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CS Disco (LAW) investor relations material
CS Disco Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Q2 2025 revenue reached $38.1M, up 6% year-over-year; software revenue grew 12% to $32.7M.
Adjusted EBITDA improved to $(2.7)M (margin -7%), narrowing the loss year-over-year.
323 customers contributed over $100K in trailing 12 months, up 6% year-over-year.
AI product adoption surged, with Cecilia AI seeing 150% growth in multi-terabyte matters in H1.
CFO Michael Lafair will step down at year-end 2025; search for successor underway.
Financial highlights
Gross margin in Q2 was 75–76%; non-GAAP gross margin at 76.1%.
Operating loss improved to $(3.8)M; net loss was $10.8M, stable year-over-year.
Net loss per share was $(0.18), unchanged year-over-year; non-GAAP net loss per share improved to $(0.04).
Cash and short-term investments totaled $114.5M at quarter-end; no debt.
Net cash used in operating activities for H1 2025 was $(14.7)M, up from $(8.0)M prior year.
Outlook and guidance
Q3 2025 revenue guidance: $37.5M–$39.5M; software revenue: $32.75M–$33.75M; adjusted EBITDA: $(5.0)M–$(3.0)M.
FY 2025 revenue guidance: $148M–$158M; software revenue: $128M–$134M; adjusted EBITDA: $(17.0)M–$(13.0)M.
FY25 guidance midpoints raised by $1M (total revenue), $2.5M (software), and $1.5M (adjusted EBITDA) from last quarter.
Targeting adjusted EBITDA breakeven in 2026; expense structure largely stable.
Management expects continued investment in R&D and sales to drive growth.
Assess impact of simplified legal contracts.
Explain drivers for exceeding software revenue guidance.
Detail DISCO's strategy for wallet share growth.
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Next CS Disco earnings date
Q3 20255 Nov, 2025
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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.
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