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How GTLB rewrote its risk factors

10-K ITEM 1A · FY2025 → FY2026

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New in FY2026

Our total number of Base Customers has gro wn to 10,682 as of January 31, 2026 from 9,893 as of January 31, 2025.
The growth and expansion of our business places a continuous strain on our management and operational and financial resources.
Our rate of growth may also be impacted as a result of global business or macroeconomic conditions, including inflation, tariffs, volatile interest rates, uncertainty with respect to the federal budget, debt ceiling and potential government shutdowns, volatility of the global debt and equity markets, and investment decisions by our customers.
Our total revenue for the years ended January 31, 2026 and 2025 w as $955.2 million and $759.2 million, respectively, representing a growth rate of 26% .
As a result of our limited history operating as a public company, our ability to accurately forecast our future results of operations is limited and subject to a number of uncertainties, including our ability to plan for and model future growth, and our Table of Conte n t s usage (or consumption) billing model.
Many factors may contribute to this decline, including changes to technology, such as increased AI adoption, our usage billing models, increased competition, slowing demand for The DevSecOps platform, the maturation of our business, a failure by us to continue capitalizing on growth opportunities, our failure, for any reason, to continue to take advantage of growth opportunities and a global economic downturn, among others.
In addition, we expect to continue to responsibly expend financial and other resources to align with our: • product development, including investments in our product development team and the development of new features and functionality for The DevSecOps platform, including those related to artificial intelligence, or AI; • expansion and enablement of our sales, services, and marketing organization to increase brand awareness and drive adoption of The DevSecOps platform; • technology and sales channel partnerships; • international expansion; • acquisitions or strategic investments; and • general administration, including increased legal and accounting expenses associated with being a public company.
Our ability to forecast our future results of operations is subject to a number of uncertainties, including our ability to effectively plan for and model future growth and our usage billing models.
We have incurred losses in each year since our inception, including net losses of approximately $425.7 million, $6.3 million and $56.0 million in fiscal year 2024, 2025 and 2026 , respectively.
As of January 31, 2026, we had an accumulated deficit of approximately $1.2 billion.
We also expect our operating and other expenses to increase in the foreseeable future as we continue to invest in our future growth, including implementing usage billing, expanding our research and development function to drive further development of The DevSecOps platform (including related to AI capabilities), expanding our sales and marketing activities, developing the functionality to expand into adjacent Table of Conte n t s markets, and reaching customers in new geographic locations, which will negatively affect our operating results if our total revenue does not increase.
Our revenue growth may slow or our revenue may decline for a number of reasons, including reduced demand for The DevSecOps platform, increased competition, an increased use of our free product offerings, a decrease in the growth or reduction in size of our overall market, usage billing, or any inability on our part to capitalize on growth opportunities.
Security incidents of our or our third-party service provider’s information technology systems that compromise the confidentiality, integrity, and availability of our data could result in sensitive data exposure.
Cyber attacks may also occur, including, but not limited to, denial-of-service attacks, ransomware attacks, application security attacks, software-supply chain attacks, compromised credentials, business email compromises, computer malware, viruses, and social engineering (including Table of Conte n t s phishing), which are prevalent in our industry and our customers’ industries.
AI has shifted previously defined security boundaries for GitLab and our providers, including new and novel language-based attack vectors.
AI incorporated into our and our third-party service provider’s products may introduce security risks including, but not limited to, AI-enabled social engineering, automated vulnerability exploitation, inadvertent data exposure due to model training, inappropriate data access using AI-enabled features, and AI supply-chain attacks.
On the other hand, we could increase our vulnerability to cybersecurity incidents or other technology related failures due to, or as a result of, the timing of our evaluation, updating, or integration of new technology or AI enabled systems used in our business.
Any security breach, disruption or other technology related failure could result in the loss or destruction of or unauthorized access to, or use, alteration, disclosure, or acquisition of confidential and/or personal data, which may result in damage to our reputation, early termination of our contracts, litigation, regulatory investigations, or other liabilities.
