two Earnings Recaps
Q1 2026
Apr 29, 2026
Shares of A10 Networks declined 3.8% following earnings, as the market reacted to signs of deceleration in key growth metrics and management’s cautious tone regarding the durability of recent large enterprise deals. Despite reporting double-digit revenue growth, investor concern appeared focused on the sustainability of momentum amid mention of timing-driven benefits and significant customer concentration this quarter.
Key takeaways
- Revenue grew 13.4% year-over-year to $75 million, with product revenue up 22.3%.
- A single customer related to an AI infrastructure build-out accounted for 5% of total revenue this quarter, highlighting heightened customer concentration risk and suggesting growth was partly timing-driven.
- Management cited the benefit from large orders in the enterprise segment, but characterized this as related to timing, implying growth rates may not be sustainable.
- Trailing 12-month adjusted EBITDA margin was 29.7%, consistent with the company’s profitability targets and past performance.
- Commentary emphasized alignment with longer-term AI demand but stopped short of reiterating a clear acceleration or upward revision to outlook.
Q3 2025
Nov 5, 2025
A10 Networks reported a robust Q3 2025 with nearly 12% year-over-year revenue growth, driven by strong demand for AI infrastructure and cybersecurity solutions, offsetting macroeconomic headwinds.
Key takeaways
- Revenue reached $74.7 million, with product revenue growing 17% and service revenue increasing by 6% year-over-year.
- EBITDA margins expanded to 29.3%, up from 26.7%, indicating effective cost management amidst continued R&D investment.
- The Americas region saw a remarkable 25% revenue increase on a trailing 12-month basis, underscoring significant enterprise spending on AI.
- Leadership transition to CFO Michelle Caron is expected to enhance financial discipline and support strategic growth initiatives.
- Full-year growth rate is projected to be around 10%, reflecting confidence in A10's positioning within the AI and cybersecurity markets.