AI Software & Applications
Operates a global network for website performance and security, plus an edge platform for developers including AI inference.
{'verdict': '1 signal sits in the elevated band: the AI-monetization gap. This does not trip the convergence flag. Ranks 35th of 68 on composite fragility (F\xa041.75), below TSMC and Datadog.', 'as_of': '2026-07-11', 'source': 'engine-restatement (T1)', 'snapshot': {'composite_f': 41.75, 'n_elevated': 1, 'convergence': 'moderate', 'rank': 35, 'elevated': ['the AI-monetization gap']}}
'Your CEO said "If agents are the new users of the web, Cloudflare is the platform they run on." Not one dollar of Workers AI revenue, AI Gateway revenue, or agentic-internet ARR appears in any SEC filing. Revenue grew 30% in FY2025 and 34% in Q4 2025 alone — but your own sheet cannot attribute any portion of that acceleration to AI workloads. What exactly is the AI premium embedded in this valuat
AI-specific revenue (Workers AI, AI Gateway): NOT DISCLOSED AS A SEPARATE LINE IN SEC FILINGS (Cloudflare 10-K cloud-20251231.htm and Q4 FY2025 EX-99.1 reviewed — PRIMARY). CEO Prince "agents are the new users of the web" quote is from Q4 FY2025 EX-99.1 (PRIMARY as a filed quote; content is management assertion). FY2025 total revenue: $2,167.9M (+30% YoY); Q4 2025: $614.5M (+34% YoY) — both PRIMARY. Largest Q4 2025 deal: $42.5M/year ACV. Total new ACV +50% YoY in Q4 2025 (CALL-STATED in filed EX-99.1). AI-attributed share of revenue, RPO, or ACV growth: NOT SOURCED in any filing.
'SBC was $127.5 million in Q1 2026 — growing 20% year-over-year — while free cash flow was $84.1 million in the same quarter. SBC exceeded FCF by $43 million. GAAP net loss was $22.9 million. Convertible senior notes of roughly $1.28 billion are outstanding. How do you describe the economics of a business that distributes more in equity than it generates in cash, while carrying debt the market pri
SBC Q1 2025: $105.9M (Q1 2025 EX-99.1 — PRIMARY); SBC Q1 2026: $127.5M (+20% YoY, Q1 2026 EX-99.1 — PRIMARY). FCF Q1 2026: $84.1M (13% margin); OCF: $158.3M (Q1 2026 EX-99.1 — PRIMARY). GAAP net loss Q1 2026: ($22.9M) vs. ($38.5M) prior year (Q1 2026 EX-99.1 — PRIMARY). GAAP operating loss Q4 2025: ($49.2M) on $614.5M revenue (Q4 FY2025 EX-99.1 — PRIMARY). Convertible senior notes net (Q1 2024 balance): $1,284.4M (Q1 2024 EX-99.1 — PRIMARY; current balance NOT confirmed in this pull). Per sheet: "GAAP unprofitability is structural — do not normalize it away."
'NRR is 120% and rising, large customers grew 23% to 4,298, and revenue is genuinely accelerating — this sheet concedes those are bull signals. But Matthew Prince sold $2.21 million of stock near $201–202 per share in May 2026 while converting Class B shares — ten votes each — to single-vote Class A before selling, permanently reducing his voting control. Workers AI revenue is unconfirmed in any f
NRR: 120% (Q4 2025) vs. 111% (Q4 2024) vs. 115% (Q4 2023) — rising, sourced from Cloudflare 10-K cloud-20251231.htm (PRIMARY). Large customers ($100K+ ARR): 4,298 (Dec 2025, +23% YoY, 10-K — PRIMARY). FCF Q1 2026: $84.1M (13% margin, Q1 2026 EX-99.1 — PRIMARY). Prince May 2026: 10,972 shares sold at $201–202/share = ~$2.21M; three consecutive 52,384-share Class B → Class A conversions (May 19–21, SEC Form 4 CIK 1477333 — PRIMARY). Post-transaction indirect holding: 4,427,769 shares (~0.25% of indirect stake sold — modest per sheet). Workers AI revenue: NOT SOURCED in any SEC filing. Prince's motivations and 10b5-1 plan status: NOT SOURCED from Form 4 XML.