If our, our customers’, or our partners’ security measures are breached as a result of third-party action, team member error, misconfiguration, malfeasance (including bribery) or otherwise and, as a result, someone obtains unauthorized access to The DevSecOps platform, including personal and/or confidential data of our customers, our reputation could be damaged, our business may suffer loss of current customers and future opportunities and we could incur significant financial liability including fines, cost of recovery, and costs related to remediation measures.
Techniques used to obtain unauthorized access or to sabotage systems change frequently, including novel AI-specific attack vectors and vulnerabilities.
The use of agentic AI is changing the fundamental ways that we secure and defend our platform and operations as both threat actors and security teams are using AI to industrialize their attacks.
Traditional perimeter controls and static security rules are no longer the most effective security mechanisms and we, in alignment with our industry, are reinforcing our defensive capabilities in areas such as, but not limited to, behavioral analysis, automated detection response, and zero-trust.
However, we may be unable to fully anticipate these techniques or implement adequate preventative measures.
Because code is executed on our infrastructure on behalf of customers and users, including open source projects hosted on GitLab, we face heightened security risks beyond those of standard SaaS providers.
Unlike platforms that primarily store and transmit data, we operate a platform on which code can be executed, which creates additional attack surface and potential for harm.
As a result, we could be subject to legal action or our customers could end their relationships Table of Conte n t s with us.
We face heightened risk of security breaches because we use third-party open source technologies and incorporate a substantial amount of open source and community contributed code in our products.
The DevSecOps platform is built using open-source technology and GitLab accepted community code contributions.
Our product offering is broad across all stages of the software development lifecycle which means we compete with many providers with offerings across all stages.
We compete with well-established providers such as Microsoft and Table of Conte n t s Atlassian as well as other companies with offerings in fewer stages, including with respect to both code hosting and code collaboration services, as well as file storage, distribution services, and AI.
Competition in these markets may intensify further as advances in AI enable rapid, low-cost development of software applications.
We believe that our ability to compete depends upon many factors both within and beyond our control, including the following: • the ability of our products or of those of our competitors to deliver the positive business outcomes prioritized and valued by our customers and prospects; • our ability to price our products competitively, including our usage billing model and our ability to transition users of our free product offering to a paid version of The DevSecOps platform; • the timing and market acceptance of services, including the developments and enhancements to those services offered by us or our competitors, including incorporation of AI into such services; • the amount and quality of communications, postings, and sharing by our users on public forums, which can promote improvements on The DevSecOps platform but may also lead to disclosure of commercially sensitive details; • our ability to monetize activity on our services; • customer service and support efforts; • sales and marketing efforts; • ease of use, performance and reliability of solutions developed either by us or our competitors; • our ability to manage our operations in a cost effective manner; • insolvency or credit difficulties confronting our customers, affecting their ability to purchase or pay for our product offering; • our reputation and brand strength relative to our competitors; • introduction of new technologies or standards that compete with or are unable to be adopted in our products; • ability to attract new team members or retain existing team members which could affect our ability to attract new customers, service existing customers, enhance our product or handle our business needs; • our ability to maintain and grow our community of users; and • the length and complexity of our sales cycles.
If our competitors’ products, Table of Conte n t s platforms, services or technologies maintain or achieve greater market acceptance than ours, if they are successful in bringing their products or services to market earlier than ours, or if their products, platforms or services are more technologically capable than ours, then our revenues could be adversely affected.
If we are unable to achieve our target pricing levels or successfully implement usage billing, our operating results would be negatively affected.
Pricing pressures, usage billing, and increased competition could result in reduced sales, reduced margins, losses or a failure to maintain or improve our competitive market position, any of which could adversely affect our business.
Any defects in functionality or operational procedures that cause interruptions in the availability of our products could result in: • loss or delayed market acceptance and sales; Table of Conte n t s • loss of customer data; • breach of warranty claims; • sales credits or refunds for prepaid amounts related to unused subscription services; • loss of customers; • diversion of development and customer service resources; • loss of operational time; • destruction or compromised integrity of data and/or intellectual property; and • injury to our reputation.
