Nirav Tolia

In 2010 when we started @Nextdoor, we were driven by a simple but concerning realization: while technology had done a great job of making the virtual world more accessible, the resulting shift in behavior had resulted in an erosion of our connection to the physical world. Said more simply, we spend too much time scrolling, and not enough time strolling. Nextdoor was founded to change that; to bring back a sense of community to the neighborhood. We chose a house for our logo because it felt right—community starts with neighborhoods, and neighborhoods start with homes. Since then, we've made consistent progress. Over 100 million neighbors across 11 countries have joined Nextdoor. But to be honest, it’s not good enough. And that is because our product is not good enough. The potential of Nextdoor to help build stronger, safer, and happier local communities is far greater than the reality of our app. But hopefully we can change that. Today we are launching the NEW Nextdoor – bolstered by the most significant improvements we've ever made to our product and complete with our original house logo. Everything is based around keeping neighbors informed, safe, and smart. This excerpt from @FastCompany says it all: "The new Nextdoor is moving away from its message-board past toward a more informative offering of geographically relevant real-time alerts, local news from vetted publishers, and a more accessible pool of neighborhood knowledge undergirded by artificial intelligence. The type of stuff you may have seen on Nextdoor over the past 14 years—notices about lost or found pets, questions about whether or not anyone else’s power is out, that cranky neighbor who posts a bit too often—will largely be replaced by a feed of information that prioritizes relevance and utility." Relevance, utility, – and most importantly – community. Because more than anything, we believe in the power of local community… to bring neighbors together and create stronger, safer, and happier neighborhoods for all involved. Thank you for your support and encouragement and please join us on the journey. The new Nextdoor is just beginning, and we would love your feedback on how we can help you – and neighbors everywhere make the most of their neighborhoods. Welcome to the new Nextdoor. Welcome home.

Last Wednesday was a great night at @SMU's Cox William S. Spears Institute for Entrepreneurial Leadership. I hosted a fireside chat with friend and fellow shark @kevinolearytv on entrepreneurship and execution. I loved being on stage with Kevin again, this time as Mustangs. We talked about the moments that push people to become entrepreneurs, how to stay focused on what actually matters, and why execution separates winners from everyone else. The takeaway that stuck with me: your equity as an entrepreneur doesn't go down when you fail — it goes up. Every failure makes you sharper and more prepared for the next opportunity. Don't play it safe. Growth comes from taking the risk most people avoid. Thanks to SMU Spears Institute for hosting, and to everyone who came out.

Proud to announce that Tony Castellanos is Nextdoor's new Executive Vice President, People. Tony has built a People org here that doesn't just support the company — it shapes it. He brings the analytical rigor of a strategist and the instincts of someone who genuinely cares about people. The best combination you can ask for in this role. Congrats, Tony! blog.nextdoor.com/tony-castellan…

Had a great time sitting down with @claudiaclaurie and @MadsMcIlwain from @The_RoomPodcast to kick off their Season 14. We covered a lot of ground: growing up in Odessa, the early Yahoo days, what it actually took to build Nextdoor, and why I think AI should act more like an advisor than a driver in people's lives. Give it a listen: open.spotify.com/episode/4QnHpx…

Thrilled to welcome @IamMooch to Nextdoor as our new VP of North America Sales. 20+ years at Snap, T-Mobile, Hulu — he knows how to build teams and help brands unlock a truly differentiated audience. He's joining at a pivotal moment. Nextdoor's advertising platform is built on something most platforms can't offer or replicate: first-party Verified Location Identity data — 105 million real, verified neighbors with known locations and real purchasing influence.

I'll be honest: when we published the 2026 @Nextdoor Friendliest Neighborhoods list, the first thing I did was look up Dallas. South Winnetka Heights: #1. My neighborhood, Highland Park: #7. Every ranking on this list was earned through real moments between real neighbors on Nextdoor. Go see where your neighborhood stands: blog.nextdoor.com/introducing-th…

@auren Thanks for having me on the show – grateful for our friendship of almost 30 years!

@niravtolia this was such a great pod!

