Similarweb Ltd. (SMWB): Business Model Canvas [Dec-2025 Updated]

You're looking to map out the engine room of a top digital intelligence player, and Similarweb Ltd.'s Business Model Canvas tells a clear story: they are guiding for revenue up to $288.0 million in 2025, fueled by a dual strategy. Honestly, the real juice isn't just the standard SaaS subscriptions; it's their rapidly growing data licensing to Big Tech for Generative AI training, which sits alongside the core business supporting their 63% of Annual Recurring Revenue from large enterprise customers. To really see how they turn billions of daily digital signals into that kind of top-line performance-and where the near-term risks in their cost structure lie-you need to break down all nine blocks below.

Similarweb Ltd. (SMWB) - Canvas Business Model: Key Partnerships

You're looking at how Similarweb Ltd. (SMWB) monetizes its data through strategic alliances, which is crucial for hitting that projected $285 million to $288 million in total revenue for fiscal year 2025. These partnerships are not just about distribution; they are about embedding Similarweb data into high-value enterprise workflows.

Strategic data integration with financial platforms like Bloomberg Professional Services

Similarweb Ltd. (SMWB) secured a multiyear agreement with Bloomberg Professional Services. This deal specifically involves integrating Similarweb's digital data directly into the Bloomberg Terminal. This type of integration validates the data's utility in high-stakes financial environments.

Data licensing agreements with Large Language Model (LLM) developers for training

Data licensing for AI training is a major growth vector. Revenues derived from Generative AI data and solutions were among the fastest growing streams, accounting for nearly 8% of Q2 2025 revenues. Furthermore, Similarweb Ltd. (SMWB) renewed and expanded a multimillion dollar ARR contract with a big tech customer specifically for providing Gen AI and LLM training data. The company's strategy explicitly includes providing fresh data for LLM training.

Partnership with S&P Global for credit risk analysis data

A key alliance exists with S&P Global, focused on integrating Similarweb's digital intelligence into their credit risk analysis offerings. This collaboration aims to enhance risk scoring and provide financial institutions with more transparent, timely insights into corporate credit risks by combining digital signals with traditional credit data. Similarweb Ltd. (SMWB) has noted competitors like Moody's and Fitch in its risk disclosures, positioning this partnership as a competitive differentiator.

Technology and cloud infrastructure providers for data processing

While specific provider names are not detailed in recent filings, the scale of data processing required to support the business-which saw customer count grow to 6,127 as of September 30, 2025-necessitates robust infrastructure partnerships. The company's Remaining Performance Obligations (RPO) stood at $268 million at the end of Q3 2025, indicating significant future service delivery dependent on this backbone.

Reseller and channel partners for global distribution

Global distribution is supported by channel partners, helping to drive customer growth. The overall customer base increased by 15% year-over-year to reach 6,127 customers as of September 30, 2025. The enterprise segment, which these high-level partnerships often feed, remains critical; customers with Annual Recurring Revenue (ARR) of $100,000 or more grew 13% year-over-year to 433 as of June 30, 2025.

Here's a quick look at the customer base metrics that underscore the value these partnerships bring to the recurring revenue base:

The focus on long-term commitment is clear, with 58% of ARR now contracted under multiyear agreements, up from 45% the prior year. This durability is key, as the RPO figure reached $268 million by Q3 2025.

• Gen AI data revenue growth is a key partnership outcome.
• Multiyear contracts now represent 58% of ARR.
• The Bloomberg Terminal integration validates data for financial services.
• Partnerships enhance data for credit risk assessment with S&P Global.
• The company expects to recognize 68% of its $268 million RPO in the next 12 months.

Similarweb Ltd. (SMWB) - Canvas Business Model: Key Activities

You're focused on how Similarweb Ltd. actually generates its intelligence, which is all about the engine room of data processing and product innovation. The core of their value proposition is turning raw digital noise into actionable market truth.

Collecting and processing billions of digital interaction signals daily

The foundational activity is the continuous ingestion and refinement of digital data. Similarweb Ltd. proprietary technology analyzes billions of digital interactions and transactions every day, covering millions of websites and apps to generate insights. This massive scale is what underpins the entire platform's reliability for decision-makers.

