The Fellowship of the Token, One Edge to Rule Them All | Analyst Day Takes

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The Fellowship of the Token, One Edge to Rule Them All | Analyst Day Takes

C O M PA N Y N O T E

J u n e 9 , 2 0 2 6

Cloudflare, Inc. (NET) Overweight

CONCLUSION PRICE: US$236.13

Cloudflare hosted its annual investor day in NYC, with a focus around why Cloudflare is TARGET: US$250.00

well-positioned to be an AI-infrastructure enabler as a true platform that spans connectivity, 25x EV/CY27E Revenue of $3.6B (inclusive

security, and the ability to build-on-top of. Incrementally: 1) Cloudflare is seeing the go- of net cash of $4.2B and fully diluted shares

to-market shift made a few years ago pay-off that is giving confidence in further sales outstanding of 375M)

capacity investments. While we expect concerns around President Anderson's retirement

James Fishat year-end, what he has built should be durable; 2) Cloudflare is seeing strong AI-traction, Sr. Research Analyst, Piper Sandler & Co.

including via relationships with all frontier labs; 3) the isolates-based architectural approach 612 303-6509, james.fish@psc.com

is differentiated & necessary; 4) PoF is having an impact on revenue recognition but the Ryan Abbott

slight pull-in of the $5B 2028 goal and the confidence in Rule-of-50 should be viewed Research Analyst, Piper Sandler & Co.

positively but will take time to tell. We see Cloudflare as one of the true platforms and AI- 503 351-5391, ryan.abbott@psc.com

enablers out there that should be owned. OW, $250 PT. Timothy Shubsda

Research Analyst, Piper Sandler & Co.

• Platform Play: Cloudflare believes security as a standalone category may be exciting 716 461-2680, timothy.shubsda@psc.com

for a few more years but will gradually just become table stakes of a broader platform Changes Previous Current

play around connecting, securing, and building on. Rating — Overweight