RUBRIK, INC.

Red flags

• Fiscal 2026 net loss was $348.8 million in aggregate across Class A and Class B shares, despite $1.32 billion of revenue; 40.1 million potentially dilutive securities were excluded from diluted EPS because they were antidilutive, including 9.2 million shares related to the convertible notes.
• The company has $290.4 million remaining under a hosting commitment running to April 2029, after increasing the minimum commitment by $375.0 million to $595.0 million; it also has approximately $158.4 million of other purchase commitments.
• Subscription Credits are material rights that affect both revenue timing and Subscription ARR; management expects their revenue benefit to continue through fiscal 2027 but decline sequentially, creating a temporary tailwind and comparability risk.
• The $1.15 billion convertible notes mature in 2030 and initially represent potential equity dilution, while the filing’s excerpts do not establish when the business will reach sustained profitability.