Developing and maintaining proprietary data collection technology

This activity is about keeping the data pipeline robust and ahead of digital shifts. The output of this technology is what fuels all their intelligence modules. The company is focused on injecting high-quality data about the digital world into agents for specific analysis and planning tasks. This is a constant investment to maintain data advantage.

Innovating new AI-driven products like Web Intelligence 4.0

Innovation is clearly centered on integrating Generative AI. Similarweb Ltd. launched Web Intelligence 4.0, which aligns with business objectives and accelerates growth opportunities. This innovation is already showing financial impact; revenues from Generative AI data and solutions were among the fastest growing streams in Q3 2025. Furthermore, Gen AI Intelligence ARR surpassed $1 million since its launch in April 2025. The data shows AI platforms generated over 1.1 billion referral visits in June 2025, a 357% year-over-year surge, validating the focus on this area.

The new product suite includes specific AI-driven capabilities:

• AI Brand Visibility for tracking mentions in chatbot answers.
• AI Chatbot Traffic analysis for benchmarking referral traffic.
• AI Agents like the AI Trend Analyzer and AI Strategist.

Enterprise-focused sales and customer success management

Similarweb Ltd. clearly prioritizes high-value, sticky enterprise relationships. The focus is on securing multi-year contracts, as 58% of overall Annual Recurring Revenue (ARR) was contracted under multi-year subscriptions as of September 30, 2025, up from 45% a year prior. The company is also seeing strong growth in its most valuable segment, with 433 customers contributing over $100,000 in ARR in Q2 2025, representing 63% of total ARR. The Net Retention Rate (NRR) for these high-ARR customers was 108% in Q2 2025. This segment is key to their financial stability, evidenced by the overall Remaining Performance Obligations (RPO) reaching $267.6 million as of September 30, 2025, a 26% year-over-year increase.

Here's a look at the customer base growth and financial performance through the first three quarters of 2025:

Integrating acquired data assets, like 42matters' app intelligence

The integration of acquired assets is a direct activity to broaden data coverage beyond the web. The acquisition of 42matters significantly expanded Similarweb Ltd.'s app intelligence, incorporating its advanced solutions across app store data, engagement data, and mobile SDK data. The data brought in by 42matters covers 12 app store platforms, over 2.1 million publishers, more than 20 million apps, and over 2,600+ SDKs. This integration is paying off, as ARR from customers using App Intelligence has rapidly increased to above $10 million as of Q3 2025, with more than 580 customers utilizing it. This is a clear example of turning a strategic acquisition into a measurable revenue stream.

Similarweb Ltd. (SMWB) - Canvas Business Model: Key Resources

You're looking at the engine room of Similarweb Ltd., the core assets that let them deliver on their promises. These aren't just line items on a balance sheet; they are the competitive moat.

Massive, proprietary digital data set covering millions of websites and apps

The foundation is the sheer volume of data Similarweb Ltd. collects. Their proprietary technology analyzes billions of digital interactions and transactions every day. This analysis covers millions of websites and apps, transforming raw digital signals into actionable insights for customers. This scale is what underpins the trust thousands of customers place in their platform.

Advanced AI and machine learning algorithms for data analysis

The raw data only gets you so far; the algorithms are the secret sauce. Similarweb Ltd. is heavily investing here, especially with the rise of generative AI. Revenues from their Generative AI data and solutions are noted as one of their fastest-growing revenue streams in 2025. For example, the Gen AI Intelligence ARR surpassed $1 million since its launch in April 2025. They launched new tools like AI Chatbot data and several new AI Agents in Q1 2025 to help customers win their markets.

High-performance computing infrastructure for data processing

Handling billions of daily interactions requires serious horsepower. While the specific capital expenditure on computing infrastructure isn't itemized here, the output reflects the capability. The growth in their contracted future revenue, or RPO, shows the market is willing to commit capital for access to this processed data. As of September 30, 2025, Remaining Performance Obligations (RPO) stood at $267.6 million, reflecting a 26% year-over-year increase, which is a direct measure of the value derived from this infrastructure processing the data.

Specialized data science and engineering talent

The people who build and refine the collection methods and the analytical models are critical. This talent is responsible for turning complex data into the insights that drive customer decisions. The adoption rate of newer, specialized products demonstrates the value of this team's output. By the end of Q3 2025, more than 580 of Similarweb Ltd.'s customers were using their App Intelligence product, which speaks to the successful deployment of specialized engineering efforts.

