Here are 1-3 brief analogies to describe Asana (ASAN):

• Salesforce for internal team projects and and operational workflows.
• The project management equivalent of Slack or Microsoft Teams.

• Asana Work Management Platform: A cloud-based software as a service (SaaS) platform designed to help teams organize, track, and manage their projects and tasks.

Asana (NYSE: ASAN) primarily sells its work management platform to other companies, making it a business-to-business (B2B) company.

According to Asana's financial disclosures, no single customer accounted for 10% or more of its revenue in recent fiscal years. This indicates that Asana serves a highly diversified customer base comprising thousands of organizations globally, ranging from small businesses to large enterprises, rather than relying on a few "major customers" in terms of revenue concentration.

While specific customer revenue figures are proprietary, many well-known organizations publicly utilize Asana's platform for their team collaboration and project management needs. Examples of prominent companies that are users of Asana include:

• Uber (NYSE: UBER)
• Spotify (NYSE: SPOT)
• Amazon (NASDAQ: AMZN) (used by specific teams/departments)
• Google (Alphabet Inc.) (NASDAQ: GOOGL) (used by specific teams/departments)
• Procter & Gamble (P&G) (NYSE: PG)
• AT&T (NYSE: T)
• Warner Music Group (NASDAQ: WMG)
• The New York Times Company (NYSE: NYT)

• Amazon.com, Inc. (AMZN)

Dan Rogers
Chief Executive Officer

Dan Rogers is the Chief Executive Officer of Asana, a position he has held since 2025. Prior to becoming CEO, he was listed as part of the leadership team.

Sonalee Parekh
Chief Financial Officer and Head of Finance

Sonalee Parekh serves as Asana's Chief Financial Officer and Head of Finance, responsible for accounting, tax, treasury, and financial planning for all business operations. She assumed this role in 2024. Before joining Asana, Parekh was the Chief Financial Officer of RingCentral, a cloud-based communications SaaS company, where she oversaw all finance functions, including capital markets and investor relations.

Dustin Moskovitz
Board Chair and Co-Founder

Dustin Moskovitz is the co-founder of Asana and transitioned to Board Chair in July 2025, having previously served as CEO. He co-founded Facebook in 2004, serving as its first Chief Technology Officer and VP of Engineering before leaving in 2008 to start Asana. Moskovitz has also co-founded other organizations, including the Open Philanthropy Project and Good Ventures, a philanthropic foundation. He has personally invested in numerous companies and serves as a board member for several, including ICONIQ Capital and Good Ventures.

Anne Raimondi
Chief Operating Officer and Head of Business

Anne Raimondi is Asana's Chief Operating Officer and Head of Business, leading and scaling Asana's growth and global business operations and go-to-market teams. She has over 20 years of experience in fast-growing SaaS companies. Before Asana, she was Chief Customer Officer at Guru, Senior Vice President Operations at Zendesk, and Chief Revenue Officer at TaskRabbit. Raimondi also founded her own e-commerce startup, One Jackson. She held senior positions at SurveyMonkey and eBay. She has served on the boards of Gusto, Patreon, Guru, SendGrid, Bloc, and ThredUp.

Alex Hood
Chief Product Officer

Alex Hood is Asana's Chief Product Officer, responsible for leading the company's product strategy and organization, including product management, design, and user research. Prior to Asana, Hood was a Vice President of Product Management at Intuit, where he led QuickBooks Online. He also served as the Vice President of Product at TubeMogul, which was acquired by Adobe and became Adobe's Advertising Cloud. Additionally, he held positions at the Nasdaq Stock Market.

The key risks to Asana's business include:

1. Intense Competition and Market Differentiation: Asana operates in a highly competitive and rapidly evolving work management software industry, facing numerous established companies and new market entrants. The company's ability to compete and ensure success depends significantly on its capacity to develop and effectively deploy AI features and differentiate its platform from rivals such as Monday.com, ClickUp, Wrike, Jira, Smartsheet, Slack, Microsoft Office 365, and Google Docs. There is a risk that Asana's focus on workflow management and AI enhancements could make it indistinguishable from competitors, and its market share in the productivity category is relatively small.
2. History of Losses and Path to Profitability: Asana has a consistent history of losses and may not achieve profitability in the near future. The company has reported significant net losses and a substantial GAAP operating loss, despite a target for non-GAAP operating margin. Decelerating revenue growth and concerns about its cash runway further highlight financial challenges and the difficulty in achieving profitability in the current macroeconomic environment.
3. Customer Retention and Decelerating Growth: Asana faces challenges in retaining existing customers, as indicated by a declining dollar-based net revenue retention rate, which has fallen below 100% (to 96%). This suggests that existing customers are either leaving or reducing their spending, which is a critical issue for a Software-as-a-Service (SaaS) company. The growth of its core customer base has also been below industry benchmarks, impacting future capital requirements and overall revenue growth.

