# EDGAR Filing Document

**Accession Number:** 0001517413
**File Stem:** 0001517413-25-000293
**Filing Date:** 2025-11
**Character Count:** 103379
**Document Hash:** 91dd39ba63f7f9d73860ef8684bffb72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001517413-25-000293.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001517413-25-000293

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251105

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fastly, Inc.
- **CENTRAL INDEX KEY:** 0001517413
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 275411834
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38897
- **FILM NUMBER:** 251454069

**BUSINESS ADDRESS:**
- **STREET 1:** 475 BRANNAN
- **STREET 2:** SUITE 300
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94107
- **BUSINESS PHONE:** 415-525-3481

**MAIL ADDRESS:**
- **STREET 1:** 475 BRANNAN
- **STREET 2:** SUITE 300
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Skycache, Inc.(DE)
- **DATE OF NAME CHANGE:** 20110405

?xml version='1.0' encoding='ASCII'? fsly-20251105

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): November 5, 2025

**FASTLY, INC.**

(Exact name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38897** | **27-5411834** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Commission File Number)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

**475 Brannan Street, Suite 300** 

**San Francisco, CA 94107** 

**(Address of principal executive offices) (Zip code)**

**(844) 432-7859**

**(Registrant's Telephone Number, Including Area Code)**

**Not Applicable**

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

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 (<u>see</u> General Instructions A.2. below):

☐ 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:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| **Class A Common Stock, $0.00002 par value** | **"FSLY"** | **New York Stock Exchange** |

---

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. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On November 5, 2025, Fastly, Inc. (the "Company") announced its financial results for the quarter ended September 30, 2025 by issuing a press release. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Attached hereto as Exhibit 99.2 and incorporated by reference herein is the Company's investor supplement, regarding results of the quarter ended September 30, 2025 (the "Investor Supplement"). The Investor Supplement will be posted to http://investors.fastly.com immediately after the filing of this Form 8-K.

The information furnished on this Form 8-K, including the exhibits attached, 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, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

------

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Exhibit Description** |
| 99.1 | <u>[Press Release dated November 5, 2025](ex991-fslypressrelease93025.htm)</u> |
| 99.2 | <u>[Investor Supplement for Third Quarter 2025 Results](ex992-investorsupplement93.htm)</u> |

---

+ Indicates management contract or compensatory plan.

------

**SIGNATURE**

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

---

| | | | |
|:---|:---|:---|:---|
| | | | **FASTLY, INC.** |
| Dated: | November 5, 2025 | By: | /s/ Richard Wong |
|  |  |  | Richard Wong |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Fastly Announces Record Third Quarter 2025 Financial Results**

*Record revenue of $158.2 million above high-end of guidance range* 

*Record cash from operations of $28.9 million and free cash flow of $18.1 million*

**SAN FRANCISCO — November 5, 2025 —** Fastly, Inc. (NYSE: FSLY), a leader in global edge cloud platforms, today announced financial results for its third quarter ended September 30, 2025.

"We delivered record revenue, operating profit and free cash flow this quarter, delivering on the objective I set out for the team of accelerating growth and achieving operating leverage," said Kip Compton, CEO of Fastly. "The pace of feature roll-outs to our platform has improved dramatically over the last year and we're winning business with some of the most sought after customers worldwide. Our Security revenue growth of 30% year-over-year is a result of this momentum combined with our strong go-to-market cross-sell execution."

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenue** | $158223 | $137206 | $451406 | $403097 |
| **Gross margin** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP gross margin | 58.4% | 54.5% | 55.4% | 54.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP gross margin<sup>(1)</sup> | 62.8% | 58.6% | 59.8% | 59.2% |
| **Operating loss** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP operating loss | $(28788) | $(40590) | $(103910) | $(133584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating income (loss)<sup>(1)</sup> | $11608 | $818 | $1169 | $(19180) |
| **Net income (loss) per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP net loss per common share — basic and diluted | $(0.20) | $(0.27) | $(0.73) | $(0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP net income (loss) per common share — basic<sup>(1)</sup> | $0.08 | $0.03 | $(0.00) | $(0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP net income (loss) per common share — diluted<sup>(1)</sup> | $0.07 | $0.03 | $(0.00) | $(0.07) |

---

For a reconciliation of non-GAAP financial measures to their corresponding GAAP measures, please refer to the reconciliation table at the end of this press release.

**Third Quarter 2025 Financial Summary** 

&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue of $158.2 million, representing 15% year-over-year growth. Network services revenue of $118.8 million, representing 11% year-over-year growth. Security revenue of $34.0 million, representing 30% year-over-year growth. Other revenue of $5.4 million, representing 51% year-over-year growth. Network services revenue includes solutions designed to improve performance of websites, apps, APIs, and digital media. Security revenue includes products designed to protect websites, apps, APIs, and users. Other revenue includes Compute and Observability solutions.

&nbsp;&nbsp;&nbsp;&nbsp;• Generated $28.9 million of operating cash flow compared to $5.0 million of operating cash flow in the third quarter of 2024. Generated $18.1 million of positive free cash flow compared to $7.1 million of negative free cash flow in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• GAAP gross margin of 58.4%, compared to 54.5% in the third quarter of 2024. Non-GAAP gross margin<sup>1</sup> of 62.8%, compared to 58.6% in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• GAAP net loss of $29.5 million, compared to $38.0 million in the third quarter of 2024. Non-GAAP net income<sup>1</sup> of $11.1 million, compared to $3.8 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• GAAP net loss per basic and diluted share of $0.20, compared to $0.27 in the third quarter of 2024. Non-GAAP net income per basic share<sup>1</sup> of $0.08, compared to $0.03 in the third quarter of 2024. Non-GAAP net income per diluted share<sup>1</sup> of $0.07, compared to $0.03 in the third quarter of 2024.

**Key Metrics** 

&nbsp;&nbsp;&nbsp;&nbsp;• Enterprise customer count<sup>2</sup> was 627 in the third quarter, up 51 from the third quarter of 2024.

------

&nbsp;&nbsp;&nbsp;&nbsp;• Fastly's top ten customers accounted for 32% of revenue in the third quarter of 2025 compared to 33% in the third quarter of 2024. Revenue from the top ten customers increased 12% year-over-year compared to revenue growth of 17% year-over-year from customers outside the top ten.

&nbsp;&nbsp;&nbsp;&nbsp;• Last 12-month net retention rate (LTM NRR)<sup>3</sup> increased to 106% in the third quarter from 104% in the second quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• Remaining Performance Obligations (RPO)<sup>4</sup> were $268 million, up 16% from $231 million in the third quarter of 2024.

**Third Quarter Business and Product Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• Released API Discovery, which continuously identifies and organizes API traffic across edge services to enhance API security.

&nbsp;&nbsp;&nbsp;&nbsp;• Launched a new deception capability in our Next-Gen WAF designed to mislead attackers and bots, while generating higher-quality threat intelligence.

&nbsp;&nbsp;&nbsp;&nbsp;• Introduced DDoS Precise Defense, allowing rule behavior to be adjusted with a click, eliminating common concerns over unintentionally blocking legitimate traffic.

&nbsp;&nbsp;&nbsp;&nbsp;• Launched the Fastly Model Context Protocol (MCP) Server, an open-source tool enabling AI assistants to manage Fastly services.

&nbsp;&nbsp;&nbsp;&nbsp;• Introduced a Sustainability Dashboard that gives customers clear visibility into the environmental impact of their Fastly usage.

&nbsp;&nbsp;&nbsp;&nbsp;• Published Fastly's Q2 Threat Insights Report on AI bot traffic, highlighting how AI bots are reshaping web traffic and what organizations need to do to stay in control.

**Fourth Quarter and Full Year 2025 Guidance** 

---

| | | |
|:---|:---|:---|
| | **Q4 2025** | **Full Year 2025** |
| **Total Revenue (millions)** | $159.0 - $163.0 | $610.0 - $614.0 |
| **Non-GAAP Operating Income (millions)** | $8.0 - $12.0 | $9.0 - $13.0 |
| **Non-GAAP Net Income per share** <sup>(5)(6)</sup> | $0.04 - $0.08 | $0.03 - $0.07 |

---

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 of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Fastly's future GAAP financial results.

**Conference Call Information**

Fastly will host an investor conference call to discuss its results at 1:30 p.m. PT / 4:30 p.m. ET on Wednesday, November 5, 2025.

