#11 HashiCorp Investor Day October 11, 2023 © 2023 HASHICORP#22 This presentation regarding HashiCorp, Inc., referred to as "HashiCorp," "we," "us" or "our," has been prepared solely for informational purposes. This presentation contains forward-looking statements about us and our industry that involve substantial risks and uncertainties, some of which cannot be predicted or quantified. All statements other than statements of historical fact contained in this presentation, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "hope," "intend," "may," "might," "objective," "ongoing," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. We have based the forward-looking statements contained in this presentation primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors, including, among other things, the success in selling our products, our financial results, and our operations, and the other risks, uncertainties, and assumptions. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Information regarding the foregoing and additional risks may be found in the section entitled "Risk Factors" in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on August 31, 2023, and our future reports to be filed with the SEC. The forward-looking statements in this presentation are made only as of the date hereof. You should not rely upon forward-looking statements as predictions of future events. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation. This presentation also contains estimates and information concerning our industry, including market position, market size, and growth rates of the markets in which we participate that are based on industry publications and reports. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk. We have not independently verified the accuracy or completeness of the data contained in these industry publications and reports. This presentation includes certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), such as Non-GAAP RPO, Non-GAAP Gross Margin and Non-GAAP operating expenses, to supplement financial information presented in accordance with GAAP. We are presenting these non-GAAP financial measures because we believe, and when taken collectively, they may be helpful to investors because they provide consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Such non-GAAP financial measures should not be construed as alternatives to financial measures determined in accordance with GAAP. The non-GAAP measures as defined by the Company may not be comparable to similar non-GAAP measures presented by other companies. The Company's presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company's future results will be unaffected by other unusual or non-recurring items. A reconciliation is provided at the end of this presentation for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. © 2023 HASHICORP#33 Agenda Section Opening Remarks Opportunity Ahead Product Overview & Strategy Go-To-Market Financial Performance Executive Q & A © 2023 HASHICORP Speaker Alex Kurtz, VP Investor Relations & Corporate Development Dave McJannet, Chairman and Chief Executive Officer Armon Dadgar, Co-Founder and Chief Technology Officer Susan St. Ledger, President, Worldwide Field Operations Navam Welihinda, Chief Financial Officer Dave, Armon, Susan, Navam & Alex#4HashiCorp Dave McJannet Chief Executive Officer#55 Opportunity Ahead Continued Momentum on Cloud Adoption © 2023 HASHICORP Progress on Our Integrated Platform Value Proposition Evolving and Simplifying Our Go-to-Market#66 Secular Trends Drive Key Changes © 2023 HASHICORP Workflow shift to cloud requires technology, organizational, workflow change Tools Tech New primitives require new tools People Org Structure Platform Process 1 Workflow DevOps (vs. ITIL)#77 There Is a Well Understood