$ASAN

Asana just reported Q126 last night. Let’s look at how Asana stacks up against its major public competitor, Monday. $ASAN $MNDY Night and day difference in execution. Monday has 3x the growth, 5x the Rule of 40, way stronger FCF, is GAAP profitable, and has twice the # of large custs>100K who are spending more (117% NRR) instead of contracting (95% NRR). ASAN Q126: * Revenue +9% to $187M, or -0.5% seq * Op margin 4% (+13pp) swung pos * FCF 5% (+7pp) * Core custs (>5K) +10% to 24K, NRR 96% * Large custs (>100K) +20% to 728, NRR 95% * Guided Q2 to +7-8% * FY26 guide flat at top end (+9%) but lowered bottom end of range by -$7M * They are at Rule of 14 on FCF I thought it was a complete stinker of a quarter, continuing the trend of growth evaporation with all NRR metrics dropping -1pp acr