Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Braze delivered its fiscal second quarter 2027 results with revenue reaching $227 million, marking a 26% year-over-year increase and an 8% sequential rise.</li><li>The company reported a record free cash flow of $22 million and notable improvement in operating efficiency, achieving a non-GAAP operating margin increase of over 600 basis points compared to the prior year.</li><li>Dollar-based net retention for large customers spending at least $500,000 annually rose to 112%, reflecting a positive trend in customer engagement and expansion.</li></ul>

Braze delivered its fiscal second quarter 2027 results with revenue reaching $227 million, marking a 26% year-over-year increase and an 8% sequential rise.The company reported a record free cash flow of $22 million and notable improvement in operating efficiency, achieving a non-GAAP operating margin increase of over 600 basis points compared to the prior year.Dollar-based net retention for large customers spending at least $500,000 annually rose to 112%, reflecting a positive trend in customer engagement and expansion.

Braze’s AWS Alliance — Can AI Adoption Unlock The Next Growth Wave?

Japan Specialist

Mark Chadwick

<ul>
<li>Appier's stock initially surged 20% following strong Q2 results but later declined 25%, influenced by small-cap stock volatility, AI-induced valuations, and e-commerce sensitivity.</li>
<li>The AI company's competitive position remains strong compared to Braze; the differing stock price performance and valuation suggests significant upside.</li>
<li>Appier's thesis remains intact and we expect the company to benefit from key trends in consumer marketing, first-party data and AI solutions.</li>
</ul>


Appier's stock initially surged 20% following strong Q2 results but later declined 25%, influenced by small-cap stock volatility, AI-induced valuations, and e-commerce sensitivity.
The AI company's competitive position remains strong compared to Braze; the differing stock price performance and valuation suggests significant upside.
Appier's thesis remains intact and we expect the company to benefit from key trends in consumer marketing, first-party data and AI solutions.


<ul><li>Braze, Inc. reported strong results in its fiscal first quarter of 2027, demonstrating continued market leadership and momentum in customer engagement solutions.</li><li>The company achieved revenue of $211 million, reflecting a 30% increase year-over-year and a 3% increase sequentially, marking the fourth consecutive quarter of accelerating organic and total revenue growth.</li><li>This growth was supported by both new customer acquisitions and expansions among existing customers, including significant increases in large customers spending over $500,000 annually, which grew 33% year-over-year to 349 customers.</li></ul>

Braze, Inc. reported strong results in its fiscal first quarter of 2027, demonstrating continued market leadership and momentum in customer engagement solutions.The company achieved revenue of $211 million, reflecting a 30% increase year-over-year and a 3% increase sequentially, marking the fourth consecutive quarter of accelerating organic and total revenue growth.This growth was supported by both new customer acquisitions and expansions among existing customers, including significant increases in large customers spending over $500,000 annually, which grew 33% year-over-year to 349 customers.

Braze’s Enterprise Powerhouse Moment: $500K Customers Grow 33%!

<ul><li>Braze, Inc. reported its fiscal fourth quarter 2026 results with a 28% year-over-year revenue increase to $205.2 million, marking an 8% sequential growth.</li><li>The company highlighted an acceleration in organic revenue growth for the third consecutive quarter, supported by strong customer contract expansions, renewals, and new business.</li><li>Notably, Braze surpassed significant milestones including over $1 billion in remaining performance obligations and achieving $800 million in annual recurring revenue, underscoring sustained demand for its customer engagement platform.</li></ul>

Braze, Inc. reported its fiscal fourth quarter 2026 results with a 28% year-over-year revenue increase to $205.2 million, marking an 8% sequential growth.The company highlighted an acceleration in organic revenue growth for the third consecutive quarter, supported by strong customer contract expansions, renewals, and new business.Notably, Braze surpassed significant milestones including over $1 billion in remaining performance obligations and achieving $800 million in annual recurring revenue, underscoring sustained demand for its customer engagement platform.

Braze From Campaign Tools To Intelligent Orchestration—How AI Is Transforming Its Growth Engine!

<ul><li>Braze, Inc. reported its fiscal third-quarter results for 2026, demonstrating notable performance metrics and financial outcomes.</li><li>The company achieved a revenue of $191 million, marking a 25.5% increase compared to the same period last year, and a 6% rise from the previous quarter.</li><li>This growth is attributed mainly to existing customer contract expansions, renewals, and new business, with Braze's AI Decisioning Studio contributing significantly to this figure.</li></ul>

Braze, Inc. reported its fiscal third-quarter results for 2026, demonstrating notable performance metrics and financial outcomes.The company achieved a revenue of $191 million, marking a 25.5% increase compared to the same period last year, and a 6% rise from the previous quarter.This growth is attributed mainly to existing customer contract expansions, renewals, and new business, with Braze's AI Decisioning Studio contributing significantly to this figure.

Braze Breaks Out Beyond Tech—The Vertical Expansion Push Into Fintech & Health Tech!

United States

Braze, Inc. operates as a cloud-based software company. The Company develops customer engagement software that businesses use for multi-channel marketing. Braze serves retail and e-commerce, media, entertainment, financial, travel, and hospitality industries worldwide.

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Braze Inc (BRZE US)

Braze’s AWS Alliance — Can AI Adoption Unlock The Next Growth Wave?

Braze delivered its fiscal second quarter 2027 results with revenue reaching $227 million, marking a 26% year-over-year increase and an 8%...

Baptista Research

Appier (4180) | The Ups and Downs

Appier's stock has declined due to small-cap stock volatility and AI-induced valuations, despite its strong competitive position and potential...

Mark Chadwick

Braze’s Enterprise Powerhouse Moment: $500K Customers Grow 33%!

Braze, Inc. reported strong results in its fiscal first quarter of 2027, demonstrating continued market leadership and momentum in customer...

Baptista Research

Braze From Campaign Tools To Intelligent Orchestration—How AI Is Transforming Its Growth Engine!

Braze, Inc. reported its fiscal fourth quarter 2026 results with a 28% year-over-year revenue increase to $205.2 million, marking an 8% sequential...

Baptista Research

Braze Breaks Out Beyond Tech—The Vertical Expansion Push Into Fintech & Health Tech!

Braze, Inc. reported its fiscal third-quarter results for 2026, demonstrating notable performance metrics and financial outcomes. The company...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Braze’s AWS Alliance — Can AI Adoption Unlock The Next Growth Wave?

Braze delivered its fiscal second quarter 2027 results with revenue reaching $227 million, marking a 26% year-over-year increase and an 8%...

Baptista Research

Appier (4180) | The Ups and Downs

​Appier's stock has declined due to small-cap stock volatility and AI-induced valuations, despite its strong competitive position and potential...

Mark Chadwick

Braze’s Enterprise Powerhouse Moment: $500K Customers Grow 33%!

Braze, Inc. reported strong results in its fiscal first quarter of 2027, demonstrating continued market leadership and momentum in customer...

Baptista Research

Braze From Campaign Tools To Intelligent Orchestration—How AI Is Transforming Its Growth Engine!

Braze, Inc. reported its fiscal fourth quarter 2026 results with a 28% year-over-year revenue increase to $205.2 million, marking an 8% sequential...

Baptista Research

Braze Breaks Out Beyond Tech—The Vertical Expansion Push Into Fintech & Health Tech!

Braze, Inc. reported its fiscal third-quarter results for 2026, demonstrating notable performance metrics and financial outcomes. The company...

Baptista Research

Appier's stock has declined due to small-cap stock volatility and AI-induced valuations, despite its strong competitive position and potential...