Core Insights - Leidos and RegScale are collaborating to enhance digital security for federal agencies, particularly the Department of War, by integrating Leidos' UpHold Armor with RegScale's Continuous Controls Monitoring (CCM) platform [1][2] Group 1: Partnership and Objectives - The partnership aims to automate security processes, strengthen cyber defenses, reduce operational risks, and allow federal agencies to focus on their primary missions [2][4] - The initial deployment of the integrated solution will support the U.S. Air Force and other federal organizations in modernizing their cybersecurity operations [2][3] Group 2: Technology and Benefits - UpHold Armor incorporates automated risk management into daily operations for both modern and legacy systems, while RegScale's CCM platform continuously monitors security controls and collects necessary compliance evidence [3][4] - This collaboration allows agencies to transition from periodic audits to continuous compliance, improving security visibility and reducing the complexity and cost associated with audits [4][7] Group 3: Strategic Focus - This initiative is part of Leidos' NorthStar 2030 strategy, which emphasizes digital modernization [5] - Leidos reported annual revenues of approximately $16.7 billion for the fiscal year ending January 3, 2025, indicating a strong financial position to support such initiatives [6]

Core Insights - Zscaler, Inc. will release its second quarter fiscal year 2026 earnings on February 26, 2026, after market close [1] - An investor conference call will be held on the same day at 1:30 p.m. Pacific time to discuss the earnings results [1][2] Company Overview - Zscaler is a global leader in zero trust security, serving large businesses, critical infrastructure organizations, and government agencies [3] - The company operates over 160 data centers worldwide and utilizes its Zero Trust Exchange™ platform combined with advanced AI to combat cyber threats and policy violations [3] - Zscaler's solutions aim to enhance productivity for modern enterprises by reducing costs and complexity [3]

Core Viewpoint - Allot Ltd. will host a conference call to discuss its fourth quarter and full year 2025 financial results on February 25, 2026, at 9:00 AM ET [1]. Group 1: Financial Results Announcement - The unaudited financial results for the quarter and the full year will be published prior to the conference call [2]. - The conference call can be accessed via specific dial-in numbers for the US, UK, and Israel [2]. Group 2: Company Overview - Allot Ltd. is a leading provider of innovative Security-as-a-Service (SECaaS) and network intelligence solutions for communications service providers and enterprises [3]. - The company enhances value for its customers through solutions deployed globally for network-native cybersecurity services, analytics, and traffic control [3]. - Allot's solutions are utilized by over 500 service providers and more than 1000 enterprises worldwide, with its security-as-a-service solution serving millions of subscribers globally [3].

Core Viewpoint - CrowdStrike Holdings Inc. is positioning itself for significant growth by acquiring SGNL for $740 million to enhance its cybersecurity offerings against AI-driven threats [1][7]. Group 1: Acquisition Details - The acquisition of SGNL focuses on its continuous identity technology, which conducts real-time evaluations to prevent identity exploitation by hackers [1]. - SGNL's technology will be integrated into the CrowdStrike Falcon ecosystem, enhancing CrowdStrike's identity business, which has already achieved over $435 million in annual recurring revenue [2]. - The integration aims to transition from static access models to dynamic, context-aware authorization, allowing for immediate privilege adjustments based on changing threat conditions [3]. Group 2: Strategic Implications - This acquisition aligns with CrowdStrike's broader strategy for 2026, which includes utilizing autonomous AI agents in its security operations center to significantly reduce the time required for complex security tasks [3]. - SGNL's team is expected to join CrowdStrike without planned layoffs following the transaction's anticipated closure in the first quarter of 2027 [3]. Group 3: Company Overview - CrowdStrike provides cybersecurity solutions both in the US and internationally, offering a unified platform for cloud-delivered protection of endpoints, cloud workloads, identity, and data through a SaaS subscription model [4].

Core Insights - WISeKey International Holding Ltd and its subsidiary WISeSat have signed a commercial agreement with Latitude to assess the orbital launch of a secure IoT satellite constellation, aiming to deploy 100 satellites by 2029 to enhance global IoT connectivity and environmental monitoring [1][5][9] Group 1: Strategic Collaboration - The partnership with Latitude is aimed at developing the Zephyr Launcher, a small orbital rocket designed to meet the deployment needs of modern satellite constellations [3][4] - This collaboration is expected to provide a fast, controlled, and mission-compliant deployment that aligns with the stringent security requirements of critical IoT applications [4][11] Group 2: Market Demand and Technological Integration - There is a growing global demand for IoT connectivity for various applications, including environmental monitoring and critical infrastructure oversight, which WISeSat aims to address with its satellite constellation [2][12] - The satellites will incorporate WISeKey's core cybersecurity technologies, ensuring secure data transmission and robust protection for IoT communications [6][7] Group 3: Future Infrastructure Development - The agreement signifies a shift towards a new generation of digital infrastructure that integrates space, cybersecurity, and IoT, which is crucial for data protection in both enterprise and government sectors [6][9] - The collaboration is positioned to support essential applications, providing a sovereign and scalable response to the increasing connectivity needs globally [9][10]