Furthermore, the availability or performance of our products could be adversely affected by a number of factors, including: customers’ inability to access the internet, customers’ inappropriate use of our software, the failure of our network or software systems, security breaches, or variability in user traffic for our services.
In addition to potential liability, if we experience interruptions in the availability of our products or services, our Table of Conte n t s reputation could be adversely affected and we could lose customers.
The market for our services is rapidly evolving with uncertain growth expectations which would adversely affect our future results and the trading price of our Class A common stock.
Because the market for our services is rapidly evolving, it is difficult to predict customer adoption, customer demand for our services, the size and growth rate of this market, the entry of competitive products or the success of existing competitive services.

and 94 more.

Gone since FY2025

Our total number of Base Customers has gro wn to 9,893 as of January 31, 2025 from 8,602 as of January 31, 2024.
The growth and expansion of our business places a continuous significant strain on our management and operational and financial resources.
Our rate of growth may also be impacted as a result of global business or macroeconomic conditions, including inflation, volatile interest rates, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns related thereto, volatility of the global debt and equity markets, and investment decisions by our customers.
Our total revenue for the years ended January 31, 2025 and 2024 w as $759.2 million and $579.9 million, respectively, representing a growth rate of 31%.
As a resu lt of our limited history operating as a public company, our ability to accurately forecast our future results of operations is limited and subject to a number of uncertainties, including our ability to plan for and model future growth.
Many factors may contribute to this decline, including changes to technology, increased competition, slowing demand for The DevSecOps platform, the maturation of our business, a failure by us to continue capitalizing on growth opportunities, our failure, for any reason, to continue to take advantage of growth opportunities and a global economic downturn, among others.
In addition, we expect to continue to responsibly expend financial and other resources to align with our: • expansion and enablement of our sales, services, and marketing organization to increase brand awareness and drive adoption of The DevSecOps platform; • product development, including investments in our product development team and the development of new features and functionality for The DevSecOps platform, including those related to artificial intelligence, or AI; • technology and sales channel partnerships; • international expansion; • acquisitions or strategic investments; and • general administration, including increased legal and accounting expenses associated with being a public company.
Our ability to forecast our future results of operations is subject to a number of uncertainties, including our ability to effectively plan for and model future growth.
We have incurred losses in each year since our inception, including net losses of approximately $173.4 million, $425.7 million and $6.3 million in fiscal year 2023, 2024 and 2025, respectively.
As of January 31, 2025, we had an accumulated deficit of approximately $1.2 billion.
We also expect our operating and other expenses to increase in the foreseeable future as we continue to invest in our future growth, including expanding our research and development function to drive further development of The DevSecOps platform (including related to AI capabilities), expanding our sales and marketing activities, developing the functionality to expand into adjacent markets, and reaching customers in new geographic locations, which will negatively affect our operating results if our total revenue does not increase.
Our revenue growth may slow or our revenue may decline for a number of reasons, including reduced demand for The DevSecOps platform, increased competition, an increased use of our free product offerings, a decrease in the growth or reduction in size of our overall market, or any inability on our part to capitalize on growth opportunities.
Security incidents of ours or our third-party service provider’s information technology systems that compromise the confidentiality, integrity, and availability of our data could result from AI related sensitive data exposure such as insufficient data anonymization during the training process, system misconfiguration, or from cyber attacks, including, but not limited to, denial-of-service attacks, reverse-engineering of AI algorithms, web scraping, ransomware attacks, business email compromises, computer malware, viruses, and social engineering (including phishing), which are prevalent in our industry and our customers’ industries.
Any security breach or disruption could result in the loss or destruction of or unauthorized access to, or use, alteration, disclosure, or acquisition of confidential and/or personal data, which may result in damage to our reputation, early termination of our contracts, litigation, regulatory investigations, or other liabilities.
