Experience is difficult to learn. After 30 plus years of critically analyzing the nuts and bolts of businesses as diverse as airlines, oil, retail, mining to fintech and ecommerce plus the macro, monetary and political drivers. I continue to immensely enjoy learning and applying my experience to unravel, comprehend and benefit from new ideas, technology, innovation and business models. In addition, living through multiple crises, tequila, Asia, dotcom, 9/11, the great recession and the Covid19 pandemia, plu ...

Exposure Management Leadership Council created to mature exposure management into a proactive security disciplineCOLUMBIA, Md., Sept. 18, 2025 (GLOBE NEWSWIRE) -- Tenable® (NASDAQ: TENB), the exposure management company, today announced the formation of the Exposure Management Leadership Council, a new working group dedicated to developing and advancing principles, best practices, policies and frameworks for exposure management. Composed of Chief Information Security Officers (CISOs) and cybersecurity leade ...

Core Insights - Tenable has been ranked first in worldwide market share for exposure management in the IDC report for 2024, marking seven consecutive years of market share leadership [1][4][6] - The company attributes its success to early adoption of exposure management concepts, a strong partner ecosystem, and a channel-first strategy [2][4] - The Tenable One platform integrates data from over 300 security tools, providing a unified, AI-powered view of exposures across various attack surfaces [3][4] Company Developments - Tenable recently acquired Apex Security to enhance its AI capabilities, launching Tenable AI Exposure to improve visibility into AI usage and associated risks [5] - The IDC report emphasizes that exposure management offers a more comprehensive view than traditional vulnerability management, focusing on the fusion of multiple exposure sources [6] - Tenable was also recognized as a Leader in the IDC MarketScape: Worldwide Exposure Management 2025 Vendor Assessment [6]

Survey findings point to rapid growth of hybrid, multi-cloud and AI systems creating blind spots and complexity that leads to riskCOLUMBIA, Md., Sept. 10, 2025 (GLOBE NEWSWIRE) -- Tenable®, (NASDAQ: TENB) the exposure management company, today released its State of Cloud and AI Security 2025 report, revealing that the rapid growth of hybrid, multi‑cloud and AI systems has outpaced cloud security strategies, creating new layers of complexity and risk. According to the study, 82% of organizations now operate ...

Group 1 - Tenable Holdings, Inc. is recognized as a strong cybersecurity stock, with Stifel maintaining a 'Hold' rating and a price target of $35 following discussions with Co-CEO Steve Vintz [1][2] - The company has a gross profit margin of 78% and aims to increase this margin through its Tenable One and Cloud Security offerings, which are expected to enhance revenue growth currently at 11.4% over the last 12 months [2][4] - Stifel is focusing on developing a preemptive exposure management platform that integrates visibility, insight, and action, while also anticipating growth in operational technology and cybersecurity sectors [3][4] Group 2 - Tenable Holdings operates as an Exposure Management company, providing organizations with insights into their cyber risk by analyzing their attack surfaces, including IT infrastructure and cloud environments [4]

Company Overview - Tenable has been recognized as a Leader in the IDC MarketScape: Worldwide Exposure Management 2025 Vendor Assessment, highlighting its strong position in the exposure management sector [1] - The company's flagship platform, Tenable One, is noted for its ability to unify visibility, insight, and action across various attack surfaces, including IT, cloud, AI, identity, and operational technology [2][3] Product Features - Tenable One offers over 300 integrations, making it the most interconnected exposure management platform available [2] - The platform provides a complete, contextualized view of risk and advanced prioritization, enabling organizations to focus on critical areas [2][3] - Tenable's AI-driven analytics enhance risk prioritization and accelerate response times, with features like generative AI for remediation guidance and attack path generation [3][6] Market Insights - The IDC MarketScape emphasizes the need for proactive cybersecurity solutions that offer comprehensive attack surface visibility and risk prioritization [3] - Organizations are encouraged to consider Tenable One for its ability to consolidate siloed risk data and integrate both Tenable-native and third-party data sources [3] - The report highlights the importance of addressing security silos as attack surfaces expand, particularly with the rise of AI [3] Recent Developments - Tenable has introduced Tenable AI Exposure, a solution designed to manage risks associated with generative AI, which is integrated into Tenable One [3] - The company has also enhanced its Vulnerability Priority Rating (VPR) using generative AI to improve precision in identifying significant risks [3]