Core Viewpoint - Varonis Systems, Inc. is experiencing strong financial performance, particularly in its SaaS segment, which is driving growth and attracting positive market attention [2][3][4]. Financial Performance - Varonis reported earnings per share (EPS) of 8 cents for Q4 2025, exceeding the Zacks Consensus Estimate by 166.7% [2][6]. - Revenues for the fourth quarter reached $173.37 million, surpassing the Zacks Consensus Estimate by 2.87% and showing a significant increase from $158.5 million in the same quarter last year [3][6]. - The company's total annual recurring revenue (ARR) reached $745.4 million, reflecting a 16.1% increase from the previous year, driven by strong SaaS ARR growth [4]. SaaS Revenue Growth - SaaS revenues surged by 97.1% year over year, accounting for more than 82% of total quarterly revenues [3][4]. Market Position and Stock Performance - D.A. Davidson set a price target of $30 for Varonis, indicating a potential upside of 26.74% from its current trading price of $23.67 [2][6]. - The stock is currently priced at $23.67, reflecting a decrease of 10.78% with a change of $2.86, and has fluctuated between a low of $20.06 and a high of $24.50 today [5]. - Varonis has a market capitalization of approximately $2.79 billion, with a trading volume of 19,810,692 shares on NASDAQ [5].

Core Insights - The company reported strong demand driven by AI-related security risks, with executives noting that AI is a common topic in customer discussions and highlighting the need for a platform approach to address security gaps [1][4][6] Financial Performance - In Q4, the company achieved revenue of $260.5 million, reflecting a 10.5% year-over-year increase, and an 11% revenue growth for the full year [3][4] - The operating margin for Q4 was reported at 24%, with a non-GAAP gross margin of 82.7%, up from 81.7% a year ago [5][12] - Non-GAAP EPS for Q4 was $0.48, an increase from $0.41, attributed to higher profitability and fewer diluted shares outstanding [13] Customer Growth and Platform Adoption - The company added over 500 new enterprise platform customers in the quarter, with Tenable One accounting for 46% of new business in Q4, marking a record high [2][6] - Management emphasized the importance of Tenable One in consolidating fragmented solutions and addressing customer needs for comprehensive risk management [11][19] Strategic Initiatives - The company is focusing on AI exposure management, having closed significant deals, including a seven-figure contract with a major telecom [6][18] - A departmental realignment was initiated to enhance innovation in Tenable One and AI security, resulting in restructuring expenses [17] Future Outlook - For 2026, the company guided revenue between $1.065 billion and $1.075 billion, marking the first time revenue is expected to surpass $1 billion [14] - The company also projected unlevered free cash flow of $285 million to $295 million for the full year 2026, despite anticipated headwinds from billing patterns [15][16]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $260.5 million, representing a year-over-year growth of 10.5% and a full-year growth of 11.0% [19] - Non-GAAP gross margin for Q4 was 82.7%, up from 81.7% in Q4 2024, while the full-year gross margin was 82.1%, compared to 81.4% in the prior year [21] - Non-GAAP income from operations for Q4 was $63.7 million, or 24.4% of revenue, with full-year income growing to $219.0 million, or 21.9% of revenue [21][22] - Non-GAAP earnings per share for Q4 was $0.48, an increase of 17.1% from $0.41 in Q4 2024, and for the full year, it was $1.59, up 23.3% from $1.29 in 2024 [24] Business Line Data and Key Metrics Changes - Tenable One, the AI-powered exposure management platform, accounted for 46% of new business in Q4, marking a record for the company [6] - The company added 502 new customers in Q4, with many adopting Tenable One directly [20] - The net dollar expansion rate was 106%, exceeding expectations [21] Market Data and Key Metrics Changes - Tenable was recognized as a leader in the 2025 Gartner Magic Quadrant for Exposure Assessment Platforms and was noted as a top competitor in the AI Vendor Race [13] - The demand for preemptive security solutions is increasing, with organizations seeking comprehensive visibility into their AI environments [6][15] Company Strategy and Development Direction - The company is focusing on a platform-first approach, emphasizing unified visibility and action to manage complex attack surfaces [9] - Investments are being made in AI security and remediation capabilities, with a belief that remediation will be a significant part of future exposure management [10] - The company aims to leverage its extensive exposure data to provide unmatched insights and drive automation in risk reduction [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of Tenable One and the growing opportunities in AI exposure management, expecting to exceed $1 billion in revenue for the first time in 2026 [28] - The company anticipates a revenue range of $1.065 billion to $1.075 billion for full-year 2026, representing a year-over-year increase of 7.1% [28] - Management acknowledged the challenges posed by changes in billing patterns but remains optimistic about underlying business strength and growth potential [26][30] Other Important Information - The company repurchased 2.3 million shares for $62.5 million in Q4, with a total of 10.6 million shares repurchased since November 2023 [25] - Restructuring efforts incurred $3.1 million in expenses in Q4, with an expectation of approximately $5 million more in the first half of 2026 [29] Q&A Session Summary Question: Regarding large customer cohort and net additions of $100,000 ACV customers - Management noted strong new business with 500 new customers added, and expansion within large customers was also strong, indicating higher transaction values [34][35] Question: On AI exposure and customer journey - AI is a prevalent topic in customer conversations, with significant interest in managing AI exposure and security [36] Question: Adoption of additional modules within Tenable One - Customers are increasingly adopting the platform for holistic risk assessment, with a focus on visibility, insights, and action [43][44] Question: Guidance on CCB and growth expectations - Management indicated that while CCB growth may face headwinds, overall revenue growth is expected to remain strong due to the success of Tenable One [46][50] Question: Strength in professional services - The increase in professional services is attributed to larger deployments and the need for comprehensive exposure management solutions [63] Question: Current pricing environment and ASP trends - Management reported no pricing pressure and noted strong ASPs, particularly when consolidating multiple tools into Tenable One [88][91]