Joined my longtime friend @auren on Summation to talk about neighbors, community, and the most underrated resource in your life. Spoiler: it's the person next door. youtube.com/watch?v=uf5eC0…

Grateful to sit down with @jonfortt on @CNBC's Fortt Knox after Nextdoor's strongest financial quarter yet. We talked about what AI means for platforms built on real people… and why I think trust and human connection — and @Nextdoor — are only going to matter more. Watch here: cnbc.com/video/2026/02/…

There is a great email newsletter called “199” from the great @TomBrady. Here’s a snippet that I loved from the most recent version: Nothing truly great has ever been accomplished by people acting from a place of fear. Almost without exception, greatness is a product of acting _in the face_ of fear. Of seeing possibilities where others see problems. Of picturing success instead of failure. Of not just rejecting the fear of failure, but rejecting failure itself as something permanent. Because failure is never the end. Only quitting is. Failure is just another opportunity to succeed at figuring something out and to build the self-confidence to try anything.

For nearly 27 years, @bgurley has been my main investor, inspiring mentor, and good friend. He's shaped so much about how I think about work – and how I think about life. His new book, Runnin’ Down a Dream, isn’t just career or business advice – it’s a playbook for finding work you actually love and avoiding the trap of career regret, grounded in real profiles and timeless principles from people at the top of their fields. This is definitely one to read and savor. Grab your copy here: amazon.com/Runnin-Down-Dr…

Joined @BrianSozzi at @YahooFinance this morning to talk Q4 — our strongest financial quarter ever — and what's next for @Nextdoor. Quick takes: → Two years focused on driving engagement that actually matters. It's showing up in the numbers. → AI isn't just another transition. It's revolutionary. Use it for hours a day or you'll miss it. → $405M in cash. We control our own destiny. What to expect from Nextdoor in 2026: Rolling thunder, not big bangs. 👇 finance.yahoo.com/video/nextdoor…

🚀 $NXDR Q4 UPDATE: Every metric hit a record. EBITDA breakeven came 12 months early. The CEO called it "underappreciated." The new CFO delivered institutional discipline on his first call. The stock has dropped 18% since my 12/10 thesis. Here's why the mispricing just got wider. 🧵👇 On December 10th, I published a full framework on Nextdoor at $2.00 — arguing it was the most mispriced agentic-AI platform of the 2020s. Since then, Q4 confirmed every pillar of the thesis. And the stock fell to $1.65. THE Q4 RECEIPTS: • Revenue: $69M (+7% YoY) — company record • Adjusted EBITDA: +$8M (+11% margin) — company record • Self-serve revenue: +32% YoY — 60% of total, growth engine intact • ARPU: +13% YoY — ACCELERATED from +8%, without increasing ad load • GAAP net loss: -$4M — 13pp YoY improvement • Cash: $405M, ZERO debt — UP despite share buybacks • Revenue per employee: +26% YoY • Full-year EBITDA: POSITIVE — was targeting FY2026, hit it in FY2025 • That's a $70M+ EBITDA swing in 24 months Three consecutive EBITDA guidance beats. Conservative guidance culture — the same pattern you see at Apple and Caterpillar. Systematically underpromise, consistently overdeliver. THE NEW CFO: Indrajit Ponnambalan. First earnings call. Ex-Premion (Fox's CTV ad platform), Match Group, Time Warner Cable, AOL. This is ad-tech monetization DNA — hired to SCALE revenue, not just manage a balance sheet. His first-call language: "We do not assume that access to capital markets will always be readily available for companies of our size." "Any use of cash must exceed our return on investment thresholds." You don't hear this from a sub-$300M revenue company. This is institutional discipline arriving at exactly the right time. THE CEO'S OWN THESIS: For the first time, Tolia articulated a Five-Pillar Investment Thesis on an earnings call: 1️⃣ Neighborhood Graph — 350K neighborhoods, 105M verified, ~1/3 of US households 2️⃣ Intent-Driven Engagement — real-world decisions, not passive scrolling 3️⃣ Multiple Monetization Pathways — ads, lead gen, SMB self-serve 4️⃣ Validated Business Model — retention, revenue per employee, operating leverage 5️⃣ Founder's Mentality — long-term thinking, disciplined capital allocation I wrote a framework in December. In February, the CEO published his own. They're the same thesis. Then he said: "We believe [Nextdoor] remains underappreciated." It's the first valuation comment he has made since he came back. He said it from $1.65, after every metric was a record. THE MISPRICING MATH: Market cap at $1.65: ~$627M Cash: $405M, zero debt Enterprise value: ~$222M FY2025 revenue: $263M (growing, now profitable) EV/Revenue: 0.84x In December it was 0.95x. The company got better. The ratio got cheaper. Reddit ( $RDDT ) trades at ~14.6x forward revenue. Apply that to $NXDR's ~$275M FY2026 consensus: 14.6 × $275M = $4.0B EV + $405M cash ≈ $4.4B market cap ÷ 380M shares = ~$11.60/share. Stock today: $1.65. That's a 7x gap to peer-level valuation. THE STRUCTURAL BLINDSPOT: 3 analysts cover $NXDR. The same 3. For 3 straight quarters. Zero new initiations despite improving financials every quarter. Q4 had more retail investor questions (4) than analyst questions (3). The company added a retail Q&A section because Wall Street won't show up. No coverage → no price targets → no institutional triggers → no buying. This is not a fundamental problem. It's a visibility problem. And visibility problems resolve violently in micro-caps. WHAT I'M WATCHING (honest risks): ⚠️ WAU declined 3 consecutive quarters (21.8M → 21.0M) — Tolia says intentional (notification reduction, paused acquisition, rebuilding cold start). ARPU acceleration supports this. But it needs to stabilize. ⚠️ Revenue still modest ($263M). This is early. ⚠️ No dual-class governance. Founder can be removed. ⚠️ Lead-gen and Recommendations still pre-revenue. I'm not hiding the risks. I'm saying the risk/reward at 0.84x EV/Revenue, $405M cash, a founder-CEO who just beat every target, and a new CFO hired to scale monetization — is asymmetric. THE PATTERN: • $CVNA at $3.50–$11 → $486 • $OPEN at $0.51–$0.73 → $10.87 • BTQ at $0.21 → $16 We started buying $NXDR at $1.70. The setup is always the same: real execution, ignored by the market, trading below intrinsic value by an order of magnitude. Dismissal → Evidence → Narrative shift → Re-rating. Q4 moved Nextdoor from phase one to phase two. The evidence is arriving. The market hasn't engaged. Nextdoor isn't a social network. It's the verified neighborhood graph — 105M real identities, real proximity, real trust — and it just proved the business model works. The neighborhood is the next platform. Nextdoor is the first mover. The Q4 earnings confirmed it. The stock is 18% cheaper than when I told you. $NXDR 🚀

