Core Insights - CrowdStrike and BT have formed a strategic partnership to launch BT Business Antivirus Detect and Respond, aimed at enhancing cybersecurity for small and medium-sized businesses (SMBs) in the UK [1][3][4] - The new service leverages CrowdStrike's AI-powered protection, which is typically used by large enterprises, to provide SMBs with advanced cybersecurity solutions [1][4] Company Overview - CrowdStrike is a global leader in cybersecurity, known for its advanced cloud-native platform that protects critical areas of enterprise risk, including endpoints and cloud workloads [8][9] - BT Group is the UK's leading provider of telecommunications and secure digital products, serving various customer segments including individuals, businesses, and public services [5][6] Market Context - According to CrowdStrike's State of SMB Cybersecurity Survey, only 11% of SMBs currently utilize AI-powered defenses, indicating a significant gap in cybersecurity capabilities among smaller businesses [2] - The partnership aims to address the vulnerabilities faced by SMBs due to limited resources and lack of in-house security expertise [2][3] Product Features - BT Business Antivirus Detect and Respond is designed for quick deployment and ease of use, providing ongoing support from BT's security experts for installation and incident response [3][4] - The service is built to protect against modern cyber threats, including ransomware, thereby empowering SMBs to operate with greater confidence [3][4]

Core Insights - The Dan Ives Wedbush AI Revolution ETF (IVES) has surpassed $1 billion in assets under management within five months of its launch, indicating strong investor interest in artificial intelligence [1] - The ETF has achieved a performance gain of 38% since inception, significantly outperforming other major funds like the Invesco QQQ Trust (QQQ) which rose by 20% [2] - IVES operates similarly to an actively managed ETF, tracking the Solactive Wedbush Artificial Intelligence Index, which is based on a proprietary report identifying 30 leading AI companies [3] Fund Performance - Since its launch, IVES has attracted over $665 million in net inflows, reflecting robust demand from investors [1] - The ETF's performance of 38% since inception is nearly double that of the QQQ and higher than the Technology Select Sector SPDR Fund (XLK) at 28.7% and the Vanguard S&P 500 ETF (VOO) at 15.5% [2] Investment Strategy - The ETF's holdings encompass the entire AI supply chain, including major players in chips and semiconductors like Nvidia, AMD, and Taiwan Semiconductor, as well as companies like Palantir and Tesla that integrate AI into various products [4] - Holdings are weighted between 1.3% and 5.1%, with significant AI companies positioned towards the higher end of this range [5] Market Influence - Dan Ives, the Managing Director at Wedbush, has a high media profile and positive outlook on AI, contributing to the ETF's rapid growth and popularity among retail investors [5]

