LAW

MKT CAP:$261M

CS Disco, Inc.

Market Cap

$261M

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$3.97-$3.33 (-45.62%)

Apr 24, 2026

Company Details

CS Disco, Inc., a legal technology company, provides cloud-native and artificial intelligence-powered legal solutions for ediscovery, legal document review, and case management for enterprises, law firms, legal services providers, and gover...

CEO

Eric Friedrichsen

IPO Date

Jul 21, 2021

Website

www.csdisco.com

Key Metrics TTM

Revenue

$157M

+8.3% YoY

Net Income

-$44M

EPS (Diluted)

-$0.73

Free Cash Flow

-$18M

Revenue / Share

$2.49

Gross Margin

74.9%

Operating Margin

-30.7%

Net Margin

-28.3%

FCF Margin

-11.5%

P/S

1.7x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$157M+8.3%EPS -$0.72

Q4 2025

Feb 25, 2026

$41M+11.3%EPS -$0.14

Q3 2025

Nov 5, 2025

$41M+12.8%EPS -$0.22

Q2 2025

Aug 6, 2025

$38M+5.8%EPS -$0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$34M	$25M	-$12M
Q2 22	$34M	$25M	-$20M
Q3 22	$34M	$26M	-$20M
Q4 22	$33M	$24M	-$20M
Q1 23	$33M	$25M	-$22M
Q2 23	$34M	$25M	-$17M
Q3 23	$35M	$26M	-$3M
Q4 23	$36M	$27M	-$8M
Q1 24	$36M	$27M	-$12M
Q2 24	$36M	$27M	-$12M
Q3 24	$36M	$27M	-$11M
Q4 24	$37M	$27M	-$26M
Q1 25	$37M	$27M	-$13M
Q2 25	$38M	$28M	-$12M
Q3 25	$41M	$31M	-$14M
Q4 25	$41M	$31M	-$9M

Valuation

Quarter	P/S	P/E
Q1 22	2.0x	—
Q2 22	2.0x	—
Q3 22	1.9x	—
Q4 22	1.9x	—
Q1 23	1.9x	—
Q2 23	1.9x	—
Q3 23	1.9x	—
Q4 23	1.9x	—
Q1 24	1.9x	—
Q2 24	1.8x	—
Q3 24	1.8x	—
Q4 24	1.8x	—
Q1 25	1.8x	—
Q2 25	1.8x	—
Q3 25	1.7x	—
Q4 25	1.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$11M	-$12M
Q2 22	-$11M	-$12M
Q3 22	-$14M	-$16M
Q4 22	-$9M	-$10M
Q1 23	-$15M	-$16M
Q2 23	-$7M	-$9M
Q3 23	-$7M	-$22M
Q4 23	$3M	$2M
Q1 24	-$7M	-$8M
Q2 24	-$650.0K	-$1M
Q3 24	-$3M	-$4M
Q4 24	$2M	$2M
Q1 25	-$10M	-$11M
Q2 25	-$4M	-$5M
Q3 25	-$979.0K	-$2M
Q4 25	$762.0K	$255.0K