Three takeaways from @Nextdoor’s Q4 & FY2025 earnings: 1️⃣ Strongest financial quarter ever. $69M in Q4 revenue (+7% YoY). Delivered full-year positive Adjusted EBITDA — 12 months ahead of schedule. 2️⃣ Validated business model. Improving engagement quality, rising monetization leverage, and emerging operating discipline. 3️⃣ Scaled and durable foundation. 105M+ verified neighbors across 350,000 neighborhoods and $405M in cash and marketable securities. We’re building around a differentiated asset — a verified neighborhood graph — with a founder’s mentality focused on long-term network health and capital discipline. Our opportunity hasn’t changed. Our execution has. More: investors.nextdoor.com $NXDR

Join us on Feb 18 for Nextdoor's Q4 and Full-Year 2025 earnings call. We'll share updates on our progress and what's ahead. Details at investors.nextdoor.com

Honored to be included in @Inman's 2026 Power Players. This belongs to the @Nextdoor team — they're the ones doing the hard work to activate the power of local when the world needs it most. Thank you. inman.com/power-players-…

Nextdoor will report Q4 and FY2025 financial results on February 18, 2026. As part of our commitment to broad shareholder engagement, we invite all investors to submit questions for the live Q&A by emailing ir@nextdoor.com through February 17, 2026 at 5:00 p.m. PT. businesswire.com/news/home/2026…

Your holiday display: 🎄✨ What creatures it attracts: 👀🌌 We've teamed up with @netflix's Stranger Things for a holiday lights contest, ending 12/22. Show us your lights (demogorgon-level or santa-approved, we're not picky) → st5holidaycontest.com

Great time at the CEO Dinner last week hosted by @dickc. Hard to believe these monthly gatherings have been going on for over 17 years now! It’s always a privilege to share quality time with dedicated founders and CEOs who are focused on building products that improve the world and businesses that stand the test of time. This group is one of the most important communities in my life and one of many reasons that I am thankful this Thanksgiving holiday. Happy turkey day, everyone!

It was a privilege to join my friend and mentor James Allen on his Founder’s Mentality podcast. Our conversation was a special one - Jimmy has shaped my thinking as a leader and a person. We talked about evolving one’s leadership, building real community, and teaching companies to both develop and deliver. As always, Jimmy distilled it all into lessons every founder can use. Thank you, Jimmy. For your friendship, mentorship, and for helping leaders build better companies and a better world. Please take a listen to our whole conversation here: youtube.com/watch?v=mZyKn0…