Slides
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A10 Investor Day February 2026
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Cautionary Statements and Disclosures This presentation and the accompanying oral presentation contain “forward-looking” statements that are based on our management’s beliefs and assumptions, including statements regardingour future financial performance, strategy, routes to market, technical differentiation, positioning, capital allocation strategy, expansion opportunities, growth, profitability, market growth, as well as market and technology trends. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on assumptions that may prove to be incorrect, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Factors that may cause actual results to differ include any unforeseen need for capital which may require us to divert funds we may have otherwise used for the dividend program or stock repurchase program, which may in turn negatively impact our ability to administer the quarterly dividends or the repurchase of our common stock; a significant decline in global macroeconomic or political conditions that have an adverse impact on our business and financial results; business interruptions related to our supply chain; our ability to manage our business and expenses if customers cancel or delay orders; execution risks related to closing key deals and improving our execution; the continued market adoption of our products; our ability to successfully anticipate market needs and opportunities; our timely development of new products and features; our ability to achieve or maintain profitability; any loss or delay of expected purchases by our largest end-customers; our ability to maintain or improve our competitive position; competitive and execution risks related to cloud-based computing trends; our ability to attract and retain new end- customers and our largest end-consumers; our ability to maintain and enhance our brand and reputation; changes demanded by our customers in the deployment and payment model for our products; continued growth in markets relating to network security; the success of any future acquisitions or investments in complementary companies, products, services or technologies; the ability of our sales team to execute well; our ability to shorten our close cycles; the ability of our channel partners to sell our products; variations in product mix or geographic locations of our sales; risks associated with our presence in international markets; weaknesses or deficiencies in our internal control over financial reporting; our ability to timely file periodic reports required to be filed under the Securities Exchange Act of 1934; and other risks that are described in “Risk Factors” in our periodic filings with the Securities and Exchange Commission, including our Form 10-K filed with the Securities and Exchange Commission on February 29, 2024. We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. This presentation and the accompanying oral presentation also include certain non-GAAP financial measures including Non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non- GAAP operating margin, Adjusted EBITDA and Non-GAAP EPS. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titles measures presented by other companies. A10 Networks considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the company, exclusive of unusual events or factors that do not directly affect what we consider to be our core operating performance, and are used by the company’s management for that purpose. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We define non-GAAP net income as our GAAP net income excluding: (i) stock-based compensation and related payroll tax, (ii) impairment expense, (iii) cyber incident remediation expense, (iv) workforce reduction expense and (v) income tax effect of excluding non-GAAP items (i) to (iv) listed above. We define non-GAAP net income per basic and diluted share as our non-GAAP net income divided by our basic and diluted weighted-average shares outstanding. We define non-GAAP gross profit as our GAAP gross profit excluding (i) stock-based compensation and related payroll tax, (ii) cyber incident remediation expense and (iii) workforce reduction expense. We define non-GAAP gross margin as our non-GAAP gross profit divided by our GAAP revenue. We define non-GAAP operating income as our GAAP income from operations excluding (i) stock-based compensation and related payroll tax, (ii) impairment expense, (iii) cyber incident remediation expense and (iv) workforce reduction expense. We define non-GAAP operating margin as our non-GAAP operating income divided by our GAAP revenue. We define non-GAAP operating expenses as our GAAP operating expenses excluding (i) stock-based compensation and related payroll tax, (ii) impairment expense, (iii) cyber incident remediation expense and (iv) workforce reduction expense. We define Adjusted EBITDA as our GAAP net income excluding (i) interest and other (income) expense, net, (ii) depreciation and amortization expense, (iii) provision for income taxes, (iv) stock-based compensation and related payroll tax, (v) impairment expense, (vi) workforce reduction expense and (vii) cyber incident remediation expense. We define Adjusted EBITDA margin as our Adjusted EBITDA divided by our GAAP revenue. A reconciliation between GAAP and non-GAAP financial measures can be found in the appendix to this document.
