이번 보고서
2026.06 분기보고서
10-Q · 기간 말 2026. 6. 30. · 제출 2026. 8. 6.
비교 기준
2026.03 분기보고서
10-Q · 기간 말 2026. 3. 31.
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새 리스크 항목
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신규 문단
7
수정 문단
1
삭제
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분량 변화
AI 한국어 요약
한 줄 요약
최대 고객이 2026년 3분기 들어 사용량을 줄이기 시작했다는 사실이 새로 공시됐고, AI 기업 고객군(AI-native cohort)에 대한 매출 의존도가 더 구체적으로 드러났습니다.
주목할 변화
- 강화최대 고객의 사용량 감소 발생이전에는 사용 최적화나 미갱신 가능성을 가정으로만 언급했습니다. 이번에는 최대 고객이 실제로 사용량을 줄이기 시작했다고 밝혔습니다: "Beginning in the third quarter of 2026, we saw our largest customer reduce their usage." 보고서 제출 시점(8월 6일) 기준으로 이미 진행 중인 현상을 공시한 것입니다.
- 강화AI 기업 고객군의 성장 기여도 명시최대 고객이 포함된 AI-native 고객군이 2분기 회사 전체 매출 성장률에 "high single digit percentage points"를 기여했다고 처음 수치화했습니다. 이 고객군이 "rapidly increased their usage"했고 향후 사용을 최적화하거나 갱신하지 않을 수 있다는 경고가 함께 붙었습니다.
- 삭제클라우드 네이티브 고객의 과거 최적화 사례 문장 삭제과거 클라우드 네이티브 고객들이 사용량을 급격히 늘렸다가 최적화했다는 예시 문장이 빠졌습니다. 그 자리는 AI-native 고객군과 최대 고객에 초점을 맞춘 문장들로 대체됐습니다.
- 신규AI를 악용한 보안 위협공격자들이 AI로 보안 위협의 "sophistication, scale, speed and effectiveness"를 높이고 있다는 문장이 새로 들어갔습니다. 향후 미지의 취약점을 찾아내거나 "automate complex, multi-stage attack chains"하는 능력까지 언급해, 탐지·방어가 더 어려워질 수 있다고 경고했습니다.
- 강화AI 활용 리스크의 범위 확대AI 관련 리스크 제목이 "products and services"에서 "products, services and operations"로 바뀌었습니다. 제품뿐 아니라 내부 운영에서 쓰는 AI에서도 리스크가 생길 수 있다고 범위를 넓힌 것입니다.
읽는 법
이번 변경의 핵심은 고객 집중 리스크가 가정에서 실제 사례로 바뀌었다는 점입니다. AI-native 고객군이 전체 성장률에 크게 기여해 온 만큼, 최대 고객의 사용량 감소가 앞으로 매출 성장률에 어떤 영향을 줄지가 관건입니다. 다음 분기 실적 발표와 보고서에서 이 고객군의 기여도 변화, 최대 고객 관련 추가 설명, 그리고 AI 기반 보안 위협에 대한 회사의 대응 언급을 확인해 보는 것이 좋겠습니다.
원문 비교
- Our revenue was
$1,006.4 million$2.1 billion and$761.6 million$1.6 billion for thethreesix months endedMarch 31,June 30, 2026 and 2025, respectively. You should not rely on the revenue growth of any prior quarterly or annual period as an indication of our future performance. Even if our revenue continues to increase, we expect that our revenue growth rate will decline in the future as a result of a variety of factors, including the maturation of our business. Overall growth of our revenue depends on a number of factors, including our ability to: - Our future success depends in part on our ability to sell additional subscriptions and products to our existing customers, and our customers renewing their subscriptions when the contract term expires. The terms of our subscription agreements are primarily monthly or annual, with some quarterly, semiannual and multi-year. Our customers have no obligation to renew their subscriptions for our products after the expiration of their subscription period. In order for us to maintain or improve our results of operations, it is important that our customers renew or expand their subscriptions with us. Whether our customers renew or expand their subscriptions with us may be impacted by a number of factors, including business strength or weakness of our customers, customer usage, customer satisfaction with our products and platform capabilities and customer support, our prices, the capabilities and prices of competing products, mergers and acquisitions affecting our customer base, consolidation of affiliates’ multiple paid business accounts into a single paid business account, or reductions in our customers’ spending on IT solutions or their spending levels generally. These factors may be exacerbated by unfavorable conditions in the economy, see “Risks Associated with our Growth—Unfavorable conditions in our industry or the global economy, or reductions in information technology spending, could limit our ability to grow our business and negatively affect our results of operations” above. These factors may also be exacerbated if, consistent with our growth strategy, our customer base continues to grow to encompass larger enterprises, which may also require more sophisticated and costly sales efforts. Certain customers and cohorts of customers in specific industries have or in the future may increase usage of our product and then seek to optimize their usage, renew their subscriptions on terms less favorable to us, or not renew their subscriptions, which may result in revenue volatility. For example, our AI-native cohort, which cohort includes our largest customer, contributed high single digit percentage points to the total Company year-over-year revenue growth for the quarter ended June 30, 2026. This cohort rapidly increased their usage of our product, and may in the future optimize their usage, or may fail to renew their subscriptions. Beginning in the third quarter of 2026, we saw our largest customer reduce their usage. If our customers do not purchase additional subscriptions and products from us, reduce their usage, fail to renew their subscriptions or renew on different terms, our revenue and dollar-based net retention may decline and our business, financial condition and results of operations may be harmed.