Stack Pre-Production Application Lifecycle Management © 2023 HASHICORP CODE DEPLOY TEST Infrastructure Lifecycle Management BUILD DEPLOY MANAGE Production Security Lifecycle Management CONNECT PROTECT INSPECT Monitoring Lvo#88 Cloud is Driving a Tech Modernization Cycle Pre-Production Application Lifecycle Management © 2023 HASHICORP CODE DEPLOY TEST Infrastructure Lifecycle Management BUILD DEPLOY MANAGE Production Security Lifecycle Management CONNECT PROTECT INSPECT Monitoring Lvo#99 Our Opportunity Pre-Production Application Lifecycle Management © 2023 HASHICORP CODE DEPLOY TEST Infrastructure Lifecycle Management BUILD DEPLOY MANAGE Production Security Lifecycle Management CONNECT PROTECT INSPECT Our Opportunity Standardization on HashiCorp Monitoring#1010 A Single Common Platform The Infrastructure Cloud Infrastructure © 2023 HASHICORP Security Benefits Reduced skills & organizational requirements to enable more rapid adoption. Single platform providing more complete solutions, and easier adoption of any given use case and product. Consumption billing matching value to cost, and encouraging initial deal. Unified data providing combined intelligence of cloud estate assisting risk management, and optimization.#1111 Customer Growth on HCP Cloud Singapore Press Holdings © 2023 HASHICORP Security Lifecycle Management CONNECT INSPECT BUILD PROTECT Infrastructure Lifecycle Management MANAGE DEPLOY Customer Adoption Ö M ##1212 Customer Growth on HCP Cloud Singapore Press Holdings © 2023 HASHICORP Security Lifecycle Management CONNECT INSPECT BUILD Infrastructure Lifecycle Management PROTECT MANAGE DEPLOY Customer Adoption a 3 Ö M ##1313 Customer Growth on HCP Cloud Singapore Press Holdings © 2023 HASHICORP Security Lifecycle Management CONNECT INSPECT BUILD PROTECT Infrastructure Lifecycle Management MANAGE DEPLOY Customer Adoption C M C a M # -#1414 Building a Global Customer Base 7 Expedia Pegadaian DISCOVER REDFIN Gartner. RBC tokopedia Informatica swisscom © 2023 HASHICORP The New York Times Lufthansa pivotree ARUP DA ZN sky DNP ellume SBB CFF FFS gm co-operators cruise criteol. NBCUniversal Lincoln Financial Group YOOX NETA, PORTER GROUP surescripts DECATHLON AirPlus SEAT GEEK INTERNATIONAL COMCAST ROCKET Homes WARE2GO Q2 Shipt KeyBank sph MEDIA SAMSUNG Blackstone AstraZeneca AIRBUS Loblaw Companies Limited priceline.com Qlik Q socotra shopify STANDARD &POOR'S TSC/TRACTOR SUPPLY CO athenahealth UsVenture TI KPMG nab VINGROUP LGU+ GENSCAPE NOVARTIS ABN AMRO THE GEORGE WASHINGTON UNIVERSITY WASHINGTON, DC Nationwide /:naplan K YAHOO! JAPAN Booking.com ManTech International Corporation. BNP PARIBAS SAP Ariba ROBLOX gsk cielo ADB SIMPLI.FI ADT PROGRESSIVE agl FERGUSON GoodR DOORDASH AUTODESK CREDICORP wayfair wepay by J.P. Morgan Grab vodafone Kansas City @ UBISOFT olo ✓ sumup® RED V NTURES EPIC GAMES Deutsche Bank Walgreens KAISER PERMANENTEⓇ airbnb indeed workday. UniSuper Unity SoftBank#1515 Powering Al Use Cases Global Apparel Company Allows developers to quickly scale up their Al workloads with Infrastructure-as-Code ôc Scaling Al Environments © 2023 HASHICORP AI Developers O) AI 2⁹ Al Cost Management AI D Global Financial Services Company Nomad orchestrates Al jobs Maximizing GPUS AI C Consul Service Discovery for Al comms Data Fabric (1) AI Data Fabric ರಾ Data Sources @ Minimizing Latency Vault for Authentication & Authorization Data Fabric M AI H#16HashiCorp Armon Dadgar Chief Technology Officer and Co-Founder#1717 Product Overview and Strategy Lifecycle Management Integration © 2023 HASHICORP HashiConf Announcements Extending Secrets Management#1818 Workflows and Integrated Platform Solutions Integrated Platform Enabling End-to-End Lifecycle Management The Infrastructure Cloud Infrastructure PORTFOLIO © 2023 HASHICORP Platform Solutions Deliver