NET 10-Q Quarterly Reports

Cloudflare, Inc.'s Q2 2026 10-Q filing shows continued strong revenue growth of 36% year-over-year for the quarter, driven by new customer acquisition and expansion within its existing customer base, as evidenced by a dollar-based net retention rate of 120%. Despite this growth, the company reported a net loss of $170 million for the quarter, widening from $50.4 million in the prior year's quarter. This increased loss is significantly impacted by $150.7 million in restructuring and other charges related to a workforce reduction aimed at accelerating an AI-first operating model. Financially, the company ended the quarter with substantial liquidity, holding $1.66 billion in cash and cash equivalents and $2.50 billion in available-for-sale securities. Investments in property and equipment, as well as capitalized internal-use software, continue, with net cash provided by operating activities remaining positive at $117.6 million for the quarter. However, the company's significant net losses and accumulated deficit of $1.4 billion underscore the ongoing investment phase. Investors should monitor the execution of the AI-first strategy and its impact on future profitability and cost structure, alongside macroeconomic factors that could influence customer spending.

Cloudflare, Inc.'s (NET) Q1 2026 filing demonstrates continued robust revenue growth, with total revenue reaching $639.8 million, a 34% increase year-over-year. This growth is primarily attributed to the acquisition of new paying customers and the expansion of services for existing large enterprise clients, as evidenced by a dollar-based net retention rate of 118%. Despite revenue growth, the company reported a net loss of $22.9 million for the quarter. This loss, while narrowing from the previous year's $38.5 million loss, indicates ongoing investment in growth and operations. The company's financial position remains strong with $932.2 million in cash and cash equivalents and $3.2 billion in available-for-sale securities, providing ample liquidity. Cloudflare also announced a significant strategic initiative to evolve towards an agentic AI-first operating model, which includes a workforce reduction of approximately 20%, expected to incur charges between $140 million and $150 million in Q2 2026. Investors should monitor the execution of this AI strategy and its impact on future profitability and operational efficiency.

Cloudflare, Inc. (NET) reported its financial results for the quarter ending September 29, 2025. The company demonstrated continued strong revenue growth, with a 31% increase year-over-year for the three-month period and a 28% increase for the nine-month period. This growth was primarily driven by an expansion in paying customers and strong retention rates, as indicated by a dollar-based net retention rate of 119% for the quarter. Despite the revenue growth, Cloudflare reported a net loss for both the three-month and nine-month periods. The cost of revenue increased significantly, impacting gross margins, which decreased from 78% to 74% year-over-year for the quarter. Operating expenses also saw increases across sales and marketing, research and development, and general and administrative functions, largely due to increased headcount and stock-based compensation. The company also significantly increased its cash and cash equivalents and available-for-sale securities, bolstered by proceeds from its 2030 convertible senior notes issuance. While the company remains net-loss generating, its strong revenue growth, increasing customer base, and substantial cash reserves position it for continued investment and expansion.

Cloudflare, Inc. (NET) reported strong revenue growth in its Q2 2025 earnings, with revenue increasing by 28% year-over-year for the quarter and 27% for the first half of the year. This growth was driven by an expanding paying customer base and strong retention, as indicated by a dollar-based net retention rate of 114%. The company continues to invest heavily in its global network infrastructure and product development, leading to increased operating expenses and a reported net loss for both the quarter and the year-to-date period. Despite the net loss, the company's cash position remains robust, bolstered by a significant issuance of convertible senior notes in June 2025, contributing to a substantial increase in cash flow from financing activities. Key financial highlights include a growing revenue stream and positive free cash flow, though gross margins saw a slight decrease. The company's strategic investments in sales and marketing and research and development reflect its commitment to long-term growth. Investors should note the continued expansion of the paying customer base, including a notable increase in customers with annualized revenue over $100,000, signaling successful penetration into larger enterprise accounts. Despite ongoing investments and net losses, Cloudflare's strong revenue growth and liquidity position provide a positive outlook.