Date: Wednesday, November 5, 2025

Time: 1:30 p.m. PT / 4:30 p.m. ET

Webcast: https://investors.fastly.com

Dial-in: 888-330-2022 (US/CA) or 646-960-0690 (Intl.)

Conf. ID#: 7543239

Please dial in at least 10 minutes prior to the 1:30 p.m. PT start time. A live webcast of the call will be available at https://investors.fastly.com where listeners may log on to the event by selecting the webcast link under the "Quarterly Results" section.

A telephone replay of the conference call will be available at approximately 5:00 p.m. PT, November 5 through November 18, 2025 by dialing 800-770-2030 or 609-800-9909 and entering the passcode 7543239.

------

**About Fastly, Inc.**

Fastly's powerful and programmable edge cloud platform helps the world's top brands deliver online experiences that are fast, safe, and engaging through edge compute, delivery, security, and observability offerings that improve site performance, enhance security, and empower innovation at global scale. Compared to other providers, Fastly's powerful, high-performance, and modern platform architecture empowers developers to deliver secure websites and apps with rapid time-to-market and demonstrated, industry-leading cost savings. Organizations around the world trust Fastly to help them upgrade the internet experience, including Reddit, Neiman Marcus, Universal Music Group, and SeatGeek. Learn more about Fastly at https://www.fastly.com, and follow us @fastly.

**Forward-Looking Statements**

This press release contains "forward-looking" statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include, but are not limited to, statements regarding our future financial and operating performance and shareholder returns, including our outlook and guidance; our ability to acquire new customers, expand cross-sell opportunities, and grow market share; our ability to enrich our revenue mix with platform enhancements; the performance of our existing and new platform enhancements; the performance, capabilities, and expectations regarding customer experiences with Fastly Next-Gen WAF, Fastly API Discovery, Fastly DDoS Precise Defense, Fastly Model Context Protocol (MCP) Server, Fastly Image Optimizer, and the Sustainability Dashboard; and Fastly's strategies, platform, and business plans. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports Fastly files with the Securities and Exchange Commission ("SEC"), including those more fully described in Fastly's Annual Report on Form 10-K for the year ended December 31, 2024. Additional information will also be set forth in Fastly's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and other filings and reports that Fastly may file from time to time with the SEC. Copies of reports filed with the SEC are posted on Fastly's website and are available from Fastly without charge.

**Use of Non-GAAP Financial Measures**

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), the Company uses the following non-GAAP measures of financial performance: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net income (loss), non-GAAP basic and diluted net income (loss) per common share, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, free cash flow and adjusted EBITDA. The presentation of this additional financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. These non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. In addition, these non-GAAP financial measures may be different from the non-GAAP financial measures used by other companies. These non-GAAP measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Management compensates for these limitations by reconciling these non-GAAP financial measures to the most comparable GAAP financial measures within our earnings releases.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net income (loss) and non-GAAP basic and diluted net loss per common share, non-GAAP research and development, non-GAAP sales and marketing, and non-GAAP general and administrative differ from GAAP in that they exclude stock-based compensation expense, amortization of capitalized stock-based compensation - cost of revenue**,** amortization of acquired intangible assets, and amortization of debt discount and issuance costs.

**Adjusted EBITDA**: excludes stock-based compensation expense, amortization of capitalized stock-based compensation - cost of revenue, gain on modification of lease, depreciation and other amortization expenses, amortization of acquired intangible assets, impairment expense, executive transition costs, restructuring charges, interest income, interest expense, including amortization of debt discount and issuance costs, other expense, net, and income taxes.

**Amortization of Acquired Intangible Assets**: consists of non-cash charges that can be affected by the timing and magnitude of asset purchases and acquisitions. Management considers its operating results without this activity when evaluating its ongoing non-GAAP performance and its adjusted EBITDA performance because these charges are non-cash expenses that can

------

be affected by the timing and magnitude of asset purchases and acquisitions and may not be reflective of our core business, ongoing operating results, or future outlook.

**Amortization of Debt Discount and Issuance Costs**: consists primarily of amortization expense related to our debt obligations. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook. These are included in our total interest expense.

**Capital Expenditures**: consists of cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, capitalized internal-use software and payments on finance lease obligations, as reflected in our statement of cash flows.

**Depreciation and Other Amortization Expense**: consists of non-cash charges that can be affected by the timing and magnitude of asset purchases. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because these charges are non-cash expenses that can be affected by the timing and magnitude of asset purchases and may not be reflective of our core business, ongoing operating results, or future outlook.

**Executive Transition Costs**: consists of one-time cash charges recognized with respect to changes in our executive's employment status. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results, or future outlook.

**Free Cash Flow**: calculated as net cash used in operating activities less purchases of property and equipment, net of proceeds from sale of property and equipment, principal payments of finance lease liabilities, capitalized internal-use software costs and advance payments made related to capital expenditures. Management specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Management considers non-GAAP free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Fastly's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

**Gain on Modification of Lease**: consists of a one-time non-cash charge recognized with respect to the modification of our leases. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results, or future outlook.

**Impairment Expense**: consists of charges related to our long-lived assets. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Income Taxes**: consists primarily of expenses recognized related to state and foreign income taxes. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Interest Expense**: consists primarily of interest expense related to our debt instruments, including amortization of debt discount and issuance costs. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Interest Income**: consists primarily of interest income related to our marketable securities. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Other Expense, Net**: consists primarily of foreign currency transaction gains and losses. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

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**Restructuring Charges:** consists primarily of employee-related severance and termination benefits related to management's restructuring plan that resulted in a reduction in our workforce. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Stock-Based Compensation Expense**: consists of expenses for stock options, restricted stock units, performance awards, restricted stock awards and Employee Stock Purchase Plan ("ESPP") under our equity incentive plans. Although stock-based compensation is an expense for the Company and is viewed as a form of compensation, management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance, primarily because it is a non-cash expense not believed by management to be reflective of our core business, ongoing operating results, or future outlook. In addition, the value of some stock-based instruments is determined using formulas that incorporate variables, such as market volatility, that are beyond our control.

**Amortization of Capitalized Stock-Based Compensation - Cost of Revenue:** in order to reflect the performance of our core business, ongoing operating results, or future outlook, and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies, similar to stock-based compensation, management considers it appropriate to exclude amortization of capitalized stock-based compensation from our non-GAAP financial measures.

Management believes these non-GAAP financial measures and adjusted EBITDA serve as useful metrics for our management and investors because they enable a better understanding of the long-term performance of our core business and facilitate comparisons of our operating results over multiple periods and to those of peer companies, and when taken together with the corresponding GAAP financial measures and our reconciliations, enhance investors' overall understanding of our current financial performance.

In the financial tables below, the Company provides a reconciliation of the most comparable GAAP financial measure to the historical non-GAAP financial measures used in this press release.

**Key Metrics**

<sup>1</sup> Beginning with the quarter ended March 31, 2025, we are excluding amortization of capitalized stock-based compensation from our non-GAAP gross margin, Non-GAAP operating loss, Non-GAAP net income (loss) per common share — basic and Non-GAAP net income (loss) per common share — diluted and we have accordingly recast the presentation for all prior periods presented to reflect this change.

<sup>2</sup> Our number of customers is calculated based on the number of separate identifiable operating entities with which we have a billing relationship in good standing, from which we recognized revenue during the current quarter. Our enterprise customers are defined as those with annualized current quarter revenue in excess of $100,000. This is calculated by taking the revenue for each customer within the quarter and multiplying it by four.

<sup>3</sup> We calculate LTM Net Retention Rate by dividing the total customer revenue for the prior twelve-month period ("prior 12-month period") ending at the beginning of the last twelve-month period ("LTM period") minus revenue contraction due to billing decreases or customer churn, plus revenue expansion due to billing increases during the LTM period from the same customers by the total prior 12-month period revenue. We believe the LTM Net Retention Rate is supplemental as it removes some of the volatility that is inherent in a usage-based business model.

<sup>4</sup> Remaining Performance Obligations include future committed revenue for periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied. During the third quarter of 2025, we identified an error in RPO calculations from certain contracts with a termination-for-convenience clause. We recast the presentation of RPO for all prior periods presented to reflect the correction of this error.

<sup>5</sup> Non-GAAP Net Income per share is calculated as Non-GAAP Net Income divided by weighted average diluted shares for 2025.

<sup>6</sup> Assumes weighted average diluted shares outstanding of 167.8 million in Q4 2025 and 160.4 million for the full year 2025.

