A10 Networks sells application-delivery, network-traffic management and security products, plus support and cloud services, to enterprises and service providers. It reports one operating segment.
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A snapshot of what A10 Networks, Inc. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001580808-24-000049 | Feb 29, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001580808-25-000043 | Feb 25, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001580808-26-000014 | Feb 25, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
A10’s latest reported growth is stronger than its profit and cash-conversion trends. First-half 2026 revenue rose 14.5% to $155.137 million, led by products and Americas enterprise customers, while service-provider demand and other regions weakened. Second-quarter GAAP profit fell as expenses outpaced revenue; adjusted profit increased, but excluded substantially more stock compensation. Cash and marketable securities provide resources, although acquisitions, purchasing commitments and convertible-note settlement could compete with shareholder returns. Management raised its full-year revenue outlook in August. The Microsoft agreement adds a significant commercial relationship, but its purchase-linked warrant does not establish guaranteed revenue and has an unquantified revenue-reduction effect. These conclusions use financial results through June 30 and subsequent disclosures through September 14, rather than assuming later outcomes.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05 · EX-4.1 · 2026-08-03 · 8-K · 2026-09-09
A10 helps customers deliver applications, manage network traffic and protect against DDoS attacks and application/API threats. Products combine hardware, software licenses and term subscriptions; services include support, training, professional services and SaaS. Services therefore are not equivalent to recurring subscription revenue or ARR. Distribution channels fulfilled 96% of 2025 revenue. Hardware is generally recognized at shipment, while support and SaaS are recognized over service periods; inconsistent term-license wording prevents a single recognition assumption for all subscriptions.
Products supplied most first-half 2026 growth: revenue reached $93.010 million versus $75.152 million, while services reached $62.127 million versus $60.368 million. Enterprise strength in the Americas outweighed declining service-provider revenue and weaker APJ and EMEA sales. Management links demand to next-generation networking and AI infrastructure, but separately measured AI revenue and acquisition-adjusted organic growth are not disclosed. ThreatX Protect closed on February 12, 2025; TrojAI closed on June 15, 2026. Their acquired results were described as immaterial, not proof of realized integration benefits.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05 · EX-99.2 · 2026-04-28 · EX-99.2 · 2026-08-05
For the quarter ended June 30, 2026, revenue increased 15.5% to $80.137 million, but GAAP operating income fell to $9.024 million from $10.311 million and net income fell to $8.882 million from $10.538 million. Gross margin edged up to 79.1%; operating expenses grew faster than revenue, particularly R&D and administration. Stock-compensation expense rose to $8.966 million from $4.409 million. Diluted weighted-average shares also increased, contributing to diluted EPS declining to $0.12 from $0.14. First-half net income nevertheless increased to $20.914 million from $20.081 million.
The August 5 release reported Q2 non-GAAP net income of $18.746 million versus $15.453 million. Its adjustment to GAAP income expanded to $9.864 million from $4.915 million, chiefly reflecting higher stock compensation and related payroll tax, alongside acquisition costs and amortization. These exclusions are not necessarily one-time costs or cash earnings. Management raised 2026 revenue-growth guidance to 12–14% from April’s 10–12%, and EPS-growth guidance to 14–16% from 12–14%. The EPS basis is unspecified; August did not restate April’s 28–30% adjusted EBITDA margin target. These remain forecasts, not achieved results.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05 · EX-99.1 · 2026-04-28 · EX-99.2 · 2026-08-05
First-half operating cash flow fell to $31.346 million from $39.384 million despite higher profit. Receivables and inventory absorbed cash, partly offset by payables and deferred revenue. Management attributed movements mainly to timing; its earlier description of weak Q1 cash flow as routine timing does not establish that all collections subsequently occurred. Separately, first-half cash uses included $4.530 million of capital expenditure, $34.681 million for acquisitions net of acquired cash, and $8.630 million of dividends. TrojAI also involved approximately $5.0 million of stock consideration, not another cash payment.