COLUMBIA, Md., Aug. 21, 2025 (GLOBE NEWSWIRE) -- Tenable® (NASDAQ: TENB), the exposure management company, today announced the appointment of Matthew Brown as Chief Financial Officer, effective immediately. Brown succeeds Steve Vintz, who recently was appointed as a Co-Chief Executive Officer of the Company alongside Mark Thurmond. Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company's AI-powered exposure manage ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Tenable Holdings, Inc.'s unaudited consolidated financial statements for Q2 2025, showing increased revenue but a wider net loss [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The balance sheets reflect a decrease in total assets driven by lower cash, offset by increases in goodwill and acquired intangible assets Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $175,025 | $328,647 | | Goodwill | $697,769 | $541,292 | | Acquired intangible assets, net | $128,860 | $94,461 | | Total assets | $1,656,572 | $1,742,119 | | **Liabilities & Equity** | | | | Deferred revenue (Current) | $624,548 | $650,372 | | Term loan, net | $355,439 | $356,705 | | Total liabilities | $1,305,873 | $1,342,165 | | Total stockholders' equity | $350,699 | $399,954 | - Total assets decreased from **$1.74 billion** at year-end 2024 to **$1.66 billion** at June 30, 2025, primarily due to a significant decrease in cash and cash equivalents. Goodwill and acquired intangible assets increased, reflecting recent business acquisitions[11](index=11&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) The statements of operations show increased revenue for the quarter and six-month periods, but a widening net loss due to higher operating expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $247,295 | $221,241 | $486,432 | $437,202 | | Gross Profit | $192,861 | $172,443 | $379,538 | $339,472 | | Loss from operations | $(7,448) | $(8,818) | $(25,159) | $(17,748) | | Net loss | $(14,706) | $(14,572) | $(37,641) | $(28,958) | | Net loss per share | $(0.12) | $(0.12) | $(0.31) | $(0.25) | - Revenue increased by **11.8%** YoY for the second quarter and **11.3%** for the first six months of 2025. However, the net loss for the six-month period widened from **$(29.0) million** in 2024 to **$(37.6) million** in 2025, driven by higher operating expenses, particularly in Research and Development and General and Administrative[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash from operations significantly increased, but overall cash decreased due to substantial outflows for acquisitions and treasury stock purchases Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $129,870 | $81,750 | | Net cash used in investing activities | $(168,766) | $(44,485) | | Net cash used in financing activities | $(116,304) | $(37,853) | | Net decrease in cash | $(153,622) | $(3,665) | - Cash from operations increased significantly in the first half of 2025 compared to 2024. However, cash used in investing activities rose sharply due to **$196.2 million** spent on business combinations. Financing activities also saw increased cash usage, primarily from **$125.0 million** in treasury stock purchases[21](index=21&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes explaining the accounting policies and specific line items within the consolidated financial statements [Note 2: Revenue](index=10&type=section&id=2.%20Revenue) This note details revenue composition, highlighting significant reliance on channel partners and strong growth in remaining performance obligations Revenue by Type (in thousands) | Revenue Type | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | Subscription revenue | $228,031 | $448,474 | | Perpetual license and maintenance | $11,411 | $22,963 | | Professional services and other | $7,853 | $14,995 | | **Total Revenue** | **$247,295** | **$486,432** | - The company has a significant concentration of revenue from its channel network, which accounted for **94%** of revenue in the first six months of 2025. One distributor represented **32%** of revenue during this period[33](index=33&type=chunk) - Total remaining performance obligations (RPO) grew to **$889.1 million** as of June 30, 2025, up from **$747.5 million** a year prior, indicating a strong backlog of future revenue[35](index=35&type=chunk) [Note 6: Acquisitions, Goodwill and Intangible Assets](index=14&type=section&id=6.%20Acquisitions%2C%20Goodwill%20and%20Intangible%20Assets) This note details recent acquisitions, including Vulcan Cyber and Apex Security, and their impact on goodwill and intangible assets - In the first half of 2025, Tenable completed two acquisitions: Vulcan Cyber Ltd. for **$148.5 million** in cash and Apex Security, Inc. for **$47.8 million**[46](index=46&type=chunk)[47](index=47&type=chunk) - As a result of the acquisitions, goodwill increased by **$156.5 million** during the first six months of 2025, reaching a total of **$697.8 million**[51](index=51&type=chunk) [Note 10: Stock-Based Compensation](index=18&type=section&id=10.%20Stock-Based%20Compensation) This note details stock-based compensation expenses across departments, including a significant one-time expense for the former CEO's equity awards Stock-Based Compensation Expense (in thousands) | Department | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cost of revenue | $6,775 | $6,270 | | Sales and marketing | $34,448 | $31,576 | | Research and development | $28,267 | $22,960 | | General and administrative | $32,939 | $20,311 | | **Total** | **$102,429** | **$81,117** | - Stock-based compensation for the first six months of 2025 included **$14.6 million** of expense related to the accelerated vesting of equity awards for the company's late CEO[66](index=66&type=chunk) [Note 13: Segment and Geographic Information](index=21&type=section&id=13.