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CS Disco (LAW) investor relations material
CS Disco Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue grew 13% year-over-year to $40.9 million, with software revenue up 17% to $35.2 million and strong demand for core offerings.
Adjusted EBITDA improved to $(0.3) million from $(4.5) million year-over-year, with margin at -1% and significant operational progress.
Net loss (GAAP) for Q3 2025 was $13.7 million, compared to $9.2 million in Q3 2024, impacted by higher legal costs.
Strategic partnerships, increased adoption of generative AI tools, and targeted initiatives in IP litigation contributed to growth.
Ended Q3 with $113.5 million in cash and investments, and no debt.
Financial highlights
Total revenue: $40.9 million (up 13% YoY); software revenue: $35.2 million (up 17% YoY); services revenue: $5.7 million (down 7% YoY).
Non-GAAP gross margin: 77% in Q3 2025, up from 74% YoY.
Adjusted EBITDA: $(0.3) million (margin -1%), a $4.2 million YoY improvement.
Net loss per share: $(0.22) (GAAP); non-GAAP net loss per share: $(0.01), improved from $(0.06) YoY.
Operating cash flow for the first three quarters: negative $15.7 million.
Outlook and guidance
Q4 2025 revenue guidance: $38.75M–$40.75M; software revenue: $33.75M–$34.75M; adjusted EBITDA: $(3.5)M–$(1.5)M.
FY2025 revenue guidance: $154.4M–$156.4M; software revenue: $132.6M–$133.6M; adjusted EBITDA: $(11.5)M–$(9.5)M.
Management expects existing liquidity to fund operations for at least the next 12 months.
Targeting adjusted EBITDA break-even for Q4 2026, with ongoing investments in growth and innovation.
Focus on expanding wallet share, large matters, and international growth, especially in the UK and India.
What drives maintaining 2026 EBITDA breakeven?
After IP litigation, what matter profiles are next?
Cecilia AI: How is trust built vs. competitors?
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Q4 202527 Feb, 2026
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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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