A10 Networks, Inc. · NYSE:ATEN

A10 Networks — Q4 2025 Earnings Presentation

19 slides from A10 Networks's earnings presentation, Feb 4, 2026

  1. Slide 1: Q4 2025 Financial Results and Commentary

    Q4 2025 Financial Results and Commentary February 4, 2026

  2. Slide 2: Cautionary Statements & Disclosures

    Cautionary Statements & Disclosures This presentation and the accompanying oral presentation contain “forward-looking” statements that are based on our management’s beliefs and assumptions, including statements regarding our strategy, market, operations, profitability and positioning. Forward-lookin

  3. Slide 3: Agenda

    Agenda Q4 2025 Overview FY 2025 Overview 2026 Outlook

  4. Slide 4: Q4'25: Profitable Growth, Durable Secular Catalysts

    Q4’25: Profitable Growth, Durable Secular Catalysts Revenue Overview Consistent Profitability Key Takeaways Q4 Revenue increased 8.3% Growth continues to outpace Non-GAAP gross margins of 80.8% year-over-year the market Record quarterly revenue Adjusted EBITDA margins of 31% Investments in next-gene

  5. Slide 5: FY'25: Record Revenue and Profitability

    FY’25: Record Revenue and Profitability Revenue Overview Security-led 2025 Revenue increased Record revenue exceeded 11% YoY full-year revenue 65% long-term target Consistent Profitability 2025 non-GAAP Record Adjusted EBITDA Non-GAAP EPS of gross margins of margins of $0.90 80.6% $29.7% (diluted) S

  6. Slide 6: Revenue and Adjusted EBITDA

    Revenue and Adjusted EBITDA Revenue, $ Millions Revenue, $ Millions $80.4 $74.2 $74.7 $66.1 $69.4 $290.6 $261.7 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY 2024 FY 2025 Adjusted EBITDA, $ Millions Adjusted EBITDA, $ Millions 90 $27.3 85 $24.9 80 $86.0 75 $21.9 70 $74.5 $19.5 $19.7 65 60 55 50 Q4'24 Q1'25 Q2'25

  7. Slide 7: Revenue by Customer Vertical

    Revenue by Customer Vertical Enterprise Revenue, $ Millions Revenue, $ Millions $115.9 $111.3 $46.3 $42.7 $47.8 $39.0 $41.6 FY 2024 FY 2025 Service Provider $34.1 Revenue, $ Millions $31.5 $27.1 $27.8 $26.9 $174.7 $150.4 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Service Provider Enterprise FY 2024 FY 2025

  8. Slide 8: Revenue by Geography

    Revenue by Geography $ Millions 17% 15% 12% 14% 21% FY’25 26% 22% 22% $290.6 million 27% 28% 16% 65% 60% 59% 64% 24% 56% 51% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Americas APJ EMEA

  9. Slide 9: Full-Year Revenue and Adjusted EBITDA

    Full-Year Revenue and Adjusted EBITDA $280.3 $290.6 $250.0 $251.7 $261.7 $212.6 $225.5 2019 2020 2021 2022 2023 2024 2025 Revenue, $ Millions 29.7% 26.8% 28.3% 28.5% 25.0% 20.2% $86.2 $75.1 $71.2 $74.5 $62.4 $45.6 5.5% $11.6 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA, $ Millions % Adjusted E

  10. Slide 10: What We Do

    What We Do Customers Trust Us with their Critical Applications and AI Workloads Provide Protect Support Secure Defend Simplify fast response, infrastructure seamless and deploy new from IT ops low latency investments migration AI applications cyberattacks All at Hyperscale 9 of Top 10 8 of Top 10 21

  11. Slide 11: Consistent Value Creation

    Consistent Value Creation Revenue Business Capital Growth Model Allocation

  12. Slide 12: Thank You

    A110 Always Secure. Always Available. Thank You -

  13. Slide 13: A10Networks.com

    AiO Always Secure. Always Available. > A10Networks.com

  14. Slide 14: Appendix

    Appendix 14 ©2026 A10 Networks, Inc. All rights reserved.

  15. Slide 15: Financial Performance Trends

    Financial Performance Trends $ Millions (except Margins and EPS) FY FY FY FY Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3'25 Q4’25 2022 2023 2024 2025 Revenue $62.7 $68.0 $72.1 $77.6 $280.3 $57.7 $65.8 $57.8 $70.4 $251.7 $60.7 $60.1 $66.7 $74.2 $261.7 $66.1

  16. Slide 16: GAAP to Non-GAAP – Gross Margin and EPS

    GAAP to Non-GAAP – Gross Margin and EPS Year Ended Year Ended % of Revenue except EPS Q1'24 Q2'24 Q3'24 Q4'24 Dec 31 2024 Q1'25 Q2'25 Q3'25 Q4'25 Dec 31 2025 Gross Margin % - GAAP 81.1% 80.0% 80.5% 79.9% 80.4% 79.7% 78.9% 80.1% 78.7% 79.3% Stock-based compensation 0.8% 0.9% 0.8% 0.7% 0.8% 1.0% 0.7%

  17. Slide 17: GAAP to Non-GAAP – Operating Income

    GAAP to Non-GAAP – Operating Income Year Ended Year Ended $ Millions Q1'24 Q2'24 Q3'24 Q4'24 Dec 31 2024 Q1'25 Q2'25 Q3'25 Q4'25 Dec 31 2025 Income from operations $ - GAAP $ 7.2 $ 7.9 $ 10.4 $ 18.4 $ 44.0 $ 8.8 $ 10.3 $ 13.0 $ 15.1 $ 47.1 Stock-based compensation and related payroll tax 4.0 4.3 4.5

  18. Slide 18: GAAP to Non-GAAP – Adjusted EBITDA

    GAAP to Non-GAAP – Adjusted EBITDA Year Ended Year Ended $ Millions Q1'24 Q2'24 Q3'24 Q4'24 Dec 31 2024 Q1'25 Q2'25 Q3'25 Q4'25 Dec 31 2025 GAAP net income $ 9.7 $ 9.5 $ 12.6 $ 18.3 $ 50.1 $ 9.5 $ 10.5 $ 12.2 $ 9.9 $ 42.1 Exclude: Interest income and other income, net (4.0) (3.1) (3.9) (3.1) (14.1)

  19. Slide 19: Strong Balance Sheet

    Strong Balance Sheet Long-Term Debt • $225 Million Convertible Senior Notes (In $ millions) December 31, December 31, • Issued March 2025 maturing April 2030 2025 2024 • Coupon rate of 2.75% per annum, payable Cash and Cash Equivalents $71.1 $95.1 semi-annually on April 1 and October 1 Marketable Se

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