |
| Loss before provision for income taxes | (450002) | (71248) | (614605) | (274345) |
| Provision for (benefit from) income taxes | 3073 | (505) | 8013 | 3127 |
| Net loss | $(453075) | $(70743) | $(622618) | $(277472) |
| Net loss per share attributable to common stockholders, basic and diluted | $(1.85) | $(0.72) | $(4.07) | $(2.89) |
| Weighted-average shares used in computing net loss per <br> share attributable to common stockholders, basic and diluted | 244659095 | 98265450 | 153012468 | 95875697 |
| <sup>(1)</sup>Includes stock-based compensation expense as follows: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $28018 | $589 | $28945 | $1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 71845 | 4135 | 78304 | 14667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 190082 | 5878 | 198881 | 18738 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 120527 | 1711 | 121984 | 4318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total stock-based compensation expense | $410472 | $12313 | $428114 | $39653 |

---

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**NETSKOPE, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

*(in thousands)*

*(unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended October 31,** | **Nine Months Ended October 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(622618) | $(277472) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in) <br> operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 428114 | 39653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 35791 | 39861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred contract acquisition costs | 39419 | 33198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease expenses | 10032 | 8886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Accretion of discount) amortization of premium on investments, net | (552) | (1547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of convertible notes | 85841 | 63249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | **-** | (2254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 230 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 63566 | (12481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 149 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract acquisition costs | (55755) | (43503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (20164) | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 2251 | (675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 13359 | 4746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 8121 | 4969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (9736) | (9515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 9397 | (4467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 29574 | 37753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 2931 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 19950 | (116798) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (9563) | (32437) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized internal-use software | (1990) | (2579) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of intangible assets | **-** | (3337) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for business combination, net of cash acquired | **-** | (2508) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (197145) | (40636) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities of marketable securities | 63601 | 120514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of marketable securities | 46454 | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (98643) | 39017 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock upon initial public offering, net of underwriting <br> discount and commissions | 992209 | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for deferred offering costs | (6320) | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock upon exercise of stock options | 31174 | 22743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible senior notes, net of issuance cost | **-** | 74355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for taxes upon net share settlement of equity awards | (117205) | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for holdback on business combination | (2524) | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 897334 | 97098 |
| Net increase in cash, cash equivalents, and restricted cash | 818641 | 19317 |
| Cash, cash equivalents, and restricted cash, beginning of period | 167197 | 165770 |
| Cash, cash equivalents, and restricted cash, end of period | $985838 | $185087 |

