Company: TENB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001660280-25-000128
Chunk: 85

Company: Tenable Holdings, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 85
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35,395General and administrative(2)10,16210,09243,10130,403Total stock-based compensation expense$44,882$41,684$147,311$122,801

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

29

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

Revenue

The following table presents the increase in revenue:

Three Months Ended September 30,Change(dollars in thousands)20252024($)(%)Subscription revenue$232,211 $208,554 $23,657 11 %Perpetual license and maintenance revenue11,088 11,769 (681)(6)%Professional services and other revenue9,141 6,765 2,376 35 %Revenue$252,440 $227,088 $25,352 11 %

The increase in revenue of $25.4 million included $24.5 million from existing customers as of October 1, 2024 and $0.9 million from new customers. U.S. revenue increased $10.5 million, or 9%. International revenue increased $14.9 million, or 14%.

Cost of Revenue, Gross Profit and Gross Margin

Three Months Ended September 30,Change(dollars in thousands)20252024($)(%)Cost of revenue$56,753 $50,499 $6,254 12 %Gross profit195,687 176,589 19,098 11 %Gross margin78 %78 %

The increase in cost of revenue of $6.3 million was primarily due to:

•a $2.2 million increase in third-party cloud costs;

•a $1.8 million increase in amortization of acquired intangible assets;

•a $1.0 million increase in personnel costs, including $0.3 million in stock-based compensation;

•a $0.5 million increase in depreciation and amortization expense;

•a $0.2 million increase in professional services;

•a $0.2 million increase in cost of goods; and

•a $0.2 million increase in allocated overhead.

Operating Expenses

Sales and Marketing

Three Months Ended September 30,Change(dollars in thousands)20252024($)(