system of record for infrastructure lifecycle management for images, resources, workloads, and applications. Workflows Enable infrastructure -as-code to plan, build, deploy. Security PORTFOLIO Platform Solutions Deliver system of record for security lifecycle management for secrets, users, services, and data. Workflows Enable identity controls to protect, inspect, connect. H#1919 Building an End to End Platform for Secrets HCP Vault Radar © 2023 HASHICORP Lifecycle of a Secret Secrets, Keys, and Certifications TO 201 Data Protection and Tokenization#2020 Security Lifecycle Management Providing Scanning, Synchronization and Cloud Native Secrets Management # PREVIEW HCP Vault Radar Sign up for early access hashi.co/radar © 2023 HASHICORP GA HCP Vault Secrets Available now hashi.co/cloud ⠀⠀ GA HCP Vault Advanced Data Protection Available now hashi.co/cloud GA HCP Vault Secret Sync Available now hashi.co/cloud#2121 Security Lifecycle Management Delivering Visibility, Observability, and Management for Service Networking © 2023 HASHICORP Q GA Consul 1.17 Locality Aware Available now hashi.co/cloud a GA HCP Consul Central Available now hashi.co/cloud#2222 Infrastructure Lifecycle Management Enhancing the Speed to Automate for Practitioners GA Terraform Testing & GenAl Available now hashi.co/cloud © 2023 HASHICORP GA Terraform Ephemeral Workspaces Available now hashi.co/cloud PREVIEW Terraform Stacks Available now hashi.co/cloud GA Terraform Run Task Enhancements Available now hashi.co/cloud#2323 Infrastructure Lifecycle Management Paving the way for Internal Development Platforms © 2023 HASHICORP BETA HCP Waypoint Templates Available now hashi.co/cloud BETA Nomad 1.7 Available now hashi.co/cloud n GA HCP Packer Run Tasks Available now hashi.co/cloud#2424 Delivering the Infrastructure Cloud © 2023 HASHICORP Terraform Vault R Boundary C Consul N Nomad Packer Waypoint#25HashiCorp Susan St. Ledger President, Worldwide Field Operations#2626 Go-to-Market Simplification Background and Bio © 2023 HASHICORP Increasing Customer Centricity Faster Path to Success#2727 Background President of Worldwide Field Operations at HashiCorp. Oversees all aspects of the customer journey and maximizes the value they receive from our product suite - from initial deployment to customer and partner success, renewal, and expansion. Before HashiCorp President of Worldwide Field Operations at Okta with ownership of worldwide sales, customer success and support, professional services, partner and channel ecosystems, marketing, brand, and business operations, growing the business from ~$800M to $1.8B. okta splunk> salesforce Sun microsystems © 2023 HASHICORP President of Worldwide Field Operations at Splunk. Built a multi-product, go-to-market SaaS organization and grew the business from nearly $700M in revenue to almost $2.5B, transforming from self-managed to cloud. Executive leadership positions at Salesforce and Sun Microsystems, and began career as a software engineer at the National Security Agency. Earned BS in Computer Science from the University of Scranton.#2828 Simplifying Our Message © 2023 HASHICORP The Infrastructure Cloud Infrastructure Lifecycle Management Platform Capabilities Automation & Optimization Terraform BUILD Waypoint DEPLOY MANAGE Visibility & Policy Nomad Packer Reliability & Scale Security Lifecycle Management # Integrations & API Vault CONNECT D INSPECT ROTECT R Boundary Governance, Risk, Compliance C Consul#29Achieving Fastest Path to Success Dynamics 29 © 2023 HASHICORP Adopt Land Reduce time to land Infrastructure Lifecycle Management BUILD 7 MANAGE >>> CONNECT Security Lifecycle Management J DEPLOY INSPECT PROTECT Expand Deal size consistency BUILD MANAGE CONNECT INSPECT DEPLOY PROTECT Extend Focus on consumption and natural product extension 3 Ö Renew ...... @ 