Short answer
Braze, Inc. (BRZE) filed its fiscal 2025 10-K annual report with the SEC on Mar 31, 2025. It reported revenue of $593M (+25.8% year over year) and net income of −$104M.
- Top risk flagged: Regulatory risk SEC compliance costs increase by $14.1M due to public company operational requirements and Nasdaq listing rules
FY2025 key financial metrics · XBRL
- Revenue
- $593M
- +25.8% YoY
- Net income
- −$104M
- +19.7% YoY
- Operating margin
- -20.6%
- +10.1 pp YoY
- Gross margin
- 69.1%
- +0.4 pp YoY
- EPS (diluted)
- −$1.02
- +22.7% YoY
- ROE
- -21.8%
- +7.2 pp YoY
- Operating cash flow
- $37M
- +435.5% YoY
Source: XBRL data from the Braze, Inc. (BRZE) FY2025 10-K on SEC EDGAR. USD.
Braze, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Vertically integrated customer engagement platform enabling real-time, personalized, cross-channel brand-consumer interactions using first-party data and AI
- New emphasis on BrazeAI, an AI engine powering predictive audience targeting, copywriting assistance, and automated multivariate testing across all product layers
- Strategic expansion focus on geographic growth (70+ countries), deeper penetration within existing multinational customers, and broader industry verticals
- Platform scale: enabled interactions with 7.2 billion monthly active users in Jan 2025, up from 6.2 billion in Jan 2024, reflecting ~16% growth in MAUs
- Noteworthy: Proprietary enterprise-grade stream processing architecture for real-time data processing distinguishes platform from batch competitors and enhances contextual personalization
Management Discussion & Analysis
- Forward-looking statements mentioned without specific guidance or risk details
Risk Factors
- Regulatory risk SEC compliance costs increase by $14.1M due to public company operational requirements and Nasdaq listing rules
- Macroeconomic risk revenue growth partly offset by foreign exchange fluctuations impacting obligations in international jurisdictions
- Operational vulnerability third-party cloud infrastructure fees rose $7.5M and messaging fees increased $24M to support platform delivery
- Competitive risk growth driven by 73.8% expansion from existing customers amid industry pressures to scale user engagement features
- Financial risk accumulated deficit $586.8M as of Jan 31, 2025, despite $36.7M operating cash flow, impacting funding flexibility
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