红迪网 2025年季度报告

FORM10-Q (Mark One)xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025 OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______ to ______ Commission File Number:001-41983_________________________ Reddit, Inc. (Exact name of registrant as specified in its charter)_________________________ Delaware (I.R.S. EmployerIdentification No.) (State or other jurisdiction ofincorporation or organization) (415)494-8016(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange 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.YesxNoo Table of Contents Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated fileroNon-accelerated filerx Accelerated fileroSmaller reporting companyoEmerging growth companyo If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesoNox As of October28, 2025, the registrant had outstanding137,824,835shares of Class A common stock,51,670,930shares of Class Bcommon stock, andnoshares of ClassC common stock, each with a par value of $0.0001. Table of Contents PageNote Regarding Forward-Looking Statements2Note Regarding User Metrics and Other Data4Part I. Financial InformationItem 1. Financial Statements (unaudited)5Consolidated Balance Sheets5Consolidated Statements of Operations6Consolidated Statements of Comprehensive Income (Loss)7Consolidated Statements of Convertible Preferred Stock and Stockholders’Equity (Deficit)8Consolidated Statements of Cash Flows10Notes to the Consolidated Financial Statements11Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations22Item 3. Quantitative and Qualitative Disclosures About Market Risk35Item 4. Controls and Procedures35Part II. Other InformationItem 1. Legal Proceedings37Item 1A. Risk Factors37Item 2. Unregistered Sales of Equity Securities and Use of Proceeds72Item 3. Defaults Upon Senior Securities72Item 4. Mine Safety Disclosures72Item 5. Other Information72Item 6. Exhibits73Signatures NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risksand uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, includingstatements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives ofmanagement, and expected market growth, are forward-looking statements. In some cases, you can identify forward-lookingstatements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,”“target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue,” or thenegative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: •our strategies to increase awareness of Reddit, including through search engine optimization, partnerships, and investment infull-funnel marketing;•our strategies to increase user growth and engagement;•our expectations regarding the growth and availability of valuable and appealing user-generated content on our platform;•our ability to develop new products and services and bring them to market in a timely manner and make enhancements to ourplatform;•our ability to implement artificial intelligence and machine learning to increase user growth