The $4.875 million repurchase cash-flow line includes employee tax withholding: there were no Q2 purchases under the discretionary buyback program. June commitments included $35.0 million of Taiwan manufacturing purchases, $6.566 million of recorded lease liabilities and a separate $16.3 million of payments for leases not yet commenced. The August 5 dividend approval was $0.06 per share, scheduled for September 1 for August 17 holders, subject to revocation; the announcement alone does not confirm payment. Future capital returns remain discretionary.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-04-28 · 8-K · 2026-08-05
At June 30, A10 held $54.679 million of cash and equivalents and $302.669 million of marketable securities, not $357.348 million of cash alone. The liquidity build included 2025 debt financing. Its $225 million principal of 2.75% convertible notes matures April 1, 2030 and has no financial-maintenance covenants. A stock-price condition opened conversion rights for July 1–September 30, 2026, causing the $219.518 million net carrying amount to become current debt—not a new borrowing or maturity change. Cash or cash-and-share settlement could constrain dividends and repurchases. Actual conversions, settlement amounts and eligibility after September are not established.
The August 6 prospectus supplement, filed August 7, registered possible resale of 153,962 shares already issued to TrojAI sellers on June 15. A10 receives no resale proceeds, and registration does not prove a sale occurred or create a second issuance. This transaction is distinct from the convertible notes and Microsoft warrant.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-08-06 · 424B7 · 2026-08-07
One unnamed customer supplied 38% of first-half revenue, compared with 26% for full-year 2025; one channel held 57% of June gross receivables. These overlapping measures cannot be added, and Customer A is not identified as Microsoft. Large, irregular orders, Taiwan manufacturing exposure, component availability, tariffs, acquisition integration and cyber vulnerabilities remain material dependencies.
On August 3, A10 issued Microsoft a warrant for up to 800,000 shares at $0.01 each. Purchase-linked vesting and separate exercise conditions apply; ordinary tranche exercise start dates are January 1, 2028 and January 1, 2029. The public agreement specifies customer consideration recognized as a reduction of revenue, but A10 could not reasonably estimate the financial effect as of August 6. Public terms nonetheless provide that the applicable 400,000-share tranche automatically vests and becomes exercisable immediately before, and conditioned on, a qualifying change in control completed by June 30, 2028: the first tranche for transactions completed by June 30, 2027, and the second for transactions afterward through June 30, 2028. The agreement separately subjects exercise to redacted Exhibit F conditions; their full interaction with acceleration remains unconfirmed. The warrant therefore establishes neither guaranteed sales nor completed dilution; its nominal exercise price is not its accounting cost.
Recent governance disclosures also require qualified reading. Sales chief Sheen Khoury was terminated immediately on April 27; the May 2 separation agreement provided conditional acceleration of 11,667 RSU shares and 21,385 performance-RSU shares, not confirmed vesting or an identified cause of the entire compensation increase. At the April 22 meeting, A10 reported Eric Singer elected despite more withhold than affirmative votes. On September 9, the board approved expansion from five to six members and Mary C. Henry’s appointment effective October 5; the September 14 filing does not independently confirm subsequent commencement.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-08-03 · EX-4.1 · 2026-08-03 · 8-K · 2026-04-27 · 8-K · 2026-05-02 · 8-K · 2026-04-22 · 8-K · 2026-09-09
USD 290.557 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 290.557 m | 11.0% |
| 2024 | USD 261.696 m | 4.0% |
| 2023 | USD 251.7 m | — |
Consolidated products and services revenue.
Sources: 10-K · 2025-12-31
USD 42.137 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 42.137 m | -16.0% |
| 2024 | USD 50.14 m | 25.4% |
| 2023 | USD 39.97 m | — |
Consolidated GAAP income after income taxes.
Sources: 10-K · 2025-12-31
USD 84.894 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 84.894 m | -6.2% |
| 2024 | USD 90.492 m | 103.3% |
| 2023 | USD 44.514 m | — |
GAAP operating cash flow, including working-capital changes and noncash reconciliation adjustments.
Sources: 10-K · 2025-12-31
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