If our, our customers’, or our partners’ security measures are breached as a result of third-party action, team member error, misconfiguration, malfeasance (including bribery) or otherwise and, as a result, someone obtains unauthorized access to The DevSecOps platform, including personal and/or confidential information of our customers, our reputation could be damaged, our business may suffer loss of current customers and future opportunities and we could incur significant financial liability including fines, cost of recovery, and costs related to remediation measures.
Techniques used to obtain unauthorized access or to sabotage systems change frequently.
As a result, we may be unable to fully anticipate these techniques or to implement adequate preventative measures.
As a result, we could be subject to legal action or our customers could end their relationships with us.
We face heightened risk of security breaches because we use third-party open source technologies and incorporate a substantial amount of open source code in our products.
The DevSecOps platform is built using open-source technology.
Our product offering is broad across all stages of the software development lifecycle which has us competing with many providers with offerings across all stages.
We compete with well-established providers such as Microsoft and Atlassian as well as other companies with offerings in fewer stages, including with respect to both code hosting and code collaboration services, as well as file storage, distribution services, and AI.
We believe that our ability to compete depends upon many factors both within and beyond our control, including the following: • the ability of our products or of those of our competitors to deliver the positive business outcomes prioritized and valued by our customers and prospects; • our ability to price our products competitively, including our ability to transition users of our free product offering to a paid version of The DevSecOps platform; • the timing and market acceptance of services, including the developments and enhancements to those services offered by us or our competitors, including incorporation of AI into such services; • the amount and quality of communications, postings, and sharing by our users on public forums, which can promote improvements on The DevSecOps platform but may also lead to disclosure of commercially sensitive details; • our ability to monetize activity on our services; • customer service and support efforts; • sales and marketing efforts; • ease of use, performance and reliability of solutions developed either by us or our competitors; • our ability to manage our operations in a cost effective manner; • insolvency or credit difficulties confronting our customers, affecting their ability to purchase or pay for our product offering; • our reputation and brand strength relative to our competitors; • introduction of new technologies or standards that compete with or are unable to be adopted in our products; • ability to attract new team members or retain existing team members which could affect our ability to attract new customers, service existing customers, enhance our product or handle our business needs; • our ability to maintain and grow our community of users; and • the length and complexity of our sales cycles.
If our competitors’ products, platforms, services or technologies maintain or achieve greater market acceptance than ours, if they are successful in bringing their products or services to market earlier than ours, or if their products, platforms or services are more technologically capable than ours, then our revenues could be adversely affected.
If we are unable to achieve our target pricing levels, our operating results would be negatively affected.
Pricing pressures and increased competition could result in reduced sales, reduced margins, losses or a failure to maintain or improve our competitive market position, any of which could adversely affect our business.
Any defects in functionality or operational procedures that cause interruptions in the availability of our products could result in: • loss or delayed market acceptance and sales; • loss of data; • breach of warranty claims; • sales credits or refunds for prepaid amounts related to unused subscription services; • loss of customers; • diversion of development and customer service resources; • loss of operational time; • destruction or compromised integrity of data and/or intellectual property; and • injury to our reputation.
Furthermore, the availability or performance of our products could be adversely affected by a number of factors, including: customers’ inability to access the internet, the failure of our network or software systems, security breaches, or variability in user traffic for our services.
In addition to potential liability, if we experience interruptions in the availability of our products or services, our reputation could be adversely affected and we could lose customers.
The market for our services is relatively new and rapidly evolving with uncertain growth expectations which would adversely affect our future results and the trading price of our Class A common stock.
Because the market for our services is relatively new and rapidly evolving, it is difficult to predict customer adoption, customer demand for our services, the size and growth rate of this market, the entry of competitive products or the success of existing competitive services.
