HashiCorp Investor Day Presentation Deck

36 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

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