FIGMA $FIG JUST REPORTED A Q1 BEAT AND RAISED FULL-YEAR GUIDANCE. AI ADOPTION IS DRIVING UPSIDE. But the CFO publicly named Claude Design as a competitive threat they cannot dismiss. The numbers and the AI quote, in full: Q1 results: - Revenue: $333.4M vs $313.2M est 🟢 - Adj EPS: $0.10 vs $0.06 est 🟢 - Net Dollar Retention Rate: 139% as of 3/31/2026 Q2 guidance: - Revenue: $348M to $350M vs $327M est 🟢 Full-year 2026 guidance raised: - New: $1.42B to $1.43B - Prior: $1.36B to $1.37B - Adjusted operating income: $125M to $135M The AI angle: - 75%+ of Org and Enterprise users who exceeded AI credit limits continued using credits in April - Figma began enforcing credit limits in March, selling add-ons to users who exceeded plan credits - That conversion is the proof point for AI monetization working CFO Praveer Melwani on competition, per Reuters: "When you talk about a Claude design... you can't dismiss them, their ability to train first party models and couple those with their own products is something that we definitely are paying attention to." Anthropic unveiled Claude Design last month, which lets users explore designs, interactive prototypes, and presentations.