If the market for our services does not achieve widespread adoption, we do not compete effectively in this market, or there is a reduction in demand for our software or our services in our market caused by a lack of customer acceptance, implementation challenges for deployment, technological challenges, lack of accessible data, competing technologies and services, decreases in corporate spending, including as a result of global business or macroeconomic conditions, including inflation, volatile interest rates, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns related thereto, volatility of the global debt and equity markets, actual or perceived instability in the global banking sector, or otherwise, it could result in reduced customer orders and decreased revenues, which could require slowing our rate of headcount growth and would adversely affect our business operations and financial results.
In future periods, our growth could slow or our profits could decline for several reasons, including decreased demand for our product offerings and our professional services, increased competition, a decrease in the growth of our overall market, a decrease in corporate spending, including as a result of global business or macroeconomic conditions, including inflation, volatile interest rates, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns related thereto, volatility of the global debt and equity markets, and actual or perceived instability in the global banking sector, or otherwise, or our failure, for any reason, to continue to capitalize on growth opportunities.
We may be forced to change or abandon our subscription based revenue model in order to compete with our competitors’ offerings.
It could also become increasingly difficult to predict revenue and timing of collections as our mix of annual, multi-year and other types of transactions changes as a result of our expansion into cloud-based offerings.
Our future success also depends in part on our ability to sell more subscriptions and additional services to our current customers.
Even if customers choose to renew their current subscriptions with us, they may decline to purchase additional services or they may choose to downtier or otherwise decrease the number of seats in their subscription.
Our customer expansions and renewals may decline or fluctuate, and conversely, contractions and downtiers may increase, or fluctuate, as a result of a number of factors, including: quality of our sales efforts, customer usage, customer satisfaction with our services and customer support, our prices (including price increases we have implemented in the past, the prices of competing services, mergers and acquisitions affecting our customer base, the effects of global economic conditions, including inflation, volatile interest rates, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns related thereto and volatility of the global debt and equity markets, and actual or perceived instability in the global banking sector, or reductions in our customers’ spending levels generally (including, our customers that have or may have to downsize their operations or headcount).
Our quarterly or annual financial results may fluctuate as a result of several factors, many of which are outside of our control and may be difficult to predict, including: • our ability to attract and retain new customers; • the addition or loss of material customers, including through acquisitions or consolidations; • the timing of recognition of revenues; • the amount and timing of operating expenses related to the maintenance and expansion of our business, operations and infrastructure; • general economic, industry and market conditions, in both domestic and our foreign markets, including inflation, volatile interest rates, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns related thereto and volatility of the global debt and equity markets, and actual or perceived instability in the global banking sector, the potential effects of health pandemics or epidemics and other global events, including the impacts of the U.S. presidential election and ongoing armed conflicts in different regions of the world; • customer renewal rates; • the timing and success of new service introductions by us or our competitors or any other change in the competitive dynamics of our industry, including consolidation among competitors, customers or strategic partners; • our ability to convert users of our free product offerings into subscribing customers; • increases or decreases in the number of elements of our services or pricing changes upon any renewals of customer agreements; • allocation of software development in customers’ budget; • seasonal variations in sales of our products; • decisions by potential customers to use products of our competitors; • the timing of expenses related to the development or acquisition of technologies or businesses and potential future charges for impairment of goodwill from acquired companies; • extraordinary expenses such as litigation or other dispute-related settlement payments or outcomes; • future accounting pronouncements or changes in our accounting policies or practices; • negative media coverage or publicity; • political events; • the amount and timing of operating costs and capital expenditures related to the expansion of our business, in the U.S. and foreign markets; • the cost to develop and upgrade The DevSecOps platform to incorporate new technologies; and • increases or decreases in our expenses caused by fluctuations in foreign currency exchange rates.
In addition, we experience seasonal fluctuations in our financial results as we typically receive a higher percentage of our annual orders from new customers, as well as renewal orders from existing customers, in our last two fiscal quarters as compared to the first two fiscal quarters due to the annual budget approval process of many of our customers, the timing of our customers’ decisions to make a purchase, changes our customers experienced, or may experience, in their businesses, and other variables some of which are outside of our and our customers’ control, such as macroeconomic and general economic conditions, including inflation and volatile interest rates.

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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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