Intellectual property related to data collection and measurement

Similarweb Ltd. relies on patents, copyrights, and trade secrets to protect its unique data collection and measurement methodologies. Defending this intellectual property is an ongoing cost, but it secures their competitive edge. The company explicitly states it uses contractual restrictions and confidentiality procedures to establish and protect these rights. This IP is what makes their data proprietary, as opposed to being publicly scraped data.

Here's a quick look at the scale of the business that these key resources support as of late 2025:

The success of their platform integration is also evident in how customers commit to multi-year access to this data:

• Percentage of overall ARR under multi-year subscriptions (as of June 30, 2025): 57%
• Dollar-based Net Retention Rate (NRR) for top customers (Q2 2025): 108%
• Year-over-year RPO growth (Q3 2025): 26%

The entire structure relies on the continuous flow and refinement of this proprietary digital data.

Similarweb Ltd. (SMWB) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers pay Similarweb Ltd. for its data, and honestly, the value proposition has shifted heavily toward AI-driven insights as of late 2025. It's not just about traffic anymore; it's about being selected by the next generation of search and discovery tools.

Comprehensive, actionable digital market intelligence for competitive analysis

The foundation remains the comprehensive digital market intelligence that helps you benchmark against the competition. As of the third quarter of 2025, Similarweb Ltd. served 6,127 total customers, a 15% year-over-year increase in the customer base. The enterprise focus is clear: customers with Annual Recurring Revenue (ARR) of $100,000 or more grew to 447 by the end of Q3 2025, representing 63% of total ARR. The stickiness of this data is reflected in the Net Revenue Retention (NRR) for these top-tier clients, which stood at 105% in Q3 2025. This means existing large customers are expanding their usage, even as the overall NRR was 98%. The company's future revenue visibility is strong, with Remaining Performance Obligations (RPO) hitting $268 million at the end of Q3 2025, up 26% year-over-year.

Fresh data for Generative AI and LLM training, a fast-growing revenue stream

This is where the near-term growth story is. Similarweb Ltd. is monetizing its massive dataset as fuel for Large Language Models (LLMs) and Generative AI applications. Revenues from these Generative AI data and solutions are cited as one of the company's fastest-growing streams. In Q2 2025, this segment alone accounted for 8% of revenue. The scale of AI platform usage is dramatic; by June 2025, AI platforms generated over 1.1 billion referral visits, a 357% year-over-year surge. The data shows AI is becoming commerce: Gen AI referrals to transactional sites convert at approximately 7%. Still, the ecosystem is evolving, as 95% of ChatGPT users still rely on Google for other searches.

Granular app intelligence insights following the 42matters acquisition

The integration of 42matters has made the app intelligence offering much deeper. This capability is now a significant revenue driver, with App Intelligence ARR rapidly increasing to above $10 million by the end of Q3 2025. More than 580 customers were using this App Intelligence product by that same date. The underlying data from 42matters is extensive, covering 12 app store platforms, over 2.1 million publishers, 2,600+ SDKs, and more than 20 million apps. This positions Similarweb Ltd. well in the app analytics market, which is projected to reach $15.7 billion by 2028.

Tools for optimizing marketing, sales, and investment strategies

The value translates directly into strategic action across the business functions you manage. For marketing and investment planning, the company's overall digital data feeds into a global advertising technology market expected to reach $795 billion by the end of 2025. The Gen AI Intelligence module specifically allows brands to see estimated traffic from LLMs like ChatGPT and Gemini, a critical new metric for competitive analysis. The Gen AI Intelligence ARR surpassed $1 million since its April 2025 launch.

Here's a quick look at the financial discipline supporting this value delivery:

AI Agents to maximize data value and speed up customer workflows

Similarweb Ltd. is embedding its data directly into customer workflows via new AI Agents. They launched new advanced agents, including AI Prospecting (to create lead lists from natural language prompts) and AI Outreach (to draft sales pitch emails with ready-made insights). This aligns with a broader trend where enterprises using agentic AI report 55% higher operational efficiency. The market expectation is high; approximately 85% of enterprises are expected to implement AI agents by the end of 2025. The company is using its proprietary Similarweb Model Context Protocol Server (MCP), launched in September 2025, to deliver this digital market intelligence data directly into these AI agents and customer workflows.

