Box (BOX) Citi’s 2025 Global Technology, Media and Telecommunications Conference summary

Key financial and business highlights

• Recent quarter outperformance driven by strong adoption of new AI capabilities, especially in Enterprise Advanced, launched in January.

• Net retention rate increased, reaching year-end targets ahead of schedule due to seat growth and expanded use cases.

• AI-related revenue expected to grow from 5% to over 10% of total revenue in the next few years, with monetization through AI units and plan uplifts.

• Seat growth is now primarily from new use cases and user expansion, with churn rates stabilizing.

• New CRO Jeff Newsom is focused on scaling and accelerating existing strategies, leveraging deep enterprise experience.

Product innovation and AI strategy

• Enterprise Advanced Suite enables advanced workflows, document generation, and AI-powered structuring of unstructured data.

• Generative AI and agentic models are integrated to automate complex tasks, enhance productivity, and deliver new use cases.

• Box supports multiple leading AI models (Gemini, Claude, GPT, Llama) and allows customers to select or default to best-fit models.

• MCP protocol enables rapid, sophisticated integration across platforms, reducing engineering overhead and unlocking new value.

• Roadmap includes deeper AI agentic layers, advanced data extraction, and comprehensive research/reporting capabilities.

Customer adoption and use cases

• Customers rapidly move from experimentation to production, especially in automating document-heavy processes like loan origination.

• AI enables new greenfield use cases, such as contract analysis and medical chart review, previously too costly or complex.

• Enterprise Advanced deals have roughly doubled quarter over quarter, with customers replicating successful use cases across their organizations.

• Box's focus on secure, compliant, and enterprise-grade AI for unstructured data differentiates it in the competitive landscape.

• Partners and SIs are increasingly seeking collaboration due to demand for AI-driven content management transformation.