ASAN

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How ASAN rewrote its risk factors

10-K ITEM 1A · FY2025 → FY2026

Text kept

65%

of sentences unchanged

Added

205

new sentences

Dropped

174

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Length

+989

words, now 31,867

New in FY2026

Our ability to compete and ensure our success requires developments in our technology, including the successful deployment of AI in our products. • Failure to effectively develop and leverage our sales capabilities would harm our ability to expand usage of our platform within our customer base and achieve broader market acceptance of our platform. • If our information technology systems, or those of third parties with whom we work, or our data are compromised or operate in an unintended way, we could experience adverse consequences, including but not limited to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse consequences. • If we fail to manage our technical operations infrastructure, or experience service outages, interruptions, or delays in the deployment of our platform, our results of operations may be harmed. • If we are unable to ensure that our platform interoperates with a variety of software applications that are developed by others, including our integration partners, we may become less competitive and our results of operations may be harmed. • The loss of one or more of our key personnel could harm our business. • We must continue to attract and retain highly qualified personnel in very competitive markets to continue to execute on our business strategy and growth plans. • Our culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the employee engagement fostered by our culture, which could harm our business. • Our business depends on a strong brand, and if we are not able to maintain and enhance our brand, our ability to expand our base of customers may be impaired, and our business and results of operations will be harmed. • We rely on third parties maintaining open marketplaces to distribute our mobile application.
If such third parties interfere with the distribution of our platform, our business would be adversely affected. • Sales to customers outside the United States and our international operations expose us to risks inherent in international sales and operations. • We, and third parties with whom we work, are subject to stringent and evolving U.S. and foreign laws, regulations, rules, contractual obligations, industry standards, policies and other obligations related to AI, privacy, data protection, and security.
Our actual or perceived failure to comply with such obligations (or such failure by the third parties with whom we work) could lead to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse business consequences. • The trading price of our Class A common stock may be volatile and could decline significantly and rapidly. • The dual class structure of our common stock has the effect of concentrating voting control with our founders, directors, executive officers, and their respective affiliates.
Business Overview Asana is the system of action for work, built for the Agentic Enterprise.
We provide a comprehensive solution where humans and AI agents can collaborate effectively so that individuals work smarter, teams move faster, and organizations deliver results.
Over 180,000 paying customers across 200 countries and territories us e Asana to connect their work to company goals and orchestrate mission-critical workflows like product launches, employee onboarding, resource planning, tracking company-wide strategic initiatives and more.
By combining institutional memory with a governed execution surface, our platform enables organizations to orchestrate work across human and AI team members.
This drives clarity, accountability, and impact across the organization from executives and department heads to the team leads, individuals, and agents delivering the work.
In Asana, the "Who, What, When, and Why" of work is transparent, ensuring that every action, whether taken by a person or an AI agent, is grounded in real business context and aligned to strategic goals.
Instead of spending time on high impact work that generates results, employees get stuck in status meetings, lose time trying to use fragmented tools, and struggle to find information and coordinate work across a sprawl of emails, documents, and communication apps.
Our co-founders created Asana to address this work coordination, transparency, and execution problem.
They developed a solution that brings cross-functional teams together effectively and created a dynamic record and dependency map of all work across the organization.
From the goals at the top to the strategic portfolios in place to achieve those goals, down to the cross-functional projects and individual tasks that support those strategies – Asana captures it all.