Cloudflare, Inc. (NET) reported strong revenue growth of 27% year-over-year for the first quarter of 2025, reaching $479.1 million. This growth was driven by a 27% increase in paying customers and a healthy dollar-based net retention rate of 111%. The company continues to invest heavily in research and development and sales and marketing, leading to increased operating expenses and a reported net loss of $38.5 million for the quarter. Free cash flow improved significantly to $52.9 million, indicating efficient cash generation from operations despite the net loss. While the company's top-line growth remains robust, investors should note the increasing operating expenses, particularly in R&D and S&M, which are outpacing revenue growth. The company's substantial cash and available-for-sale securities position provides a buffer, and management believes it is sufficient to meet working capital needs for the next 12 months. Key risks highlighted include potential impacts from macroeconomic conditions, geopolitical tensions, and intense competition, all of which could affect future performance.

Cloudflare, Inc. (NET) reported its financial results for the period ending September 29, 2024. The company demonstrated robust revenue growth, with a 28% increase year-over-year for the third quarter and a 29% increase for the first nine months of the year. This growth was driven by an expanding customer base, up 22% year-over-year, and strong customer retention as indicated by a dollar-based net retention rate of 110%. Despite increasing operating expenses, particularly in sales and marketing and research and development, the company saw an improvement in its non-GAAP operating margin to 15% from 13% in the prior year period, suggesting increasing operational efficiency. The company continues to invest heavily in its global network and product development, as evidenced by significant capital expenditures and R&D spending. Cloudflare also reported positive and growing free cash flow, indicating strong operational cash generation. While the company continues to generate net losses on a GAAP basis, the growth in revenue, improving margins on a non-GAAP basis, and positive free cash flow are key positive takeaways for investors. The company's substantial cash and available-for-sale securities provide a solid liquidity position to fund future growth initiatives and potential acquisitions. Investors should continue to monitor the company's ability to translate its revenue growth into GAAP profitability while managing its significant operating expenses and stock-based compensation.

Cloudflare, Inc. reported a solid financial performance for the quarter ending June 30, 2024, with revenue growing 30% year-over-year to $400.996 million. This growth was driven by a 21% increase in paying customers and a strong dollar-based net retention rate of 112%, indicating effective customer expansion and retention. The company continues to manage its cost of revenue effectively, maintaining a gross margin of 78% for the quarter. While operating expenses increased, largely due to investments in sales and marketing and research and development, the company's non-GAAP income from operations improved significantly, signaling progress towards sustained profitability. The balance sheet shows a healthy cash position with $157 million in cash and cash equivalents and $1.6 billion in available-for-sale securities, providing ample liquidity. The company also secured a $400 million revolving credit facility. Despite a net loss reported under GAAP, the underlying operational improvements and strong revenue growth are positive indicators for investors. The acquisition of BastionZero in May 2024 for $13.1 million also signals continued strategic investment in enhancing the company's Zero Trust infrastructure access capabilities.

Cloudflare, Inc. (NET) reported strong revenue growth of 30% year-over-year for the first quarter of 2024, reaching $378.6 million. This growth was driven by an increase in paying customers and expansion within existing customer relationships, as indicated by a dollar-based net retention rate of 115%. Despite the revenue growth, the company continues to operate at a net loss, with a net loss of $35.5 million for the quarter. The company's operating expenses, particularly in sales and marketing, increased significantly due to investments in headcount and a one-time compensation charge, leading to a wider operating loss. Financially, Cloudflare demonstrated improved cash flow from operations, nearly doubling to $73.6 million compared to the prior year, and generated positive free cash flow of $35.6 million. The company ended the quarter with a healthy cash position of $254.4 million and available-for-sale securities totaling $1.5 billion, indicating sufficient liquidity for at least the next 12 months. Key business metrics show continued expansion, with paying customers growing by 17% and large customers (>$100k ARR) increasing by 33%. The company also made a change in accounting estimate regarding the useful lives of its servers, which reduced depreciation expense by $6.2 million for the quarter.

