NET 2Q25:Accelerating Growth and Raised Outlook

Consistent with our analysis, the topline metrics were solid against already elevated expectations. Overall, the quarter came in slightly above the “pass mark,” and the company remains on a trajectory with room for further acceleration. Incorporating insights from both the earnings call and the follow-up callback, we summarize the key takeaways below:

Overall Performance And Guidance

• Revenue Growth: 2Q FY25 revenue +28 % YoY (vs. +26.5 % in 1Q), meeting the buy-side “pass‑mark”(sell-side feedback).

• Acceleration Outlook: Management reiterates back‑half acceleration; 2H guide of +26–27 % YoY implies that a ~1–2 ppt beat keeps growth rising.

• Guidance Raise: FY25 revenue outlook lifted 1.2 % to $2.114 bn and tone turned less conservative.

Improved Visibility In The Committed-Spend Pool

• Pool Contracts Live: First “pool of funds” contracts now flowing into GAAP revenue, boosting DBNRR to 114 % (111 % in 1Q).

• Sales Capacity: New enterprise AEs fully ramping, expanding coverage.

• Budget Stabilization: Customer IT/security budgets have stabilized, with management seeing reduced macro uncertainty.

Prospects For Nine-Figure Deals