------

**Condensed Consolidated Statements of Operations**

**(in thousands, except per share amounts, unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $158223 | $137206 | $451406 | $403097 |
| Cost of revenue<sup>(1)</sup> | 65894 | 62466 | 201163 | 182222 |
| **Gross profit** | **92329** | **74740** | **250243** | **220875** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development<sup>(1)</sup> | 41421 | 31884 | 121071 | 105238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing<sup>(1)</sup> | 49998 | 45994 | 150411 | 148560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative<sup>(1)</sup> | 29698 | 27173 | 82256 | 87245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  | 559 | 415 | 3696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges |  | 9720 |  | 9720 |
| **Total operating expenses** | **121117** | **115330** | **354153** | **354459** |
| **Loss from operations** | **(28788)** | **(40590)** | **(103910)** | **(133584)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 3080 | 3819 | 9139 | 11604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (3161) | (473) | (9498) | (1516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (55) | (317) | (96) | (213) |
| **Loss before income tax expense** | **(28924)** | **(37561)** | **(104365)** | **(123709)** |
| Income tax expense | 559 | 455 | 1807 | 1463 |
| **Net loss** | $**(29483)** | $**(38016)** | $**(106172)** | $**(125172)** |
| **Net loss per share attributable to common stockholders, basic and diluted** | $**(0.20)** | $**(0.27)** | $**(0.73)** | $**(0.91)** |
| **Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted** | **148129** | **139237** | **145749** | **137097** |

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__________

(1)Includes stock-based compensation expense as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of revenue | $2861 | $1911 | $7373 | $6734 |
| Research and development | 11915 | 7378 | 32563 | 25684 |
| Sales and marketing | 8754 | 7113 | 23623 | 22014 |
| General and administrative | 9599 | 8614 | 21487 | 28553 |
| **Total** | $**33129** | $**25016** | $**85046** | $**82985** |

---

------

**Reconciliation of GAAP to Non-GAAP Financial Measures**

**(in thousands, unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Gross profit** |  |  |  |  |
| GAAP gross profit | $92329 | $74740 | $250243 | $220875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 2861 | 1911 | 7373 | 6734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized stock-based compensation - Cost of revenue<sup>(1)</sup> | 1664 | 1338 | 4886 | 3677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 2475 | 2475 | 7425 | 7425 |
| **Non-GAAP gross profit** | $**99329** | $**80464** | $**269927** | $**238711** |
| **GAAP gross margin** | **58.4%** | **54.5%** | **55.4%** | **54.8%** |
| **Non-GAAP gross margin** | **62.8%** | **58.6%** | **59.8%** | **59.2%** |
| **Research and development** |  |  |  |  |
| GAAP research and development | $41421 | $31884 | $121071 | $105238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (11915) | (7378) | (32563) | (25684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive transition costs | (326) |  | (326) |  |
| **Non-GAAP research and development** | $**29180** | $**24506** | $**88182** | $**79554** |
| **Sales and marketing** |  |  |  |  |
| GAAP sales and marketing | $49998 | $45994 | $150411 | $148560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (8754) | (7113) | (23623) | (22014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | (2159) | (2300) | (6739) | (6901) |
| **Non-GAAP sales and marketing** | $**39085** | $**36581** | $**120049** | $**119645** |
| **General and administrative** |  |  |  |  |
| GAAP general and administrative | $29698 | $27173 | $82256 | $87245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (9599) | (8614) | (21487) | (28553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive transition costs | (643) |  | (978) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on modification of lease |  |  | 736 |  |
| **Non-GAAP general and administrative** | $**19456** | $**18559** | $**60527** | $**58692** |
| **Operating income (loss)** |  |  |  |  |
| GAAP operating loss | $(28788) | $(40590) | $(103910) | $(133584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 33129 | 25016 | 85046 | 82985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized stock-based compensation - Cost of revenue<sup>(1)</sup> | 1664 | 1338 | 4886 | 3677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges |  | 9720 |  | 9720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive transition costs | 969 |  | 1304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 4634 | 4775 | 14164 | 14326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on modification of lease |  |  | (736) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  | 559 | 415 | 3696 |
| **Non-GAAP operating income (loss)** | $**11608** | $**818** | $**1169** | $**(19180)** |
| **Net income (loss)** |  |  |  |  |
| GAAP net loss | $(29483) | $(38016) | $(106172) | $(125172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 33129 | 25016 | 85046 | 82985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized stock-based compensation - Cost of revenue<sup>(1)</sup> | 1664 | 1338 | 4886 | 3677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges |  | 9720 |  | 9720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive transition costs | 969 |  | 1304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on modification of lease |  |  | (736) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 4634 | 4775 | 14164 | 14326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  | 559 | 415 | 3696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 216 | 358 | 650 | 1061 |
| **Non-GAAP net income (loss)** | $**11129** | $**3750** | $**(443)** | $**(9707)** |
| **Non-GAAP net income (loss) per common share — basic** | $**0.08** | $**0.03** | $**(0.00)** | $**(0.07)** |
| **Non-GAAP net income (loss) per common share — diluted** | $**0.07** | $**0.03** | $**(0.00)** | $**(0.07)** |
| **Weighted average basic common shares** | **148129** | **139237** | **145749** | **137097** |
| **Weighted average diluted common shares** | **161229** | **143415** | **157961** | **137097** |

---

------

(1)Similar to stock-based compensation, we believe it is also appropriate to exclude amortization of capitalized stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. However, we have not historically done so. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2025, we are excluding amortization of capitalized stock-based compensation from our non-GAAP financial measures and we have accordingly recast the presentation for all prior periods presented to reflect this change. Refer to Non-GAAP Financial Measures definition for further details.

**Reconciliation of GAAP to Non-GAAP Financial Measures**

**(in thousands, unaudited) (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of GAAP to Non-GAAP diluted shares** |  |  |  |  |
| **GAAP diluted shares** | **148129** | **139237** | **145749** | **137097** |
| &nbsp;&nbsp;&nbsp;Other dilutive equity awards | 13100 | 4178 | 12212 |  |
| **Non-GAAP diluted shares** | **161229** | **143415** | **157961** | **137097** |
| **Non-GAAP diluted net income (loss) per share** | **0.07** | **0.03** | **(0.00)** | **(0.07)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Adjusted EBITDA** |  |  |  |  |
| **GAAP net loss** | $(29483) | $(38016) | $(106172) | $(125172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 33129 | 25016 | 85046 | 82985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized stock-based compensation - Cost of revenue<sup>(1)</sup> | 1664 | 1338 | 4886 | 3677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on modification of lease |  |  | (736) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and other amortization | 14101 | 13781 | 41256 | 40624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 4634 | 4775 | 14164 | 14326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 216 | 358 | 650 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  | 559 | 415 | 3696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive transition costs | 969 |  | 1304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges |  | 9720 |  | 9720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | (3080) | (3819) | (9139) | (11604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 2945 | 115 | 8848 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | 55 | 317 | 96 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 559 | 455 | 1807 | 1463 |
| **Adjusted EBITDA** | $**25709** | $**14599** | $**42425** | $**21444** |

---

(1)Similar to stock-based compensation, we believe it is also appropriate to exclude amortization of capitalized stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. However, we have not historically done so. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2025, we are excluding amortization of capitalized stock-based compensation from our non-GAAP financial measures and we have accordingly recast the presentation for all prior periods presented to reflect this change. Refer to Non-GAAP Financial Measures definition for further details.

