Financial Data and Key Metrics Changes - Revenue for Q2 increased by approximately 16% year-over-year to about $98 million, with non-GAAP gross profit rising by about 17% year-over-year [5][17] - Adjusted EBITDA for the quarter was approximately $11 million, reflecting a growth of about 33% compared to Q2 last year [5][20] - Non-GAAP gross margin for the quarter was 72.1%, expanding by 81 basis points year-over-year [19] - GAAP net income for the quarter was $2.7 million, compared to a loss of $0.9 million in Q2 last year [20] Business Line Data and Key Metrics Changes - Software revenue was $36.6 million, an increase of 35.9% year-over-year, while software services revenue was $46.7 million, up $1.4 million from last year [17] - Total software revenue for the quarter was approximately $83.3 million, representing 85.5% of total revenue [17] - Professional services revenue in Q2 was $14.2 million, an increase of $2 million over last year [18] Market Data and Key Metrics Changes - Recurring revenue for Q2 was $47.4 million, representing 48.7% of total revenue [18] - Total remaining performance obligations (RPO) at the end of Q2 was $574.5 million, compared to $567.7 million at the same period last year [23] - Q2 billings were $93 million, an increase of about 20% versus the same period last year [24] Company Strategy and Development Direction - The company aims for $500 million in revenue by the fiscal year ending January 31, 2028, with gross margins of about 73% and adjusted EBITDA margins above 20% [14] - The U.S. market remains a key focus for growth, with ongoing investments to expand presence and partnerships [10][11] - The company is actively preparing for key upcoming conferences to showcase capabilities and strengthen relationships [13] Management's Comments on Operating Environment and Future Outlook - Management noted that the global environment is marked by heightened security challenges, creating sustained demand for advanced intelligence solutions [7] - The company expressed confidence in achieving updated guidance for the fiscal year ending January 31, 2026, expecting revenue of approximately $397 million, representing about 13% year-over-year growth [15][25] - Management highlighted the importance of innovation and operational execution in driving long-term growth and profitability [14][27] Other Important Information - The company completed a share repurchase program, repurchasing about 2.1 million ordinary shares for a total of $20 million [22] - The class action lawsuit was fully dismissed with no additional appeals possible [27] Q&A Session Summary Question: Can you help us think through your updated assumptions around the U.S. federal environment? - Management indicated that while the U.S. presents a significant opportunity, it currently represents a small portion of the business, and they do not rely heavily on it for short-term guidance [29][30] Question: How are conversations compared to expectations regarding U.S. budgets? - Management acknowledged budget headwinds but noted successful customer acquisitions and strong POCs, indicating a positive long-term outlook [33][34] Question: How much of the growth came from existing customers versus new products? - Management stated that most growth comes from existing customers, driven by data capacity expansions and functionality upgrades [41][42] Question: What is driving the displacement of incumbents in the market? - Management highlighted the importance of advanced technology and analytics, which allow customers to stay ahead of sophisticated adversaries [44][45] Question: How is the overall deal pipeline turning compared to 6-12 months ago? - Management reported a healthy demand environment, with increasing traction from existing customers seeking to modernize their solutions [63][64]