- There can be no assurance that any security measures that we or the third-parties with whom we work have implemented will be effective against current or future security threats. While we have developed systems and processes designed to protect the integrity, confidentiality, and security of our and our customers’ data, our security measures or those of the third-parties with whom we work could fail and result in unauthorized access to or disclosure, modification, misuse, loss or destruction of such data. Additionally, as AI technologies continue to evolve, threat actors are using and exploiting these technologies to enhance the sophistication, scale, speed and effectiveness of security threats that may be more difficult to detect and defend against, including future capabilities to identify previously unknown vulnerabilities and automate complex, multi-stage attack chains.
- We use artificial intelligence in our
productsproducts, services andservicesoperations which may result in operational challenges, legal liability, reputational harm, competitive risks and regulatory concerns that could adversely affect our business and results of operations. - The OECD's Pillar Two model rules introduced a global minimum tax of 15%. These model rules have been adopted by various governments around the world, some of which are effective for tax periods beginning on or after December 31, 2024. On January 5, 2026, the OECD released new administrative guidance outlining a “side-by-side” arrangement that may exempt our U.S. operations from certain global minimum tax rules effective for fiscal years beginning on or after January 1, 2026. While this arrangement may provide relief for our U.S. operations, the broader adoption of Pillar Two rules globally could adversely affect our results of operations. There is no material impact on our financial statements for the tax period ending
March 31,June 30, 2026. - A component of our growth strategy involves the further expansion of our operations and customer base internationally. Revenue, as determined based on the billing address of our customers, from regions outside of North America was
28%27% and30%29% for thethreesix months endedMarch 31,June 30, 2026 and 2025, respectively. Beyond North America, we now have sales presence internationally, including in Amsterdam, Dublin, London, Paris, Seoul, Singapore, Sydney, and Tokyo. We are continuing to adapt to and develop strategies to address international markets, but there is no guarantee that such efforts will have the desired effect. For example, we anticipate that we will need to establish relationships with new partners in order to expand into certain countries, and if we fail to identify, establish and maintain such relationships, we may be unable to execute on our expansion plans. As ofMarch 31,June 30, 2026, approximately44%45% of our full-time employees were located outside of the United States,34%33% of whom were located in France. We expect that our international activities will continue to grow for the foreseeable future as we continue to pursue opportunities in existing and new international markets, which will require significant dedication of management attention and financial resources. - Our Class B common stock has ten votes per share and our Class A common stock has one vote per share. As of
March 31,June 30, 2026, our outstanding shares of Class B common stock represented approximately43%42% of the voting power of our outstanding capital stock. As a result, the holders of our Class B common stock, which includes certain of our directors, executive officers and their affiliates, exercise considerable influence over matters requiring stockholder approval, including the election of directors and approval of significant corporate transactions, such as a merger or other sale of our company or our assets, even if their stock holdings represent less than 50% of the outstanding shares of our capital stock. This concentration of ownership limits the ability of other stockholders to influence corporate matters and may cause us to make strategic decisions that could involve risks to holders of our Class A common stock or that may not be aligned with the interests of holders of our Class A common stock. This control may adversely affect the market price of our Class A common stock. - For example, in prior periods customers in our cloud-native cohort, and more recently larger customers in our AI-native cohort, which cohort includes our largest customer and represented year-over-year revenue growth of high single digits for the quarter ended March 31, 2026, have rapidly increased their usage of our product and then optimized or may in the future optimize their usage or fail to renew their subscriptions.