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**NETSKOPE, INC.**

**RECONCILIATION OF GAAP to NON-GAAP FINANCIAL INFORMATION**

*(in thousands, except percentage and per share data)*

*(unaudited)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>October 31,** | **Three Months Ended <br>October 31,** | **Nine Months Ended <br>October 31,** | **Nine Months Ended <br>October 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Gross profit reconciliation:** |  |  |  |  |
| Gross profit | $106643 | $91767 | $339400 | $248573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense and related taxes | 28602 | 589 | 29543 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquired intangible assets | 2341 | 5174 | 12016 | 14645 |
| Non-GAAP gross profit | $137586 | $97530 | $380959 | $265148 |
| Gross margin | 58% | 66% | 66% | 64% |
| Non-GAAP gross margin | 75% | 70% | 74% | 68% |
| **Sales and marketing expense reconciliation:** |  |  |  |  |
| Sales and marketing expense | $149869 | $65765 | $297295 | $217391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense and related taxes | (73680) | (4143) | (80461) | (14757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquired intangible assets | (280) | (421) | (1330) | (1178) |
| Non-GAAP sales and marketing expense | $75909 | $61201 | $215504 | $201456 |
| Sales and marketing expense as a percentage of revenue | 81% | 47% | 58% | 56% |
| Non-GAAP sales and marketing expense as a percentage of revenue | 41% | 44% | 42% | 52% |
| **Research and development expense reconciliation:** |  |  |  |  |
| Research and development expense | $262702 | $62402 | $403439 | $192758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense and related taxes | (192612) | (5884) | (201474) | (18783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquired intangible assets | **-** | **-** | **-** | (70) |
| Non-GAAP research and development expense | $70090 | $56518 | $201965 | $173905 |
| Research and development expense as a percentage of revenue | 143% | 45% | 79% | 49% |
| Non-GAAP research and development expense as a percentage of revenue | 38% | 41% | 39% | 45% |
| **General and administrative expense reconciliation:** |  |  |  |  |
| General and administrative expense | $141042 | $17434 | $176959 | $52989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense and related taxes | (121285) | (1711) | (122743) | (4318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition related expense | **-** | (443) | **-** | (460) |
| Non-GAAP general and administrative expense | $19757 | $15280 | $54216 | $48211 |
| General and administrative expense as a percentage of revenue | 77% | 13% | 35% | 14% |
| Non-GAAP general and administrative expense as a percentage of revenue | 11% | 11% | 11% | 12% |
| **Loss from operations reconciliation:** |  |  |  |  |
| Loss from operations | $(446970) | $(53834) | $(538293) | $(214565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense and related taxes | 416179 | 12327 | 434221 | 39788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition related expense | **-** | 443 | **-** | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquired intangible assets | 2621 | 5595 | 13346 | 15893 |
| Non-GAAP loss from operations | $(28170) | $(35469) | $(90726) | $(158424) |
| Operating margin | (243)% | (39)% | (105)% | (55)% |
| Non-GAAP operating margin | (15)% | (26)% | (18)% | (41)% |
| **Net loss reconciliation:** |  |  |  |  |
| Net loss | $(453075) | $(70743) | $(622618) | $(277472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense and related taxes | 416179 | 12327 | 434221 | 39788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition related expense | **-** | 443 | **-** | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquired intangible assets | 2621 | 5595 | 13346 | 15893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on fair value change in convertible notes | 8439 | 18125 | 85841 | 63249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for (benefit from) income taxes | 364 | (2239) | 364 | (2239) |
| Non-GAAP net loss | $(25472) | $(36492) | $(88846) | $(160321) |
| **Basic and diluted EPS reconciliation:** |  |  |  |  |
| Net loss per share, basic and diluted | $(1.85) | $(0.72) | $(4.07) | $(2.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense and related taxes | 1.70 | 0.13 | 2.84 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition related expense | **-** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquired intangible assets | 0.01 | 0.06 | 0.09 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on fair value change in convertible notes | 0.04 | 0.18 | 0.56 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for (benefit from) income taxes | **-** | (0.02) | **-** | (0.02) |
| Non-GAAP net loss per share, basic and diluted | $(0.10) | $(0.37) | $(0.58) | $(1.67) |
| ***Note: Certain figures may not sum due to rounding.*** |  |  |  |  |

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**NETSKOPE, INC.**

**SELECTED CASH FLOW INFORMATION**

*(in thousands)*

*(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>October 31,** | **Three Months Ended <br>October 31,** | **Nine Months Ended <br>October 31,** | **Nine Months Ended <br>October 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of cash provided by (used in) operating activities to free cash flow** |  |  |  |  |
| Net cash provided by (used in) operating activities | $11236 | $(10884) | $19950 | $(116798) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase of property and equipment and intangible assets | (525) | (15999) | (9563) | (35774) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitalized internal-used software | (117) | (1761) | (1990) | (2579) |
| Free cash flow | $10594 | $(28644) | $8397 | $(155151) |
| Net cash (used in) provided by investing activities | $(118247) | $(14665) | $(98643) | $39017 |
| Net cash provided by financing activities | $880853 | $83523 | $897334 | $97098 |
| Operating cash flow margin | 6% | (8)% | 4% | (30)% |
| Free cash flow margin | 6% | (21)% | 2% | (40)% |
| ***Note: Certain figures may not sum due to rounding.*** |  |  |  |  |

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