Cloudflare, Inc. reported strong revenue growth for the nine months ended September 30, 2023, with revenue increasing by 33% year-over-year to $934.3 million. The company's strategy of acquiring new paying customers and expanding relationships with existing ones, as evidenced by a dollar-based net retention rate of 116%, continues to drive top-line performance. Despite revenue growth, Cloudflare remains unprofitable, reporting a net loss of $156.1 million for the nine months. Operationally, the company has achieved positive free cash flow for the first nine months of the year ($68.7 million), a significant improvement from the prior year. This indicates progress in managing expenses and converting revenue into cash. The company's balance sheet remains solid with $94.1 million in cash and cash equivalents and $1.48 billion in available-for-sale securities as of September 30, 2023. However, the significant accumulated deficit of $996 million and outstanding convertible notes warrant continued investor attention.

Cloudflare, Inc. (NET) reported solid revenue growth of 32% year-over-year for the second quarter of 2023, reaching $308.5 million. This growth was driven by an increase in paying customers and strong expansion from existing ones, as indicated by a dollar-based net retention rate of 115%. While the company continues to invest heavily in its global network and product development, leading to an increase in operating expenses and a net loss of $94.5 million for the quarter, the company also demonstrated an improvement in free cash flow to $20.0 million, a significant increase from the prior year. The company's financial position remains strong with $159.3 million in cash and cash equivalents and $1.4 billion in available-for-sale securities as of June 30, 2023. A notable event during the quarter was the loss on extinguishment of debt of $50.3 million related to the repurchase of its 2025 Convertible Senior Notes. Management remains focused on long-term growth, innovation, and expanding its customer base, while navigating ongoing macroeconomic uncertainties.

Cloudflare, Inc. (NET) reported its first-quarter 2023 financial results, demonstrating continued strong revenue growth, up 37% year-over-year to $290.2 million. This growth was driven by an increase in paying customers and strong retention from existing ones. The company also saw a positive shift in cash flow, generating $36.4 million in net cash from operating activities, a significant improvement from the prior year's comparable period, and positive free cash flow of $13.9 million. This indicates improving operational efficiency and a move towards stronger financial health. Despite the growth and improved cash flow, Cloudflare continues to operate at a net loss, reporting a net loss of $38.1 million for the quarter. However, this loss narrowed compared to the prior year. The company's significant investments in research and development and sales and marketing continue to impact profitability, which is a key aspect for investors to monitor. The substantial amount of available-for-sale securities provides a strong liquidity position, giving the company flexibility for future investments and operational needs.

Cloudflare, Inc. (NET) reported solid revenue growth in the third quarter of 2022, with a 47% year-over-year increase. The company's expanding customer base, both new and existing, drove this growth, evidenced by a dollar-based net retention rate of 124%. Despite strong revenue performance, Cloudflare continued to operate at a net loss, a common characteristic for high-growth technology companies investing heavily in R&D and sales & marketing. The company also highlighted the impact of macroeconomic conditions, such as a lengthening sales cycle for large customers and a higher churn rate among pay-as-you-go customers converting to free plans, which it is closely monitoring. Financially, Cloudflare ended the quarter with a healthy cash and cash equivalents balance and substantial available-for-sale securities, indicating sufficient liquidity for the near term. Investments in property and equipment, including network infrastructure and capitalized software, were significant, reflecting the company's commitment to scaling its operations. While operating expenses, particularly in sales & marketing and R&D, grew substantially to support growth, the company's gross margin remained stable. Investors should note the ongoing investments in growth initiatives and the company's continued focus on expanding its global network and product offerings as key drivers for future performance.