Similarweb Ltd. (SMWB) - Canvas Business Model: Customer Relationships

You're looking at how Similarweb Ltd. manages its relationships across its growing customer base as of late 2025. It's a clear split between high-touch service for the biggest spenders and scalable, automated support for everyone else. This structure directly impacts retention and expansion metrics.

The commitment from the enterprise segment is solidifying the revenue base. As of September 30, 2025, multi-year contractual commitments represent 57% of total ARR, a figure that has trended up from 45% a year prior. This focus on longer-term agreements is a key relationship strategy.

For your high-value enterprise customers, the relationship is deeply embedded. The cohort of customers with Annual Recurring Revenue (ARR) of $100,000 or more grew to 447 as of September 30, 2025, marking a 13% increase year-over-year. This group alone accounts for 63% of Similarweb Ltd.'s total ARR. This concentration strongly suggests dedicated account management and bespoke support are necessary to maintain the 105% Dollar-based Net Retention Rate (NRR) seen in this segment during Q3 2025.

The overall customer base is expanding, which necessitates a different approach for smaller accounts. The total customer count reached 6,127 as of September 30, 2025, a 15% increase from the prior year. For these smaller customers, subscription management and support must be highly efficient, leaning on self-service portals and automated workflows to manage the volume.

Co-creation of custom data feeds is a real, high-value interaction, especially with big tech and financial institutions. This is evident in the rapid adoption of new data solutions. For instance, Annual Recurring Revenue from the newly launched App Intelligence product approached $10 million by the end of Q3 2025. Furthermore, revenues from Generative AI data and solutions, which often start as evaluation projects before converting to recurring revenue, exceeded $1 million in ARR since their introduction in April 2025. We also saw mentions of large 7- and 8-figure ARR contracts with big tech specifically for GenAI data and solutions in Q2 2025.

Automated in-platform support and AI-driven user guidance are the backbone for scaling relationships across the entire user base. The investment in these areas is reflected in product launches like the App Intelligence platform, which grew to 580 customers by the end of Q3 2025.

Here's a quick look at the key customer metrics underpinning these relationship tiers as of the latest reported quarter:

The relationship strategy is clearly weighted toward securing and expanding the largest accounts, which drives the majority of the revenue base. You can see the focus on long-term value through these relationship structures:

• Securing multi-year contracts for 57% of $\text{ARR}$.
• Providing dedicated support to 447 enterprise accounts.
• Converting high-value GenAI evaluation projects into recurring revenue.
• Maintaining an overall customer base growth of 15%.

Finance: draft 13-week cash view by Friday.

Similarweb Ltd. (SMWB) - Canvas Business Model: Channels

You're looking at how Similarweb Ltd. gets its digital intelligence data and platform access into the hands of paying customers as of late 2025. The approach is clearly multi-pronged, leaning heavily on enterprise contracts while maintaining a digital entry point.

Direct sales force targeting enterprise and strategic accounts is a key focus, especially given the push into higher-value data products. The enterprise segment, customers with over $100,000 in Annual Recurring Revenue (ARR), shows consistent growth. As of September 30, 2025, this cohort stood at 447 customers, a 13% year-over-year increase. This segment contributed 63% of total ARR as of June 30, 2025, up from 60% a year prior. The direct sales team is also responsible for landing major strategic integrations. For example, the company has a multiyear agreement with Bloomberg Professional Services to embed data into the Bloomberg Terminal. Also, a partnership with S&P Global is in place for credit risk analysis applications.

Online platform and self-service portal for product access and trials serves as the volume driver for the overall customer base. Similarweb Ltd. sells its products directly to customers utilizing its website. The total customer count reached 6,127 as of September 30, 2025, marking a 15% year-over-year increase. This digital pathway is crucial for initial product access and trials. The CEO noted that the company doubled the number of inside sales reps in Q1 2025 compared to Q1 2024, suggesting an effort to convert self-service users or smaller accounts into larger contracts.

Data licensing APIs for direct integration into partner platforms is an increasingly important channel, especially with the AI focus. Revenue from Generative AI data and solutions is cited as one of the fastest-growing revenue streams, with ARR for the Gen AI Intelligence solution surpassing $1 million since its April launch in 2025. The general revenue mix includes subscription fees for services like API access, which are recognized as part of the overall SaaS subscription revenue. The company is focused on embedding its data directly into AI agents and workflows, which often relies on API delivery.

