https://www.eaquay.com/research daily 0.75 2026-03-18 https://www.eaquay.com/research/klarna-nyse-klar-confidence-signals-channel-optics-and-the-economics-beneath-the-story monthly 0.5 2026-03-18 https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/d3c2013f-17a4-49bf-92cc-39dd8ccf7974/Klarna+Issues.png Research - Klarna (NYSE: KLAR) — Confidence Signals, Channel Optics, and the Economics Beneath the Story - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1773772242875-VPER5015T10AX0FXG1Z7/ebay_2Q2025Slides_3xAOVClaim.png Research - Klarna (NYSE: KLAR) — Confidence Signals, Channel Optics, and the Economics Beneath the Story - eBay Q2 2025 slides | 3x AOV claim without mention of tiered discounts https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1773772242771-WMJFEUDMG458DEJZCZF5/ebay_promo_details_1.png Research - Klarna (NYSE: KLAR) — Confidence Signals, Channel Optics, and the Economics Beneath the Story - eBay x Klarna Coupon Rules | Discount tiers encourage larger carts https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1773772243861-H4VKHZGGQURHJJDR00RC/Klarna_2Q2025Report_3xAOVClaim.png Research - Klarna (NYSE: KLAR) — Confidence Signals, Channel Optics, and the Economics Beneath the Story - Klarna Q2 2025 Earnings | 3x AOV claim shared; discount tiers not disclosed https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/d28d28cd-7ce8-478a-9a9a-eea001026679/StripePartnershipCallout.png Research - Klarna (NYSE: KLAR) — Confidence Signals, Channel Optics, and the Economics Beneath the Story - Klarna Press Release: Stripe integration “supercharged” growth Pink highlights added for emphasis. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/2df7adb2-3bba-4ba5-98eb-4e382166b13b/IMG_0349.jpeg Research - Klarna (NYSE: KLAR) — Confidence Signals, Channel Optics, and the Economics Beneath the Story - Klarna’s conduct suggests revenue protection outranked consumer protection. Business Insider’s coverage suggests Klarna treated the login-control issue as a commercial trade-off before it treated it as a trust issue. Internal messages focused on conversion drag, merchant sensitivity, and partner fallout, even as staff acknowledged uncertainty around the true scale of recycled-number cases and the possibility of meaningful remediation and legal cost. Only after the issue became acute did the company authorize a broader patch and begin framing the response for merchants, regulators, and consumers. Business Insider article link: https://www.businessinsider.com/klarna-data-leak-exposed-customer-logins-2025-11 https://www.eaquay.com/research/stubhub-nyse-stub-growth-optics-governance-gaps-and-the-cost-of-trust monthly 0.5 2026-03-17 https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/d176cd52-2570-4be4-8329-0bb176da446e/PRICECHART_STUB_VF.png Research - StubHub (NYSE: STUB) — Growth Optics, Governance Gaps, and the Cost of Trust - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/d48d8eb0-3fb5-433f-862b-055b9ff32e0c/FOUNDERNARRATIVE_STUB_VF.png Research - StubHub (NYSE: STUB) — Growth Optics, Governance Gaps, and the Cost of Trust - Make it stand out Table: Conflicting accounts of StubHub’s founding, illustrating the discrepancy between the IPO narrative and historical fact. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/643cb16f-2b93-4f52-af48-aa3fb6b6bb1e/REVENUERECOGNITION_STUB_VF.png Research - StubHub (NYSE: STUB) — Growth Optics, Governance Gaps, and the Cost of Trust - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/8f765a52-8f3f-4459-aae7-83e58451aed8/CFP_Issues_ShortSTUB_vF.png Research - StubHub (NYSE: STUB) — Growth Optics, Governance Gaps, and the Cost of Trust - National championship “ticket failure”: Click to expand image. CFP Ticket Issue. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/ba151f5c-ea85-42e5-8e1a-67323e28d981/Arbitration1_Issues_ShortSTUB_vF.png Research - StubHub (NYSE: STUB) — Growth Optics, Governance Gaps, and the Cost of Trust - “Arbitration catch‑22” allegations (consumer deterrence risk): Click to expand image. Arbitration issue. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1769120460959-08YPWY1KVZ6CJOYB4C4V/Address1_Issues_ShortSTUB_vF.png Research - StubHub (NYSE: STUB) — Growth Optics, Governance Gaps, and the Cost of Trust https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1769120461272-AAD1QPWR6CHDJOUARI41/Address2_Issues_ShortSTUB_vF.png Research - StubHub (NYSE: STUB) — Growth Optics, Governance Gaps, and the Cost of Trust https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1769120462164-YLBHJPY7FCGHCKSO8RZV/Address3_Issues_ShortSTUB_vF.png Research - StubHub (NYSE: STUB) — Growth Optics, Governance Gaps, and the Cost of Trust https://www.eaquay.com/research/lululemon-athletica-nasdaq-lulu-undervalued-champion-poised-to-outperform monthly 0.5 2026-03-17 