Cloudflare, Inc. reported strong revenue growth of 54% year-over-year for both the three and six months ended June 30, 2022, reaching $234.5 million and $446.7 million, respectively. This growth was driven by an increasing paying customer base and expansion within existing customers, as indicated by a dollar-based net retention rate of 126%. Despite the robust top-line performance, the company continued to experience net losses, with a loss of $63.5 million for the quarter and $104.9 million for the six months, primarily due to significant investments in sales and marketing, research and development, and general administrative expenses. The company also noted a lengthening of sales cycles and a slowdown in new customer pipeline due to challenging macroeconomic conditions, including inflation and the Russia-Ukraine conflict, which have impacted customer payment timing and led to some pay-as-you-go customers converting to free plans. Financially, Cloudflare maintained a strong liquidity position with $142.7 million in cash and cash equivalents and $1.5 billion in available-for-sale securities as of June 30, 2022. However, the company's operating activities generated only $2.8 million in cash for the first six months of 2022, down significantly from $30.9 million in the prior year, and free cash flow remained negative at $(68.8) million. The company has made strategic acquisitions, notably Area 1 Security, Inc., which contributed to an increase in goodwill. Management expects to continue investing in growth initiatives, which will likely lead to ongoing operating losses, but believes current resources are sufficient for at least the next 12 months.

Cloudflare, Inc. reported strong revenue growth of 54% year-over-year for the first quarter of 2022, reaching $212.2 million. This growth was driven by a 29% increase in paying customers and a robust dollar-based net retention rate of 127%, indicating successful expansion within its existing customer base. Despite the revenue growth, the company continued to experience net losses, with a reported loss of $41.4 million. Operating expenses increased significantly, particularly in sales and marketing (43%) and research and development (70%), reflecting substantial investments in growth initiatives and headcount expansion. Free cash flow was negative $64.4 million, a deterioration from the prior year's period, highlighting the company's focus on reinvesting in its infrastructure and growth rather than immediate profitability. The company ended the quarter with a strong liquidity position, boasting $152.0 million in cash and cash equivalents and $1.57 billion in available-for-sale securities, suggesting ample resources to fund operations and strategic investments in the near to medium term.

Cloudflare, Inc. reported strong revenue growth in the third quarter and first nine months of 2021, with a 51% and 52% year-over-year increase, respectively. This growth was driven by a 31% increase in paying customers and a robust dollar-based net retention rate of 124%. Despite this revenue expansion, the company continues to operate at a net loss, which increased to $107.3 million for the quarter and $182.8 million for the nine-month period. This is largely due to significant investments in sales and marketing, research and development, and general administrative expenses to support its rapid growth and expansion. The company's balance sheet shows substantial growth in cash and available-for-sale securities, reaching $618.2 million and $1.2 billion, respectively, by September 30, 2021. This increased liquidity is partly due to the successful issuance of convertible senior notes. Cloudflare's operational cash flow turned positive for the nine-month period, a positive development, though free cash flow remained negative. The company has a strong focus on long-term growth and continues to invest heavily in its network and product development, positioning itself for future market share gains despite the current unprofitability.

Cloudflare, Inc. (NET) reported strong revenue growth of 53% year-over-year for the second quarter of 2021, reaching $152.4 million. This growth was driven by an increase in paying customers and expansion within existing customer relationships, as indicated by a dollar-based net retention rate of 124%. Despite the impressive top-line performance, the company continued to incur net losses, with a net loss of $35.5 million for the quarter, reflecting ongoing significant investments in sales and marketing, research and development, and general administrative functions. The company's balance sheet shows a healthy cash position with $247.6 million in cash and cash equivalents and $786.0 million in available-for-sale securities as of June 30, 2021. While operating activities used cash in the first half of 2020, they generated positive cash flow in the first half of 2021 ($30.9 million). Cloudflare's strategic investments in network infrastructure and product development are crucial for its long-term growth strategy, but these investments contribute to the ongoing net losses. Investors should monitor the company's ability to leverage its strong revenue growth to eventually achieve profitability.

Cloudflare, Inc. (NET) reported its first quarterly results for 2021, showing robust revenue growth driven by an expanding customer base and strong retention rates. Revenue increased by 51% year-over-year, demonstrating continued demand for its security, performance, and reliability services. While the company continues to invest heavily in research and development and sales and marketing to fuel growth, resulting in an operating loss, key performance indicators like paying customers and customers spending over $100,000 annually show significant year-over-year increases. The company also reported positive cash flow from operations, a notable improvement from the prior year, and maintained a strong balance sheet with substantial cash and investments. Despite ongoing investments that widen the net loss, the company's strategic expansion and customer growth trajectory signal a positive outlook for future revenue generation and potential profitability.