Company Performance - Advent Technologies Holdings, Inc. (NASDAQ:ADN) experienced a price drop to $1.065, marking a 60.70% decrease, indicating challenges in the fuel cell and hydrogen technology markets [1][7] - Fiserv, Inc. (NASDAQ:FI) saw its price fall to $72.59, a 42.46% decrease, reflecting potential challenges within the fintech sector and competitive pressures [2][7] - Stride, Inc. (NYSE:LRN) witnessed a sharp price decrease to $75.07, translating to a 51.10% drop, possibly due to concerns over growth prospects and operational challenges [3] - Quhuo Limited (NASDAQ:QH) faced a dramatic decline to $1.78, a decrease of 78.06%, which may indicate market apprehensions about regulatory challenges or operational inefficiencies [4][7] - Varonis Systems, Inc. (NASDAQ:VRNS) saw its price decrease to $34.58, marking a 45.11% fall, reflecting concerns over cybersecurity market competition and shifts in enterprise spending [5] Market Trends - The significant price movements among these companies highlight the importance of monitoring market trends, company-specific news, and broader economic indicators [6]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $252.4 million, representing an 11.2% year-over-year growth [20] - Non-GAAP gross margin was 81.6%, an increase from 81.4% in Q3 2024 [21] - Non-GAAP income from operations was $58.9 million, or 23.3% of revenue, compared to $45 million, or 19.8% of revenue in Q3 2024 [21] - Non-GAAP earnings per share for the quarter was $0.42, an increase of 31.3% from $0.32 in Q3 2024 [22] - Cash and short-term investments totaled $383.6 million, with unleveraged free cash flow of $58.5 million for the quarter [22][23] Business Line Data and Key Metrics Changes - Tenable One, the exposure management platform, represented approximately 40% of new business during the quarter [7] - 437 new enterprise platform customers were added, a 13% increase compared to Q3 2024 [7] - The percentage of recurring revenue remained high at 95% [20] Market Data and Key Metrics Changes - Tenable was recognized as a leader in exposure management by Forrester and IDC during Q3 [13] - The company reported a net dollar expansion rate of 106% [21] Company Strategy and Development Direction - The company is focusing on a shift from reactive to preemptive security, driven by advancements in AI [8][9] - Significant investments in R&D, up over 20% year-to-date, are aimed at enhancing Tenable One [10] - The company is building a comprehensive exposure management platform that integrates various security tools and data sources [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the pipeline and renewal business, indicating minimal exposure to potential government shutdown impacts [31][38] - The company raised its full-year guidance for calculated current billings and revenue, reflecting confidence in sustained growth [24][25] Other Important Information - The company repurchased 2 million shares for $60 million during the quarter, totaling 8.3 million shares repurchased for $300 million since November 2023 [23] - The company launched Tenable AI Exposure to help organizations manage risks associated with generative AI [10] Q&A Session Summary Question: Performance in U.S. Federal vertical - Management noted strong performance in the public sector and U.S. Federal, in line with expectations despite potential shutdowns [31] Question: Impact of CISA 2015 expiration on CVE reporting - Management does not anticipate significant negative impacts from the expiration based on current feedback [39] Question: Changes to guidance philosophy - Management indicated no substantial changes to guidance philosophy, emphasizing a high-functioning team [45] Question: Billings guidance and visibility - Management expressed increased positivity about the year due to strong Q3 performance and visibility into Q4 [47] Question: AI innovation roadmap - Management is considering both organic growth and M&A for AI innovations, focusing on proactive security [74] Question: Percentage of customers on Tenable One - Approximately 3,000 out of 18,000 enterprise customers are using Tenable One, with significant upsell opportunities [64] Question: Demand environment across markets - Demand was consistent across various sectors, with strong performance in new customer acquisitions [92] Question: Multi-cloud support and cloud security performance - Management noted active discussions regarding multi-cloud support and expressed optimism about cloud business growth [99]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported revenue of $252.4 million, reflecting an 11.2% year-over-year growth [20] - Non-GAAP gross margin increased to 81.6% from 81.4% in Q3 2024 [21] - Non-GAAP income from operations was $58.9 million, or 23.3% of revenue, compared to $45 million, or 19.8% of revenue in Q3 2024 [22] - Non-GAAP earnings per share for the quarter was $0.42, up 31.3% from $0.32 in Q3 2024 [22] - Cash and short-term investments totaled $383.6 million, with unleveraged free cash flow of $58.5 million for the quarter [23][24] Business Line Data and Key Metrics Changes - Tenable One, the exposure management platform, represented approximately 40% of new business during the quarter [6] - The company added 437 new enterprise platform customers, a 13% increase compared to Q3 2024 [6] - The percentage of recurring revenue remained high at 95% [20] Market Data and Key Metrics Changes - The company was recognized as a leader in exposure management by Forrester and IDC during Q3 [13] - IDC reported that Tenable ranked number one in its latest market share report [13] Company Strategy and Development Direction - The company is focusing on a shift from reactive cybersecurity to a more preventative and preemptive approach, driven by AI advancements [7][8] - Significant investments in R&D, with over 20% increase year-to-date, are aimed at enhancing Tenable One [10] - The company is building a comprehensive exposure management platform that integrates various security tools and data sources [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline and renewal business, indicating minimal exposure to potential government shutdown impacts [31][35] - The company raised its full-year guidance for calculated current billings and revenue, reflecting optimism for continued growth [25][26] Other Important Information - The company repurchased 2 million shares for $60 million during the quarter, totaling 8.3 million shares repurchased for $300 million since November 2023 [24] - The company launched Tenable AI Exposure to help organizations manage risks associated with generative AI [10] Q&A Session Summary Question: Performance in U.S. Federal vertical - Management noted strong performance in the public sector and U.S. Federal, aligning with expectations despite seasonal challenges [31] Question: Impact of government shutdowns on Q4 - Management indicated minimal exposure to potential shutdown impacts, with strong renewal business and a positive pipeline outlook [35] Question: Changes in guidance philosophy - Management confirmed no substantial changes to guidance philosophy, emphasizing a high-functioning team and focus on key metrics [40] Question: Billings guidance and visibility - Management expressed increased confidence in year-end visibility, leading to a slight upward adjustment in guidance [41] Question: AI innovation roadmap - Management indicated a dual approach of organic growth and potential M&A to enhance AI capabilities in response to evolving threats [64] Question: Contribution of integrations to deal velocity - Management highlighted that over 300 validated integrations enhance deal velocity and customer insights, supporting unified visibility [91]

