A10 Networks, Inc. Q1 2026 results

Please note that with the exception of revenue, financial measures discussed today are on a non-GAAP basis, unless otherwise noted, and have been adjusted to exclude certain charges. A10 continued to deliver on our strategic plan centered around the current AI-driven demand cycle while simultaneously focusing on disciplined execution. This was our third quarter in the last four with double-digit growth. On a trailing twelve-month basis, we have grown revenue by 12.1% and delivered TTM Adjusted EBITDA margins of 29.7%, in line with the rule of 40 we outlined several years ago.

During the same period, we have grown service provider revenue by 11% and enterprise revenue by 13%, demonstrating the importance of the strategic shift we have made. A key contributor to our growth is the relevance of our core platform to the demands of AI infrastructure build-out, which create new challenges with greater traffic within the networks. As a result, the customer behind this build-out represents a high percent of total revenue this quarter. Our disciplined operating model balances targeted investment with margin expansion, converting growth into profitability and cash, while dynamically reinvesting in strategic priorities.

We continue to meet our objectives for EBITDA margin, reflecting our ability to reallocate resources based on best business opportunities. As a reminder, with the exception of revenue, all of the metrics discussed on this call are a non-GAAP basis unless otherwise stated. As Dhrupad noted, Q1 results were aligned with our business model goals and delivered revenue growth of 13.4% to $75 million. Turning to mix, product revenue was $44 million or 59% of total revenue, growing 22.3% year-over-year, with service revenue comprising the remainder.