Wake That SaaS Up Daily 5/14/2026

Research evidence excerpt

Wake That SaaS Up Daily 5/14/2026

r consensus estimates as growth rates face a tough comp related to the ODC revenue accounting change

last year, while Operating Margins were also guided below for F1Q but relatively in line for the full year. Elsewhere,

FY27 CC ARR growth guidance is for 16% Y/Y at the MP which implies CCNNARR guidance of $324M, growth of

17% Y/Y (vs 12% in FY26) with seasonality expected to be modestly more weighted towards F1H versus historical

seasonality and management's guidance philosophy being unchanged. On the quarter itself, we believe investors were

looking for more on CCNNARR, while also viewing the FY27 CCNNARR growth as potentially aggressive given the

acceleration implied and compared to how management has guided growth in the past (-6% & -7% the last two

yrs). We see a scenario where NRR recovers throughout FY27 as early DPS cohorts come up for renewal, which in our

opinion would provide investors with more comfort with guidance. With shares trading at ~14x CY27 FCF, we reiterate

OP and lower PT to $42/share and look to F1Q for signs that our thesis is materializing.

NBIS 1Q26 - NBIS reported 1Q results with revenue of $399M, up 684% Y/Y (+6% vs. cons.), and ARR reaching $1.9B,

up >50% Q/Q, supported by added capacity, increased utilization, and higher pricing. NBIS raised FY26 CapEx guidance

by $4.5B at the midpoint to $20-25B, driven by FY27 demand visibility rather than component costs, while reiterating

FY26 revenue, ARR, and EBITDA margin guidance. NBIS’s active capacity remains sold out, with demand supporting

GPU price increases across all generations.

Financing. Prepayments were a positive surprise, with operating cash flow of $2.3B driven by upfront customer

payments.