Business Overview - Tenable offers a unique approach to a secular growth opportunity in Exposure Management[10] - The company's platform unifies data across network, cloud, Identity, OT, and DevOps environments[10] - AI-driven analytics are used for prioritization and benchmarking[10] - Tenable One is designed to be a comprehensive Exposure Management Platform[17] Market Opportunity & Competitive Position - Exposure Management represents a $50 billion market opportunity[25] - Tenable holds the 1 market share at 26.6% in the Worldwide Device Vulnerability and Exposure Management market[29] Financial Performance - Q3 2025 revenue reached $252.4 million, reflecting 11% year-over-year growth[35] - Calculated Current Billings (CCB) for Q3 2025 were $267.5 million, an 8% year-over-year increase[35] - Short-Term Remaining Performance Obligations (RPO) grew to $669 million, a 13% year-over-year increase[35] - The company anticipates full year 2025 revenue between $988 million and $992 million[54] - The company anticipates full year 2025 Calculated Current Billings between $1.040 billion and $1.048 billion[54]

Core Insights - Varonis Systems, Inc. specializes in data security and analytics, focusing on protecting enterprise data from insider threats and cyberattacks [1] - Truist Financial has set a price target of $50 for Varonis, indicating a potential upside of approximately 51.28% from its current price of $33.05 [2][6] Financial Performance - Varonis reported third-quarter earnings of $0.06 per share, an improvement from $0.01 per share in the previous year, matching the Zacks Consensus Estimate [3] - Total revenues for Varonis increased by 9.1% year over year to $161.58 million, although this was 2.71% below the Zacks Consensus Estimate [3][6] - The company has a market capitalization of approximately $3.87 billion and a trading volume of 18,010,273 shares on NASDAQ [5] Revenue Growth - A notable highlight for Varonis is the 117.7% year-over-year increase in SaaS revenues, which has helped mitigate declines in other segments [4][6] - The strong performance in SaaS offerings and the Managed Data Detection & Response platform has been a key driver of the company's overall performance [4] Consistency in Performance - Despite missing revenue estimates this quarter, Varonis has consistently surpassed Zacks Consensus Estimates in the past four quarters, achieving an average surprise of 92.86% [5][6]