This 10-Q filing for Cloudflare, Inc. (NET) for the period ending September 29, 2020, primarily focuses on corporate governance, anti-takeover provisions, and the financial implications of its outstanding convertible senior notes. As an emerging growth company, Cloudflare intends to utilize certain exemptions from reporting requirements, though it anticipates losing this status by its 2020 year-end Form 10-K. The company highlights significant anti-takeover defenses, including a dual-class stock structure, a classified board, and exclusive forum provisions for legal disputes, which could limit stockholder influence and discourage potential mergers or acquisitions. A major discussion point is the $575.0 million in aggregate principal amount of convertible senior notes issued in May 2020. The filing details the risks associated with servicing this debt, including potential cash flow shortages, limitations on future borrowing, and the possibility of default if covenants are breached. It also addresses the dilutive effect that conversion of these notes could have on existing stockholders, mitigated partly by capped call transactions, but also notes the risk of counterparty default on these hedging instruments. Investors should note Cloudflare does not intend to pay dividends in the foreseeable future.

Cloudflare, Inc. (NET) filed its quarterly report for the period ending June 29, 2020, highlighting its ongoing status as an emerging growth company and the implications for its financial reporting. While the company intends to leverage certain exemptions available to emerging growth companies, it anticipates transitioning to a large accelerated filer status beginning with its 2020 Form 10-K. This transition will bring enhanced reporting requirements. Investors should note the company's dual-class stock structure, which concentrates significant voting power with founders, and its proactive anti-takeover provisions designed to make the company less susceptible to unsolicited mergers or acquisitions. The report also addresses the significant issuance of $575.0 million in 0.75% Convertible Senior Notes due May 2025, detailing the associated risks and accounting considerations.

Cloudflare, Inc. (NET) filed its Form 10-Q for the period ending March 30, 2020. As an "emerging growth company," Cloudflare is leveraging certain exemptions from reporting requirements, including those related to auditor attestation for Section 404 of the Sarbanes-Oxley Act and reduced executive compensation disclosures. While these exemptions may make the stock less attractive to some investors, potentially impacting market liquidity and volatility, the company has not experienced unregistered sales of equity securities since its IPO in September 2019, and the use of IPO proceeds remains consistent with previous disclosures. The company's corporate structure and charter documents include several anti-takeover provisions. These include a dual-class stock structure giving significant voting influence to founders, a classified board with staggered terms, limitations on director removal and board vacancies, and restrictions on stockholder actions such as special meetings and written consents. These measures, along with exclusive forum selection for litigation, are designed to prevent hostile takeovers and may limit opportunities for stockholders to receive a premium on their shares, potentially affecting the stock price. Investors should be aware of these governance features when considering an investment in Cloudflare.

Cloudflare, Inc. (NET) reported its quarterly results for the period ending September 29, 2019, shortly after its initial public offering (IPO) in September 2019. As an 'emerging growth company,' Cloudflare is leveraging certain exemptions from reporting requirements, which could impact investor perception and stock market liquidity. The company has a dual-class stock structure that gives significant control to its founders, even with a minority ownership. Additionally, its corporate charter and bylaws include several anti-takeover provisions designed to deter mergers, tender offers, and proxy contests, which may limit opportunities for stockholders to receive a premium on their shares and could affect the stock price. In terms of operational activities, the company disclosed several unregistered sales of equity securities, primarily related to stock options exercised and restricted stock units granted under its 2010 Equity Incentive Plan. These transactions involved Class A and Class B common stock and were generally exempt from registration under the Securities Act. The company confirmed that the use of proceeds from its recent IPO remains consistent with its prospectus, with aggregate net proceeds of $565.0 million raised after deducting underwriting discounts and commissions and offering costs.