------

**Condensed Consolidated Balance Sheets**

**(in thousands, unaudited)** 

---

| | | |
|:---|:---|:---|
| | **As of<br>September 30, 2025** | **As of<br>December 31, 2024** |
| **ASSETS** | | |
| **Current assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $113131 | $286175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities, current | 229780 | 9707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses | 109184 | 115988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 27689 | 28325 |
| **Total current assets** | **479784** | **440195** |
| Property and equipment, net | 182896 | 179097 |
| Operating lease right-of-use assets, net | 53050 | 50433 |
| Goodwill | 670356 | 670356 |
| Intangible assets, net | 28055 | 42876 |
| Other assets | 56461 | 68402 |
| **Total assets** | $**1470602** | $**1451359** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $10829 | $6044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 60421 | 41622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current debt | 188232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities, current |  | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 23676 | 25155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 45757 | 29307 |
| **Total current liabilities** | **328915** | **104456** |
| Long-term debt | 149893 | 337614 |
| Operating lease liabilities, non-current | 47106 | 39561 |
| Other long-term liabilities | 7723 | 4478 |
| **Total liabilities** | **533637** | **486109** |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2035956 | 1958157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (12) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1098982) | (992810) |
| **Total stockholders' equity** | **936965** | **965250** |
| **Total liabilities and stockholders' equity** | $**1470602** | $**1451359** |

---

------

**Condensed Consolidated Statements of Cash Flows**

**(in thousands, unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |  |  |
| Net loss | $(29483) | $(38016) | $(106172) | $(125172) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 15639 | 13656 | 45768 | 40251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 4759 | 4900 | 14537 | 14699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 5476 | 5463 | 16825 | 16819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 216 | 358 | 650 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred contract costs | 4869 | 4773 | 14566 | 13877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 33129 | 25016 | 85046 | 82985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 289 | 339 | 1038 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 1236 | 1054 | 3230 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposals of property and equipment |  |  | (43) | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discounts on investments | (1305) | (1064) | (3287) | (3466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of operating lease right-of-use assets |  | 371 |  | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  | 559 | 415 | 3696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | (189) | 520 | 103 | 83 |
| &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;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 6898 | (3976) | 3574 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (1526) | (2589) | 811 | (7420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (4820) | (2705) | (12991) | (7729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2741) | 4754 | 3280 | 4514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 1339 | 2707 | (467) | (4142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (5774) | (7329) | (13662) | (19341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 912 | (3789) | 18789 | (4942) |
| **Net cash provided by operating activities** | **28924** | **5002** | **72010** | **11186** |
| **Cash flows from investing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (79136) | (37902) | (352062) | (155099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of marketable securities | 18128 |  | 18128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities of marketable securities | 71417 | 113032 | 117222 | 289709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance payment for purchase of property and equipment |  |  |  | (790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (6046) | (1996) | (18503) | (5361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment |  |  | 44 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized internal-use software | (4707) | (6818) | (14012) | (20492) |
| **Net cash provided by (used in) investing activities** | **(344)** | **66316** | **(249183)** | **107991** |
| **Cash flows from financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of finance lease liabilities | (80) | (3296) | (2328) | (12404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred consideration for business acquisitions |  |  |  | (3771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of vested stock options | 71 | 19 | 758 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from employee stock purchase plan | 2106 | 2168 | 5477 | 6083 |
| **Net cash provided by (used in) financing activities** | **2097** | **(1109)** | **3907** | **(9782)** |
| Effects of exchange rate changes on cash and cash equivalents | (33) | 109 | 222 | 48 |
| Net increase (decrease) in cash and cash equivalents | 30644 | 70318 | (173044) | 109443 |
| Cash and cash equivalents at beginning of period | 82487 | 147196 | 286175 | 108071 |
| **Cash and cash equivalents at end of period** | **113131** | **217514** | **113131** | **217514** |

---

------

**Free Cash Flow**

**(in thousands, unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net cash provided by operating activities** | $28924 | $5002 | $72010 | $11186 |
| &nbsp;&nbsp;Capital expenditures<sup>(1)</sup> | (10833) | (12110) | (34799) | (38233) |
| &nbsp;&nbsp;Advance payment for purchase of property and equipment<sup>(2)</sup> |  |  |  | (790) |
| **Free Cash Flow** | $**18091** | $**(7108)** | $**37211** | $**(27837)** |

---

__________

(1)Capital expenditures are defined as cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, capitalized internal-use software and payments on finance lease obligations, as reflected in our statement of cash flows.

(2)In the nine months ended September 30, 2025, we received $9.2 million of capital equipment that was prepaid prior to the current quarter, as reflected in the supplemental disclosure of our statement of cash flows.

**Contacts**

**Investor Contact**

Vernon Essi, Jr.

ir@fastly.com

**Media Contact**

Spring Harris

press@fastly.com

Source: Fastly, Inc.

## Exhibit 99.2

&nbsp;&nbsp;&nbsp;&nbsp;

![fastlylogo-redxjpega.jpg](fastlylogo-redxjpega.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; **Exhibit 99.2**

**Third Quarter 2025 Investor Supplement**

**Product Innovation and Developments** 

• Released API Discovery, which continuously identifies and organizes API traffic across edge services to enhance API security.

• Launched a new deception capability in our Next-Gen WAF designed to mislead attackers and bots, while generating higher-quality threat intelligence.

• Introduced DDoS Precise Defense, allowing rule behavior to be adjusted with a click, eliminating common concerns over unintentionally blocking legitimate traffic.

• Launched the Fastly Model Context Protocol (MCP) Server, an open-source tool enabling AI assistants to manage Fastly services.

**Customer Highlights**

• A major retailer in the LATAM region migrated from a multi-vendor approach to Fastly's platform to unify its edge security, delivery and bot management.

• A weekly news magazine wanted to relaunch its app on a tight timeline and chose Fastly based upon internal champions using Fastly at prior companies, demonstrating our customer advocacy flywheel.

• A leading APJ specialty retailer consolidated its delivery and security onto the Fastly platform, replacing a multi-vendor strategy.

• An American streaming media company selected Fastly's platform due to its plug and play capabilities relative to competitive offerings, significantly reducing its operational and engineering costs.

• A sports digital media publisher seamlessly migrated to the Fastly platform due to our strong engineering support and ease of use in the onboarding process.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Calculations of Key and Other Selected Metrics – Quarterly (unaudited)** | **Calculations of Key and Other Selected Metrics – Quarterly (unaudited)** | **Calculations of Key and Other Selected Metrics – Quarterly (unaudited)** | **Calculations of Key and Other Selected Metrics – Quarterly (unaudited)** | **Calculations of Key and Other Selected Metrics – Quarterly (unaudited)** | **Calculations of Key and Other Selected Metrics – Quarterly (unaudited)** | **Calculations of Key and Other Selected Metrics – Quarterly (unaudited)** | **Calculations of Key and Other Selected Metrics – Quarterly (unaudited)** | **Calculations of Key and Other Selected Metrics – Quarterly (unaudited)** |
| | **Q4 2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| <u>Revenue by Product (in millions):</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Network Services Revenue | $109.8 | $106.0 | $104.2 | $107.4 | $110.1 | $113.3 | $114.9 | $118.8 |
| &nbsp;&nbsp;&nbsp;Security Revenue | $25.8 | $24.6 | $25.4 | $26.2 | $26.9 | $26.4 | $29.3 | $34.0 |
| &nbsp;&nbsp;&nbsp;Other Revenue | $2.2 | $2.9 | $2.8 | $3.6 | $3.6 | $4.8 | $4.5 | $5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenue | $137.8 | $133.5 | $132.4 | $137.2 | $140.6 | $144.5 | $148.7 | $158.2 |
| <u>Key Metrics:</u> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Enterprise Customer Count<sup>(1)</sup> | 578 | 577 | 601 | 576 | 596 | 595 | 622 | 627 |
| &nbsp;&nbsp;&nbsp;Enterprise Customer Revenue % | 92% | 91% | 91% | 92% | 93% | 93% | 94% | 94% |
| &nbsp;&nbsp;Total Customer Count<sup>(1)</sup> | 3243 | 3290 | 3295 | 3638 | 3061 | 3035 | 3097 | 3223 |
| &nbsp;&nbsp;&nbsp;Top Ten Customer Revenue % | 40% | 38% | 34% | 33% | 32% | 33% | 31% | 32% |
| &nbsp;&nbsp;LTM Net Retention Rate (NRR)<sup>(2)</sup> | 113% | 114% | 110% | 105% | 102% | 100% | 104% | 106% |
| &nbsp;&nbsp;Annual Revenue Retention Rate (ARR)<sup>(7)</sup> | 99.2% | —% | —% | —% | 99.0% | —% | —% | —% |
| &nbsp;&nbsp;Remaining Performance Obligations (RPO)<sup>(3)</sup> | $211.3 | $221.6 | $220.2 | $231.1 | $227.6 | $225.9 | $247.1 | $268.0 |

---

**Corporate Highlights**

• Introduced a Sustainability Dashboard that gives customers clear visibility into the environmental impact of their Fastly usage.

• Published Fastly's Q2 Threat Insights Report on AI bot traffic, highlighting how AI bots are reshaping web traffic and what organizations need to do to stay in control.

**Key Financial & Metrics Highlights**

• Total revenue of $158.2 million, representing 15% year-over-year growth highlighted by security revenue growing 30% year-over-year and representing 21% of total revenue.

