appn-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38098

APPIAN CORPORATION

(Exact Name of Registrant as Specified in its Charter)


Delaware						54-1956084
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

7950 Jones Branch Drive McLean, VA						22102
(Address of principal executive offices)						(Zip code)

Registrant’s telephone number, including area code: (703) 442-8844

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of each exchange on which registered
Class A Common Stock	APPN	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Small reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 4, 2026, there were 42,324,735 shares of the registrant’s Class A common stock and 31,087,385 shares of the registrant’s Class B common stock, each with a par value of $0.0001 per share, outstanding.

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Consolidated Balance Sheets as of March 31, 2026 and December 31, 202 5	3
	Consolidated Statements of Operations for the three months ended March 31, 2026 and M arch 31, 202 5	4
	Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026 and M a rch 31, 202 5	5
	Consolidated Statements of Changes in Stockholders’ Deficit for the three months ended March 31 , 202 6 and M arch 31, 2025	6
	Consolidated Statements of Cash Flows for the three months ended M arch 31, 2026 and M arch 31, 2025	7
	Notes to Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	42

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	46

	Signatures	47

PART I—FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

APPIAN CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value and share data)


	As of
	March 31, 2026		December 31, 2025
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	150,025	$	135,810
Short-term investments and marketable securities	55,963		51,415
Accounts receivable, net of allowance of $3,107 and $3,362, respectively	173,874		255,063
Deferred commissions, current	35,459		35,166
Prepaid expenses and other current assets	38,632		41,970
Total current assets	453,953		519,424
Property and equipment, net of accumulated depreciation of $41,662 and $40,747, respectively	30,279		32,087
Goodwill	28,145		28,811
Intangible assets, net of accumulated amortization of $7,444 and $7,301, respectively	904		1,246
Right-of-use assets for operating leases	26,992		28,075
Deferred commissions, net of current portion	64,199		65,199
Deferred tax assets	4,874		4,850
Other assets	14,017		11,703
Total assets	$	623,363	$	691,395
Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable	$	4,136	$	6,655
Accrued expenses	21,661		18,483
Accrued compensation and related benefits	32,354		61,781
Deferred revenue	320,401		341,281
Debt	9,598		9,598
Operating lease liabilities	13,201		13,181
Other current liabilities	1,312		1,128
Total current liabilities	402,663		452,107
Long-term debt	228,828		231,228
Non-current operating lease liabilities	43,585		45,693
Deferred revenue, non-current	6,913		8,962

Other non-current liabilities	341		398
Total liabilities	682,330		738,388
Stockholders’ deficit
Class A common stock—par value $0.0001; 500,000,000 shares authorized as of March 31, 2026 and December 31, 2025 and 43,474,509 and 43,408,828 shares issued as of March 31, 2026 and December 31, 2025, respectively	4		4
Class B common stock—par value $0.0001; 100,000,000 shares authorized as of March 31, 2026 and December 31, 2025 and 31,087,485 and 31,088,085 shares issued as of March 31, 2026 and December 31, 2025, respectively	3		3
Treasury stock at cost, 1,048,812 and 542,288 shares as of March 31, 2026 and December 31, 2025, respectively	(29,152)		(16,935)
Additional paid-in capital	618,798		617,318
Accumulated other comprehensive loss	(36,174)		(36,462)
Accumulated deficit	(612,446)		(610,921)
Total stockholders’ deficit	(58,967)		(46,993)
Total liabilities and stockholders’ deficit	$	623,363	$	691,395

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

APPIAN CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share data)


	Three Months Ended March 31,
	2026		2025
Revenue
Subscriptions	$	160,311	$	134,352
Professional services	41,869		32,074
Total revenue	202,180		166,426
Cost of revenue
Subscriptions	22,904		18,521
Professional services	31,507		25,519
Total cost of revenue	54,411		44,040
Gross profit	147,769		122,386
Operating expenses
Sales and marketing	64,619		56,310
Research and development	46,324		41,830
General and administrative	33,670		25,080
Total operating expenses	144,613		123,220
Operating income (loss)	3,156		(834)
Other non-operating expense (income)
Other income, net	(84)		(5,716)
Interest expense	4,172		5,318
Total other non-operating expense (income)	4,088		(398)
Loss before income taxes	(932)		(436)
Income tax expense	593		741
Net loss	$	(1,525)	$	(1,177)
Net loss per Class A and Class B share:
Basic and diluted	$	(0.02)	$	(0.02)

Weighted average common shares outstanding:
Basic and diluted	73,820		74,094

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

APPIAN CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited, in thousands)


	Three Months Ended March 31,
	2026		2025
Net loss	$	(1,525)	$	(1,177)
Comprehensive gain (loss), net of income taxes
Foreign currency translation adjustments	407		(3,716)
Unrealized losses on available-for-sale securities	(119)		(17)
Other comprehensive loss, net of income taxes	$	(1,237)	$	(4,910)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

APPIAN CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

(unaudited, in thousands, except share data)


				Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Treasury Stock		Total Stockholders' Deficit
	Common Stock
	Shares	Amount
Balance, December 31, 2025	73,954,625	$	7	$	617,318	$	(36,462)	$	(610,921)	$	(16,935)	$	(46,993)
Net loss	—	—		—		—		(1,525)		—		(1,525)
Issuance of common stock to directors	5,416	—		—		—		—		—		—
Vesting of restricted stock units	336,372	—		(8,032)		—		—		9,591		1,559
Exercise of stock options	59,665	—		630		—		—		—		630
Repurchase of common stock	(842,896)	—		—						(21,808)		(21,808)
Stock-based compensation expense	—	—		8,882		—		—		—		8,882
Other comprehensive gain	—	—		—		288		—		—		288
Balance, March 31, 2026	73,513,182	$	7	$	618,798	$	(36,174)	$	(612,446)	$	(29,152)	$	(58,967)


				Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders' Deficit
	Common Stock
	Shares	Amount
Balance, December 31, 2024	74,028,786	$	7	$	591,281	$	(11,774)	$	(612,154)	$	(32,640)
Net loss	—	—		—		—		(1,177)		(1,177)
Issuance of common stock to directors	4,735	—		—		—

SEC Form 10-Q filed by Appian Corporation