Investor Relations website for financial data and reports acts as the primary channel for communicating performance to the financial community. You can find the latest official disclosures, including the Q3 2025 Earnings Release, Shareholder Letter, and Presentation PDF, at https://ir.similarweb.com/financials/quarterly-results. The full-year 2025 revenue guidance was reiterated in the range of $285 million to $288 million, representing 15% year-over-year growth at the midpoint.

Strategic data partnerships (e.g., Bloomberg Terminal integration) formalize the distribution and integration of Similarweb Ltd.'s data into other critical business workflows. These partnerships validate the data quality for high-stakes use cases. The company is focused on three high-impact areas, including data selling for LLMs (Large Language Models), which is a form of strategic data partnership for AI training. The multiyear deal with Bloomberg is a concrete example of this channel strategy in action.

Here's a quick look at the scale of the customer base and contract structure as of late 2025:

The structure of the revenue backlog also reflects the channel success in securing longer-term commitments. Remaining Performance Obligations (RPO) totaled $268 million at the end of Q3 2025, which was up 26% year-over-year. Of that RPO, 68% is expected to be recognized as revenue over the next 12 months. This high percentage of near-term recognition is a direct result of successful sales execution across the enterprise and direct channels.

You should review the latest Net Revenue Retention (NRR) figures to gauge channel effectiveness on existing customers:

• NRR across all customers (Q3 2025): 98%.
• NRR for customers with over $100,000 ARR (Q3 2025): 105%.
• NRR for customers with over $100,000 ARR (Q2 2025): 108%.
• Overall NRR (Q2 2025): 100%.

If onboarding takes 14+ days, churn risk rises. Finance: draft 13-week cash view by Friday.

Similarweb Ltd. (SMWB) - Canvas Business Model: Customer Segments

You're looking at the core user groups that drive the revenue engine for Similarweb Ltd. (SMWB) as of late 2025. The customer base is clearly tiered, with a significant focus on securing and expanding relationships with the largest spenders.

The most valuable cohort, the large enterprise customers, shows strong retention and growth, which is key for a subscription business. Here's the quick math on that top tier:

The remaining customer base, which represents the majority of the customer count but a smaller share of the total ARR, is primarily composed of mid-market and small-to-medium businesses (SMB) utilizing self-service plans. These customers are crucial for volume and often serve as a pipeline for future enterprise expansion.

A distinct and growing segment involves sophisticated data consumers, specifically financial institutions and investors, such as hedge funds and private equity firms. These groups rely on Similarweb Ltd.'s granular digital intelligence for investment thesis validation and market timing. For instance, the company secured a multiyear agreement to integrate its digital data into the Bloomberg Professional Services platform, showing direct penetration into this high-value vertical.

Another critical segment is big tech companies licensing data for advanced applications, particularly for Generative AI and Large Language Model (LLM) training. Similarweb Ltd. is actively capitalizing on this trend, with revenues from Generative AI data and solutions being cited as one of its fastest-growing revenue streams in Q3 2025. This focus includes providing fresh data specifically for LLM training.

The end-users who actually work with the platform day-to-day fall into several key professional roles. These are the people whose workflows Similarweb Ltd. products are integrated into:

• Digital marketers looking for competitive advertising insights.
• E-commerce managers tracking market share and product performance.
• Business strategists validating market entry or expansion plans.
• App developers utilizing the App Intelligence product, which had over 580 customers using it by the end of Q3 2025.

The company's overall value proposition is to empower these users to discover business opportunities, identify competitive threats, optimize strategy, acquire the right customers, and increase monetization. The growth in App Intelligence ARR, which surpassed $10 million since its launch in April 2025, shows a successful expansion into a specific subset of these professional users. Finance: review the Q4 2025 pipeline for new LLM data contracts by January 15th.

Similarweb Ltd. (SMWB) - Canvas Business Model: Cost Structure

You're looking at the expense side of Similarweb Ltd.'s business model as of late 2025, and it's clear that data and growth engine costs dominate. The structure reflects a company scaling its enterprise reach while heavily funding its core data advantage.

High cost of revenue for data acquisition and infrastructure (cloud computing) is a necessary component for a digital intelligence provider. The cost to collect, process, and secure the vast datasets that power Similarweb Ltd.'s platform is substantial. For the third quarter of 2025, based on the reported non-GAAP gross margin remaining consistent with the prior year, the implied cost structure is significant.