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Strategy in Motion: How changes in the data center landscape and disciplined execution have shaped A10’s journey, and what comes next Madhav Aggarwal Staff ML Engineer, Security Gen AI A10 Networks Dr. Rene Meyer CTO, AMAX Information Technologies Sean Pike Head of Information Security, A10 Networks AI Fireside Chat: AI and the future of the data center Translating Strategy to Sustained Financial Results: Reviewing results, reinforcing discipline, and positioning the business for sustained growth Agenda Dhrupad Trivedi President and CEO, A10 Networks 1:05-1:45 PT 1:45-2:15 PT Michelle Caron Chief Financial Officer, A10 Networks 2:15-2:30 PT 2:30-3:00 PT
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Strategy in Motion Dhrupad Trivedi President and CEO
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A10 at a Glance NYSE: ATEN A10 Networks delivers secure, high-performance networking solutions that protect and scale critical applications across core, cloud, and edge environments Founded 2004 Listed NYSE: 2014 Headquarters San Jose, CA Employees ~500 Patents >200 Global Customers ~7,000 Revenue $290.6M Adj EBITDA 29.6% Non-GAAP Diluted EPS $0.90FY 2025
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Rule of 40 Framework 10-12% Revenue Growth, Product > Total 65% Security-led Revenue Non-GAAP Adjusted EBITDA Margin of 26-28% Business Model Targets Delivering on Our Targets Outlined at 2022 Investor Day
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40.6 +11% +20% 72% 29.6% Business Model Targets 2025 Results Rule of 40 Framework 10-12% Revenue Growth, Product > Total 65% Security-led Revenue Non-GAAP Adjusted EBTIDA Margin 26-28% Delivering on Our Targets Outlined at 2022 Investor Day
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The Evolution of the Data Center
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A10 Founded Industry-leading ADC Industry-leading DDoS 3,000 Customers Phase 1 2004 – 2019 Build trust in the most demanding networks Performance, Uptime, Efficiency Carrier-Grade NAT at Scale The Centralized Infrastructure Era 1
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The Centralized Infrastructure Era Integrated SolutionsCloud & Hybrid Ready Scaled to 7,000 Customers Phase 2 2020 – 2024 Transformed into scalable technology platform Performance, Availability, and Security Together API The Distributed Architecture Era 1 2 API Security
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The Centralized Infrastructure Era The Distributed Architecture Era 1 2 3 The Intelligent Era Enabling performance and security at AI scale Phase 3 2025 + Supporting AI Infrastructure
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Integrated Solutions Supporting AI Infrastructure Cloud & Hybrid Ready A10 Founded Industry-leading ADC Industry-leading DDoS 3,000 Customers Scaled to 7,000 Customers Phase 1 2004 – 2019 Phase 2 2020 – 2024 Phase 3 2025 + Enabling performance and security at AI scaleTransformed into scalable technology platform Performance, Availability, and Security TogetherBuild trust in the most demanding networks Performance, Uptime, Efficiency A10 Evolution Carrier-Grade NAT at Scale API Security API
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A10’s Value Proposition Has Remained Consistent Low Latency at Scale Always-On Reliability and Uptime Security Embedded in the Traffic Path World-class Customer Support and Partnership The Centralized Infrastructure Era The Distributed Architecture Era The Intelligent Era A10 is more relevant than ever
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Unified Product Architecture What We Do AI Infrastructure Enablement Massive scale traffic management Carrier-grade traffic processing High-performance NAT Application-aware traffic steering East-west load balancing Flexible performance optimization for distributed workloads Multi-layer DDoS mitigation (L3-L7) Web and API protection for modern applications Intelligent & automated threat protection Now Network Security Next-Generation Networking Legacy Networking AI prompt and traffic routing AI inference securityAI-powered predictive analytics Next Common Policy Engine Shared OS & Security Platform Unified Control Plane
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Customers Trust Us with their Critical Applications and AI Workloads All at Hyperscale Telecom Operators Cloud Providers Media Companies Video Gaming Companies Fortune Global 500 Support seamless migration Defend from cyberattacks Provide fast response, low latency Secure and deploy new AI applications Simplify IT ops Protect infrastructure investments
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Powering the Biggest Brands
