)
Edge6 Mar 2026
Upvoted: The Story of Reddit
How Reddit built a unique platform around communities and conversation, turning human insight and intent into a distinctive business model.
CS Disco
CS Disco (LAW) investor relations material
CS Disco Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Q4 2025 total revenue was $41.2M, up 11% year-over-year, with software revenue at $35.1M, up 14% year-over-year; full-year 2025 total revenue reached $157M, up 8%, and software revenue was $134M, up 12%.
Adjusted EBITDA improved to -$2.2M in Q4 (margin -5%) and -$10.2M for the year (margin -7%), both showing significant margin improvement year-over-year.
Growth was driven by increased usage, large matters, expansion with large customers, and rapid adoption of generative AI capabilities, including Cecilia AI and Auto Review, which saw over 600% year-over-year growth in Q4.
New pricing and packaging model launched, combining all AI and core capabilities into a single offering to simplify adoption and drive growth.
Customer base included 330 customers generating over $100K in revenue, accounting for 76% of total revenue.
Financial highlights
Q4 services revenue was $6M, down 3% year-over-year; full-year services revenue was $22.8M, down 8% year-over-year due to decline in traditional review.
Gross margin in Q4 was 77%; full-year gross margin was 76%, up from 75% in 2024.
Sales and marketing expense for 2025 was $54.4M (35% of revenue), down from 39% in 2024.
Research and development expense for 2025 was $48.4M (31% of revenue), up from 30% in 2024.
Net loss for Q4 was $2.5M (-6% margin); full-year net loss was $10.7M (-7% margin), both improved from prior year.
Ended Q4 with $114.6M in cash and no debt; cash and cash equivalents at year-end 2025 were $19.7M, down from $52.8M at year-end 2024.
Outlook and guidance
Q1 2026 revenue guidance: $39.0M–$41.5M; software revenue: $33.75M–$35.25M; adjusted EBITDA: -$6M to -$4M.
FY 2026 revenue guidance: $167M–$177M; software revenue: $145.5M–$152.5M; adjusted EBITDA: -$8.5M to -$4.5M.
Targeting adjusted EBITDA breakeven by Q4 2026.
Management optimistic about achieving 20%+ growth rate, driven by large customers, AI adoption, and new pricing.
What drove Cecilia AI's 600%+ Q4 revenue growth?
Impact of new commercial model on 2026 revenue
What drives the improved Adjusted EBITDA outlook?
New pricing model: expected revenue/margin lift timeline?
Gen AI adoption: displacing traditional review?
Drivers for 20%+ growth beyond 2026 guidance?
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Next CS Disco earnings date
Q1 20266 May, 2026
CS Disco
Next CS Disco earnings date
Q1 20266 May, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Software solutions for legal professionals
CS Disco Inc, commonly known as Disco, is a legal technology (legaltech) company that provides cloud-based software solutions for legal professionals. The company's software helps lawyers and legal teams manage and analyze large volumes of data, including documents, emails, and other types of digital evidence, in the context of litigation, investigations, and other legal matters.
Software as a service
Disco's business model is based on a software-as-a-service (SaaS) subscription model. The company offers a variety of pricing plans based on the number of users and amount of data being managed.
Customers can access Disco's software through a web-based interface or mobile app, and the company provides training and support to help users maximize the value of its software.
The SaaS business model creates what often can be considered as secure and scalable revenue streams with low marginal costs attached. With this as a basis, the SaaS model has produced several big winners during the last decade such as Microsoft, Adobe, and Netflix.
Opportunities and challenges
Disco's future prospects are promising, as the legaltech industry continues to grow and evolve. The company has also raised significant amounts of funding from venture capital firms, which it has used to invest in product development and expanding its customer base.
One potential challenge for Disco is competition from other legaltech companies, as well as from traditional legal service providers. The market for legaltech solutions is becoming increasingly crowded, and there is a risk that Disco may struggle to differentiate itself from competitors.
Additionally, the legal industry is known for being slow to adopt new technologies, which could limit Disco's growth potential in the short term.
Overall, Disco's prospects are positive, and the company is well-positioned to benefit from the growing demand for legaltech solutions. However, it will need to continue to innovate and stay ahead of the competition to maintain its position as a leader in the industry.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage