Annual R&D Spend

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Company ($mm)	Ticker	2025 Revenue	2024 Revenue	2023 Revenue	2022 Revenue	2025 R&D Spend	2024 R&D Spend	2023 R&D Spend	2022 R&D Spend	2025 R&D % of Rev	2024 R&D % of Rev	2023 R&D % of Rev	2022 R&D % of Rev
Mongo DB	MDB	$2,464	$2,006	$1,683	$1,284	$716	$596	$515	$421	29%	30%	31%	33%
Dropbox	DBX	$2,521	$2,548	$2,501	$2,324	$732	$915	$936	$891	29%	36%	37%	38%
Zuora	ZUO	---	$431	$431	$396	---	$108	$108	$102	---	25%	25%	26%
Docusign	DOCU	$3,220	$2,977	$2,761	$2,515	$665	$588	$539	$480	21%	20%	20%	19%
SmartSheet	SMAR	---	---	$958	$766	---	---	$234	$215	---	---	24%	28%
Zscaler	ZS	$2,673	$2,167	$1,616	$1,090	$673	$499	$349	$289	25%	23%	22%	27%
Momentiv	MNTV	---	---	---	---	---	---	---	---	---	---	---	---
PagerDuty	PD	$493	$467	$430	$370	$127	$141	$139	$134	26%	30%	32%	36%
Zoom Video	ZM	$4,869	$4,665	$4,527	$4,392	$845	$852	$803	$774	17%	18%	18%	18%
Fastly	FSLY	$624	$544	$505	$432	$163	$138	$152	$155	26%	25%	30%	36%
Crowdstrike	CRWD	$4,812	$3,953	$3,055	$2,241	$1,385	$1,076	$768	$608	29%	27%	25%	27%
DynaTrace	DT	$2,018	$1,430	$1,430	$1,158	$474	$304	$304	$218	23%	21%	21%	19%
Health Catalyst	HCAT	$311	$307	$295	$276	$50	$58	$72	$75	16%	19%	24%	27%
Ping Identity	PING	---	---	---	---	---	---	---	---	---	---	---	---
DataDog	DDOG	$3,427	$2,684	$2,128	$1,675	$1,549	$1,153	$962	$752	45%	43%	45%	45%
Cloudflare	NET	$2,168	$1,670	$1,296	$975	$513	$421	$358	$298	24%	25%	28%	31%
Sprout Social	SPT	$458	$406	$333	$253	$101	$103	$79	$61	22%	25%	24%	24%
Bill.com	BILL	$1,463	$1,290	$1,058	$641	$340	$336	$314	$219	23%	26%	30%	34%
Zoominfo	ZI	$1,250	$1,214	$1,240	$1,098	$182	$196	$190	$205	15%	16%	15%	19%
Snowflake	SNOW	$4,684	$3,626	$2,806	$2,066	$1,970	$1,783	$1,288	$788	42%	49%	46%	38%
Unity Software	U	$1,850	$1,813	$2,187	$1,391	$930	$925	$1,054	$959	50%	51%	48%	69%
Sumo Logic	SUMO	---	---	---	$300	---	---	---	$104	---	---	---	35%
Jfrog	FROG	$532	$428	$350	$280	$195	$161	$135	$121	37%	38%	38%	43%
Palantir	PLTR	$4,475	$2,866	$2,225	$1,906	$558	$508	$405	$360	12%	18%	18%	19%
Asana	ASAN	$791	$723	$653	$547	$302	$341	$325	$297	38%	47%	50%	54%
Datto	MSP	---	---	---	---	---	---	---	---	---	---	---	---
PubMatic	PUBM	$283	$291	$267	$256	$34	$33	$27	$21	12%	11%	10%	8%
C3.ai	AI	$389	$310	$267	$253	$226	$201	$211	$151	58%	65%	79%	60%
Certara	CERT	$419	$385	$354	$336	$41	$37	$34	$28	10%	10%	10%	8%
Qualtrics	XM	---	---	---	$1,458	---	---	---	$427	---	---	---	29%
ON24	ONTF	$139	$148	$164	$191	$33	$36	$41	$44	24%	24%	25%	23%
Viant	DSP	$344	$289	$223	$197	$31	$23	$25	$21	9%	8%	11%	11%
Olo	OLO	---	$285	$228	$185	---	$68	$74	$74	---	24%	32%	40%
DigitalOcean	DOCN	$901	$780	$693	$576	$162	$142	$140	$144	18%	18%	20%	25%
SEMrush	SEMR	$444	$377	$308	$254	$97	$80	$57	$41	22%	21%	19%	16%
UiPath	PATH	$1,611	$1,429	$1,308	$1,059	$385	$380	$332	$286	24%	27%	25%	27%
Alkami	ALKT	$444	$334	$265	$204	$118	$96	$85	$69	27%	29%	32%	34%
DoubleVerify	DV	$748	$656	$573	$452	$178	$153	$125	$95	24%	23%	22%	21%