https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/0be7a910-c454-49c0-870a-db7c02e0992e/lLULU_5-YearPriceChart.png Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/99972e71-bdaf-43aa-bdf0-d55dad58c56d/LULUVSNKE_PEANDEVEBITDARATIONS_BLOOMBERG.png Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/aa642fb9-8643-49b8-918c-49783d3a0f87/LULU_EQRV_BBG.png Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/aab9d84d-a82a-443c-a1a7-9d756f457905/LULU_ANR_BBG.png Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/a2e27a73-bbf7-4e79-9147-99d8d3fa88e4/AppStore.jpg Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - LULU’s App-Only Black Friday Presale: LULU’s app #5 in Apple App Store https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/345d972d-1f47-4e55-9061-190f320ec02e/E-COMMERCE_SALES_LULU_BBGDATA.png Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/4fa554ad-525c-4f8d-8efa-7e622793b03b/LUUL_OPERATINGMARGIN.png Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/75b62ac5-3ad4-44ff-b025-f48c66c838de/LULU_REPURCHASES.png Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/28339c78-e2f5-46f9-83f1-4406c8e21ea7/LULU_INTLGROWTH.png Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/05cba5d6-6cbd-49b4-a53b-c5bcc82efb0b/LULU_MIRROR.png Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - LULU’S $500M Mirror Mistake: Lululemon’s “Mirror” interactive fitness device (now discontinued) being used for at-home strength training. LULU took swift action to pivot away from hardware and focus on core apparel and community offerings. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/3d3da152-18a9-4e47-8fdb-553ceea877ea/AmexPlatinumPartnershipCausesWebTrafficSpike_SimilarWebData_LULU_SourcedFromBloomberg.png Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/04dd7c05-64c9-4a0d-86de-863da19f8a27/LULU_PROTABILITY_V1125.png Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/0e5b4642-68bd-4622-b246-98020007c3e1/LULU_WSJAD.jpg Research - Lululemon Athletica (NASDAQ: LULU) — Undervalued Champion Poised to Outperform - There is also a wildcard: founder Chip Wilson. He has historically been vocal when he felt the company was mismanaged or the stock undervalued (famously agitating in 2014 and writing open letters). While Chip stepped away from board roles years ago, he remains an influential figure and large shareholder. We suspect he, too, recognizes the current undervaluation. In the past, Chip criticized product quality control and urged the company not to stray from its DNA. In September 2025, Chip took a full-page ad in the WSJ calling for change at LULU. If he were to continue speaking up now, it might be to encourage a sharper focus on innovation and perhaps even suggest strategic moves (e.g., exploring whether LULU could unlock value via spinoffs or increasing buybacks). His involvement could act as a backstop, as management would not want a public dispute. Alternatively, he could partner with an activist fund or private equity to drive change or take the company private. It’s speculation, but a positive one: a founder who cares about maximizing the brand and shareholder value is in the wings. WSJ ad shown left. https://www.eaquay.com/research/figma-nasdaq-fig-from-design-darling-to-investor-beware monthly 0.5 2026-03-17 https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/239e4e79-0b6f-4e0f-bb2a-8bd937f61666/Figma+has+fallen+76+percent+since+its+post+IPO+high.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Make it stand out Figma shares have fallen ~76% from its post IPO peak. (As of: November 4, 2025 | Sourced via: Bloomberg Terminal) https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762190224658-QCUYG8XR3AN386G47LI0/X_InitialPost_Figma+Violates+Customer+Confidential+Data+For+Upsells.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - 1. Initial Post by Pistachio CTO https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762190223779-ZBENEB6WJZX64XKD0BWJ/CEO+Dylan+Field+privately+reached+out+to+the+CTO+to+apologize+and+then+posted+on+X+stating+that+the+cybersecurity+breach+was+caused+by+an+interface+built+for+sales+support.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - 2. Figma's CEO Dylan Field Response https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762190223669-P2V86ZNR7K4G7OAIHGT9/Figma+customer+reported+experiencing+cybersecurity+breach+six+months+earlier.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - 3. Other Customer issue 6 months ago https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368866775-0PQXBME0L9FM5VUVM2TT/Customer+reports+Figma+cybersecurity+breach+will+cause+them+to+cancel+company+Figma+subscription.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Customer reports Figma cybersecurity breach will cause them to cancel company Figma subscription https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368866737-P0NKCOAGIPJPY0OG05T0/Cybersecurity+issue+material+enough+for+user+to+cancel.