PTC - Q1 FY26 and update on go-to-market progress
"the whole game is to build a durable, accelerating growth company"
Friends of NFTBC
It has been a particularly dramatic couple of weeks for software stocks since I wrote to you with my musings about PTC and AI. As I wrote at the time, with the rise of generative AI it’s clear that some species of software could be more at risk than others. No doubt the debates among investors will continue to rage on for quite some time. I have made the case that in the near- to medium-term AI is more complementary to PTC’s business model rather than threat. And then for the medium- to longer-term, PTC starts from a position of strength: “I would argue AI is their game to lose even if success is yet to be secured”.
Since the software-AI drama began this year, it feels as though PTC could be receiving some benefit of the doubt. But we’ll have to see how this evolves over time.
There will be further things to say on this topic in the months ahead, but this post will be more directly about the progress in PTC’s ongoing go-to-market transformation and the prospect of a durable business re-acceleration in the near future. PTC reported earnings this week and there are a few points worth noting for those of you with an interest in the stock. For those who are new to the story, feel free to check out my previous PTC posts here (behind paywall, but with previews).
[NFTBC does not give advice - please do your own research. I currently own shares in PTC]
