DOMO

Domo is a turnaround-in-progress, not a growth story. Revenue has been effectively flat for four years ($309M→$319M→$317M→$319M, +0.6% YoY in FY2026), so the bull case rests entirely on the consumption-based pricing transition the MD&A flags reigniting growth — and that reacceleration is simply not visible in the numbers yet. Against that, the cost discipline is real and improving: net loss narrowed to -$59.3M (from -$81.9M), operating loss improved 34%, R&D was cut 12%, and operating cash flow flipped positive to $7.93M (+187.6%). Gross margin is a healthy 75%, so the unit economics work — the problem is a bloated cost base against a stalled top line.

The balance sheet is the disqualifier for anything more bullish. Stockholders' equity is -$186M with a $1.55B accumulated deficit that the 10-K itself leads its risk factors with, and long-term debt of $126M dwarfs the $43M cash balance. Free cash flow is still roughly breakeven ($7.93M OCF less $9.95M capex ≈ -$2M), and shares grew 6.4%, so equity holders continue to be diluted. Management explicitly warns it 'expects to continue to incur losses for the foreseeable future' and that costs will rise across sales, infrastructure and compliance — a company with negative equity and thin cash telling you it plans to spend more is a genuine risk, not boilerplate.