• Generated $18.1 million of positive free cash flow compared to $7.1 million of negative free cash flow in the third quarter of 2024.

• Enterprise customer count<sup>1</sup> was 627 in the third quarter, up 51 from the third quarter of 2024. Total customer count<sup>1</sup> was 3,223 in the third quarter, down 415 from the third quarter of 2024.

• Last 12-month net retention rate (LTM NRR)<sup>2</sup> increased to 106% in the third quarter from 104% in the second quarter of 2025.

• Remaining Performance Obligations (RPO)<sup>3</sup> were $268 million, up 16% from $231 million in the third quarter of 2024.

**Fourth Quarter and Full Year 2025 Guidance**

---

| | | |
|:---|:---|:---|
| | **Q4 2025** | **Full Year 2025** |
| **Total Revenue (millions)** | $159.0 - $163.0 | $610.0 - $614.0 |
| **Non-GAAP Operating Income (millions)**<sup>(4)</sup> | $8.0 - $12.0 | $9.0 - $13.0 |
| **Non-GAAP Net Income per share**<sup>(5)(6)</sup> | $0.04 - $0.08 | $0.03 - $0.07 |

---

------

![fastlylogo-redxjpega.jpg](fastlylogo-redxjpega.jpg)

**Key Metrics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Our number of customers is calculated based on the number of separate identifiable operating entities with which we have a billing relationship in good standing, from which we recognized revenue during the current quarter. Our enterprise customers are defined as those with annualized current quarter revenue in excess of $100,000. This is calculated by taking the revenue for each customer within the quarter and multiplying it by four.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.We calculate LTM Net Retention Rate by dividing the total customer revenue for the prior twelve-month period ("prior 12-month period") ending at the beginning of the last twelve-month period ("LTM period") minus revenue contraction due to billing decreases or customer churn, plus revenue expansion due to billing increases during the LTM period from the same customers by the total prior 12-month period revenue. We believe the LTM Net Retention Rate is supplemental as it removes some of the volatility that is inherent in a usage-based business model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Remaining Performance Obligations include future committed revenue for periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied. During the third quarter of 2025, we identified an error in RPO calculations from certain contracts with a termination-for-convenience clause. We recast the presentation of RPO for all prior periods presented to reflect the correction of this error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.For a reconciliation of non-GAAP financial measures to their corresponding GAAP measures, please refer to the reconciliation table at the end of this supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Assumes weighted average diluted shares outstanding of 167.8 million in Q4 2025 and 160.4 million for the full year 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Non-GAAP Net Income per share is calculated as Non-GAAP Net Income divided by weighted average diluted shares for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Annual Revenue Retention rate is calculated by subtracting the quotient of the Annual Revenue Churn from all of our Churned Customers divided by our annual revenue of the same calendar year from 100%. Our "Annual Revenue Churn" is calculated by multiplying the final full month of revenue from a customer that terminated its contract with us (a "Churned Customer") by the number of months remaining in the same calendar year.

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**Forward-Looking Statements**

This investor supplement contains "forward-looking" statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include, but are not limited to, statements regarding our future financial and operating performance and shareholder returns, including our outlook and guidance; our ability to acquire new customers, expand cross-sell opportunities, and grow market share; our ability to enrich our revenue mix with platform enhancements; the performance of our existing and new platform enhancements; the performance, capabilities, and expectations regarding customer experiences with Fastly Next-Gen WAF, Fastly API Discovery, Fastly DDoS Precise Defense, Fastly Model Context Protocol (MCP) Server, Fastly Image Optimizer, and the Sustainability Dashboard; and Fastly's strategies, platform, and business plans. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports Fastly files with the Securities and Exchange Commission ("SEC"), including those more fully described in Fastly's Annual Report on Form 10-K for the year ended December 31, 2024. Additional information will also be set forth in Fastly's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and other filings and reports that Fastly may file from time to time with the SEC. Copies of reports filed with the SEC are posted on Fastly's website and are available from Fastly without charge.

**Non-GAAP Financial Measures**

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), the Company uses the following non-GAAP measures of financial performance: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net income (loss), non-GAAP basic and diluted net income (loss) per common share, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, free cash flow and adjusted EBITDA. The presentation of this additional financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. These non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. In addition, these non-GAAP financial measures may be different from the non-GAAP financial measures used by other companies. These non-GAAP measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Management compensates for these limitations by reconciling these non-GAAP financial measures to the most comparable GAAP financial measures within our earnings releases.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net income (loss) and non-GAAP basic and diluted net income (loss) per common share, non-GAAP research and development, non-GAAP sales and marketing, and non-GAAP general and administrative differ from GAAP in that they exclude stock-based compensation expense, amortization of capitalized stock-based compensation - cost of revenue, amortization of acquired intangible assets, executive transition costs, net gain on extinguishment of debt, impairment expense, and amortization of debt discount and issuance costs.

**Adjusted EBITDA**: excludes stock-based compensation expense, amortization of capitalized stock-based compensation - cost of revenue, gain on modification of lease, depreciation and other amortization expenses, amortization of acquired intangible assets, net gain on extinguishment of debt, impairment expense, executive transition costs, restructuring charges, interest income, interest expense, including amortization of debt discount and issuance costs, other income (expense), net, and income taxes.

**Amortization of Acquired Intangible Assets**: consists of non-cash charges that can be affected by the timing and magnitude of asset purchases and acquisitions. Management considers its operating results without this activity when evaluating its ongoing non-GAAP performance and its adjusted EBITDA performance because these charges are non-cash expenses that can be affected by the timing and magnitude of asset purchases and acquisitions and may not be reflective of our core business, ongoing operating results, or future outlook.

**Amortization of Debt Discount and Issuance Costs**: consists primarily of amortization expense related to our debt obligations. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook. These are included in our total interest expense.

**Capital Expenditures**: consists of cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, capitalized internal-use software and payments on finance lease obligations, as reflected in our statement of cash flows.

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**Depreciation and Other Amortization Expense**: consists of non-cash charges that can be affected by the timing and magnitude of asset purchases. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because these charges are non-cash expenses that can be affected by the timing and magnitude of asset purchases and may not be reflective of our core business, ongoing operating results, or future outlook.

**Executive Transition Costs:** consists of one-time cash charges recognized with respect to changes in our executive's employment status. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results, or future outlook.

**Free Cash Flow**: calculated as net cash used in operating activities less purchases of property and equipment, net of proceeds from sale of property and equipment, principal payments of finance lease liabilities, capitalized internal-use software costs and advance payments made related to capital expenditures. Management specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Management considers non-GAAP free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Fastly's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

**Gain on Modification of Lease**: consists of a one-time non-cash charge recognized with respect to the modification of our leases. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results, or future outlook.

**Impairment Expense**: consists of charges related to our long-lived assets. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Income Taxes**: consists primarily of expenses recognized related to state and foreign income taxes. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Interest Expense**: consists primarily of interest expense related to our debt instruments, including amortization of debt discount and issuance costs. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Interest Income**: consists primarily of interest income related to our marketable securities. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Net Gain on Debt Extinguishment:** relates to net gain on the partial repurchase of our outstanding convertible debt. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Other Income (Expense), Net**: consists primarily of foreign currency transaction gains and losses. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Restructuring Charges:** consists primarily of employee-related severance and termination benefits related to management's restructuring plan that resulted in a reduction in our workforce. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

**Stock-Based Compensation Expense**: consists of expenses for stock options, restricted stock units, performance awards, restricted stock awards and Employee Stock Purchase Plan ("ESPP") under our equity incentive plans. Although stock-based compensation is an expense for the Company and is viewed as a form of compensation, management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance, primarily because it is a non-cash expense not believed by

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management to be reflective of our core business, ongoing operating results, or future outlook. In addition, the value of some stock-based instruments is determined using formulas that incorporate variables, such as market volatility, that are beyond our control.

**Amortization of Capitalized Stock-Based Compensation - Cost of Revenue:** in order to reflect the performance of our core business, ongoing operating results, or future outlook, and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies, similar to stock-based compensation, management considers it appropriate to exclude amortization of capitalized stock-based compensation from our non-GAAP financial measures.

Management believes these non-GAAP financial measures and adjusted EBITDA serve as useful metrics for our management and investors because they enable a better understanding of the long-term performance of our core business and facilitate comparisons of our operating results over multiple periods and to those of peer companies, and when taken together with the corresponding GAAP financial measures and our reconciliations, enhance investors' overall understanding of our current financial performance.