By building this proprietary map of how work relates, our Work Graph®, Asana provides the essential institutional memory and orchestration layer that allows both human teams and AI agents to work smarter to drive better outcomes, faster.
Our Business Model Asana is a multi-product company with a hybrid go-to-market approach, combining a product-led model, direct sales and channel partners.
Our approach follows a bottom-up and top-down model, where product adoption by individual teams provides the foundational signals for our direct sales team and channel partners to step in and scale strategic enterprise accounts.
By combining our self-service engine with investments in our direct sales and channel programs, we meet customers wherever they are in their journey while maximizing account expansion and long-term value.
As customers experience the productivity benefits of Asana, our platform becomes critical to tracking and orchestrating work to achieve business objectives faster, which drives further adoption and expansion.
To further strengthen our enterprise motion, we maintain a partner program which includes a robust ecosystem of value-added resellers, managed service providers, and technology partners across more than 50 countries.
As of January 31, 2026, our dollar-based net retention rate for Core customers (those spending $5,000 or more annually) was 97%, representing 25,928 customers.
For our largest customers, spending $100,000 or more annually, our dollar-based net retention rate was 96%, comprising 817 customers.
Even as new technologies emerge, employees still spend approximately 55% of their work lives on busywork, rather than strategic, high value projects.
This remains a persistent issue because teams are trying to manage critical projects across departments and geographies using a combination of spreadsheets, documents, emails, calls, and meetings.
These mechanisms aren’t designed for coordinating work at scale so employees become overwhelmed trying to determine priorities, understand project status, or identify how individual tasks impact goals.
Additionally, as companies move from testing AI to deploying it across the entire organization, they face new challenges: AI lacks the business context to be useful, isolated tools require employees to manually bridge the gaps between them, and a lack of oversight makes autonomous work risky and difficult to track.
This business problem is uniquely solved by our purpose-built system of action.
Asana reduces chaos, risk, and complexity by offering a governed execution platform for all work, where humans and AI agents operate from a shared, living institutional memory.
By grounding every action in our proprietary Work Graph®, Asana ensures that the "Who, What, When, and Why" of work is transparent, accountable, and aligned with core business objectives.
The Agentic Enterprise The challenges of coordinating work are now entering a new and more complex phase.
AI is moving from assisting work to executing business-critical workflows, such as drafting campaigns, triaging tickets, and planning product launches.
This marks the beginning of the Agentic Enterprise.
But execution hasn’t become easier - it’s more fragmented and carries greater risk.
While models are more powerful than ever, raw intelligence alone isn’t enough to drive business results.
AI agents typically operate in isolation, without understanding how their work connects to team priorities and business goals.
As AI velocity increases, this misalignment compounds.
Additionally, without clear traceability or governance, organizations have no reliable way to know what AI is doing, why or whether it’s moving the business in the right direction - leaving them exposed to both operational risk and the financial sprawl of unpredictable, ungoverned AI activity.
Our architecture allows organizations to move beyond fragmented activity to collaborative execution in a single, governed space - enabling humans and AI agents to function as a high velocity, coordinated team where every action is visible, traceable, and subject to necessary human oversight and governance.
Our Solution Asana provides a single, unified platform that creates clarity, accountability, and alignment at every level of an organization.
By bringing scattered emails and data, ad-hoc requests, and inconsistent handoffs into one place, we enable individuals, team leads, and executives to visualize every task and workflow, and track progress and risks in real-time.
With Asana, organizations can ensure all work across teams and cross-functional projects is moving toward company goals with a clear understanding of who is doing what, by when, and why it matters.

