NETCloudflare, Inc.

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

1. Tier 1 · live

   The votes are being detached from the shares, and eight holders are suing

   Approved 2026-06-30: each co-founder Class B share becomes one share of non-economic Series FF preferred with nine votes plus one Class A share, every common share splits into one voting and one non-voting share, and the authorised Class A doubles to 4.5bn. The proxy's own words: the co-founders "will be able to achieve additional liquidity through sales of up to all of their shares of Class C common stock without any consequence to the Co-Founders' voting power". Eight complaints were on file by 5 Aug '26, seven consolidated, alleging the terms are not entirely fair. Nothing filed by today says it has been implemented.

2. Tier 2 · stable

   52.4% of the votes on about a tenth of the shares

   Class B carries ten votes. Prince holds 39.0% of the voting power, Zatlyn 13.4%, officers and directors 52.4%; the largest outside holder of Class A has 11.4%. At the 2026 meeting the Class B present carried 335.6M of the 615.0M votes cast, so no resolution needed an outside holder's consent. The board is classified into three, stockholders cannot act by written consent or call a special meeting, and a director can be removed only for cause.

3. Tier 2 · stable

   762 insider sales, no purchases, and no buyback against the dilution

   The SEC insider data sets record 762 sales by 10 insiders for $705.9M in the year to Q2 '26 and zero purchases, 99.9% under pre-set plans; the Form 4 parse puts Prince at about $374M and Zatlyn at about $229M. Share-based pay was $451M, 20.8% of revenue and 173% of free cash flow, with the share count up 2.5% a year and no buyback ever authorised.

4. Tier 3 · worsening

   Two yardsticks dropped, and a long-term model replaced before it was reached

   The paying-customer count went in Q1 '26, right after printing 332,466 and 40% growth; the quarterly gross-margin slide went in Q2 '26, after the margin fell to 73%. KPI persistence across the eight decks is 0.75. The 20% operating / 25% free-cash-flow model that stood since before the listing was replaced with 30% / 30-35% while the actual was 14% and 12%, and the gross-margin band was widened from 75-77% to 70-77% in the same deck.

5. Tier 3 · stable

   No chief technology officer since March 2025, after two network-wide outages

   Graham-Cumming left the technology seat for the board in March 2025 and no filing read names a successor; Zatlyn's chief operating officer role ended in February 2025 and was not filled; the chief legal officer resigned in February 2026 after nearly ten years and his deputy succeeded him. The FY2025 10-K added the November and December 2025 network-wide outages, caused by the company's own software deployments, as a risk factor.