%20Segment%20and%20Geographic%20Information) This note confirms the company operates as a single segment and provides revenue breakdown by region, highlighting US revenue concentration - The company operates as a single operating segment[79](index=79&type=chunk) Revenue by Region for Six Months Ended June 30 (in thousands) | Region | 2025 | 2024 | | :--- | :--- | :--- | | The Americas | $299,944 | $271,237 | | Europe, Middle East and Africa | $131,031 | $116,358 | | Asia Pacific | $55,457 | $49,607 | | **Total** | **$486,432** | **$437,202** | - Customers in the United States accounted for **53%** of total revenue in the first six months of 2025[80](index=80&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting an 11% revenue increase, GAAP operating loss, non-GAAP operating income, rising expenses, and strong liquidity Key Operating and Financial Metrics | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Calculated Current Billings (in thousands) | $238,585 | $221,145 | $453,945 | $418,902 | | Free Cash Flow (in thousands) | $37,416 | $28,663 | $117,646 | $75,792 | | Dollar-Based Net Expansion Rate | 107% | 109% | N/A | N/A | - Revenue for Q2 2025 increased by **$26.1 million** (**12%**) year-over-year, with **$24.1 million** of the increase coming from existing customers[133](index=133&type=chunk) - Research and Development expenses rose **31%** in Q2 2025 compared to Q2 2024, primarily due to a **$12.0 million** increase in personnel costs[137](index=137&type=chunk) - General and Administrative expenses for the first six months of 2025 included **$15.5 million** in termination benefits related to the passing of the company's Chairman and CEO[127](index=127&type=chunk)[149](index=149&type=chunk) - The company's stock repurchase program has purchased a total of **6.3 million shares** for **$239.9 million** since its inception. The Board increased the authorization by an additional **$250 million** in July 2025[159](index=159&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include interest rate, foreign currency, and inflation, with interest rate risk potentially increasing 2025 expense by $1.2 million - The company is exposed to interest rate risk through its **$375.0 million** Term Loan, which has a variable interest rate based on SOFR. A one percentage point increase in the rate would increase 2025 interest expense by **$1.2 million**[172](index=172&type=chunk) - Foreign currency exchange risk is mainly from operating expenses incurred in currencies like the Euro, British Pound, and Israeli New Shekel, as most sales contracts are denominated in U.S. dollars[173](index=173&type=chunk) - While inflation has not had a material effect so far, the company acknowledges that rising costs for employees and third-party cloud infrastructure could become a significant pressure[174](index=174&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Based on an evaluation, the Co-Chief Executive Officers concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[176](index=176&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[178](index=178&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its business or financial condition - Tenable is not presently a party to any legal proceedings that would be expected to have a material adverse effect on the company[181](index=181&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) This section highlights new and updated material risks, including generative AI integration, channel partner reliance, government sales uncertainties, and macroeconomic instability - The use of generative AI in products like ExposureAI introduces risks of inaccurate output, data privacy concerns, and navigating an emerging and uncertain legal and regulatory landscape, such as the EU's Artificial Intelligence Act[183](index=183&type=chunk)[184](index=184&type=chunk)[186](index=186&type=chunk) - The company has a high concentration of revenue from its channel partners, with **94%** of revenue in H1 2025 derived from this network. A single distributor, Ingram Micro, accounted for **32%** of revenue, posing a significant dependency risk[189](index=189&type=chunk) - Sales to government entities are subject to risks from budgetary cycles, funding authorizations, and potential spending reductions, such as those proposed by the Department of Government Efficiency (DOGE), which could elongate sales cycles in the second half of 2025[191](index=191&type=chunk) - Unstable market conditions, including inflation, high interest rates, and trade tensions, may cause customers to defer or reduce spending, which could adversely impact business[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered equity sales and details Q2 2025 stock repurchases, with the Board increasing authorization by $250 million in July 2025 Issuer Purchases of Equity Securities (Q2 2025) | Period | Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 40 (thousands) | $33.17 | | May 2025 | 1,203 (thousands) | $32.43 | | June 2025 | 800 (thousands) | $32.48 | | **Total** | **2,043 (thousands)** | **$32.47** | - In July 2025, the Board of Directors increased the stock repurchase authorization by **$250 million**[206](index=206&type=chunk) [Other Information](index=50&type=section&id=Item%205.%20Other%20Information) The company amended Co-CEO employment agreements in August 2025, enhancing severance benefits from 12 to 18 months of base salary upon certain terminations - Employment agreements for Co-CEOs Stephen Vintz and Mark Thurmond were amended following their permanent appointment in April 2025[207](index=207&type=chunk) - Severance benefits for termination without cause or resignation for good reason were enhanced, increasing continued base salary payments from **12 months** to **18 months**[210](index=210&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including amended executive employment agreements and SOX certifications - The report includes a list of filed exhibits, such as the Amended and Restated Certificate of Incorporation, amendments to executive employment agreements, and certifications by the Principal Executive Officer[214](index=214&type=chunk)

