guide - TJ's Blog

The Q3 2025 Valuation Update

While the fundamentals across the cohort companies held steady, yet with the exception of Twilio and CM.com, valuation multiples were down across the board. It’s…

LINK Mobility Q3 2025: Declining Organic Growth, Expanding Margins

LINK Mobility is proving that M&A discipline scales. Margins are expanding, cash is compounding, and RCS volume is growing triple digits, yet organic growth fell…

Sinch Q3 2025: Solid Margins, Slow Top Line

Sinch posted another quarter of stable gross profit growth and record profitability. Gross profit rose 5% organically YoY to SEK 2.3B (~$246M), with gross margin…

Klaviyo’s Q3 2025: Great Quarter, Worrisome Guidance

Klaviyo’s revenue rose 32% YoY to $311M, with NRR at 109%, non-GAAP margin 14.5%, and Rule of 40 at 47%. This puts it among fewer…

Twilio Q3 2025: Voice and Messaging Drive, Identity Fuels Growth

Twilio notched its fifth straight quarter of accelerating double-digit growth, reaching $1.3B in revenue. It set a new record in both profit ($235M non-GAAP op…

Bandwidth Q3 2025: Repeating Double-Digit Growth (with an Asterisk)

Last quarter, Bandwidth positioned voice as the new platform. This quarter, it showed that voice can scale profitably. Revenue came in at $192M, up 11%…

CM.com Q3 2025: Record EBITDA Masks Margin Pressure

Last quarter, CM.com leaned on efficiency, Halo’s early traction, and tight cost control to offset softness in Connect and Pay. This quarter, it posted record…

Tanla Q2 FY26: Good Momentum, Evolving Maturity

Last quarter, Tanla closed with unproven platform bets, negative cash flow, and little market traction. This quarter, it posted sequential and YoY growth, record gross…

The Q2 2025 Valuation Update

While most companies reported solid financial performance, the market’s response was anything but uniform. As transparent as public market valuations are, they don’t always track…

Braze Q2 FY2026: AI Moves In, Product-Led Growth Holds

With revenue up 24% YoY to $180M and EPS at five times above consensus, Braze beat on both top and bottom lines. OfferFit is integrating…

Klaviyo’s Layoffs: Retooling for the AI Future

Klaviyo laid off roughly 100 employees last week. Reflexively, it looks like cost cutting. Layoffs are still common across tech, so it’s easy to slot…

LINK Mobility Q2 2025 Earnings: Margins Up, RCS Momentum, and a South African Bet

This year alone, LINK has spent over $160M in acquisitions, and it’s not done yet. So, yes, while we will unpack its Q2 earnings, we’ll…