NTSK: FQ1 Results—F2H Execution Story

Research evidence excerpt

NTSK: FQ1 Results—F2H Execution Story

Equity Research

Price Target Change — June 4, 2026

U.S. Software

Netskope, Inc.

FQ1 Results—F2H Execution Story Overweight

Price Target: $13.00

Notable Changes

Our Call $ (Jan) Current Prior % Chg

Narrow upside likely keeps shares at-bay as investors continue to calibrate expects for Price Target $13.00 $14.00 -7.1%

a relatively recent IPO. Key from here is execution on F2H reaccel narrative behind sales Rev. (MM) 2027 881.1 874.6 0.7%

capacity ramp, AI products & easing comps. Keep OW, trim PT to $13. Rev. (MM) 2028 1.07B 1.07B 0.1%

EPS 2027 (0.19) (0.20) 5.8%

FQ1 upside narrowed again and NNARR declines YoY against tough compare. ARR EPS 2028 0.02 0.03 -36.6%

beat consensus by 0.6%, narrowing from 1.9% and 3.5% in the prior two quarters. ARR

growth decelerated ~300bps to 28% YoY and net new of $34M represented a 14% YoY Ticker NTSK

decline, though as expected vs tough compare (noted several large 7-fig deals a yr ago),

Upside/(Downside) to Target 4.8%still ramping sales capacity and in our view general deal lumpiness—NRR slipped to 113%

(from 116%), though GRR was a company record and new logo ARR grew 60% YoY. Price (06/03/2026) $12.40

52 Week Range $7.67 - 27.99

Raised FY27 guide by more than the beat; ARR framework intact but back-end loaded. Market Cap (MM) $4,893

FY27 revenue guidance was raised by $8M at the midpoint or $4.6M incremental to Average Daily Value (MM) $59

FQ1's upside. FQ2 was guided ~$3M above consensus, implying a couple $M F2H raise. Dividend Yield 0.0%

Mgmt reiterated expects for ARR growth within ~1pt of revenue growth, implying

23-24% exit rate vs 28% today, with net new growth improving each qtr through year-end $ (Jan) Q1 Q2 Q3 Q4 FY