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What does A10 Networks do and what are its main business segments?

What is the market's earnings forecast for A10 Networks next quarter?

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Did A10 Networks beat or miss consensus estimates last quarter?

What were the key takeaways from A10 Networks's earnings call?

- **Revenue Growth**: 12% YoY to $77.7M, driven by North American AI infrastructure (25% 12-month growth).\n- **Margin Expansion**: EBITDA margin 29.3% (vs. 26.7% YoY), operating margin 24.7%.\n- **Security Dominance**: >65% of product revenue from security solutions.\n- **2026 Outlook**: 8-10% growth, 26-28% EBITDA margin.\n- **AI Momentum**: 60%+ service provider revenue tied to AI build-outs.\n- **Share Buybacks**: $11M Q3, $60M remaining under $75M program.\n- **Dividend Yield**: 12% ($0.06/share).

**【CEO Summary Section】**
- Q3 2025 revenue grew 11.9% YoY to $77.7 million, driven by 25% trailing 12-month growth in North American enterprise customers (AI infrastructure deployment).\n- Americas region accounted for 65% of total revenue, offsetting macro headwinds in other regions.\n- Security-led product revenue exceeded 65% of total product mix, up from 63% last year.\n- EBITDA margin expanded to 29.3% (vs. 26.7% YoY), with non-GAAP operating margin at 24.7%.\n- Full year 2025 growth target maintained at 10%, with 2026 outlook for high single-digit growth.\n- AI-related deployments in large data centers and cloud providers are key growth drivers.\n- Enterprise sales pipeline maturation estimated at 3-4 years, with current focus on Tier 2 service providers.\n\n**【CFO Financial Commentary】**\n- GAAP net income: $12.2 million ($0.17 EPS) vs. $11.1 million ($0.15 EPS) YoY.\n- Non-GAAP net income: $16.7 million ($0.23 EPS) vs. $15.6 million ($0.21 EPS) YoY.\n- Cash flow from operations: $22.8 million (vs. $18.5 million YoY).\n- Deferred revenue: $143.5 million (vs. $132.1 million YoY).\n- Share buybacks: $11 million Q3, $60 million remaining under $75 million authorization.\n- Dividend: $0.06 per share (12% yield).\n- Balance sheet: $371 million cash and investments.\n\n**【Q&A Key Highlights】**\n- **Security-Led Growth**: Q3 security product revenue >65% of total, up from 63% last year.\n- **F5 Breach Impact**: Increased customer interest in alternatives, but no immediate impact on spending.\n- **AI Infrastructure**: 60%+ of service provider revenue tied to AI build-outs.\n- **2026 Outlook**: 8-10% revenue growth, 26-28% EBITDA margin.\n- **Service Provider Strategy**: Focusing on Tier 2 telcos with 6-9 month visibility.\n- **EMEA Performance**: One-time project drove Q3 spike, not indicative of ongoing trend.\n- **Services Growth**: Lags product by 12-18 months due to support contract timing.

A10 Networks, Inc. (ATEN) Q3 2025 Earnings Call Transcript

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ATEN

ATEN fundamentals

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