Business
Varonis Announces First Quarter 2025 Financial Results
Annual recurring revenues grew 19% year-over-yearSaaS ARR as a percentage of total ARR was approximately 61%Year-to-date cash from operations generated $68.0
About this update from Varonis Systems, Inc.
[{"type":"text","content":"Annual recurring revenues grew 19% year-over-yearSaaS ARR as a percentage of total ARR was approximately 61%Year-to-date cash from operations generated $68.0 million vs. $56.7 million last yearYear-to-date free cash flow generated $65.3 million vs. $56.4 million last year MIAMI, May 06, 2025 (GLOBE NEWSWIRE) -- Varonis Systems, Inc. (Nasdaq: VRNS), the leader in data security, today announced financial results for the first quarter ended March 31, 2025. Yaki Faitelson, Varonis CEO, said, \"Our first quarter results reflect the momentum of our SaaS platform as well as the many tailwinds that are contributing to the growth in our business, including MDDR and Generative AI. Our solution has never been more relevant, and we look forward to completing our SaaS transition this year which will unlock many more benefits for our customers and our company as we execute on our significant market opportunity.” Guy Melamed, Varonis CFO & COO, added, “The strong adoption of our SaaS platform from both new and existing customers resulted in 61% of total company ARR coming from SaaS at the end of the first quarter. This performance was highlighted by an acceleration in ARR growth, leverage in our model and healthy cash flow generation. Despite the uncertain macro environment, these results and the underlying drivers of our business give us confidence to raise our full-year ARR guidance.” Financial Summary for the First Quarter Ended March 31, 2025 Total revenues were $136.4 million, compared with $114.0 million in the first quarter of 2024.SaaS revenues were $88.6 million, compared with $34.0 million in the first quarter of 2024.Term license subscription revenues were $31.5 million, compared with $56.0 million in the first quarter of 2024, with the vast majority of the decline driven by customers converting to our SaaS platform.Maintenance and services revenues were $16.4 million, compared with $24.1 million in the first quarter of 2024, with the vast majority of the decline driven by customers converting to our SaaS platform.GAAP operating loss was ($43.8) million, compared to GAAP operating loss of ($47.6) million in the first quarter of 2024.Non-GAAP operating loss was ($6.5) million, compared to non-GAAP operating loss of ($10.6) million in the first quarter of 2024. The tables at the end of this press release include a reconciliation of GA...