Founder, BWS Financial Inc

Hamed Khorsand

Founder

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BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>ATEN reported Q2 results with greater success in winning enterprise orders while North American service providers limited their spending. </li>
<li>Over the past year, ATEN has shifted more of its sales and marketing effort to winning enterprise customers, which should have more of a meaningful benefit to recurring revenue. </li>
<li>ATEN reported revenue of $60.1 million compared to our forecast of $62.7 million. The second quarter results were lower than first quarter numbers, which is rare to see for ATEN.</li>
</ul>


ATEN reported Q2 results with greater success in winning enterprise orders while North American service providers limited their spending. 
Over the past year, ATEN has shifted more of its sales and marketing effort to winning enterprise customers, which should have more of a meaningful benefit to recurring revenue. 
ATEN reported revenue of $60.1 million compared to our forecast of $62.7 million. The second quarter results were lower than first quarter numbers, which is rare to see for ATEN.


<ul>
<li>ATEN entered theQ2 with expectations of business not getting worse. The higher level of threat activity should lead to ATEN continuing to generate demand from enterprise and service provider customers.   </li>
<li>The business environment has not shown much evidence in thawing for spending more than required for network security. </li>
<li>North American service provider customers could have increased their spending in the second quarter, but not to the degree to move the needle for ATEN. </li>
</ul>


ATEN entered theQ2 with expectations of business not getting worse. The higher level of threat activity should lead to ATEN continuing to generate demand from enterprise and service provider customers.   
The business environment has not shown much evidence in thawing for spending more than required for network security. 
North American service provider customers could have increased their spending in the second quarter, but not to the degree to move the needle for ATEN. 


<ul>
<li>ATEN reported first quarter results exhibiting much of the issues that plagued the business in the past couple of years have not fully departed from the industry.</li>
<li>ATEN reported revenue slightly higher than we were projecting resulting in year over year growth.</li>
<li>ATEN’s stock has not reached previous highs with investors most likely waiting for a signal that revenue would surpass 2022 level. This is more likely a 2025 event</li>
</ul>


ATEN reported first quarter results exhibiting much of the issues that plagued the business in the past couple of years have not fully departed from the industry.
ATEN reported revenue slightly higher than we were projecting resulting in year over year growth.
ATEN’s stock has not reached previous highs with investors most likely waiting for a signal that revenue would surpass 2022 level. This is more likely a 2025 event


<ul>
<li>The sales emphasis A10 Networks (ATEN) started to put on winning enterprise customers proved as the enabler for the Company posting sequential growth in the fourth quarter of 2023</li>
<li>ATEN reported results missing our expectations with North American service providers continuing to delay their spending plans.</li>
<li>The customer mix has changed in recent quarters. ATEN is no longer generating two-thirds of its revenue from service providers. In the fourth quarter the figure was 58.4 percent</li>
</ul>


The sales emphasis A10 Networks (ATEN) started to put on winning enterprise customers proved as the enabler for the Company posting sequential growth in the fourth quarter of 2023
ATEN reported results missing our expectations with North American service providers continuing to delay their spending plans.
The customer mix has changed in recent quarters. ATEN is no longer generating two-thirds of its revenue from service providers. In the fourth quarter the figure was 58.4 percent


<ul>
<li>A10 Networks (ATEN) not warning about missing consensus estimates is a positive, but not enough for a victory lap after a volatile 2023</li>
<li>The fourth quarter was of particular importance since the Company had reported third quarter revenue materially below estimates</li>
<li>Service providers represented 50 percent of ATEN’s third quarter revenue compared to 67 percent in prior years. Throughout 2023 this customer base was not consistent with their purchasing</li>
</ul>


A10 Networks (ATEN) not warning about missing consensus estimates is a positive, but not enough for a victory lap after a volatile 2023
The fourth quarter was of particular importance since the Company had reported third quarter revenue materially below estimates
Service providers represented 50 percent of ATEN’s third quarter revenue compared to 67 percent in prior years. Throughout 2023 this customer base was not consistent with their purchasing


United States

A10 Networks Inc. provides computer networking products and security solutions. The Company offers application networking platforms and security products to streamline technology operations, including cloud and service providers and application delivery solutions. A10 serves customers in various industries worldwide.

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A10 Networks (ATEN US)

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ATEN: No Fear of a Warning

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