3#3030 Security Lifecycle Management Adoption Approximate Annual Recurring Revenue¹ Global Auto Manufacturer Use Cases: Secrets Management, Service Mesh, Network Infrastructure Automation $250K 2H FY2018 1H FY2019 $525K 2H FY2019 a $930K 1H FY2020 2H FY2020 1H FY2021 2H FY2021 1H FY2022 ~19x Increase in approximate ARR over 5 years Va $3.4M 2H FY2022 1. Our approximation of annual recurring revenue is calculated by a simple average of annual contract values from the indicated 2H FY and the prior 2HFY. 2. ARR is defined as the annualized value of all recurring subscription contracts with active entitlements as of the end of the applicable period, and in the case of our monthly, or consumption-based customers, the annual value of their last month's spend. For Consumption-based customers, ARR will be the annual value of their last 3 months' spend. © 2023 HASHICORP 1H FY2023 a $4.7M 2H FY2023#3131 Steady Growth Among Top 10 Customers Starting 2Q FY24 ARR (M)¹ ARR (M) Length of Customer Relationship (in Qs) <$1.0 $10.0+ Customer Industry Financial Services Financial Services Financial Services Retail Financial Services Retail Information Technology Financial Services Consulting Information Technology <$1.0 © 2023 HASHICORP <$1.0 $1.0-3.0 $1.0-3.0 <$1.0 <$1.0 $3.0+ $10.0+ <$1.0 $5.0-10.0 $5.0-10.0 $5.0-10.0 $5.0-10.0 $1.0-3.0 $5.0-10.0 $5.0-10.0 $5.0-10.0 $5.0-10.0 19 22 19 18 15 15 20 27 19 18 Terraform ■ 1. ARR is defined as the annualized value of all recurring subscription contracts with active entitlements as of the end of the applicable period, and in the case of our monthly, or consumption-based customers, the annual value of their last month's spend. For Consumption-based customers, ARR will be the annual value of their last 3 months' spend. Vault ■ Consul ■ ■ ■ 7 ■ - Boundary H#32HashiCorp Navam Welihinda Chief Financial Officer#3333 Focus on Customer Base Expansion Number of Customers with $100K in ARR Total Global 2000 Customers 286 FY21 © 2023 HASHICORP 378 FY22 436 FY23 464 Q2 FY24 500 FY21 655 FY22 798 FY23 851 Q2 FY24 Number of Customers with $1M in ARR 48 FY21 72 FY22 101 FY23 107 Q2 FY24#3434 Focus on Maintaining Strong Gross Margin¹, 2 Annual Non-GAAP Gross Margin (%) Quarterly Non-GAAP Gross Margin (%) Non-GAAP Gross Margin Self-Managed GM Cloud-Hosted Services GM 86.8% 81.0% (17.6%) FY2021 89.8% © 2023 HASHICORP 85.0% 39.9% FY2022 90.0% 85.0% 59.8% FY2023 Non-GAAP Gross Margin 91.0% 86.6% 81.0% 0.5% Q1 88.3% 83.0% 30.2% Q2 87.0% 87.0% 55.0% FY2022 1. Non-GAAP Gross Margin is calculated on a Non-GAAP basis. See appendix for a reconciliation of Non-GAAP financial measures. 2. Numbers may vary due to rounding 92.1% Q3 49.9% Q4 Cloud-Hosted Services GM 89.6% 84.0% 54.5% Q1 89.5% 84.0% 52.9% Q2 90.3% 85.0% Q3 FY2023 Self-Managed GM 90.4% 85.0% 62.8% 63.9% 63.6% Q4 88.8% 88.4% 83.0% 83.0% Q1 66.2% FY2024 Q2#3535 Focus on Improving Operating Leverage Non-GAAP EBIT Margin (FY2022 through Q3 FY2024)³ (20%) Q1 (31%) (24%) (32%) (32%) (32%) Q2 Q3 Q4 Q1 FY2022 Q2 (24%) 1. Excludes $7M in severance costs 2.Q3 FY2024 is midpoint guidance from Q2 FY2024 earnings. 3. See appendix for a reconciliation of Non-GAAP financial measures. © 2023 HASHICORP Q3 FY2023 (20%) (20%) (19%) Q4 Q1 Q2¹ FY2024 (17%) Q3² Non-GAAP EPS (FY2022 through Q3 FY2024)³ ($0.21) Q1 ($0.35) Q2 ($0.31) Q3 FY2022 ($0.24) ($0.17) ($0.17) Q4 Q1 Q2 ($0.13) Q3 FY2023 ($0.07X($0.07) Q4 Q1 ($0.06) ($0.04) Q2¹ FY2024 Q3²#3636 Long-Term Model Outlook Metrics Revenue Non-GAAP Gross Margin Sales & Marketing © 2023 HASHICORP Research & Development General & Administrative Operating Margin TTM Free Cash Flow Margin FY2022 Actuals $321M 85% 64% 30% 18% -28% -20% FY2023 Actuals $476M 85% 63% 31% 17% -26% -20% FY2024 1H Actuals $281M 83% 58% 32% 15% -22% -10% FY2025 Low-Mid 80s² High 40s Mid 20s