Capital Expenditures

Quarter	CapEx
Q1 22	$631.0K
Q2 22	$1M
Q3 22	$2M
Q4 22	$651.0K
Q1 23	$844.0K
Q2 23	$2M
Q3 23	$15M
Q4 23	$1M
Q1 24	$688.0K
Q2 24	$658.0K
Q3 24	$877.0K
Q4 24	$558.0K
Q1 25	$525.0K
Q2 25	$965.0K
Q3 25	$1M
Q4 25	$507.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+63.1%	+92.8%
Q2 22	+14.1%	+65.0%
Q3 22	+15.5%	+40.2%
Q4 22	-3.8%	+22.9%
Q1 23	-3.9%	+19.9%
Q2 23	+1.7%	-4.5%
Q3 23	+1.4%	-30.6%
Q4 23	+9.9%	-17.4%
Q1 24	+7.4%	-13.5%
Q2 24	+5.0%	-5.6%
Q3 24	+3.8%	+24.6%
Q4 24	+3.5%	+45.4%
Q1 25	+3.0%	+2.8%
Q2 25	+5.8%	+3.2%
Q3 25	+12.8%	+17.5%
Q4 25	+11.3%	-20.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	9.3%
Q2 22	$6M	16.4%
Q3 22	$0	0.0%
Q4 22	$7M	22.6%
Q1 23	$7M	21.8%
Q2 23	$7M	20.0%
Q3 23	-$3M	-8.2%
Q4 23	$5M	13.8%
Q1 24	$6M	15.9%
Q2 24	$6M	16.8%
Q3 24	$5M	14.2%
Q4 24	$5M	14.6%
Q1 25	$6M	16.0%
Q2 25	$6M	17.0%
Q3 25	$6M	14.9%
Q4 25	$6M	14.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$12M	$9M	$16M
Q2 22	$15M	$11M	$19M
Q3 22	$16M	$11M	$19M
Q4 22	$16M	$10M	$18M
Q1 23	$16M	$12M	$19M
Q2 23	$13M	$11M	$18M
Q3 23	$12M	$128.0K	$17M
Q4 23	$11M	$10M	$14M
Q1 24	$12M	$11M	$16M
Q2 24	$13M	$11M	$15M
Q3 24	$13M	$10M	$15M
Q4 24	$14M	$10M	$15M
Q1 25	$14M	$11M	$15M
Q2 25	$14M	$11M	$15M
Q3 25	$13M	$17M	$15M
Q4 25	$15M	$10M	$15M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	63.1%	-32.0%	31.2
Q2 22	14.1%	-57.0%	-42.9
Q3 22	15.5%	-54.5%	-39.0
Q4 22	-3.8%	-54.9%	-58.6
Q1 23	-3.9%	-64.4%	-68.3
Q2 23	1.7%	-46.6%	-45.0
Q3 23	1.4%	0.4%	1.7
Q4 23	9.9%	-12.3%	-2.5
Q1 24	7.4%	-31.6%	-24.3
Q2 24	5.0%	-31.5%	-26.5
Q3 24	3.8%	-27.3%	-23.5
Q4 24	3.5%	-64.4%	-60.9
Q1 25	3.0%	-31.9%	-28.8
Q2 25	5.8%	-25.5%	-19.6
Q3 25	12.8%	-30.8%	-18.0
Q4 25	11.3%	-13.7%	-2.5

Rule of 40

Revenue Segments

Quarter	Service	Software
Q1 24	$6M	$30M
Q2 24	$7M	$29M
Q3 24	$6M	$30M
Q1 25	$6M	$31M
Q2 25	$5M	$33M
Q3 25	$6M	$35M
Q4 25	$6M	$35M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$2M	$33M
Q2 22	$3M	$31M
Q3 22	$2M	$32M
Q4 22	$2M	$30M
Q1 23	$3M	$31M
Q2 23	$3M	$32M
Q3 23	$3M	$32M
Q4 23	$3M	$33M
Q1 24	$3M	$32M
Q2 24	$3M	$33M
Q3 24	$3M	$33M
Q1 25	$3M	$34M
Q2 25	$3M	$35M
Q3 25	$3M	$38M
Q4 25	$4M	$37M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$239M	$0	$239M
Q2 22	$228M	$0	$228M
Q3 22	$213M	$0	$213M
Q4 22	$203M	$0	$203M
Q1 23	$188M	$0	$188M
Q2 23	$179M	$0	$179M
Q3 23	$158M	$0	$158M
Q4 23	$160M	$0	$160M
Q1 24	$149M	$0	$149M
Q2 24	$130M	$0	$130M
Q3 24	$77M	$50M	$127M
Q4 24	$53M	$76M	$129M
Q1 25	$35M	$84M	$119M
Q2 25	$22M	$93M	$114M
Q3 25	$29M	$85M	$113M
Q4 25	$20M	$95M	$115M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	58M	+0.9%	+17.9%
Q2 22	58M	+0.6%	+3.5%
Q3 22	59M	+0.5%	+22.9%
Q4 22	59M	+0.8%	+2.9%
Q1 23	59M	+0.5%	+2.5%
Q2 23	60M	+0.8%	+2.6%
Q3 23	60M	+0.8%	+2.9%
Q4 23	61M	+0.8%	+2.9%
Q1 24	61M	+0.6%	+3.0%
Q2 24	60M	-2.2%	-0.1%
Q3 24	60M	-0.2%	-1.1%
Q4 24	60M	+0.7%	-1.2%
Q1 25	61M	+0.8%	-1.0%
Q2 25	61M	+1.1%	+2.4%
Q3 25	62M	+1.4%	+4.1%
Q4 25	63M	+1.3%	+4.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$73.3K	470
Q2 22	$71.7K	470
Q3 22	$73.4K	470
Q4 22	$49.2K	661
Q1 23	$50.1K	661
Q2 23	$51.9K	661
Q3 23	$52.9K	661
Q4 23	$65.8K	543
Q1 24	$65.5K	543
Q2 24	$66.3K	543
Q3 24	$66.8K	543
Q4 24	$66.0K	561
Q1 25	$65.3K	561
Q2 25	$67.9K	561
Q3 25	$72.9K	561
Q4 25	$71.4K	577

Revenue / Employee