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Building Core Infrastructure: What Customers Need Applications & Workloads Security (DDoS, API, SSL) Traffic & App Delivery Switching & Routing Compute, Storage, Power We sit in-line, where performance and security must work together at scale A10 is often specified during design, and activated when scale and availability matter most Plan & Design Architecture defined, capacity modeled, traffic assumptions set Build Core Infrastructure Compute & storage deployed, Switching and routing installed Activate & Scale Applications go live, traffic increases, availability and security become critical Phases of the Infrastructure Build
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Building an Infrastructure: What Customers Need Applications & Workloads Security (DDoS, API, SSL) Traffic & App Delivery Switching & Routing Compute, Storage, Power Decades of traffic intelligence and ML expertise, from the core to the edge applied to AI infrastructure AI AI Inference Security AI Predictive Performance AI Prompt and Traffic Routing Traffic Latency Security Next Layer 8: Prompt LayerNew
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AI Market Data Points
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Total Data Center Traffic Growth AI is a Traffic Problem Before It’s a Compute Problem 0 5 10 15 20 25 30 35 40 45 2020 2021 2022 2023 2024 2025 Traffic Volume (Exabytes) • Non-Linear Traffic Growth: • AI model training and large-scale inference create exponential data demands • Persistent East-West Flows: • Distributed AI workloads require constant, high-bandwidth communication • APIs as Dominant Model: • AI workflows shift bottlenecks to network throughput Nearly 30% of all data center traffic by EOY 2025 AI Workload TrafficTotal Traffic Source: Volico
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• AI inference is real-time • Latency compounds across chained services • Throughput must scale without introducing bottlenecks • Performance must be delivered in-line Inference Changes the Economics of Latency 73% of customers are proactively looking at solutions to minimize latency The Latency Challenge in AI Inference Workflows User Request API Gateway Speech-to- Text (Model A) NLP Processing (Model B) Text-to- Speech (Model C) Response Delivered Service Chain Total Latency: >200-500ms (Delayed) Additive Latency Sources: Georgia Tech research, A10 Networks Survey
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AI Expands the Attack Surface 90% of web-enabled applications now expose more attack surface via APIs than traditional UI layers Source: Gartner 57% of companies experienced one or more API-related data breaches in the past two years Source: DevOps Digest In 2025, API-based DDoS attacks surged about Source: A10 Networks 350%, exceeding 30 Tbps
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AI and the Future of the Data Center Fireside Chat
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Translating Strategy to Sustainable Financials Michelle Caron Chief Financial Officer
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FY 2025 Earnings Highlights Revenue $290.6M +11.0% YoY Adj EBITDA 29.6% Adj EPS $0.90 FY ’25 Record year enabled by durable revenue growth, margin expansion, and disciplined capital allocation
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Sustained Business Improvement Revenue ($m) Adjusted EBITDA Margin %Non-GAAP EPS Strong Balance Sheet and Shareholder Alignment • Ended Q4’FY25 with cash, cash equivalents and marketable securities of $378M • Cumulative $336M of cash flow from operations over the last five years, with over strong FCF Conversion • Consistent Share Buybacks + dividends over last 5-years, with historical quarterly cash dividend of $0.06 per share $213 $226 $250 $280 $252 $262 $291 2019 2020 2021 2022 2023 2024 2025 $0.03 $0.44 $0.63 $0.74 $0.73 $0.86 $0.90 2019 2020 2021 2022 2023 2024 2025 5.5% 20.2% 25.0% 26.8% 28.3% 28.5% 29.6% 2019 2020 2021 2022 2023 2024 2025
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Financial Priorities: Looking Ahead
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Focus on Creating Value for All Stakeholders Business Model Revenue Growth Capital Allocation
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Strategic Shift Towards Higher Growth Markets of Revenue Now Comes From Next-Generation Networking and Network Security Solutions>70% Security-led revenue will remain majority of mix (65%+) within each of the 3 solution areas +14-16% +16-18% 0 – (5%) from 18% to 35% from 35% to 37% from 47% to 28% % of Revenue 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2022 2023 2024 2025 Legacy Networking Next-Generation Networking Network Security 3Y Growth CAGR Outlook