SquareSpace	SQSP	---	---	$1,012	$867	---	---	$242	$227	---	---	24%	26%
ZipRecruiter	ZIP	$449	$474	$646	$905	$125	$135	$142	$128	28%	28%	22%	14%
Procore	PCOR	$1,323	$1,152	$950	$720	$362	$313	$301	$271	27%	27%	32%	38%
Sprinklr	CXM	$857	$796	$732	$618	$96	$92	$91	$77	11%	12%	12%	12%
Zeta Global	ZETA	$1,305	$1,006	$729	$591	$117	$91	$74	$69	9%	9%	10%	12%
Doximity	DOCS	$645	$475	$475	$419	$131	$82	$82	$80	20%	17%	17%	19%
Confluent	CFLT	$1,167	$963	$777	$586	$482	$421	$349	$264	41%	44%	45%	45%
SentinelOne	S	$1,001	$821	$621	$422	$324	$267	$218	$207	32%	33%	35%	49%
EverCommerce	EVCM	$589	$698	$675	$621	$79	$80	$76	$72	13%	11%	11%	12%
Couchbase	BASE	---	$209	$180	$155	---	$71	$64	$58	---	34%	36%	37%
Kaltura	KLTR	$181	$179	$175	$169	$46	$49	$52	$57	25%	28%	30%	34%
Blend Labs	BLND	$124	$162	$157	$235	$33	$46	$82	$138	27%	28%	52%	59%
MeridianLink	MLNK	---	$316	$304	$288	---	$39	$48	$43	---	12%	16%	15%
Powerschool Holdings	PWSC	---	---	$698	$631	---	---	$106	$107	---	---	15%	17%
Fresh Works	FRSH	$839	$720	$596	$498	$163	$165	$138	$136	19%	23%	23%	27%
Definitive Healthcare	DH	$242	$252	$251	$223	$35	$37	$42	$35	14%	15%	17%	16%
ForgeRock	FORG	---	---	---	$217	---	---	---	$61	---	---	---	28%
Amplitude	AMPL	$343	$299	$276	$238	$98	$98	$90	$81	29%	33%	33%	34%
Gitlab	GTLB	$955	$759	$580	$424	$275	$239	$201	$156	29%	31%	35%	37%
Enfusion	ENFN	---	$201	$175	$150	---	$27	$20	$17	---	13%	11%	11%
avidxchange	AVDX	---	$439	$381	$316	---	$101	$98	$84	---	23%	26%	27%
Informatica	INFA	---	$1,640	$1,595	$1,505	---	$315	$335	$319	---	19%	21%	21%
BackBlaze	BLZE	$146	$128	$102	$85	$46	$42	$40	$33	32%	33%	39%	39%
Expensify	EXFY	$142	$139	$151	$169	$21	$25	$23	$14	15%	18%	15%	8%
Weave	WEAV	$239	$204	$170	$142	$45	$40	$34	$31	19%	20%	20%	22%
Braze	BRZE	$738	$593	$471	$355	$167	$134	$119	$97	23%	23%	25%	27%
UserTesting	USER	---	---	---	---	---	---	---	---	---	---	---	---
Hashicorp	HCP	---	---	$583	$476	---	---	$223	$195	---	---	38%	41%
Samsara	IOT	$1,619	$1,249	$937	$653	$345	$299	$259	$187	21%	24%	28%	29%
Klaviyo	KVYO	$1,234	$937	$698	$473	$291	$238	$262	$104	24%	25%	38%	22%
Rubrik	RBRK	$1,316	$886	$627	$599	$374	$531	$206	$175	28%	60%	33%	29%
Waystar	WAY	$1,099	$944	$791	---	$55	$49	$35	---	5%	5%	4%	---
Onestream	OS	$602	$489	$375	---	$131	$157	$55	---	22%	32%	15%	---
ServiceTitan	TTAN	$961	$772	$614	---	$303	$263	$204	---	32%	34%	33%	---
Sailpoint	SAIL	$1,071	$621	$496	---	$223	$124	$134	---	21%	20%	27%	---
Figma	FIG	$1,056	$749	$504	---	$1,030	$751	$164	---	98%	100%	33%	---
Netskope	NTSK	$709	$538	$406	---	$509	$254	$224	---	72%	47%	55%	---



ALL MEDIAN		$857	$677	$590	$473	$182	$148	$140	$134	24%	25%	25%	27%
ALL AVERAGE		$1,259	$989	$853	$732	$345	$282	$235	$207	27%	27%	27%	29%

Profitable
MEDIAN		$1,000	$698	$698	$631	$163	$101	$125	$107	18%	18%	17%	18%
AVERAGE		$1,495	$1,191	$1,139	$1,032	$270	$258	$225	$216	17%	18%	17%	18%

Not Profitable
MEDIAN		$738	$621	$500	$428	$226	$165	$146	$137	27%	28%	31%	29%
AVERAGE		$1,132	$876	$675	$641	$386	$295	$229	$204	32%	33%	32%	32%



Companies		57	63	67	65