Most people are not paying attention to Domo right now. That is fine. It is actually part of the point.

Domo, Inc. (Nasdaq: DOMO) reports Q1 fiscal 2027 results tomorrow, June 9, after market close. Before getting into what to watch, it helps to understand what Q4 fiscal 2026 already showed, because the last quarter had some numbers in it that most BI coverage either glossed over or missed entirely.

Revenue came in at $79.6 million, ahead of the company’s own guidance ceiling. Billings hit $111.2 million, up 8% year over year, the highest quarterly billings in Domo’s history. Subscription remaining performance obligations reached $437.9 million, also up 8%. Non-GAAP operating margin was 10%. And Non-GAAP EPS came in at $0.03 against a consensus estimate of negative $0.17. That is not a small beat. For the full fiscal year 2026, total billings grew 3% to $318.7 million, which marked the first year of billings growth since fiscal 2023. Adjusted free cash flow hit a company record. Net revenue retention climbed more than four percentage points year over year to above 96%, the sixth consecutive quarter of sequential improvement. When retention is moving in that direction for six straight quarters, customers are not just staying. They are spending more.

Slight tangent, but it matters: the consumption cohort story is the one worth tracking inside these numbers. Customers who adopted Domo’s consumption-based contracts, representing more than $24 million in ARR, posted net revenue retention of 111% in Q4. That group is outgrowing the base. Management said 84% of total ARR is now on consumption pricing and stopped reporting the figure going forward, describing the transition as complete.

Here is what actually changed in the last 12 months on the product side. Domo launched its MCP Server, which connects its AI Toolkits and agents directly to external large language models including OpenAI’s ChatGPT, Google Gemini, and Anthropic’s Claude. The platform already pulls from more than 1,000 pre-built data connectors. What the MCP layer does is turn Domo into something closer to a governed data delivery system for AI workflows rather than just a dashboarding tool. That distinction matters more than it sounds. The companies buying AI infrastructure right now are discovering that the hard part is not the model. It is getting clean, structured data to the model in real time. Domo sits in that gap, serving mid-market and enterprise clients across retail, healthcare, and manufacturing, organizations typically running 75 to 5,000 employees that have fragmented data and limited internal data engineering capacity.

Forrester named Domo a Strong Performer in its Wave evaluation with perfect scores across 11 criteria including GenAI architecture and natural language query accuracy. Nucleus Research put customer ROI at $6.93 per dollar invested, with a reported 35% lift in user productivity and 20% reduction in technology costs across its customer base.

The risks are real and worth naming directly. Revenue growth is modest, up just 1.1% year over year in Q4. The company is not GAAP profitable. Snowflake, Databricks, and Microsoft are all building in overlapping directions. Some enterprise buyers using the consumption model have flagged unexpected cost scaling. And management did not issue specific forward guidance for fiscal 2027, pointing instead to an ongoing strategic alternatives review. That phrase can mean a lot of different things and right now it is ambiguous by design.

Tomorrow’s report is a live read on mid-market cloud BI demand from a company that touches hundreds of corporate clients across the exact segments feeling the most pressure to modernize data infrastructure ahead of broader AI deployment. Whether that demand is accelerating, holding steady, or starting to soften is the question.

The strategic alternatives review may also move forward in some form. Worth watching that just as closely as the revenue line.