Low Teens Long-Term Targets¹ $2B+ (4%) -(6%) Quarterly Non-GAAP Ol break even 2H FY25 ~5% 78-80% 28-30% 18-20% 6-8% 20% + 20% + 1. HashiCorp has not reconciled its expectations as to mid-term and long-term non-GAAP gross margin, non-GAAP sales & marketing expense, research & development expense, non-GAAP general & administrative expense, non-GAAP operating margin, and non-GAAP TTM free cash flow margin to the most directly comparable GAAP measures. Due to the limited public trading history and significant volatility in the price of HashiCorp's common stock, certain items, which could be material, cannot be calculated without unreasonable efforts. In particular, the measures and effects of our stock-based compensation expense specific to our equity compensation awards and employer payroll tax-related items on employee stock transactions are directly impacted by the timing of employee stock transactions and unpredictable fluctuations in our stock price, which we expect to have a significant impact on our future GAAP financial results. 2. Higher Cloud mix expected to normalize our Gross Margins in the High 70s. H#3737 Q&A Dave, Armon, Susan, Navam & Alex © 2023 HASHICORP#38군 Thank you [email protected]#3939 Appendix © 2023 HASHICORP#4040 GAAP to Non-GAAP ($'s in Millions)¹ Total Revenue Sales and marketing (S&M) expense on a GAAP basis Less: Stock-based compensation expensel Less: Amortization of acquired intangibles Non-GAAP S&M expense Non-GAAP S&M expense as a % of total revenue Research and development (R&D) expense on a GAAP basis Less: Stock-based compensation expense¹ Non-GAAP R&D expense Non-GAAP R&D expense as a % of total revenue General and Administrative (G&A) expense on a GAAP basis Less: Stock-based compensation expense¹ Less: Acquisition-related expenses Non-GAAP G&A expense Non-GAAP G&A expense as a % of total revenue Q1 $ 44.3 $ $ $ $ $ $ $ 32.9 0.6 $ S $ 14.1 32.0% S $ 32.2 73.0% $ $ 14.5 $ 0.4 $ 6.6 15.0% FY2021 Q2 Q3 50.5 $ 55.2 $ 43.1 $ 9.5 $ $ $ 33.6 66.0% $ 15.1 30.0% 7.3 $ 0.7 $ $ $ 6.8 19.8 $ 4.7 $ 25.5 18.7 $ 13.0% $ $ $ 31.9 0.6 $ $ $ $ 31.3 $ 32.6 57.0% 53.0% 0.4 $ 0.4 $ 14.6 $ 15.4 26.0% 25.0% 7.3 $ 0.6 $ $ 6.7 12.0% Q4 61.8 $ 33.2 0.6 $ Reconciliations 15.1 $ 15.9 $ 65.2 $ 6.0 $ 59.3 28.0% 8.5 0.5 FY2021 7.9 13.0% 211.9 $ 141.0 $ 11.3. $ 129.7 61.0% $ 48.5 $20.6 $ $ 27.9 13.0% QI $ 66.9 S $ $ $ $ 38.9 $ $ $ 0.7 $ $ $38.2 $ 49.5 57.0% 66.0% $ $ S Q2 $ FY2022 Q3 Q4 75.1 $ 82.2 $ 96.6 50.0 0.5 53.5 $ 127.1 0.5 $ 63.2 $ $ 63.9 66.0% $ 53.0 64.0% 18.1 $ 24.9 $ 25.7 $ 96.3 0.4 $ 0.4 $ 0.4 $66.6 17.7 $ 24.5 $ 25.3 $ 29.7 26.0% 33.0% 31.0% 31.0% 12.6 $ 0.5 $ 12.4 $ 0.5 $ $ $ 12.2 $ 11.9 $ 13.1 $ 21.1 18.0% 16.0% 16.0% 22.0% 13.5 $ 73.6 0.4 $ 52.5 $ FY2022 $ 269.5 64.9 $ 204.6 64.0% 320.8 Ś 165.0 $ 67.9 97.1 30.0% $ $ $ $ $ 112.1 53.8 58.3 18.0% Q1 $ 100.9 FY2023 Q2 Q3 Q4 $ 113.9 $ 125.3 $ 135.8 $ 95.0 14.0 $ 80.3 $ 87.7 $ 14.4 $ 14.4 $ $ $ $ $ $65.9 $ 73.3 $ 77.5 $ 81.0 65.3% 64.4% 61.9% 59.6% $ 47.2 $ 47.9 $ 14.7 $ 10.5 $32.4 $ 37.4 32.2% 32.8% $ 92.9 15.4 $ 32.5 $ $ $ 18.7 $ 21.5 18.6% 18.8% 53.9 $ 46.4 S 15.0 S 6.0 $ 38.9 $ 40.4 31.0% 29.8% $ 35.4 $ 13.8 $ 13.9 $ $ S 33.4 $ 33.7 12.7 $ 12.5 $ $ 20.7 $ 21.2 16.5% 15.6% FY2023 $ 475.9 $ 355.9 $ 58.2 $ $ 297.7 62.5% $195.4 $ 46.2 $ 149.1 313% $ 135.0 $ 52.9 $ $ 82.1 17.3% FY2024 Q1 92 $138.0 $ 143.2 $ $ 90.6 $ 101.1 $ (120) $ (15.4) $ (0.1) $ 78.6 $ 85.6 57.0% 59.8% $ 54.2 $ 60.0 $ (118) $ (13.0) $ 42.5 $ 47.1 30.8% 32.9% $ 34.3 $ 35.5 $ (13.0) $ (13.7) $ $ (0.5) $ 21.3 $ 21.3 14.8% 15.4% 1. In connection with tender offers and secondary sales of our common stock, stock-based compensation expense for fiscal 2020 and fiscal 2021, included $1.5 million and $32.1 million of expense, respectively, related to the amount paid in excess of the estimated fair value of common stock as of the