CrowdStrike Holdings (CRWD) is heading into its fiscal second-quarter earnings on Aug. 26 with expectations that are already extremely high. CrowdStrike's last quarter was strong almost everywhere that mattered. Revenue beat expectations, net new ARR accelerated, profitability improved, and management raised its full-year outlook. CRWD stock has climbed 63% year-to-date (YTD), outperforming the broader market. Nonetheless, it is no longer only a question of whether CrowdStrike will beat Wall Street’s estimates in Q2. The cybersecurity company now needs to show that the momentum seen in Q1 will continue to justify its sky-high valuation.