F1Q27 Earnings: AI Momentum Builds as Core Trends Improve

研报英文原文证据摘录

F1Q27 Earnings: AI Momentum Builds as Core Trends Improve

Investment Thesis

Asana (ASAN) appears to be at or near an inflection point, following three consecutive quarters of improving in-quarter net

revenue retention. Strong performance among $50k-$100k and $100k+ customer cohorts, combined with low penetration (~5%)

of knowledge workers within its core base, highlights significant long-term opportunity. The launch and adoption of AI Studio

and upcoming AI Teammates, along with Foundational Service Plans, are helping drive stronger lands, expansions, and improved

retention. While we like the financial setup into next year, without a material acceleration in growth rates, we are looking for moreAPPLICATION significant margin expansion with -7% GAAP operating margins in Q1.

Upcoming Catalysts Price Performance

■ Q2 earnings $20

■ AI Studio and Teammates ramping $18

■ DBNRR improving $16SOFTWARE

$14

$12

$10

Base Case Assumptions $8EQUITY $6

■ Total revenue grows 9% in CY26 and 8% in CY27 $4

■ 17% FCF margins in CY27 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 BTIG does not provide price targets on Neutral-rated stocks ASAN

Source: FactSetRESEARCH

Upside Scenario: $10/sh Company Description

■ Total revenue grows 10% in CY26 and CY27 Asana is an enterprise work management

■ 18% FCF margins in CY27 software platform that unifies cross-

■ 12x CY27E EV/FCF which implies ~5x CY27E EV/GP functional teams so businesses can

Implied Fair Value = $10/share effectively set and track goals,

drive strategic initiatives, and manage

work effectively. Over 169,000 paying

customers across 200 countries and

Downside Scenario: $5/sh territories use Asana to connect

■ Total revenue grows 8% and 7% in CY26 and CY27 their work to company goals and