GTLB F1Q27 Preview: Looking to Hold It Together

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GTLB F1Q27 Preview: Looking to Hold It Together

May 21, 2026

Howard Ma Howard.Ma@guggenheimpartners.com GTLB F1Q27 Preview: Looking to Hold It Together

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Joseph DiBartolomeo Key Message: We expect GitLab to report slight upside to F1Q27 estimates but maintain

joseph.dibartolomeo@guggenheimpartners.com FY27 guidance to account for incremental uncertainty in the business, including tech-

212 823 6709 heavy layoffs and geopolitical tensions, in addition to ongoing softness in price sensitive

cohorts and public sector weakness. F1Q27 and FY27 guidance were reaffirmed on May

11th in conjunction with a RIF announcement. In our plausible scenario, we’re modeling

total revenue deceleration to 21% growth vs. +23% in F4Q26, guide F2Q in line with

consensus of +16%, and maintain full year guidance of 15-17% growth; we see ultimate GTLB NEUTRAL

GitLab Inc. growth of 19%. Our limited checks with two GitLab partners indicate underwhelming seat

Sector: Software expansion, partially offset by continued tier upgrades, while new logos remain steady

and Duo Agent Platform (DAP) is expected to have minimal contribution this year. We

Earnings Preview did not pick up on GitLab benefitting from increased GitHub outages. Rather, we believe

Share Price $25.62 that Microsoft's [MSFT] lowered pricing for GitHub Actions hosted-runners in January

Price Target NA is negative for GitLab. Additionally, partners see AI budget being allocated to other

areas, at the expense of GitLab—management has identified this as one of the factors

pressuring price sensitive cohorts that represent about 20% of the business. While GitLab

Revenue ($M) is taking action to combat these challenges, including focusing on first orders/new logos,