Core Viewpoint - A class action lawsuit has been filed against Fortinet, Inc. for allegedly misrepresenting the impact of unit upgrades for FortiGate Firewalls, leading to significant stock price decline after the truth was revealed [1][2][3]. Allegations - The complaint states that Fortinet failed to disclose the difficulty in predicting the total number of FortiGates needing upgrades [2] - It was noted that customers had excess firewall capacity from previous purchases, reducing the necessity for upgrades [2] - The refresh of the FortiGate products was said to have minimal business impact, as it represented only a small percentage of the company's business due to the age of the products [2] Stock Price Impact - Following the revelation of the alleged misrepresentations, Fortinet's stock price dropped over 22%, from $96.58 per share on August 6, 2025, to $75.30 per share on August 7, 2025 [3]. Class Action Participation - Shareholders may be eligible to participate in the class action against Fortinet, with options to serve as lead plaintiff or remain an absent class member [4]. Legal Representation - Robbins LLP operates on a contingency fee basis, meaning shareholders incur no fees or expenses unless a recovery is achieved [5].

Core Insights - Tenable Holdings, Inc. reported better-than-expected financial results for Q3 2025, driven by strong demand for its Tenable One Exposure Management platform, reflecting a shift in the cybersecurity industry towards proactive risk management [2][6][7]. Financial Highlights - Revenue for Q3 2025 was $252.4 million, representing an 11% year-over-year growth [6][7]. - Calculated current billings reached $267.5 million, an 8% increase year-over-year [6][7]. - GAAP operating margin improved to 2.8%, compared to a loss of 0.9% in Q3 2024 [6][7]. - Non-GAAP operating margin increased to 23.3%, up 350 basis points year-over-year [6][7]. - GAAP net income was $2.3 million, a significant recovery from a loss of $9.2 million in Q3 2024 [6][7]. - Non-GAAP net income was $51.4 million, compared to $39.3 million in the same quarter last year [6][7]. Business Developments - The company added 437 new enterprise platform customers and 38 new six-figure customers during the quarter [6][7]. - Tenable launched Tenable AI Exposure, a solution aimed at managing risks associated with generative AI [6][7]. - The company was recognized as a "Leader" in Worldwide Exposure Management by IDC and Unified Vulnerability Management by Forrester [6][7]. Financial Outlook - For Q4 2025, Tenable expects revenue in the range of $249.1 million to $253.1 million [11]. - For the full year ending December 31, 2025, revenue is projected to be between $988.0 million and $992.0 million [11].

Core Insights - The rapid adoption of AI technology is leading to an increased need for cybersecurity, as cybercrime evolves into a global crisis [1][2] - Cybersecurity spending is expected to grow significantly, with a projected CAGR of 14.4% from 2025 to 2032, reaching a valuation of $562.77 billion by 2032 [2] - The rising costs associated with cyberattacks highlight the urgent need for enhanced cybersecurity measures across various sectors [3][4] Cybersecurity Landscape - Companies are becoming more vulnerable to cyber risks due to their reliance on digital ecosystems, with critical sectors like healthcare and finance facing heightened threats [3] - The U.K. is experiencing a surge in cybercrime, with four "nationally significant" cyberattacks occurring weekly, more than double previous levels [5] - The record-breaking cyberattack on Jaguar Land Rover, costing approximately $2.5 billion, emphasizes the severe impact of cyber threats on manufacturing and exports [4] Geopolitical Factors - Growing geopolitical tensions are increasing the focus on cybersecurity, particularly in defense systems, as conflicts shift to digital arenas [6][7] - Ukraine's parliament has initiated the establishment of a dedicated Cyber Force to counter digital threats, indicating the importance of cybersecurity in national defense strategies [7] Investment Opportunities - The cybersecurity sector presents promising investment opportunities, with several ETFs available for investors, including First Trust NASDAQ Cybersecurity ETF (CIBR) and Amplify Cybersecurity ETF (HACK) [8] - CIBR is noted for its liquidity and significant asset base of $11.49 billion, while SPAM offers the lowest annual fees at 0.35%, making it suitable for long-term investors [9][10] - Performance-wise, CIBR has outperformed other funds with a gain of 28.49% over the past year, followed by HACK with a 27.12% increase [10]