Klaviyo Inc-A 2025年度报告

To our shareholders, We’ve entered the era of agents and infrastructure, at least so far as software is concerned, and we feelgreat about Klaviyo’s position to lead in this new technological period. Our dedication to the crafts ofproduct and engineering, our devotion to putting our customers and partners first, our bootstrappingroots, our commitment to velocity and the incredible ecosystem of almost 200,000 customers and5,000 partners we’ve built – fueled our growth last year and set us up for this year and the future. The companies that will lead the AI era are those with the greatest ambition and the greatest densityof builders, and we’re well stocked on both. Fortune favors the bold and those that ship. So where are we aiming our ambition and efforts? We found our strategy on long term invariants: ●The most valuable asset of any business is their customer – customers use and consumeproducts, spread the word and make a business go.●Consumers pick and stay with businesses because of the quality of the product and experiencethey receive. If a business can deliver stunning experiences to its customers they will berewarded with more business.●Businesses want direct connections to their customers as much as possible, to own the endexperience and ultimately their destiny. These were true statements a hundred years ago and we believe they’ll be true a hundred years fromnow. The reality was, and frankly still is, that creating stunning experiences – through deep personalization,highly engaging and interactive media and meeting customers in the places they want to be met – isnot easy. Our work over the last decade has been building the infrastructure that allows any business to easily,scalably and flexibly aggregate everything they know about their consumers, understand theirconsumers, create experiences across all digital surfaces and touchpoints and automatically optimizeand improve them. We call this the B2C CRM. As we’ve built this, we’ve felt a growing gap betweenwhat our infrastructure is capable of and how businesses are using and adopting it. This capabilityoverhang exists for a lot of software and infrastructure, but our opportunity is particularly pronouncedand acute. Businesses are missing opportunities with their consumers and, in turn, leaving real dollarsand greater success on the table. AI agents are allowing us to close this gap and revealing the enormous latent demand for intelligenceto design, deliver and optimize consumer experiences, allowing businesses to seize the opportunitiesthey’d been missing. In fact, our AI agents are going further, finding new opportunities for thebusinesses we serve and driving our roadmap. The agents we’re training are already among theadvanced users of our data and experience infrastructure, pushing the limits of what’s possible andbecoming critical feedback for what to build next. We’re entering a positive viral loop where agents(our own and those built by others) use our infrastructure to build stunning consumer experiences, this provides data and feedback we use to improve infrastructure, which in turn allows agents to getsmarter and do more and the cycle repeats. This combination of agents and infrastructure we call theautonomous B2C CRM and we believe every consumer business will run on it. With this accelerated loop of agents designing and experimenting on the consumer experience, we’reat the starting stages of autonomous consumer experiences – where a business guides, sets the goalsand guardrails, and agents execute and optimize each consumer experience to the benefit of bothconsumers and businesses. And we’re seeing the enormous benefits of vertically integrating datainfrastructure, experience infrastructure (spanning messaging, marketing, digital experiences andservice surfaces) and agents into one combined stack. To reflect the above dynamics, we’ve organized our product and engineering teams around these twinlayers of autonomy (agents) and infrastructure. We’d like to share a few highlights and observationsfrom our agent products. ●Composer:Building on the Marketing Agent release from late last year, which was primarilyfocused on campaign creation and content marketing, we’ve dramatically broadened thecapabilities and tasks of our marketing team of agents and released this in private beta inMarch. Our agent now has the ability to not just create, but also query and reason about consumerdata and performance. It can create and design across all channels and media types, work withextremely complex and nuanced campaign and flow concepts, and integrates natively into oursoftware a business uses for creative and design. It can automatically learn a consumer base,identify opportunities, review past marketing performance and use benchmarks and modelsderived from aggregated, anonymized consumer data to propose and execute marketing thatwe believe ultimately should outperform those created by humans alone. Similar to “vibe coding” and coding agents, w