In the financial tables below, the Company provides a reconciliation of the most comparable GAAP financial measure to the historical non-GAAP financial measures used in this investor supplement.

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**Consolidated Statements of Operations – Quarterly**

**(unaudited, in thousands, except per share amounts)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| Revenue | $137777 | $133520 | $132371 | $137206 | $140579 | $144474 | $148709 | $158223 |
| Cost of revenue<sup>(1)</sup> | 62003 | 60286 | 59470 | 62466 | 65516 | 67676 | 67593 | 65894 |
| **Gross profit** | **75774** | **73234** | **72901** | **74740** | **75063** | **76798** | **81116** | **92329** |
| **Operating expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development<sup>(1)</sup> | 38270 | 38248 | 35106 | 31884 | 32742 | 37429 | 42221 | 41421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing<sup>(1)</sup> | 48662 | 49607 | 52959 | 45994 | 50050 | 49313 | 51100 | 49998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative<sup>(1)</sup> | 31426 | 31639 | 28433 | 27173 | 26154 | 28235 | 24323 | 29698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  |  | 3137 | 559 | 448 |  | 415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges |  |  |  | 9720 |  |  |  |  |
| **Total operating expenses** | **118358** | **119494** | **119635** | **115330** | **109394** | **114977** | **118059** | **121117** |
| **Loss from operations** | **(42584)** | **(46260)** | **(46734)** | **(40590)** | **(34331)** | **(38179)** | **(36943)** | **(28788)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on extinguishment of debt | 15656 |  |  |  | 1365 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4584 | 3848 | 3937 | 3819 | 3267 | 2975 | 3084 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (744) | (579) | (464) | (473) | (1231) | (3173) | (3164) | (3161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | (763) | (89) | 193 | (317) | (815) | (80) | 39 | (55) |
| **Loss before income tax expense (benefit)** | **(23851)** | **(43080)** | **(43068)** | **(37561)** | **(31745)** | **(38457)** | **(36984)** | **(28924)** |
| Income tax expense (benefit) | (465) | 347 | 661 | 455 | 1141 | 691 | 557 | 559 |
| **Net loss** | $**(23386)** | $**(43427)** | $**(43729)** | $**(38016)** | $**(32886)** | $**(39148)** | $**(37541)** | $**(29483)** |
| **Net loss per share attributable to common stockholders, basic and diluted** | $**(0.18)** | $**(0.32)** | $**(0.32)** | $**(0.27)** | $**(0.23)** | $**(0.27)** | $**(0.26)** | $**(0.20)** |
| **Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted** | **131843** | **134587** | **137444** | **139237** | **141085** | **143284** | **145780** | **148129** |

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(1)Includes stock-based compensation expense as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| Cost of revenue | $3278 | $2779 | $2044 | $1911 | $1910 | $1939 | $2573 | $2861 |
| Research and development | 12019 | 10323 | 7983 | 7378 | 7922 | 8893 | 11755 | 11915 |
| Sales and marketing | 8060 | 7843 | 7058 | 7113 | 7047 | 6693 | 8176 | 8754 |
| General and administrative | 12090 | 10876 | 9063 | 8614 | 8066 | 8057 | 3831 | 9599 |
| **Total** | $**35447** | $**31821** | $**26148** | $**25016** | $**24945** | $**25582** | $**26335** | $**33129** |

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**Reconciliation of GAAP to Non-GAAP Financial Measures - Quarterly** 

**(unaudited, in thousands, except per share amounts)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| **Gross Profit** | | | | | | | | |
| GAAP gross Profit | $75774 | $73234 | $72901 | $74740 | $75063 | $76798 | $81116 | $92329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 3278 | 2779 | 2044 | 1911 | 1910 | 1939 | 2573 | 2861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized stock-based compensation - Cost of revenue<sup>(1)</sup> | 1022 | 1155 | 1184 | 1338 | 1371 | 1641 | 1581 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 2475 | 2475 | 2475 | 2475 | 2475 | 2475 | 2475 | 2475 |
| **Non-GAAP gross profit** | **82549** | **79643** | **78604** | **80464** | **80819** | **82853** | **87745** | **99329** |
| **GAAP gross margin** | **55.0%** | **54.8%** | **55.1%** | **54.5%** | **53.4%** | **53.2%** | **54.5%** | **58.4%** |
| **Non-GAAP gross margin** | **59.9%** | **59.6%** | **59.4%** | **58.6%** | **57.5%** | **57.3%** | **59.0%** | **62.8%** |
| **Research and development** |  |  |  |  |  |  |  |  |
| GAAP research and development | 38270 | 38248 | 35106 | 31884 | 32742 | 37429 | 42221 | 41421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (11728) | (10323) | (7983) | (7378) | (7922) | (8893) | (11755) | (11915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive transition costs | (385) |  |  |  |  |  |  | (326) |
| **Non-GAAP research and development** | **26157** | **27925** | **27123** | **24506** | **24820** | **28536** | **30466** | **29180** |
| **Sales and marketing** |  |  |  |  |  |  |  |  |
| GAAP sales and marketing | 48662 | 49607 | 52959 | 45994 | 50050 | 49313 | 51100 | 49998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (8060) | (7843) | (7058) | (7113) | (7047) | (6693) | (8176) | (8754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | (2300) | (2300) | (2301) | (2300) | (2299) | (2301) | (2279) | (2159) |
| **Non-GAAP sales and marketing** | **38302** | **39464** | **43600** | **36581** | **40704** | **40319** | **40645** | **39085** |
| **General and administrative** |  |  |  |  |  |  |  |  |
| GAAP general and administrative | 31426 | 31639 | 28433 | 27173 | 26154 | 28235 | 24323 | 29698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (12090) | (10876) | (9063) | (8614) | (8066) | (8057) | (3831) | (9599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive transition costs |  |  |  |  |  | (335) |  | (643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on modification of lease |  |  |  |  |  |  | 736 |  |
| **Non-GAAP general and administrative** | **19336** | **20763** | **19370** | **18559** | **18088** | **19843** | **21228** | **19456** |
| **Operating income (loss)** |  |  |  |  |  |  |  |  |
| GAAP operating loss | (42584) | (46260) | (46734) | (40590) | (34331) | (38179) | (36943) | (28788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 35156 | 31821 | 26148 | 25016 | 24945 | 25582 | 26335 | 33129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized stock-based compensation - Cost of revenue<sup>(1)</sup> | 1022 | 1155 | 1184 | 1338 | 1371 | 1641 | 1581 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges |  |  |  | 9720 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive transition costs | 385 |  |  |  |  | 335 |  | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on modification of lease |  |  |  |  |  |  | (736) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 4775 | 4775 | 4776 | 4775 | 4774 | 4776 | 4754 | 4634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  |  | 3137 | 559 | 448 |  | 415 |  |
| **Non-GAAP operating income (loss)** | **(1246)** | **(8509)** | **(11489)** | **818** | **(2793)** | **(5845)** | **(4594)** | **11608** |
| **Net income (loss)** |  |  |  |  |  |  |  |  |
| GAAP net loss | (23386) | (43427) | (43729) | (38016) | (32886) | (39148) | (37541) | (29483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 35156 | 31821 | 26148 | 25016 | 24945 | 25582 | 26335 | 33129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized stock-based compensation - Cost of revenue<sup>(1)</sup> | 1022 | 1155 | 1184 | 1338 | 1371 | 1641 | 1581 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges |  |  |  | 9720 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive transition costs | 385 |  |  |  |  | 335 |  | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on modification of lease |  |  |  |  |  |  | (736) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 4775 | 4775 | 4776 | 4775 | 4774 | 4776 | 4754 | 4634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on extinguishment of debt | (15656) |  |  |  | (1365) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  |  | 3137 | 559 | 448 |  | 415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 456 | 354 | 349 | 358 | 318 | 217 | 217 | 216 |
| **Non-GAAP net income (loss)** | $**2752** | $**(5322)** | $**(8135)** | $**3750** | $**(2395)** | $**(6597)** | $**(4975)** | $**11129** |
| **GAAP net loss per common share — basic and diluted** | $**(0.18)** | $**(0.32)** | $**(0.32)** | $**(0.27)** | $**(0.23)** | $**(0.27)** | $**(0.26)** | $**(0.20)** |
| **Non-GAAP net income (loss) per common share — basic** | $**0.02** | $**(0.04)** | $**(0.06)** | $**0.03** | $**(0.02)** | $**(0.05)** | $**(0.03)** | $**0.08** |
| **Non-GAAP net income (loss) per common share — diluted** | $**0.02** | $**(0.04)** | $**(0.06)** | $**0.03** | $**(0.02)** | $**(0.05)** | $**(0.03)** | $**0.07** |
| **Weighted average basic common shares** | **131843** | **134587** | **137444** | **139237** | **141085** | **143284** | **145780** | **148129** |
| **Weighted average diluted common shares** | **141162** | **134587** | **137444** | **143415** | **141085** | **143284** | **145780** | **161229** |

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(1)Similar to stock-based compensation, we believe it is also appropriate to exclude amortization of capitalized stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. However, we have not historically done so. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2025, we are excluding amortization of capitalized stock-based compensation from our non-GAAP financial measures and we have accordingly recast the presentation for all prior periods presented to reflect this change. Refer to Non-GAAP Financial Measures definition for further details.

