Company: TENB
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001660280-25-000090
Chunk: 32

Company: Tenable Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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3,748 7,838 5,406 Net loss$14,706 $14,572 $37,641 $28,958 

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(1)    Includes stock-based compensation expense as follows:

Three Months Ended June 30,Six Months Ended June 30,(in thousands)2025202420252024Cost of revenue$3,460$3,288$6,775$6,270Sales and marketing17,81816,27634,44831,576Research and development15,30011,79928,26722,960General and administrative(2)9,94810,03532,93920,311Total stock-based compensation expense$46,526$41,398$102,429$81,117

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(2)    Stock-based compensation in the six months ended June 30, 2025 includes $14.6 million of expense related to the accelerated equity award vesting of our late CEO.

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Comparison of the Three Months Ended June 30, 2025 and 2024

Revenue

The following table presents the increase in revenue:

Three Months Ended June 30,Change(dollars in thousands)20252024($)(%)Subscription revenue$228,031 $202,538 $25,493 13 %Perpetual license and maintenance revenue11,411 12,016 (605)(5)%Professional services and other revenue7,853 6,687 1,166 17 %Revenue$247,295 $221,241 $26,054 12 %

The increase in revenue of $26.1 million included $24.1 million from existing customers as of July 1, 2024 and $2.0 million from new customers. U.S. revenue increased $12.7 million, or 11%. International revenue increased $13.4 million, or 13%.

Cost of Revenue, Gross Profit and Gross Margin

Three Months Ended June 30,Change(dollars in thousands)20252024($)(%)Cost of revenue$54,434 $48,798 $5,636 12 %Gross profit192,861 172,443 20,418 12 %Gross margin78 %78 %

The increase in cost of revenue of $5.6 million was primarily due to:

•a $1.8 million increase in amortization of intangible assets