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LAW · NYSE · Software - Application

CS Disco

Cloud legal platform for ediscovery, legal holds and AI document review.

$4.34

After-hours close−0.00 (−0.12%)

At close$4.35(−1.47%)

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Profile

CS Disco, Inc.LAWInformation Technology

Provides cloud-native litigation software for law firms, enterprises, governments and legal service providers. The platform supports legal holds, requests, ediscovery, document review, case preparation and AI-assisted evidence analysis, with demand tied to matter activity, customer usage, legal spending and competition from services and software providers.

Provides cloud-native legal technology for organizations handling litigation, investigations and regulatory responses. Core workflows include legal hold, legal request, ediscovery, document review, case building, deposition and timeline work, and AI-assisted evidence analysis through the Cecilia AI layer.

Revenue is organized as a single reporting segment, with software as the larger line and services covering managed review and professional support. Demand depends on matter volume, usage expansion, data processing needs, adoption by law firms and corporate legal departments, and the pace at which legal teams shift from service-heavy or legacy tools to cloud-based software.

Execution also depends on product quality, AI reliability, data security, legal-industry spending, customer retention and competition from private eDiscovery providers, legal services firms and public legal-information platforms.

Company facts

CEOEric Friedrichsen

ListedJul 21, 2021

ExchangeNYSE

HeadquartersAustin, TX

CountryUnited States

Employees577

CIK0001625641

ISINUS1263271058

Key statistics

Market cap$278.3M

EPS (ttm)−$0.6400

P/E (ttm)−6.78

ROE-32.2%

P/B2.33

P/S1.67

Dividend yield—

Beta0.40vs XLK −0.21

Year to date −40.5% · Average volume (30d) 235.3K

Analysts

Price target, next 12 months$20.00+360.8%Median of 11 analysts · vs the Aug 28 close

ConsensusHold3 of 11 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $4.34

High$35.00+706.5%

Median$20.00+360.8%

Low$8.00+84.3%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Feb 26, 2026	Needham	Target		$35	$10
Jan 5, 2026	Jefferies	Reiterate	Hold	$6	$8

Earnings

EPS

Estimate−$0.02

ReportedDue Nov 4, 2026

Revenue

Estimate$44.8M

ReportedDue Nov 4, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 5, 2026Q2 FY26	−$0.06	−$0.06	+0.8%	$43.1M	$43.1M	+0.1%	−2.88%
May 6, 2026Q1 FY26	−$0.09	−$0.07	+19.2%	$40.3M	$41.9M	+3.9%	+7.80%
Feb 25, 2026Q4 FY25	−$0.05	−$0.04	+20.0%	$39.9M	$41.2M	+3.1%	+7.97%
Nov 5, 2025Q3 FY25	−$0.06	−$0.01	+83.3%	$39.9M	$40.9M	+2.5%	+9.65%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$36.7M	$38.1M	$40.9M	$41.2M	$41.9M	$43.1M
Gross profit	$27.2M	$28.4M	$30.9M	$30.9M	$31.1M	$32.1M
Operating income	−$12.6M	−$11.8M	−$14.5M	−$9.2M	−$10.1M	−$9.2M
Net income	−$11.4M	−$10.8M	−$13.7M	−$8.5M	−$9.6M	−$8.7M
Diluted EPS	−$0.19	−$0.18	−$0.22	−$0.14	−$0.15	−$0.13
Gross margin	74.1%	74.6%	75.5%	75.1%	74.2%	74.4%
Operating margin	-34.4%	-31.0%	-35.3%	-22.4%	-24.1%	-21.4%

Fiscal years (4-quarter sums)FY21 $114.3M · FY22 $135.2M · FY23 $138.1M · FY24 $144.8M · FY25 $156.8M

Revenue by product · Q2 FY26

Software$36.8M · 85%

Service$6.3M · 15%

Revenue by geography · Q2 FY26

United States$38.2M · 88%

Non-US$5.0M · 12%

Balance sheet, Jun 30, 2026Cash & short-term investments $101.4M · Total debt $5.7M · Total assets $161.4M · Shareholders' equity $120.2M

Dividends

No dividends on record.

Ownership

Institutions 55.48%35.58M sharesInsiders 8.98%5.76M sharesOther 35.54%22.79M shares

Shares outstanding 64.13M · Float 27.56M · 43.0% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Deer Management Co. LLC	8.65M	13.49%	13F	May 15, 2026
Stephens Group, LLC	7.80M	12.16%	13F	Apr 13, 2026
Topline Capital Management, LLC	2.62M	4.09%	13F	May 15, 2026
BlackRock, Inc.	1.73M	2.70%	13F	May 13, 2026
Eric Friedrichsen · director, officer: Chief Executive Officer	1.44M	2.24%	Form 4	Aug 18, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 17, 2026	Melanie Antoon	officer: EVP, Chief Customer Officer	−8,514	$4.18
Aug 17, 2026	Karen Herckis	officer: EVP, Chief HR Officer	−8,487	$4.18
Aug 17, 2026	Richard Francis Crum	officer: EVP, Chief Prod & Tech Officer	−7,426	$4.18
Aug 17, 2026	Susan Garcia	officer: GC & Chief Compliance Officer	−6,840	$4.18
Aug 10, 2026	Eric Friedrichsen	director, officer: Chief Executive Officer	+7,500	$4.26