**Reconciliation of GAAP to Non-GAAP Financial Measures - Quarterly (Continued)**

**(unaudited, in thousands, except per share amounts)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| **Reconciliation of GAAP to Non-GAAP diluted shares:** | | | | | | | | |
| **GAAP diluted shares** | **131843** | **134587** | **137444** | **139237** | **141085** | **143284** | **145780** | **148129** |
| &nbsp;&nbsp;&nbsp;Other dilutive equity awards | 9319 |  |  | 4178 |  |  |  | 13100 |
| **Non-GAAP diluted shares** | **141162** | **134587** | **137444** | **143415** | **141085** | **143284** | **145780** | **161229** |
| **Non-GAAP diluted net income (loss) per share** | **0.02** | **(0.04)** | **(0.06)** | **0.03** | **(0.02)** | **(0.05)** | **(0.03)** | **0.07** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| **Adjusted EBITDA** | | | | | | | | |
| GAAP net loss | $(23386) | $(43427) | $(43729) | $(38016) | $(32886) | $(39148) | $(37541) | $(29483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 35156 | 31821 | 26148 | 25016 | 24945 | 25582 | 26335 | 33129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized stock-based compensation - Cost of revenue<sup>(1)</sup> | 1022 | 1155 | 1184 | 1338 | 1371 | 1641 | 1581 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on modification of lease |  |  |  |  |  |  | (736) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and other amortization | 13727 | 13400 | 13443 | 13781 | 13911 | 13650 | 13505 | 14101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 4775 | 4775 | 4776 | 4775 | 4774 | 4776 | 4754 | 4634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 456 | 354 | 349 | 358 | 318 | 217 | 217 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on extinguishment of debt | (15656) |  |  |  | (1365) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  |  | 3137 | 559 | 448 |  | 415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive transition costs | 385 |  |  |  |  | 335 |  | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges |  |  |  | 9720 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (4584) | (3848) | (3937) | (3819) | (3267) | (2975) | (3084) | (3080) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 288 | 225 | 115 | 115 | 913 | 2956 | 2947 | 2945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net | 763 | 89 | (193) | 317 | 815 | 80 | (39) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (465) | 347 | 661 | 455 | 1141 | 691 | 557 | 559 |
| **Adjusted EBITDA** | $**12481** | $**4891** | $**1954** | $**14599** | $**11118** | $**7805** | $**8911** | $**25709** |

---

(1)Similar to stock-based compensation, we believe it is also appropriate to exclude amortization of capitalized stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. However, we have not historically done so. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2025, we are excluding amortization of capitalized stock-based compensation from our non-GAAP financial measures and we have accordingly recast the presentation for all prior periods presented to reflect this change. Refer to Non-GAAP Financial Measures definition for further details.

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![fastlylogo-redxjpega.jpg](fastlylogo-redxjpega.jpg)

**Non-GAAP Consolidated Statements of Operations - Quarterly**

**(unaudited, in thousands, except per share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| Revenue | $137777 | $133520 | $132371 | $137206 | $140579 | $144474 | $148709 | $158223 |
| Cost of revenue<sup>(1)(2)(3)</sup> | 55228 | 53877 | 53767 | 56742 | 59760 | 61621 | 60964 | 58894 |
| **Gross profit**<sup>(1)(2)</sup> | **82549** | **79643** | **78604** | **80464** | **80819** | **82853** | **87745** | **99329** |
| **Operating expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development<sup>(1)(4)</sup> | 26157 | 27925 | 27123 | 24506 | 24820 | 28536 | 30466 | 29180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing<sup>(1)(3)</sup> | 38302 | 39464 | 43600 | 36581 | 40704 | 40319 | 40645 | 39085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative<sup>(1)(4)(5)</sup> | 19336 | 20763 | 19370 | 18559 | 18088 | 19843 | 21228 | 19456 |
| **Total operating expenses**<sup>(1)(2)(3)(4)(5)(6)(7)</sup> | **83795** | **88152** | **90093** | **79646** | **83612** | **88698** | **92339** | **87721** |
| **Income (loss) from operations**<sup>(1)(2)(3)(4)(5)(6)(7)</sup> | **(1246)** | **(8509)** | **(11489)** | **818** | **(2793)** | **(5845)** | **(4594)** | **11608** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4584 | 3848 | 3937 | 3819 | 3267 | 2975 | 3084 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense<sup>(8)</sup> | (288) | (225) | (115) | (115) | (913) | (2956) | (2947) | (2945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | (763) | (89) | 193 | (317) | (815) | (80) | 39 | (55) |
| **Income (loss) before income tax expense (benefit)**<sup>(1)(2)(3)(4)(5)(6)(7)(8)(9)</sup> | **2287** | **(4975)** | **(7474)** | **4205** | **(1254)** | **(5906)** | **(4418)** | **11688** |
| Income tax expense (benefit) | (465) | 347 | 661 | 455 | 1141 | 691 | 557 | 559 |
| **Net income (loss)**<sup>(1)(2)(3)(4)(5)(6)(7)(8)(9)</sup> | $**2752** | $**(5322)** | $**(8135)** | $**3750** | $**(2395)** | $**(6597)** | $**(4975)** | $**11129** |
| **Net income (loss) per share attributable to common stockholders, basic** | $**0.02** | $**(0.04)** | $**(0.06)** | $**0.03** | $**(0.02)** | $**(0.05)** | $**(0.03)** | $**0.08** |
| **Net income (loss) per share attributable to common stockholders, diluted** | $**0.02** | $**(0.04)** | $**(0.06)** | $**0.03** | $**(0.02)** | $**(0.05)** | $**(0.03)** | $**0.07** |
| **Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic** | **131843** | **134587** | **137444** | **139237** | **141085** | **143284** | **145780** | **148129** |
| **Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted** | **141162** | **134587** | **137444** | **143415** | **141085** | **143284** | **145780** | **161229** |

---

(1)Excludes stock-based compensation. See GAAP to Non-GAAP reconciliations.

(2)Excludes amortization of capitalized stock-based compensation - cost of revenue. See GAAP to Non-GAAP reconciliations.

(3)Excludes amortization of acquired intangible assets. See GAAP to Non-GAAP reconciliations.

(4)Excludes executive transition costs. See GAAP to Non-GAAP reconciliations.

(5)Excludes gain on modification of lease. See GAAP to Non-GAAP reconciliations.

(6)Excludes impairment expense. See GAAP to Non-GAAP reconciliations.

(7)Excludes restructuring charges. See GAAP to Non-GAAP reconciliations.

(8)Excludes amortization of debt discount and issuance costs. See GAAP to Non-GAAP reconciliations.

(9)Excludes net gain on extinguishment of debt. See GAAP to Non-GAAP reconciliations.

