When the world measures quarters, we measure the substrate. Q1 2026: $1.633B revenue, up 85% YoY, 16% sequentially — highest reported YoY growth as a public company. US business 79% of total, up 104% YoY, first past 100% since DPO. Commercial 133%, government 84%. Customers 1,007, up 31%. Rule of 40: 145. NDR: 150%. Guidance $7.650-7.662B, ~71% growth, largest-ever raise. Implied Rule of 40: 129. The appearance of software working is not software working.
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