Finance Notes

COVERAGE
EVERY NASDAQ 100 AND S&P 100 COMPANY · PRE EARNINGS · POST EARNINGS · COMPANY CATALYSTS

Elastic (NYSE: ESTC) — Q1 FY2027 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q1 2027
Q1 Revenue ↑ 15.1% YoY $478.1M
Segments
Elastic Cloud 49.2%
Other Subscription 44.7%
Services 6.1%

Key Earnings Driver

Elastic Cloud Elastic Cloud revenue increased 20.1% year over year to $235.2 million, Other Subscription Revenue increased 10.7% and Services revenue increased 10%. Elastic Cloud was the company’s fastest-growing reported revenue category.

Key Operating Metrics¹

METRIC

STATUS

Elastic Cloud↑ 20.1%

🟢 Scaling

Other Subscription↑ 10.7%

Key Financial Metrics

Gross Margin 74.50% -2.2 pp YoY
Backlog / Revenue 387.8% 3.87x Qtr Rev
CapEx Intensity 0.12% 0.00x Revenue

Sources: Elastic Q1 FY2027 Earnings Release — Company Website, Elastic Q1 FY2027 Investor Presentation — Company Website, Elastic Q1 FY2026 Earnings Release — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

CrowdStrike Holdings, Inc. (NASDAQ: CRWD) — Q2 FY2027 Post Earnings

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Operations

Q2 2027
Q2 Revenue ↑ 25.8% YoY $1.47B
Segments
Subscription 95.2%
Professional Services 4.8%

Key Earnings Driver

Falcon Platform Subscription revenue increased 27% year over year to $1.4B and Professional Services revenue increased 7% to $70.6M. Module adoption rates for Subscription customers using six or more Falcon modules reached 51%.

Key Operating Metrics¹

METRIC

STATUS

Subscription↑ 27.0%

Falcon Platform

🟢 Scaling

Key Financial Metrics

Gross Margin 75.00% +1 pp YoY
Backlog / Revenue 401.0% 4.01x Qtr Rev
CapEx Intensity 10.26% 0.10x Revenue

Sources: CrowdStrike Q2 FY2027 Financial Results — Company Website, CrowdStrike Q2 FY2027 Earnings Presentation — Company Website, CrowdStrike Q2 FY2027 Form 10-Q — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

IREN (NASDAQ: IREN) — Q4 FY2026 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

Q3 2026
Q3 Revenue → 0.0% YoY $144.8M
Segments
Bitcoin Mining 76.8%
AI Cloud Services 23.2%

Key Earnings Driver

AI Cloud Services Bitcoin Mining revenue declined 21.3% year over year to $111.2 million while AI Cloud Services revenue increased 839.3% to $33.6 million. IREN reported that the decrease in Bitcoin Mining revenue was driven by lower average Bitcoin prices and decommissioning mining hardware ahead of GPU installation and billing. Average operating hashrate increased 22.4% year over year to 36.0 EH/s from 29.4 EH/s.

Key Operating Metrics¹

METRIC

STATUS

Bitcoin Mining↓ 21.3%

🟠 Weakening

AI Cloud Services↑ 839.3%

🟢 Scaling

Key Financial Metrics

Gross Margin 72.44% +1.38 pp YoY
Backlog / Revenue N/A
CapEx Intensity 935.93% 9.35x Revenue

Sources: IREN Q3 FY2026 Earnings Release — Company Website, IREN Q3 FY2026 10-Q — SEC Filing, IREN Q3 FY2026 Earnings Release — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Salesforce (NYSE: CRM) — Q2 FY2027 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q2 2027
Q2 Revenue ↑ 10.8% YoY $11.35B
Segments
Subscription and support 95.4%
Professional services and other 4.6%

Key Earnings Driver

Data 360, Headless Platform, and Other Subscription and support revenue increased 11.7% year over year to $10.820B. Within Subscription and support, Agentforce Apps revenue increased 7.6% to $7.193B, Data 360, Headless Platform and Other revenue increased 20.3% to $3.618B. Professional services and other declined -3.8% to $525M. Management cited strong momentum in Agentforce Apps and Data 360, bolstered by the acquisition of Informatica.

Key Operating Metrics¹

METRIC

STATUS

Subscription and support↑ 11.7%

Agentforce Apps↑ 7.6%

Data 360, Headless Platform, and Other↑ 20.3%

🟢 Scaling

Key Financial Metrics

Gross Margin 76.65% -1.4 pp YoY
Backlog / Revenue 295.3% 2.95x Qtr Rev
CapEx Intensity 1.51% 0.01x Revenue

Sources: Salesforce Q2 FY27 Earnings Release — Company Website, Salesforce Q2 FY27 Form 10-Q — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

NVIDIA (NASDAQ: NVDA) — Q2 FY2027 Post Earnings

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NVIDIA Q2 2027 Post Earnings

Operations

Q2 2027
Q2 Revenue ↑ 105.9% YoY $96.22B
Segments
Data Center 92.5%
Edge Computing 7.5%

Key Earnings Driver

AI Clouds, Industrial, & Enterprise Data Center revenue increased 116.6% to $89.0B, representing 92.5% of total revenue. Within Data Center, AI Clouds, Industrial, & Enterprise revenue increased 138.1% to $40.3B. NVIDIA announced the NVIDIA Vera Rubin platform is ramping into full production, and NVIDIA Blackwell led across every category in the MLPerf Training 6.0 benchmarks. Edge Computing revenue increased 27.5% to $7.2B.