date of the transactions. © 2023 HASHICORP#4141 GAAP to Non-GAAP Reconciliations ($'s in Millions)¹ Total net loss per share on a GAAP basis Add: Amortization of stock-based compensation capitalized in software development costs Add: Stock-based compensation expense Add: Adjustment to total fully diluted earnings per share² Add: Amortization of acquired intangibles Add: Acquisition-related expenses Non-GAAP net loss per sharo Weighted average shares, basic and diluted Total net loss on a GAAP basis Add: Amortization of stock-based compensation capitalized in software Add: Stock-based compensation expensel Add: Amortization of acquired intangibles Add: Acquisition-related expenses Non-GAAP net loss Q1 $ (0.31) $ $ $ $ 0.03 $ $ (0.01) $ $ $ - $ $ $ $ $ - $ (0.28) $ (0.23) $ (0.12) $ (0.08) 611 62.2 649 65.2 $ $ 0.03 Q2 Q3 Q4 $ (0.78) $ (0.14) $ (0.11) - $ $ $ FY2021 $ - 0.54 0.01 FY2021 Q1 Q2 $(18.9) $ (48.5) $ $ $ $ $ 1.9 $ 33.9 $ $ $ $ $ S (17.0) S (14.6) S - Q3 Q4 (9.3) $ $ $ $ - 17 - 0.03 $ (6.9) $ $ (7.6) S (5.2) 1,7 FY2021 $ (1.32) $ $ 0.62 $ $ $ $ (0.70) 63.4 FY2021 Q1 Q2 Q3 Q4 $ (0.24) $ (0.37) $ (0.33) $ (1.70) $ $ 0.03 $ $ $ $ 1.47 $ (0.01) $ $ $ $ $ - $ $ s (0.21) S (0.35) $ (0.31) $ (0.24) 65.7 66.5 66.8 133.6 $ - FY2022 $ S $ 1.7 - 0.02 $ Q1 Q2 Q3 Q4 $ (83.6) $ (15.6) S (24.9) $ (22.0) $ (227.7) $ $ $ $ $ 0.4 $195.7 $ 39.2 S $ $ $ $ $ $ $ $ $ $ $ s (44.4) Is (13.9) S (23.4) $ (20.5) $ (31.6) $ 0.02 $ FY2022 1.5 1.5 - - FY2022 $ (348) $ $ $ $ $ $ (1.07) 83.3 2.41 - FY2022 $ (290.2) $ 0.40 $ 200,40 $ $ $ (89.4) Q1 Q2 Q3 Q4 $ (0.4) S (0.4) S (0.38) $ (0.26) $ $ 0.25 $ $ 0.01 $ $ $ $ $ $ 0.19 $ $ S $ - $ - $ $ $ (0.17) $ (0.17) $ (0.13) $ (0.07) 182.9 185.2 187.1 188.8 FY2023 - $ 0.23 S FY2023 0.25 - Q4 Q1 Q2 Q3 $ (782) $ (74.8) $ (72.0) $ (49.4) $ 0.2 $ 0.2 $ 0.3 $ 0.3 $ 46.2 $ 42.4 S 46.7 $ 35.7 $ $ $ $ $ $ $ $ $ (31.8) S (32.2) S (25.0) $ (13.4) FY2023 $ (1.47) $ 0.01 $ 0.92 $ (0.01) $ $ $ (0.55) 186.0 FY2023 $ (274.4) $ 1.0 $ 171.0 $ $ $ (102.4) FY2024 Q1 Q2 $ (0.28) $ (0.34) $ $ $ (0.42) $ 0.24 $ $ $ $ $ $ $ (0.70) $ (0.10) 190.8 192.6 - FY2024 Q1 Q2 $ (53.3) $ (66.3) $ 0.4 $ 0.4 $ 40.2 $ 46.2 $ 0.5 $ $ $ 0.5 s (12.7) S (18.8) 1. In connection with tender offers and secondary sales of our common stock, stock-based compensation expense for fiscal 2020 and fiscal 2021, included $1.5 million and $32.1 million of expense, respectively, related to the amount paid in excess of the estimated fair value of common stock as of the date of the transactions. 2. The sum of the fully diluted earnings per share impact of individual reconciling items may not total to fully diluted Non-GAAP net loss per share due to the weighted-average shares used in computing the GAAP net loss per share differs from the weighted-average shares used in computing the Non-GAAP net loss per share and due to rounding of the individual reconciling items. The GAAP net loss per share calculation uses a lower share count as it excludes potentially dilutive shares, which are included in calculating the non-GAAP loss per share. © 2023 HASHICORP#4242 GAAP to Non-GAAP Reconciliations ($'s in Millions)¹ Total Revenue Total gross profit on a GAAP basis Add: Amortizatio software k-based compensation of apitalized internal-use Add: Stock-based compensation expense in cost of revenue Add: Amortization of acquired intangibles Non-GAAP gross profit Non-GAAP gross margin Operating Loss Add: Amortization of stock-based compensation of capitalized internal-use software Add: Stock-based compensation expense Add: Amortization of acquired intangibles Add: Acquisition-related expenses Non-GAAP operating loss Non-GAAP operating margin $ $ $ Q1 $ 44.3 $ $ $ $ 35.8 $ $ $ 35.6 0.1 $ $ $ 81.0% $ $ 1.9 $ FY2021 $ Q2 Q3 50.5 $ 55.2 $ 39.9 1.0 40.9 81.0% $ FY2021 33.9 $ $ $ 45.0 81.0% Q1 Q2 Q3 $ (19.1) $ (484) $ (9.3) $ 44.9 $ $ 0.1 - $ 1.7 $ $ $ $ Q4 $ $ 50.5 82.0% $ 61.8 50.4 0.1 Q4 (7.1) 1.7 $ $ $ - $ $ $(17.2) $ (14.5) $ (7.6) $ (5.5) -39.0% -29.0% -14.0% -9.0% FY2021 $ 211.9 $170.8 $ $ S 172.2 81.0% FY2021 1.4 $ (84.0) $ $ $ $ $ (44.8) -21.0% 39.2 - Q1 $ 66.9 $ 54.2 $ $ 0.1 $ S 54.4 81.0% $ S - $ 1.7 $ Q2 FY2022 Q3 75.1 $ 82.2 62.2 $ 0.1 $ $ $ $ S 62.3 $ 71.3 83.0% 87.0% $ FY2022 711 0.2 $ Q1 Q2 Q3 Q4 $ (15.4) $ (25.1) $ (21.5) $(227.2) $ $ $ $ $ $ 1.5 $ 195.7 $ - $ $ $ $ $ $ $ (13.7) $ (23.6) $ (20.0) $ (31.1) -20.0% -31.0% -24.0% -32.0% Q4 $ 96.6 $69.8 1.5 $ 0.4 $ 13.5 $ $83.7 87.0% 0.4 FY2022 $320.8 $ 257.3 $ $ 0.4 13.9 $ $ 271.6 85.0% FY2022 $ (289.2) $ 0.4 $ 200.4 $ $ $ (88.4) -28.0% Q1 Q2 Q3 Q4 $100.9 $ 113.9 $ 125.3 $135.8 $ $ $ 81.5 $ 3.3 FY2023 0.2 $ $ $ S 96.1 84.4% $ $ 85.0 84.2% 92.3 $ 102.8 $ 112.3 0.2 $ 0.2 3.6 0.3 $ 0.3 3.7 $ 3.2 $ $ $ 106.7 $ 115.9 85.2% 85.3% $ $ FY2023 Q3 Q4 Q1 Q2 $ (784) $ (78.6) $ (77.3) $ (62.9) $ $ 46.3 $ 42.4 $ $ $ $ $ $ $ (32.0) $ (36.0) $ (30.4) $ (26.8) -31,6% -24.2% -31.7% -19.7% 0.2 $ 0.3 $ 0.3 $ 46.7 $ 35.8 $ $ FY2023 $ 475.9 388.9 $ $ 13.8 $ $ 403.7 84.8% 1.0 FY2023 $ (297.2) S $ 1.0 $ 171.2 $ $ (125.1) -26.3% FY2024 Q1 Q2 $ 138.0 $143.2 $ 111.2 $ 113.9 0.4 $ 0.4 $ 4.1 $ 0.4 $ $ 3.4 $ $ 115.0 83.3% $118.8 FY2024 83.0% Q1 Q2 $ (67.8) $ (82.6) $ 0.4 $ 0.4 $ 40.2 $ 46.1 $ $ 0.5 $ $ 0.5 s (27.2) (35.1) -19.7% -24.5% 1. In connection with tender offers and secondary sales of our common stock, stock-based compensation expense for fiscal 2020 and fiscal 2021, included $1.5 million and $32.1 million of expense, respectively, related to the amount paid in excess of the estimated fair value of common stock as of the date of the transactions. © 2023 HASHICORP#4343 GAAP to Non-GAAP Reconciliations ($'s in Millions)¹ GAAP gross profit of license revenue. Add: Amortization of stock-based compensation of capitalized internal-use software Add: Stock-based compensation expense Non-GAAP gross profit of license revenue Non-GAAP gross margin of license revenue GAAP gross profit of support revenue Add: Amortization of stock-based compensation of capitalized internal-use software Add: Stock-based compensation expense Non-GAAP gross profit of support revenue Non-GAAP gross margin of support revenue GAAP gross profit of Cloud-hosted services revenue Add: Amortization of stock-based compensation of capitalized internal-use software Add: Stock-based compensation expense Add: Amortization of acquired intangibles Non-GAAP gross profit of Cloud-hosted services revenue Non-GAAP gross margin of Cloud-hosted services revenue $ $ $ $ $ Q1 $ 6.7 $ 6.7 98.5% $ $ 0.1 $ 29.5 $ $ $ 0.1 $ $ 29.6 $ 83.2% $ $ $ $ $ $ $ $ 0.1 $ 22.0% $ 02 8.3 - - 8.3 FY2021 98.3% 32.7 - 0.8 33.4 83.5% 0.0 - - 0.0 5.2% $ $ $ $ $ 9.2 98.3% $ Q3 9.2 $ $ $ 36.3 - $ $ $ $ $ 11.5 98.8% $ S 36.4 $ 85.0% Q4 11.5 $ 0.1 $ 0.1 40.0 84.9% $ 39.9 $ (0.7) $ (0.2) $ $ (0.7) $ (0.2) -71.9% -9.5% FY2021 35.7 $ $ $ 35.7 98.5% $ 138.4 $ $ 1.1 $ 139.5 $ 84.2% $ (0.7) $ $ $ (0.7) -17.6% $ 10.1 $ $ $ $ $ Q1 $ 44.3 $ $ - $ $ 10.1 99.2% $ - $ 0.1 $ $ 44.4 $ 84.2% 0.0 $ 0.0 0.5% $ 02 $ FY2022 $ $ $ $ 11.8 $ 9.9 99.6% 99.6% 11.8 $ 49.9 $ 0.1 50.0 86.0% $ 1.1 $ 0.0 03 9.9 $ 58.0 - $ $ 0.0 $ $ $ 15.6 99.7% $ 2.8 $ Q4 $ 0.2 $ 7.7 $ 58.2 S 65.0 89.7% 90.5% 15.6 $ 57.3 $ 0.0 $ $ $ $ $ $ $ 1.1 $ 2.8 $ 3.5 30.2% 52.9% 49.9% - 0.6 0.4 2.5 FY2022 $ $ $ $ 47.3 99.5% 47.3 $ 209.5 $ $ 8.1 $ 217.6 $ $ $ - 87.9% 4.6 0.4 2.5 $ $ 7.4 39.9% $ 10.0 $ $ - $ 10.0 96.2% Q1 $ 68.4 $ $ $ $ - 4.0 $ $ $ 2.0 $ 22 $ 70.3 $ 74.2 88.8% 88.1% 0.2 0.6 $ $ Q2 $ $ $ $ $ $ - $ 15.0 $ 17.4 97.7% 97.8% FY2023 15.0 $ $ 72.0 $ - 0.2 $ 0.7 $ $ $ $ 4.8 $ 5.8 $ 54.5% 55.0% $ 03 4.9 $ 17,4 77.4 $ $ 79.5 88.8% - Q4 S 20.2 $ 2.2 $ 2.2 $ 86.2 0.3 $ $ $ 20.2 7.0 $ 62,8% $ 84.0 97.1% $ 89.0% 8.3 0.3 0.6 0.8 $ $ 8.1 $ 9.3 63.9% FY2023 $ $ $ $ $ 301.7 62.5 $ 62.5 97.3% $ 8.5 $ 310.2 $ $ 88.7% 24.3 1.0 2.8 $ $ 28.0 59.8% $ $ Q1 S $ $ $ $ 14.6 $ 16.2 96.1% 97.0% $ 14.6 $ 16.2 - FY2024 - $ 87.1 $ 87.7 $ $ $ 2.3 $ 2.8 $ 89.4 $ 90.5 87.7% 87.0% Q2 - 9.5 $ 10.8 0.4 0.6 $ 0.4 S $ 0.6 $ $ 0.4 $ 10.5 $ 12.2 63.6% 66.3% 1. In connection with tender offers and secondary sales of our common stock, stock-based compensation expense for fiscal 2020 and fiscal 2021, included $1.5 million and $32.1 million of expense, respectively, related to the amount paid in excess of the estimated fair value of common stock as of the date of the transactions. © 2023 HASHICORP H#4444 GAAP to Non-GAAP Reconciliations ($'s in Millions)¹ GAAP gross profit of Total subscription revenue Add: Amortization of stock-based compensation of capitalized internal-use software Add: Stock-based compensation expense Add: Amortization of acquired intangibles Non-GAAP gross profit of Total subscription revenue Non-GAAP gross margin of Total subscription revenue GAAP gross profit of Professional services and other Add: Amortization of stock-based compensation of capitalized internal-use software Add: Stock-based compensation expense Non-GAAP gross profit of Professional services and other Non-GAAP gross margin of Professional services and other $ $ Q1 36.3 $ $ $ $ $ 36.5 $ 0.1 84.7% $ (0.7) $ Q2 $ 40.9 S $ $ S 41.7 FY2021 0.8 84.9% - S $ $ $ $ (1.0) $ S $ 0.0 $ 0.2 $ $ (0.7) $ (0.8) $ -54.5% -56.3% Q3 Q4 44.8 $ 51.3 $ $ $ 44.9 $ 51.4 84.4% 84.9% 0.1 0.1 0.1 $ (0.9) $ 0.0 $ 0.0 0.1 $ (0.9) 3.9% -66.7% FY2021 $ $ $ 173.4 1.1 $ $ 174.4 $ 84.7% $ (2.6) 0.3 $ (2.3) -37.9% 01 $ 54.4 $ $ 0.1 $ $ S $ 54.5 $ 62.9 85.3% 83.2% FY2022 Q2 $ 62.8 $ S $ $ (0.1) $ 0.1 (0.6) $ Q3 $ S $ 0.0 $ $ 0.0 $ $ (0.1) S (0.6) S -8.6% -42.9% 70.7 - $ $ $ 70.9 $ $ 88.5% Q4 0.4 $ 73.5 0.4 0.2 $ 10.2 $ 10.6 $ 2.6 $ $ 84.0 89.0% FY2022 Q1 Q2 $ 261.4 $ 0.4 12 2.9 $ 2.9 $ $ $ $ 272.3 $ 85.1 86.8% 86.5% 86.2% (3.7) $ (4.0) $ 0.0 $ 3.3 0.4 $ (0.3) 19.2% -15.2% $ $ 3.4 S (0.7) -9.2% Q4 $ 823 $ 91.9 $ 101.8 $ 1125 $ 0.2 $ 0.2 $ 0.3 $ 0.3 $ (0.8) $ FY2023 $ $ $ 0.7 $ $ (0.1) S -3.5% $ $ 95.0 $ 105.0 $ 115.6 87.4% 87.5% 0.4 Q3 $ 0.7 $ $ 1.1 29.6% $ 1.0 $ (0.2) 28 33.2% $ FY2023 $ 388.5 $ 10 $ $ 0.7 $ 0.5 $ $ 1.7 $ 0.2 6.8% 11.2 $ $ 400.8 86.9% $ 0.4 2.6 2.9 19.7% $ $ $ Q1 $ FY2024 Q2 111.2 $ 114.7 0.4 S 0.4 2.9 $ $ $ 114.5 85.7% 3.4 S 0.4 $ 118.9 85.5% $ (0.8) $ S $ 0.5 $ 0.7 $ 0.5 $ (0.1) -2.4% 11.4% 1. In connection with tender offers and secondary sales of our common stock, stock-based compensation expense for fiscal 2020 and fiscal 2021, included $1.5 million and $32.1 million of expense, respectively, related to the amount paid in excess of the estimated fair value of common stock as of the date of the transactions. © 2023 HASHICORP#4545 GAAP to Non-GAAP Reconciliations ($'s in Millions)¹ Total TTM GAAP net cash from operating activities Add: Purchases of property and equipment Add: Capitalized internal-use software Non-GAAP TTM Fro Cash Flow Non-GAAP TTM Free Cash Flow Margin © 2023 HASHICORP FY2021 Q1 Q2 Q3 Q4 $ (5.1) $ (4.3) $ (45.1) $ (39.6) $ (48.7) $ (39.6) (40) S (4.6) S (0.4) S (1.0) $ (1.9) $ (2.9) $ (49.5) $ (45.2) $ (55.6) $ (46.8) -35.0% -29.0% -22.0% $ -27.0% FY2021 $ (39.6) $ (4.3) $ (2.9) $ (46.8) -22.0% FY2022 Q1 Q2 Q3 Q4 $ $ $ (20.5) $ (40.7) $ (55.8) $ (56.2) (1.3) $ (0.7) S (0.2) $ (0.2) (3.9) $ (47) S (5.7) $ (6.4) $ (25.7) $ (46.2) $ (61.6) $ (62.8) -11.0% -18.0% -22.0% -20.0% FY2022 $ (56.2) $ (0.2) $ (6.4) $ (62.8) -20.0% FY2023 Q1 Q2 Q3 Q4 $ (723) $ (100.9) $ (93.0) $ (84.5) $ (0.2) $ (0.2) S (0.3) $ (0.3) $ (6.6) $ (7.1) S (7.9) $ (8.7) $ (79.1) $ (108.2) $ (1012) $ (93.5) -22.3% -27.5% -23.2% -19.6% FY2023 $ (84.5) $ (0.3) $ (8.7) $ (93.5) -19.6% FY2024 Q1 Q2 $ (66.9) $ (43.4) $ (0.4) $ (0.6) $ (2.7) $ (10.9) s (70.0) $ (54.9) -13.6% -10.1%