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Cybersecurity issue material enough for user to cancel https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368867800-91JMGMTESRCUTNR2KWF3/Ditch+Figma.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Ditch Figma https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368867997-SN29I9KPKGC0P67ZP1JB/Figma+customer+expresses+dislike.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Figma customer expresses dislike https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368868930-B12FU1NX3W43MU9AWJID/Figma+sales+access+of+customer+data+violates+its+own+agreement.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Figma sales access of customer data violates its own agreement https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368869084-5DFOLJZUPAB0UO7V5O08/Other+users+also+report+the+security+issue+would+merit+cancellation.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Other users also report the security issue would merit cancellation https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368869954-CQCBXXERB27WC1M7TNG3/Security+breach+would+be+grounds+for+company+to+cancel+Figma+contracts.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Security breach would be grounds for company to cancel Figma contracts https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368870197-3UXEB6YLS7HNO6KREIX8/User+describes+Figma+sales+as+predatory.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User describes Figma sales as predatory https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368870934-TSTQLXN1CDGTUV0O0M8X/User+expresses+glee+at+security+issue+to+avoid+learning+Figma.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User describes Figma sales as predatory https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368871343-G81VC400KL484KXH5Z8G/User+expresses+shock+RE+cybersecurity+breach.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User expresses shock RE cybersecurity breach https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368871887-ELHMQBBVLRCQ3OS5V4T7/User+offers+further+examples+of+Figma+aggresive+sales+tactics+and+scare+tactics+-+weaponized+customer+IP+to+sell+an+upgrade.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User offers further examples of Figma aggresive sales tactics and scare tactics - weaponized customer IP to sell an upgrade https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368872432-JA92TWEILQUQI6XXFBCV/User+reports+Figma+has+sketchy+sales.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User reports Figma has sketchy sales https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368873134-XT2VFHJRKOMD83VXE7JG/User+reports+Figma+is+becoming+increasingly+predatory.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User reports Figma is becoming increasingly predatory https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368873752-MD5OLAL9SEQVVPVYRBR5/User+reports+Figma+tries+to+gather+confidential+from+customers.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User reports Figma tries to gather confidential from customers https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368874112-ILUKT142MFN91RFX48F0/User+reports+they+would+stop+using+Figma+after+security+breach.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User reports they would stop using Figma after security breach https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368874770-634LT5MS2YDCJHCJ9HP3/User+says+cybersecurity+violation+as+a+sales+scare+tactic+is+mafia-esq.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User says cybersecurity violation as a sales scare tactic is mafia-esq https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368875357-307WK5P5NLXBCDBSBJ9S/User+states+they+would+leave+Figma+after+such+a+cybersecurity+issue.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User states they would leave Figma after such a cybersecurity issue https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368875899-M73TOLS8ZKPI0LRVQK8S/User+thinks+cybersecurity+incident+reflective+of+culture+issue.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User thinks cybersecurity incident reflective of culture issue https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368876425-KC16FEFV2NIE5PT6NG9Q/User+views+cybersecurity+breach+as+very+murky.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - User views cybersecurity breach as very murky https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762368877009-AQY1NVTX5RJZ9XOPMDTD/Users+report+Figma+sales+culture+is+very+aggresive.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Users report Figma sales culture is very aggressive https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372034375-VFGKBJ9YBXUVIG8HQYK1/Picture1.