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![fastlylogo-redxjpega.jpg](fastlylogo-redxjpega.jpg)

**Consolidated Balance Sheets - Quarterly**

**(unaudited, in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| **Assets** | | | | | | | | |
| **Current assets:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $107921 | $150809 | $147196 | $217514 | $286175 | $125484 | $82487 | $113131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 214799 | 178677 | 164569 | 90733 | 9707 | 181808 | 238721 | 229780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 120498 | 107517 | 113878 | 116800 | 115988 | 119035 | 117318 | 109184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 20455 | 23207 | 25312 | 28011 | 28325 | 26243 | 26137 | 27689 |
| **Total current assets** | **463673** | **460210** | **450955** | **453058** | **440195** | **452570** | **464663** | **479784** |
| Property and equipment, net | 176608 | 177574 | 177058 | 180288 | 179097 | 177876 | 181770 | 182896 |
| Operating lease right-of-use assets, net | 55212 | 54420 | 52451 | 47700 | 50433 | 48802 | 54001 | 53050 |
| Goodwill | 670356 | 670356 | 670356 | 670356 | 670356 | 670356 | 670356 | 670356 |
| Intangible assets, net | 62475 | 57576 | 52676 | 47776 | 42876 | 37976 | 32814 | 28055 |
| Marketable securities, non-current | 6088 | 1743 |  |  |  |  |  |  |
| Other assets | 90779 | 84044 | 79176 | 72576 | 68402 | 61665 | 59573 | 56461 |
| **Total assets** | $**1525191** | $**1505923** | $**1482672** | $**1471754** | $**1451359** | $**1449245** | $**1463177** | $**1470602** |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |  |  |  |
| **Current liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $5611 | $5485 | $5532 | $11354 | $6044 | $9802 | $13344 | $10829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 61818 | 35555 | 34445 | 40854 | 41622 | 37165 | 45282 | 60421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current debt |  |  |  |  |  | 187871 | 188051 | 188232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | 15684 | 11974 | 8178 | 4882 | 2328 | 617 | 80 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 24042 | 22580 | 25399 | 23857 | 25155 | 26988 | 23673 | 23676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 40539 | 44633 | 35748 | 33261 | 29307 | 38442 | 42373 | 45757 |
| **Total current liabilities** | **147694** | **120227** | **109302** | **114208** | **104456** | **300885** | **312803** | **328915** |
| Long-term debt | 343507 | 343837 | 344167 | 344498 | 337614 | 149874 | 149883 | 149893 |
| Finance lease liabilities, non-current | 1602 | 440 |  |  |  |  |  |  |
| Operating lease liabilities, non-current | 48484 | 46857 | 44634 | 40565 | 39561 | 36615 | 48577 | 47106 |
| Other long-term liabilities | 4416 | 2756 | 3382 | 3029 | 4478 | 4848 | 9267 | 7723 |
| **Total liabilities** | **545703** | **514117** | **501485** | **502300** | **486109** | **492222** | **520530** | **533637** |
| **Stockholders' equity:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1815245 | 1870503 | 1903374 | 1929397 | 1958157 | 1989108 | 2012312 | 2035956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1008) | (521) | (282) | (22) | (100) | (130) | (169) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (834752) | (878179) | (921908) | (959924) | (992810) | (1031958) | (1069499) | (1098982) |
| **Total stockholders' equity** | **979488** | **991806** | **981187** | **969454** | **965250** | **957023** | **942647** | **936965** |
| **Total liabilities and stockholders' equity** | $**1525191** | $**1505923** | $**1482672** | $**1471754** | $**1451359** | $**1449245** | $**1463177** | $**1470602** |

---

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![fastlylogo-redxjpega.jpg](fastlylogo-redxjpega.jpg)

**Consolidated Statements of Cash Flows – Quarterly** 

**(unaudited, in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| **Cash flows from operating activities:** | | | | | | | | |
| Net loss | $(23386) | $(43427) | $(43729) | $(38016) | $(32886) | $(39148) | $(37541) | $(29483) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 13587 | 13277 | 13318 | 13656 | 13786 | 15167 | 14962 | 15639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 4899 | 4899 | 4900 | 4900 | 4900 | 4900 | 4878 | 4759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 5451 | 5556 | 5800 | 5463 | 5655 | 5655 | 5694 | 5476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 456 | 354 | 349 | 358 | 316 | 217 | 217 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred contract costs | 4295 | 4573 | 4531 | 4773 | 4746 | 4850 | 4847 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 35447 | 31821 | 26148 | 25016 | 24945 | 25582 | 26335 | 33129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (900) | 228 | 333 | 339 | 893 | 422 | 327 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 714 | 953 | 393 | 1054 | 1434 | 946 | 1048 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposals of property and equipment |  | 399 | 45 |  | 96 |  | (43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discounts on investments | (990) | (1158) | (1244) | (1064) | (507) | (626) | (1356) | (1305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of operating lease right-of-use assets | 156 |  |  | 371 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  |  | 3137 | 559 | 448 |  | 415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on extinguishment of debt | (15656) |  |  |  | (1365) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | 905 | (259) | (178) | 520 | (897) | 376 | (84) | (189) |
| &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;&nbsp;&nbsp;&nbsp;Accounts receivable | (22590) | 12028 | (6754) | (3976) | (622) | (3993) | 669 | 6898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 4107 | (2700) | (2131) | (2589) | (207) | 2216 | 121 | (1526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (6868) | (1814) | (3210) | (2705) | (4140) | (2095) | (6076) | (4820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (876) | 101 | (341) | 4754 | (3903) | 2575 | 3446 | (2741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (1603) | (8760) | 1911 | 2707 | 1220 | (3383) | 1577 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (5137) | (7606) | (4406) | (7329) | (7200) | (5556) | (2332) | (5774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 612 | 2667 | (3820) | (3789) | (1492) | 9183 | 8694 | 912 |
| **Net cash provided by (used in) operating activities** | **(7377)** | **11132** | **(4948)** | **5002** | **5220** | **17288** | **25798** | **28924** |
| **Cash flows from investing activities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (59142) | (56948) | (60249) | (37902) |  | (179486) | (93440) | (79136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of marketable securities | 24850 |  |  |  |  |  |  | 18128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities of marketable securities | 5642 | 99080 | 77597 | 113032 | 81480 | 7969 | 37836 | 71417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance payment for purchase of property and equipment |  |  | (790) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (2693) | (1603) | (1762) | (1996) | (4969) | (2605) | (9852) | (6046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment |  |  | 24 |  |  |  | 44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized internal-use software | (5902) | (6845) | (6829) | (6818) | (5602) | (4763) | (4542) | (4707) |
| **Net cash provided by (used in) investing activities** | **(37245)** | **33684** | **7991** | **66316** | **70909** | **(178885)** | **(69954)** | **(344)** |
| **Cash flows from financing activities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of debt issuance costs |  |  |  |  | (5729) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for debt extinguishment | (113606) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of finance lease liabilities | (5932) | (4872) | (4236) | (3296) | (2554) | (1711) | (537) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred consideration for business acquisitions |  |  | (3771) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of vested stock options | 161 | 111 | 180 | 19 | 805 | 408 | 279 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from employee stock purchase plan | 1550 | 2881 | 1034 | 2168 | 161 | 2131 | 1240 | 2106 |
| **Net cash provided by (used in) financing activities** | **(117827)** | **(1880)** | **(6793)** | **(1109)** | **(7317)** | **828** | **982** | **2097** |
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 70 | (48) | (13) | 109 | (151) | 78 | 177 | (33) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (162379) | 42888 | (3763) | 70318 | 68661 | (160691) | (42997) | 30644 |
| Cash, cash equivalents, and restricted cash at beginning of period | 270450 | 108071 | 150959 | 147196 | 217514 | 286175 | 125484 | 82487 |
| **Cash, cash equivalents, and restricted cash at end of period** | $**108071** | $**150959** | $**147196** | $**217514** | $**286175** | $**125484** | $**82487** | $**113131** |

---

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![fastlylogo-redxjpega.jpg](fastlylogo-redxjpega.jpg)

**Free Cash Flow** 

**(in thousands, unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2023** | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| **Net cash provided by (used in) investing activities** | $(7377) | $11132 | $(4948) | $5002 | $5220 | $17288 | $25798 | $28924 |
| Capital expenditures<sup>(1)</sup>: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (2693) | (1603) | (1762) | (1996) | (4969) | (2605) | (9852) | (6046) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment |  |  | 24 |  |  |  | 44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized internal-use software | (5902) | (6845) | (6829) | (6818) | (5602) | (4763) | (4542) | (4707) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of finance lease liabilities | (5932) | (4872) | (4236) | (3296) | (2554) | (1711) | (537) | (80) |
| Advance payment for purchase of property and equipment<sup>(2)</sup> |  |  | (790) |  |  |  |  |  |
| **Free Cash Flow** | $**(21904)** | $**(2188)** | $**(18541)** | $**(7108)** | $**(7905)** | $**8209** | $**10911** | $**18091** |

---

__________

(1)Capital expenditures are defined as cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, capitalized internal-use software and payments on finance lease obligations, as reflected in our statement of cash flows.

(2)In the nine months ended September 30, 2025, we received $9.2 million of capital equipment that was prepaid prior to the current quarter, as reflected in the supplemental disclosure of our statement of cash flows.

<br>