BlitzLab Scoring · Oct 2026 · Model v1.0 (frozen)
Reddit — Blitz Index 70 (B)
FY2025 revenue +69% ($2.2B), 8 straight profitable quarters, and Google and OpenAI pay for the data — yet 60% of DAUq is non-logged Google organic.
70Grade B
Confidence: High · S&P 500 · Category: platforms
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 21 / 25 | FY2025 revenue +69% ($2.2B) → TTM ~$2.8B; Q2 2026 +61%; 14 straight quarters of DAUq growth |
| B · Moat | 44 / 60 | 91.3% gross margin; Google and OpenAI Data API contracts; 60% of DAUq is non-logged search organic |
| C · Creative destruction | 12 / 15 | The human conversation archive repriced as AI training fuel — free crawling replaced by paid Data API |
| D · BlitzFailing | −7 | Huffman 76.1% vote via irrevocable proxy; 2025-06 securities class action; Dutch DPA probe + EU VLOP |
Radar axes (0–100): Moat 73.3 · Speed 84 · Creative 80.
Watch item
Gates: G1 ✓ · G2 ✓. 5 points above the threshold — first score. Profit and 60%+ growth at $2.8B scale against borrowed distribution.
Strengths
- 14 straight quarters of DAUq growth (60.3M → 130.3M) — international drives ~2/3 of it
- 13 straight revenue quarters + 8 profitable quarters — growth and profitability proven together
- 91.3% gross margin + $684M FCF — software-like operating leverage
- Data licensing RPO $92.1M — the second revenue leg is contractually real
Concerns
- 60% of DAUq is non-logged Google organic — AI Overviews can cannibalize the traffic feeding ads (94% of revenue)
- 2025-06 securities class action (early stage) — disclosure claims on Search/AI impact
- Licensing contract value concentrated in 2 partners — renewal failure hits the second leg
- Huffman 76.1% voting control via proxy + Advance governance contract — delegated, not direct, control
Next earnings
Oct 29, 2026 · After close · Confirmed
Coverage
Reddit, Inc. · Q3 2026 due Oct 29, 2026 (AMC, confirmed) · Score 70 · Grade B
BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.