GitLab $GTLB just reported Q126. Q1 is the seasonally weakest Q in net new rev & op/net income, but seasonally strong in FCF. This Q1 went hard in both dirs -- being *especially* weak in rev growth, and *especially* strong in FCF and margin improvements. Q2 will resume to stronger growth, but this esp weak Q1 will drag YoY results from here. * Revenue 214.5M +26.8%, or +1.5% seq; this is terrible (vs 3.3% and 3.2% in the prior two Q1s) * This only added +$3.1M in net new revenue, an all time low since IPO (vs +$5.4M and +$4.0M net new in the prior two Q1s) * Sub rev was 194.5M +28.6%, or a very weak +4.8% seq (vs 6.4% and 5.8$% in the prior two Q1s) * They thankfully guided Q2 to a much stronger +5.8% seq (vs +4.6% last yr), but Q1 drag making it fall to +24.3% YoY * They left FY26 gui
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