Core Insights - Tenable has launched Tenable AI Exposure, a solution designed to manage and control risks associated with generative AI tools like ChatGPT Enterprise and Microsoft Copilot, providing organizations with unprecedented visibility and control [1][2][3] Group 1: Product Features - Tenable AI Exposure offers an end-to-end approach that includes discovery, risk management, and policy enforcement for enterprise AI platforms [1][2] - The solution integrates into the Tenable One platform, providing a unified view of risk across the entire attack surface, combining capabilities from Tenable AI Aware, AI Security Posture Management (AI-SPM), and new governance features [4][8] - The deployment of Tenable AI Exposure is agentless and can be set up in minutes, allowing for rapid coverage [3] Group 2: Market Context - As businesses adopt generative AI to enhance productivity, they are creating new security challenges that lack visibility, making it difficult for security teams to monitor sensitive data exposure and potential manipulations by attackers [2] - The introduction of Tenable AI Exposure addresses the entire lifecycle of AI security challenges, moving beyond mere discovery to comprehensive management [2][3] Group 3: Availability and Demonstration - Tenable AI Exposure is currently available through a private customer preview program, with general availability expected by the end of 2025 [4] - A demonstration of Tenable AI Exposure is being showcased at Black Hat USA 2025, highlighting its capabilities [5]

Group 1 - The Q2 earnings season reveals that markets are struggling to maintain recent all-time highs, with even strong earnings failing to support many momentum stocks [1] - Gary Alexander, with extensive experience in technology companies and startups, provides insights into current industry themes and has been a contributor to Seeking Alpha since 2017 [1] Group 2 - The article does not provide specific financial data or performance metrics related to companies or industries [2][3]