The non-GAAP gross margin for the third quarter of 2025 was reported as 81%, consistent with the year-ago period. Given the third quarter 2025 revenue was \$71.8 million, this implies a non-GAAP Cost of Revenue of approximately \$13.64 million for the quarter.

Significant investment in Research and Development (R&D) for AI and product innovation shows where the future value is being built. Management explicitly stated an intent to increase investment in R&D for 2025 to capitalize on the Generative AI opportunity. For instance, the first quarter of 2025 saw non-GAAP Research and Development expenses reach \$15.94 million (or \$15,939 thousand), underscoring this commitment to product evolution like Web Intelligence 4.0 and App Intelligence.

Sales and Marketing (S&M) expenses to drive enterprise customer acquisition remain the largest operating expense category. This is the engine driving the 15% growth in the total customer base as of September 30, 2025. The focus is on high-value enterprise customers, with those paying \$100,000 or more in Annual Recurring Revenue (ARR) contributing 63% of total ARR.

Personnel costs for specialized data scientists and engineering teams are embedded across R&D and other functions, representing the human capital required to maintain data quality and develop proprietary algorithms. The company's focus on disciplined execution and sales productivity gains suggests a tight management of headcount growth relative to revenue expansion.

General and administrative (G&A) expenses for a public company include the costs associated with being listed on the New York Stock Exchange, compliance, and executive overhead. The third quarter of 2025 saw non-GAAP G&A expenses at \$10.2 million, representing 14% of revenue, an improvement from 15% in the third quarter of 2024, reflecting cost discipline.

Here's a quick look at the major non-GAAP operating expense components for the third quarter of 2025, based on the revenue of \$71.8 million:

The full-year 2025 outlook shows management targeting total revenue between \$285.0 million and \$288.0 million, with a raised non-GAAP operating profit guidance range of \$8.5 million to \$9.5 million. This profit raise, despite reiterating revenue guidance, points directly to cost discipline being a key lever in the current cost structure.

The structure of these costs is also reflected in the company's focus areas:

• Data Acquisition/Infrastructure: Underpins the 81% non-GAAP gross margin.
• Sales & Marketing: Accounted for \$27.0 million in Q3 2025 non-GAAP spend, with sales team expansion resulting in 30% more sellers than Q3 2024.
• R&D Investment: Driven by the need to integrate AI, with Gen AI Intelligence ARR surpassing \$1 million since its April launch.
• G&A Efficiency: Non-GAAP G&A improved to 14% of revenue in Q3 2025 from 15% in Q3 2024.

Finance: draft 13-week cash view by Friday.

Similarweb Ltd. (SMWB) - Canvas Business Model: Revenue Streams

You're looking at how Similarweb Ltd. (SMWB) actually brings in the money, and it boils down to two main buckets, with one clearly leading the pack. The core of the revenue engine is the Subscription revenue from SaaS platform access, which is your bread-and-butter recurring income. That platform access is what most customers pay for year after year.

But the growth story right now is definitely in the data side, specifically the Data licensing fees. This includes both one-time deals and, increasingly, recurring arrangements for specialized data sets, especially those feeding the current AI boom. Management highlighted that revenues from Generative AI data and solutions are one of their fastest-growing streams. For instance, the Gen AI Intelligence ARR surpassed $1 million since its launch in April 2025. Also, the App Intelligence ARR has rapidly grown to above $10 million, showing a clear monetization path for newer product areas.

Here's a quick look at where the company stands on its full-year expectations and the structure of that recurring revenue base as of late 2025.

The durability of these streams is tied directly to contract structure and customer size. You want to see more money locked in for longer periods, and the numbers suggest they're making headway there. If onboarding takes 14+ days, churn risk rises, but the retention metrics tell a good story for the big spenders.

• The percentage of ARR contracted under multiyear agreements stood at 58% at the end of Q3 2025.
• Net Revenue Retention (NRR) for customers with an ARR of $100,000 or more was 105% in Q3 2025.
• Overall Net Revenue Retention (NRR) across the entire customer base was 98% in Q3 2025.
• Remaining Performance Obligations (RPO) totaled $268 million at the end of Q3 2025.
• 68% of the total RPO is expected to be recognized as revenue over the next 12 months.