Key Operating Metrics¹

METRIC

STATUS

Data Center↑ 116.6%

Hyperscale↑ 101.5%

AI Clouds, Industrial, & Enterprise↑ 138.1%

🟢 Scaling

Key Financial Metrics

Gross Margin 75.00% +2.6 pp YoY
Backlog / Revenue N/A
CapEx Intensity 2.78% 0.02x Revenue

Sources: NVIDIA Q2 FY2027 Earnings Release — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

BOX Inc (NYSE: BOX) — Q2 FY2027 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q2 2027
Q2 Revenue ↑ 9.2% YoY $321.1M
Segments
Box 100.0%

Key Earnings Driver

Enterprise Advanced Box revenue increased 9.2% year over year to $321.15M. Management said Box delivered exceptional second quarter results, led by the rapid customer adoption of Enterprise Advanced.

Key Operating Metrics¹

METRIC

STATUS

Box↑ 9.2%

Enterprise Advanced

🟢 Scaling

Key Financial Metrics

Gross Margin 79.10% +0 pp YoY
Backlog / Revenue 528.2% 5.28x Qtr Rev
CapEx Intensity 3.46% 0.03x Revenue

Sources: Box Q2 FY2027 Earnings Prepared Remarks — Company Website, BOX Q2 FY2027 Earnings Release — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

CrowdStrike Holdings, Inc. (NASDAQ: CRWD) — Q2 FY2027 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

Q1 2027
Q1 Revenue ↑ 25.6% YoY $1.39B
Segments
Subscription 95.3%
Professional Services 4.7%

Key Earnings Driver

Falcon Platform Subscription revenue increased 25.7% year over year to $1.32 billion. Subscription revenue growth was primarily driven by new customer additions and sales of additional sensors and modules to existing customers. 51% of CrowdStrike’s subscription customers were using six or more Falcon modules. Professional Services revenue increased 23.0% to $64.8M.

Key Operating Metrics¹

METRIC

STATUS

Subscription↑ 25.7%

Falcon Platform

🟢 Scaling

Key Financial Metrics

Gross Margin 75.00% +1 pp YoY
Backlog / Revenue 288.7% 2.88x Qtr Rev
CapEx Intensity 8.67% 0.08x Revenue

Sources: CrowdStrike Q1 FY2027 Form 10-Q — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Semtech Corp (NASDAQ: SMTC) — Q2 FY2027 Post Earnings

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Operations

Q2 2027
Q2 Revenue ↑ 32.7% YoY $341.9M
Segments
Signal Integrity 36.9%
Analog Mixed Signal and Wireless 34.3%
IoT Systems and Connectivity 28.8%

Key Earnings Driver

Signal Integrity Signal Integrity revenue increased 64.4% to $126.2M, the fastest year over year growth among Semtech’s reported operating divisions. Analog Mixed Signal and Wireless revenue increased 27.5% to $117.4M, and IoT Systems and Connectivity revenue increased 10.8% to $98.3M.

Key Operating Metrics¹

METRIC

STATUS

Signal Integrity↑ 64.4%

🟢 Scaling

Analog Mixed Signal and Wireless↑ 27.5%

IoT Systems and Connectivity↑ 10.8%

Key Financial Metrics

Gross Margin 53.80% +1.7 pp YoY
Backlog / Revenue N/A
CapEx Intensity 2.19% 0.02x Revenue

Sources: Semtech Q2 FY2027 Earnings Release — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

PDD Holdings (NASDAQ: PDD) — Q2 2026 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q2 2026
Q2 Revenue ↑ 8.1% YoY ¥112.36B
Segments
Online Marketing Services and Others 51.3%
Transaction Services 48.7%

Key Earnings Driver

Transaction Services Online Marketing Services and Others revenue increased 3.4% year over year to RMB57.6B and rebounded 15.4% sequentially. Transaction Services revenue increased 13% to RMB54.7 billion.

Key Operating Metrics¹

METRIC

STATUS

Online Marketing Services and Others↑ 3.5%

Transaction Services↑ 13.3%

🟢 Scaling

Key Financial Metrics

Gross Margin 57.26% +1.37 pp YoY
Backlog / Revenue N/A
CapEx Intensity N/A

Sources: PDD Holdings Q2 2026 Earnings Release — Company Website, PDD Holdings Q1 2026 Earnings Release — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Tuya (NYSE: TUYA) — Q2 2026 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q2 2026
Q2 Revenue ↑ 16.0% YoY $92.9M
Segments
PaaS 73.1%
AI application & others 12.4%
Smart home & robot product 14.5%

Key Earnings Driver

Smart Home & Robot Product PaaS revenue increased 16.9% year over year to $67.9 million in Q2. AI application & others revenue increased 3.9% to $11.5 million. Smart home & robot product revenue increased 23.2% to $13.5 million, primarily due to growing customer demand. Tuya noted revenue performance reflected resilient demand across selected home appliance categories and increasing adoption of differentiated, AI-enabled products and solutions.

Key Operating Metrics¹

METRIC

STATUS

PaaS↑ 16.9%

AI application & others↑ 3.9%

Smart home & robot product↑ 23.2%

🟢 Scaling

Key Financial Metrics

Gross Margin 46.30% -2.1 pp YoY
Backlog / Revenue N/A
CapEx Intensity N/A

Sources: Tuya Q2 2026 Earnings Release — Company Website, Tuya Q2 2026 Form 6-K — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.