and 165 more.

Gone since FY2025

Our ability to compete and ensure our success requires developments in our technology, including the successful deployment of AI in our products. • Failure to effectively develop and leverage our sales capabilities would harm our ability to expand usage of our platform within our customer base and achieve broader market acceptance of our platform. • We must continue to attract and retain highly qualified personnel in very competitive markets to continue to execute on our business strategy and growth plans. • If our information technology systems, or those of third parties with whom we work, or our data are compromised or operate in an unintended way, we could experience adverse consequences, including but not limited to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse consequences. • If we fail to manage our technical operations infrastructure, or experience service outages, interruptions, or delays in the deployment of our platform, our results of operations may be harmed. • If we are unable to ensure that our platform interoperates with a variety of software applications that are developed by others, including our integration partners, we may become less competitive and our results of operations may be harmed. • The loss of one or more of our key personnel could harm our business. • Our culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the employee engagement fostered by our culture, which could harm our business. • Our business depends on a strong brand, and if we are not able to maintain and enhance our brand, our ability to expand our base of customers may be impaired, and our business and results of operations will be harmed. • We rely on third parties maintaining open marketplaces to distribute our mobile application.
If such third parties interfere with the distribution of our platform, our business would be adversely affected. • Sales to customers outside the United States and our international operations expose us to risks inherent in international sales and operations. • We are subject to stringent and evolving U.S. and foreign laws, regulations, rules, contractual obligations, industry standards, policies and other obligations related to AI, privacy, data protection, and security.
Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse business consequences. • The trading price of our Class A common stock may be volatile and could decline significantly and rapidly. • The dual class structure of our common stock has the effect of concentrating voting control with our founders, directors, executive officers, and their respective affiliates.
Business Overview Asana is an enterprise work management software platform that unifies cross-functional teams so businesses can effectively set and track goals, drive strategic initiatives, and manage work effectively.
Over 169,000 paying customers across 200 countries and territories us e Asana to connect their work to company goals and orchestrate mission-critical workflows like product launches, employee onboarding, resource planning, tracking company-wide strategic initiatives and more.
Our secure and scalable platform with AI-powered features adds structure to unstructured work, creating clarity, accountability, and impact for everyone within an organization—executives, department heads, team leads, and individuals.
In Asana, everyone understands who is doing what, by when, how and why.
Instead of spending time on high impact work that generated results, employees get stuck in status meetings and struggle to coordinate work via emails, documents and communication apps.
In short, organizations are drowning in tools and crave clarity around how work connects to business goals.
Our co-founders created Asana to address this work transparency and coordination problem.
They developed a solution that brings cross-functional teams together effectively and creates a system of record across all work and all levels of an organization.
From the goals at the top of an organization to the strategic portfolios in place to achieve those goals, down to the cross-functional projects and individual tasks that support those strategies – Asana captures and maps it all.
This clarity and transparency helps individuals, teams, departments, and leaders work smarter to drive better outcomes, faster.
The Asana Work Graph ® Underpinning our platform is the Asana Work Graph®, our proprietary data model.
The Asana Work Graph provides a structured map of how all work gets done inside an organization.
It is built for scale and captures the relationship between the work that teams undertake, the information about that work, the people doing the work, and the outcomes of that work.
In contrast, others approach the problem of work management with a container model, relating tables of data which force units of work into a singular construct, leading to duplicated work.
The Work Graph serves as the single source of truth for every department with the right security, permissions, control, and enterprise requirements needed to handle work for the largest companies, regardless of industry.
Asana AI Asana AI differentiates itself through its foundation on the Work Graph data model.
This unique data architecture enables the AI to maintain comprehensive context about how work actually flows through an organization, ensuring its recommendations and actions are grounded in accurate, up-to-date information about team workflows and organizational practices.
Leveraging this structured work data, Asana AI allows humans and AI to collaborate together to automate manual work, get insights on what to prioritize, and adapt workflows to an organization's evolving needs.
Asana takes a human-centered, ethical approach to AI.
We have built our AI via strategic partnerships with leading foundational model providers, ensuring enterprise-grade security and reliability.
Our AI Principles that define how we build and deploy AI are on our website.
Our Business Model Asana is a multi-product company and our go-to-market strategy has evolved to emphasize our direct sales approach and further investments in our channel partner program, all while maintaining our successful product-led growth motion.
This allows us to better serve enterprise buyers and reach teams of all sizes.
As customers experience the productivity benefits of Asana, our platform becomes critical to managing work and achieving business objectives, which drives further adoption and expansion.
To further strengthen our enterprise motion, we established a partner program which includes a robust ecosystem of value-added resellers, managed service providers, and technology partners across more than 50 countries.
As of January 31, 2025, our dollar-based net retention rate for Core customers (those spending $5,000 or more annually) was 97%, representing 24,062 customers.
For our largest customers, spending $100,000 or more annually, our dollar-based net retention rate was 96%, comprising 726 customers.
According to Asana’s 2024 State of Work Innovation report, 53% of an average knowledge worker’s week is spent on busywork, rather than strategic, high value projects.
This is because teams are trying to manage critical projects across departments and geographies via a combination of spreadsheets, documents, emails, calls, and meetings.
These mechanisms aren’t designed for coordinating work at scale so employees become overwhelmed trying to determine priorities, understand project status, who’s doing what, and how work is impacting objectives and goals.
This critical business problem is uniquely solved by a purpose-built work management solution.
It eliminates chaos and complexity by offering one source of truth for all work, and serves as the work coordination layer between teams and tools.
From individual contributors to the executive leadership team, across departments and roles in a wide range of businesses.
With Asana: • Individuals can manage their work, from tasks to cross-functional projects and workflows, and see how it ladders up to strategic initiatives and organization-wide goals.
Individuals can collaborate with teammates and gain visibility into each team member’s responsibilities and progress, maximizing effectiveness and reducing distractions from high impact work. • Team leads and directors can manage work across a portfolio of projects or workflows, see progress against goals, identify bottlenecks, resource constraints, and milestones without having to ask for updates and distract workers.
They can also adjust plans and reallocate resources in real time to drive outcomes faster. • Executives can communicate company-wide goals, monitor status, and oversee work across projects and portfolios to gain real-time insights into how all work in the organization is tracking against strategic objectives.
Our Solution Asana brings users together on a single unified platform that provides clarity at every level of an organization for individuals, team leads, and executives.

and 134 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2025 ↗, FY2026 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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