Table of Contents _________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2024 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_________to ________ Commission File Number: 001-42028 RUBRIK, INC. (Exact name of registrant as specified in its ch ...

Rubrik Reports Second Quarter Fiscal Year 2025 Financial Results • Results exceeded all guided metrics • Subscription ARR grew 40% year-over-year to $919.1 million • Revenue grew 35% year-over-year to $205.0 million • 1,969 customers with $100K or more in Subscription ARR, up 35% year-over-year • Company raises full year guidance across all metrics Palo Alto, California, September 9, 2024 – Rubrik, Inc. (NYSE: RBRK), the Zero Trust Data Security™ company, today announced financial results for the second qua ...

Table of Contents _________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2024 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_________to ________ Commission File Number: 001-42028 RUBRIK, INC. (Exact name of registrant as specified in its c ...

Revenue Growth - Subscription Annual Recurring Revenue (ARR) reached $856.1 million, up 46% year over year[1] - Total revenue for the first quarter was $187.3 million, reflecting a 38% increase compared to the previous year[1] - Subscription revenue specifically was $172.2 million, a 59% increase from $108.4 million in Q1 fiscal 2024[4] - The number of customers contributing $100K or more in Subscription ARR increased to 1,859, up 41% year over year[10] - Net new Subscription ARR was $72 million, representing a 32% year-over-year growth[3] - Full year 2025 Subscription ARR is projected to be between $983 million and $997 million[17] - Subscription ARR for the twelve months ended April 30, 2024, was $856,051,000, up from $587,454,000 in the previous year[38] Financial Performance - GAAP net loss per share was $(11.48), compared to $(1.49) in the same quarter last year[7] - Net loss for the quarter was $732.1 million, compared to a net loss of $89.3 million in the same quarter of the previous year[34] - The company reported a net cash used in operating activities of $31.4 million for the quarter, compared to $17.5 million in the same period last year[36] - Free cash flow for Q1 2024 was $(37,123,000), a decline from $(23,246,000) in Q1 2023, resulting in a free cash flow margin of (20%) compared to (17%) in the previous year[37] Operating Expenses - Operating expenses surged to $816.2 million, a significant increase from $184.4 million in the prior year, driven by higher R&D and sales and marketing costs[34] - The company reported a significant increase in research and development operating expenses on a GAAP basis, rising to $285,379,000 from $46,266,000 in Q1 2023[37] - Non-GAAP operating expenses for the twelve months ended April 30, 2024, totaled $834,504,000, an increase from $703,103,000 in the previous year[38] Profitability Metrics - Gross profit for the quarter was $91.3 million, compared to $99.8 million in the same quarter last year, reflecting a decrease in gross margin[34] - GAAP total gross profit for Q1 2024 was $91,336,000, down from $99,849,000 in Q1 2023, resulting in a GAAP total gross margin of 49% compared to 74% in the previous year[37] - Non-GAAP total gross profit for Q1 2024 increased to $141,153,000, with a non-GAAP total gross margin of 75%, unchanged from Q1 2023[37] - GAAP operating loss for Q1 2024 was $(724,837,000), significantly higher than $(84,596,000) in Q1 2023, while non-GAAP operating loss was $(93,589,000) compared to $(84,106,000) in the prior year[37] - The net loss on a GAAP basis for Q1 2024 was $(732,091,000), compared to $(89,273,000) in Q1 2023, with a non-GAAP net loss of $(100,961,000) versus $(88,799,000) last year[37] Market Outlook - The company expects second quarter revenue to be between $195 million and $197 million[16] - The total addressable market is projected to reach $53 billion by 2027, with significant segments including $6.9 billion in Cloud Security and $11.1 billion in Backup and Recovery Software by 2024[32] - The company anticipates continued growth in its subscription services, supported by its Zero Trust Data Security™ framework[33] New Initiatives - Rubrik announced the launch of DSPM Everywhere, a comprehensive cyber resilience offering[12]