Rubrik, Inc. (RBRK) SEC Filings & Earnings Calls

Dependence on third-party cloud providers

“We rely upon third-party cloud providers to host our solutions, and any disruption of, or interference with, our use of third-party cloud products would adversely affect our business, financial condition, and results of operations.” · word for word

Supply chain concentration risk

“A large majority of the customer enterprise data we secure relies upon Rubrik-branded Appliances, which are currently built on servers supplied and designed by Super Micro Computer, Inc.” · word for word

Cybersecurity incident risk

“As a data security company, we have been and may in the future be specifically targeted by various threat actors who try to compromise our information technology systems or data.” · word for word

GAAP gross margin slightly declined from 79.5% to 78.4% YoY, though non-GAAP margin remained stable at ~81%.

“GAAP gross margin was 78.4%, compared to 79.5% in the second quarter of fiscal 2026.” · word for word

Revenue includes material rights ($4.7M in Q2 FY27 vs $14.2M in Q2 FY26), which may distort underlying growth comparisons.

“This includes $4.7 million in revenue from material rights in the second quarter of fiscal 2027 and $14.2 million in revenue from material rights in the second quarter of fiscal 2026.” · word for word

History of operating losses

“We have a history of operating losses and may not achieve or sustain profitability in the future.” · word for word

Customer concentration

“Partner A 27% and Partner B 29% of revenue for Q1 2027.”

Supply chain disruption

“The limited number of contract manufacturers and original equipment manufacturers that produce commodity servers that are compatible with our solutions are susceptible to supply chain disruptions.” · word for word

Competition and AI adoption risk: Rapidly evolving AI landscape may require continuous innovation to maintain platform relevance

“Company emphasizes 'early innings of AI acceleration opportunity' and multiple new AI product launches (SAGE, Agent Cloud, Project Glasswing)”

Key person risk - CEO

“CEO Bipul Sinha holds significant equity and is critical to company strategy.”

Sales leadership turnover

“Brian McCarthy, President, Global Sales and Field Operations, resigned effective February 6, 2026.” · word for word

Supermicro Concentration Risk

“A large majority of the customer enterprise data we secure relies upon Rubrik-branded Appliances, which are currently built on servers supplied and designed by Super Micro Computer, Inc.” · word for word

Cybersecurity Incident Risk

“In February 2025, we announced that we observed anomalous activity on a server that contained log files, certain of which were accessed by an unauthorized actor.” · word for word

Profitability Uncertainty

“We have experienced net losses in each period since inception...We generated net losses of $(348.8) million, $(1.15) billion and $(354.2) million for the fiscal years ended January 31, 2026, 2025 and 2024, respectively.” · word for word

Competition and market adoption risks; GAAP net loss still significant.

“GAAP net loss per share was $(0.43), compared to $(0.61) in the fourth quarter of fiscal 2025” · word for word

Transition in sales leadership could cause short-term disruption

“He succeeds Brian McCarthy, who leaves for another opportunity.” · word for word

Revenue Growth Deceleration Risk

“We expect our revenue growth to fluctuate, slow, and possibly decline for a number of reasons, including mix shifts in our platform and data security products, as well as the impact on our revenue recognition resulting from our transition from selling our products primarily on the basis of subscription term-based licenses to SaaS subscriptions.” · word for word

Customer Migration Risk

“Our strategies and initiatives to accelerate the transition of our existing customers to RSC, even if executed properly by our sales and support teams, may result in customer dissatisfaction, the loss of customers, or reduced usage of our platform.” · word for word

Cybersecurity Incident Risk

“As a data security company, we have been and may in the future be specifically targeted by various threat actors who try to compromise our information technology systems or data.” · word for word

AI Regulatory Risk

“Several jurisdictions around the globe, including in Europe, have proposed, enacted, or are considering laws governing AI tools, including the EU’s AI Act.” · word for word

Dependence on Third-Party Cloud Providers

“We rely upon third-party cloud providers to host our data security solutions, and any disruption of, or interference with, our use of third-party cloud products would adversely affect our business.” · word for word

High stock-based compensation ($82.5M) continues to pressure GAAP profitability.

“GAAP net loss includes $82.5 million in stock-based compensation expense” · word for word