KVYO: KVYO Announces Composer Is in Public Beta, Details Composer Credit Pricing

Research evidence excerpt

KVYO: KVYO Announces Composer Is in Public Beta, Details Composer Credit Pricing

Equity Research

Flash Comment — July 1, 2026

U.S. Software

Klaviyo, Inc.

KVYO Announces Composer Is in Public Beta, Details Overweight

Composer Credit Pricing Price Target: $26.00

Ticker KVYO

Our Call Upside/(Downside) to Target 72.2%

Klaviyo announced Composer and updates to Customer Agent in its Q2 release (link). Price (06/30/2026) $15.10

After an introductory period, Composer's AI credit pricing is $20/month for 2,000 credits 52 Week Range $12.53 - 36.76

(with options available for use beyond that). Market Cap (MM) $4,618

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Composer now in public beta. Composer is a marketing agent which helps users build Ryan MacWilliams, CFA

marketing campaigns, analyze data, and audit text messages. Composer initially entered Equity Analyst | Wells Fargo Securities, LLC

Ryan.MacWilliams@wellsfargo.com | 212-214-1192

private beta in March 2026 alongside the release of new products (link). We believe

Composer is KVYO's most capable AI agent, and highlights more robust AI agents coming Zeeshan Rauf

to existing SaaS (link). Associate Equity Analyst | Wells Fargo Securities, LLC Zeeshan.Rauf@wellsfargo.com | 212-214-1120

• Composer is a good test case for SMB SaaS AI feature adoption, and user appetite for Chris Brazeau

paying for tokens in addition to SaaS spend. Associate Equity Analyst | Wells Fargo Securities, LLC

Chris.Brazeau@wellsfargo.com | 929-767-5658

Figure 1 - KVYO provides its customers the ability to customize Composer and generate Cyrus Motakef

marketing campaigns to target specific customer cohorts Associate Equity Analyst | Wells Fargo Securities, LLC