Major technology platform providers, such as Microsoft and Google, are increasingly integrating advanced work management, collaboration, and generative AI capabilities (e.g., Microsoft Copilot, Google Gemini) directly into their comprehensive enterprise suites (Microsoft 365, Google Workspace). This strategy leverages their vast existing customer bases and ecosystem advantages, offering bundled solutions that include project management, task tracking, and workflow automation. For businesses, this can present a compelling alternative to standalone best-of-breed tools like Asana, due to seamless integration with other widely used applications (email, chat, documents), existing enterprise agreements, and the perceived cost-effectiveness of a unified platform, potentially diminishing the need for a separate specialized solution.

The rise of highly customizable "all-in-one" workspace platforms, such as Notion and ClickUp, poses another emerging threat. These platforms offer extreme flexibility, allowing users to build and consolidate various functions—from project management and task tracking to wikis, note-taking, and even simple CRM—within a single environment. This challenges the traditional "best-of-breed" software model that Asana embodies, as organizations seeking tool consolidation, greater customization, and a reduction in the number of separate SaaS subscriptions may opt for these versatile platforms over dedicated project management software.

Asana (ASAN) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives focused on product innovation, customer expansion, market penetration, and optimized pricing.

Key drivers of Asana's future revenue growth include:

1. Expansion of AI-Powered Offerings: Asana is heavily investing in and expanding its AI Studio and related AI features. These innovations are designed to enhance workflow management, automate processes, provide real-time insights, and position Asana for continued growth in the emerging AI workflow management market. For instance, AI Studio has already surpassed $1 million in Annual Recurring Revenue (ARR) and is seeing strong early momentum. Upcoming features like "AI teammates" are expected to reason alongside humans, understand context, and follow through on execution, further driving multi-product expansion and customer value.
2. Growth in Enterprise and Non-Tech Customers: The company is focused on acquiring and expanding its relationships with larger clients, particularly those spending over $100,000 annually, which grew 20% year-over-year in Q1 FY2026. Asana is also successfully penetrating non-tech verticals such as manufacturing, energy, financial services, retail, and consumer goods, which have shown faster growth than its overall average. This expansion into diverse industries, coupled with a per-seat pricing model, creates natural expansion revenue opportunities as these organizations grow.
3. International Market Expansion: International markets represent a significant opportunity for Asana, with international revenue growth outpacing domestic gains. The company is actively focusing on key global regions, including EMEA and Japan, and is adapting its content and strategies to meet market-specific demands to increase visits, conversions, and brand enhancement.
4. Strategic Pricing and Multi-Tiered Offerings: Asana employs a value-based, multi-tiered subscription pricing model that includes Free, Starter, Advanced, Enterprise, and Enterprise+ plans. This approach allows Asana to cater to various market segments, from small teams to large enterprises, and scales revenue proportionally with customer growth. Recent transitions from legacy plans to newer ones maintain existing functionality while adding enhancements like AI Studio Basic, aiming to improve price-to-value alignment and encourage upgrades.
5. Strategic Partnerships and Product Roadmap Execution: Asana is building out its partner ecosystem through programs that offer flexibility for partners to generate revenue via reselling, co-selling, and value-added services. These partnerships are crucial for expanding reach, enhancing enterprise solutions, and supporting international growth, especially in deploying AI Studio use cases. The company also has a well-defined product roadmap process that integrates customer feedback and business priorities to ensure continuous innovation and feature development that aligns with market needs.

Share Repurchases

• Asana's Board of Directors approved a stock repurchase program on June 20, 2024, authorizing the company to repurchase up to $150 million of its Class A common stock through June 30, 2025.
• On May 30, 2025, Asana increased its equity buyback authorization by an additional $100 million, bringing the total program authorization to $250 million.
• The company extended the duration of the repurchase program until the authorized funds are exhausted or the authorization is revoked by the Board.

Share Issuance

• For the fiscal year ended January 31, 2022, Asana issued common stock totaling $5,754 thousand upon the exercise of options, and $17,116 thousand under its employee share purchase plan.
• During the same period, common stock was issued upon the vesting and settlement of 3,982 thousand restricted stock units.
• A company director acquired 925 Class A shares on November 3, 2025, received in lieu of cash compensation for the quarter ended October 31, 2025.

Capital Expenditures

• As of July 31, 2025, Asana Inc.'s Capital Expenditures amounted to -$14 million.
• The company's Capital Expenditures experienced a -36% growth over the last year, with average annual growth rates of 1% over the past three years and 6% over the past five years.
• Asana defines free cash flow as net cash from operating activities less cash used for purchases of property and equipment and capitalized internal-use software costs, indicating these as primary areas of capital expenditure.