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372034553-GIQNJ96NXCXX2TJY3R9H/Picture2.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372036042-FN4L62OT08X7QA95MY3K/Picture3.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372036255-PUWNPAMKLCIN120KW8EV/Picture4.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372037860-FDOVQ2TTP6D7BLG83VEJ/Picture5.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372038000-15CHSRF8K9GVPIM0JZZN/Picture6.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372039109-395WPV37AH2N8ZSDGJ0Y/Picture7.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372039590-0GANKXX5H3WCX2ZG8BO8/Picture8.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372040357-F74ARU8BKFLJHDIHMKPO/Picture9.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372040915-XI33Z05PROCUNL9HROUE/Picture10.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372041846-P1Q12YN4EJLCBDVRWT3L/Picture11.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/1762372042268-AECHBPYXRTXZ4RJ3LV1H/Picture12.jpg Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/481fc82e-99a7-47d5-bcda-fe5ee01ef670/Figma+Quarterly+NDR+-+As+reported+and+Forecasted.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Make it stand out Quarterly NDR is as reported for the quarter’s ending March 31, 2023 to June 30, 2025. Future quarters use the author’s forecast. Sources: Figma’s Form S-1 and Figma’s Form 10-Q (2Q2025) https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/d56661f5-151b-4510-875a-ee3b8d312ded/Figma+Out+of+Memory+-+Failed+Moby+Dick.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Make it stand out Figma failed the Moby Dick test, ran out of memory after freezing for 55-seconds. Link: https://bjango.com/articles/designtoolmemory/ https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/47db3d8c-34ae-4dd5-9981-2a4b5c58169d/Figma+Service+Outage+on+October+20+2025+Due+to+AWS.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Service reliability remains a dependency Figma acknowledges incidents tied to upstream providers; recent public updates flagged AWS‑related degradation. Third‑party status aggregators also show recent disruptions, including for new AI features. The point isn’t unusual downtime; it’s that single‑vendor cloud dependency is intrinsic to the product. X (formerly Twitter)+1 Risk: When Figma or its cloud provider(s) has an incident, design, review, and handoff can stall org‑wide. Recent AWS outage in October 2025 caused Figma outage: https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/b770ff78-a035-4edf-9861-53d46f29adcb/Figma+Valuation+Methods.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Make it stand out See details for each valuation method below. We are short Figma (NASDAQ: FIG). https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/9288693c-15cf-46de-a43e-e685343f9216/Figma+EV+to+Sales+Ratio+Well+Above+Peers.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Make it stand out Figma’s EV to Sales (LTM) ratio of ~25x is well above other publicly traded peers. Data as of: November 3, 2025. Sourced via: Bloomberg Terminal. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/a006390f-a618-4817-9b15-c2014b5a2eeb/Adobe+Market+Cap+Falls+%2429.5B+in+single+trading+session+after+%2420B+Figma+deal+announced.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Make it stand out On September 15th 2022, Adobe’s Market Cap dropped ~$29.5B in a single trading session following announcement of the Figma deal. Data from Bloomberg Terminal. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/ca501a03-0845-4cca-957c-65009858d2cc/Adobe+Market+Cap+Rises+%246.6B+in+single+trading+session+after+%2420B+Figma+deal+terminated%2C+despite+having+to+pay+massive+%241B+cash+break+fee.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Make it stand out On December 18th 2023, Adobe’s Market Cap increased by ~$6.6B in a single trading session following termination of the Figma deal, despite Adobe having to pay Figma a $1B cash break fee. Data from Bloomberg Terminal. https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/39493211-f33d-4613-9705-22c511b358ba/Analysts+COnsensus+on+Figma.png Research - Figma (NASDAQ: FIG) – From Design Darling to Investor Beware - Make it stand out Analyst Consensus of ~$68 per share pulled from Bloomberg Terminal on November 4, 2025. https://www.eaquay.com/research/category/Bearish monthly 0.5 https://www.eaquay.com/research/category/Bullish monthly 0.5 https://www.eaquay.com/contact daily 0.75 2025-12-11 https://www.eaquay.com/about daily 0.75 2025-12-11 https://images.squarespace-cdn.com/content/v1/6758686eaad1d07856b24849/2580e388-74eb-4a8e-bf8f-09b4e8511172/ContactPicture.jpg https://www.eaquay.com/home daily 1.0 2025-11-05