Fastly, Inc. (FSLY) SEC Filings & Earnings Calls

Convertible senior notes due 2028 create springing maturity test; if liquidity falls below thresholds, maturity could accelerate.

“Maturity date may accelerate if Net Liquidity is below $200M (or $120M if <$50M notes outstanding) on certain dates.”

Free cash flow declined significantly YoY ($3.6M vs $10.9M) despite higher operating cash flow

“Generated $3.6 million of positive free cash flow compared to $10.9 million in the second quarter of 2025.” · word for word

Large customer count decreased sequentially from 634 to 624

“Large Customer Count 624 vs 634 in Q1 2026”

Top ten customer concentration increased to 37% from 31% YoY, indicating customer concentration risk

“Top Ten Customer Revenue % 37% vs 31%”

Customer concentration risk

“Our 10 largest customers accounted for 37% and 31% of revenue for the three months ended June 30, 2026 and 2025 , respectively.” · word for word

History of operating losses

“We generated a net loss of $36.1 million for the six months ended June 30, 2026 and we had an accumulated deficit of $1,150.6 million.” · word for word

Component supply chain disruption

“We have experienced, and may continue to experience, component shortages and pricing increases from certain of our suppliers as a result of increased demand for such components.” · word for word

Free cash flow declined YoY despite revenue growth.

“Free cash flow $4.1M vs $8.2M prior year.”

Customer Concentration

“Our 10 largest customers generated an aggregate of 32% of our revenue for each of the trailing 12 month periods ended March 31, 2026 and 2025.” · word for word

TikTok Dependency

“TikTok was one of our largest customers for the three months ended March 31, 2026 and remains a customer of ours. We do not know how the restructuring may impact our traffic levels.” · word for word

History of Operating Losses

“We generated a net loss of $20.5 million for the three months ended March 31, 2026 and we had an accumulated deficit of $1,135.0 million.” · word for word

Component Supply Disruptions

“We have experienced, and may continue to experience, component shortages and pricing increases from certain of our suppliers as a result of increased demand for such components.” · word for word

Cybersecurity Incidents

“We have in the past been subject to cyber-attacks from third parties, including parties who we believe are sponsored by government actors.” · word for word

Material weakness in internal controls (remediated)

“As of December 31, 2025, we have concluded that this material weakness has been remediated.” · word for word

Previous material weakness in internal controls over financial reporting, now remediated.

“Material weakness disclosed in 2024 10-K; company concluded it has been remediated as of Dec 31, 2025.”

“Top Ten Customer Revenue % 34%”

Increased leverage and shareholder dilution from capital raise.

“Items 2.03 and 3.02 indicate new debt and equity issuance.”

Increased leverage from new notes offering; dilution from unregistered shares.

“Creation of direct financial obligation and issuance of unregistered shares.”

No material financial risk; listing transfer is administrative.

“No financial metrics or operational changes disclosed.”

Customer concentration risk

“Our 10 largest customers generated an aggregate of 32% and 35% of our revenue in the trailing 12 months ended September 30, 2025 and 2024, respectively.” · word for word

TikTok ban risk

“TikTok was one of our largest customers for the three months ended September 30, 2025 and remains a customer of ours. While the full impact of the legislation is unknown, it could eventually lead to a reduction in TikTok’s United States traffic levels which could have a negative impact on our business.” · word for word

Litigation risk

“On September 24, 2025, the court issued an order granting in part and denying in part the motion to dismiss.” · word for word

Total customer count declined 11.4% YoY; enterprise customer growth offset by churn in smaller customers.

“Total customer count... was 3,223 in the third quarter, down 415 from the third quarter of 2024”

RPO calculation error corrected; prior periods restated; may indicate control weakness.

“identified an error in RPO calculations from certain contracts with a termination-for-convenience clause. We recast the presentation of RPO for all prior periods” · word for word