Core Viewpoint - A class action lawsuit has been filed against F5, Inc. for allegedly misrepresenting its cybersecurity practices, particularly regarding its BIG-IP platform, which is marketed as providing "best-in-class" security capabilities [1] Group 1: Allegations of Cybersecurity Breach - F5 allegedly knew about a significant security breach affecting its BIG-IP product development environment as early as August 2025 but continued to market its products as secure [1] - The lawsuit claims that a nation-state threat actor gained "long-term, persistent" access to F5's systems, potentially compromising source code and vulnerability information [1] - The breach reportedly led to reduced sales and renewals, elongated sales cycles, and increased remediation expenses for F5 [1] Group 2: Impact on Business Operations - Following the public disclosure of the breach, F5 revised its fiscal 2026 revenue guidance to a growth range of 0-4%, significantly below prior expectations for mid-single digit expansion [1] - Customer trust allegedly deteriorated after the breach disclosure, impacting sales cycles [1] - Management continued to promote the "best-in-class" security capabilities during the period when the breach was known but not disclosed [1] Group 3: Importance of Cybersecurity Credibility - For enterprise software companies, security credibility is a fundamental business asset, and F5's representations about its security posture were material to investor decisions during the class period [1] - The case raises important questions about cybersecurity disclosure obligations in the enterprise software sector [1]

Core Insights - Tenable Holdings, Inc. reported strong financial results for Q4 and full year 2025, exceeding all guided metrics and announcing a $150 million increase in share repurchase authorization [1][5][10] Financial Highlights - Q4 2025 revenue reached $260.5 million, an 11% increase year-over-year, while full year revenue totaled $999.4 million, also up 11% year-over-year [5][6] - Calculated current billings for Q4 were $327.8 million, an 8% increase year-over-year, with full year calculated current billings at $1.049 billion, up 8% year-over-year [5][6] - Full year net cash provided by operating activities was $266.8 million, with unlevered free cash flow of $277.0 million [5][10] Operational Performance - GAAP income from operations for Q4 was $8.9 million, down from $13.0 million in Q4 2024, while non-GAAP income from operations increased to $63.7 million from $59.4 million [6][10] - GAAP net loss for Q4 was $0.7 million, compared to a net income of $1.9 million in Q4 2024, with non-GAAP net income rising to $57.3 million from $50.7 million [6][10] - The company repurchased 2.3 million shares for $62.5 million in Q4 and a total of 7.9 million shares for $247.5 million in 2025 [10] Business Developments - Tenable added 502 new enterprise platform customers and 5 net new six-figure customers during the year [10] - The company was recognized as a leader in Exposure Management by major industry analyst firms and appointed a new Chief Technology Officer [10] - S&P Global upgraded Tenable's credit rating to BB from BB- [10] Future Outlook - For Q1 2026, Tenable expects revenue in the range of $257.0 million to $260.0 million and non-GAAP income from operations between $53.0 million and $56.0 million [10] - The company will no longer provide specific guidance for calculated current billings due to changes in billing duration but expects full year 2026 calculated current billings to align with current consensus expectations [8]