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Disciplined Execution Enables Operating Leverage Revenue growth and productivity drive EBITDA expansion $7.7 $11.6 $45.6 $62.4 $75.1 $71.2 $74.5 $86.0 0.4 0.5 0.6 0.7 0.8 0.9 1 0 10 20 30 40 50 60 70 80 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA, $ Millions Operating Expense as a Percent of Revenue 78.0% 76.5% 63.0% 58.0% 56.4% 57.1% 57.0% 55.7% 3.3% 5.5% 20.2% 25.0% 26.8% 28.3% 28.5% 29.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA as a % of Revenue
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Balanced Returns Strong cash generation enables consistent shareholder returns alongside continued investment in the business $17.8 $17.8 $17.4 $16.0 $30.1 $68.9 0 10 20 30 40 50 60 70 80 2023 2024 2025 $ Millions $86.3 $33.8 $47.9 Share Repurchases Dividends
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Capital Allocation Goals 01 02 03 Share Buybacks / Dividends Return excess capital to shareholders while maintaining financial flexibility Organic Growth Prioritize investment in innovation and go-to-market initiatives that drive durable, high-return growth Opportunistic M&A Pursue disciplined, strategic acquisitions that enhance the portfolio and accelerate long-term value creation • Aligned with Next- Generation Networking and Security Portfolios • Aligned with A10’s business model goals • Target payback period of 3-4 years
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Financial Outlook
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Financial Goals 2026 2027-2028 10-12% Revenue Growth 28-30% Non-GAAP Adjusted EBITDA Margins Non-GAAP EPS growth exceeding Revenue Growth Executing a Disciplined Growth Model in the AI Era 12%+ Revenue Growth CAGR 28-30%+ Non-GAAP Adjusted EBITDA Margins Non-GAAP EPS growth exceeding Revenue Growth
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Positioned for What’s Next Dhrupad Trivedi President and CEO
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The Data Center Eras The Centralized Infrastructure Era The Distributed Architecture Era The Intelligent Era Across Each Era of the Data Center
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A10’s Value Proposition Has Remained Consistent Low Latency at Scale Always-On Reliability and Uptime Security Embedded in the Traffic Path World-class Customer Support and Partnership The Centralized Infrastructure Era The Distributed Architecture Era The Intelligent Era A10 is more relevant than ever
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2026-28 AI Infrastructure Buildout New Security Offerings Normalized SP Spending Top-line growth combined with disciplined execution and dynamic resourcing Driving Future Growth Revenue 12%+ 3Y CAGR Adj EBITDA 28-30%+ Long-Term Revenue Upside Share Capture Market Growth 4-5%1 1 Market growth representative of broad peer group and internal company estimates 6-7% Upside DriversGrowth Drivers Profitability Drivers
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A10 Investor Highlights Enabling a Secure and Available Digital World Differentiated Platform at the Intersection of Infrastructure, Security, and AI • High-performance, low latency architecture • Trusted by the largest companies in the world Positioned for Secular Infrastructure Expansion • AI infrastructure build out driving traffic intensity • Increasing need for always-on availability and protection in hybrid and edge architectures Proven, Profitable Growth Model • Double-digit growth outlook combined with expanding margins through disciplined execution • Durable cash generation Disciplined Capital Allocation • Strong Balance Sheet and high free cash flow conversion • Shareholder-aligned return strategy Enabling a Secure and Available Digital World
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Thank You
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Appendix
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Revenue and Adjusted EBITDA $74.2 $66.1 $69.4 $74.7 $80.4 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Revenue, $ Millions $27.3 $19.5 $19.7 $21.9 $24.9 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Adjusted EBITDA, $ Millions $261.7 $290.6 FY 2024 FY 2025 Revenue, $ Millions $74.5 $86.0 50 55 60 65 70 75 80 85 90 FY 2024 FY 2025 Adjusted EBITDA is a Non-GAAP Financial Measure Adjusted EBITDA, $ Millions
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Revenue by Customer Vertical $150.4 $174.7 FY 2024 FY 2025 Service Provider Revenue, $ Millions$31.5 $27.1 $27.8 $26.9 $34.1 $42.7 $39.0 $41.6 $47.8 $46.3 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Revenue, $ Millions Service Provider Enterprise $111.3 $115.9 FY 2024 FY 2025 Enterprise Revenue, $ Millions
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Revenue by Geography 56% 51% 59% 65% 64% 27% 28% 26% 22% 22% 17% 21% 15% 12% 14% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 $ Millions Americas APJ EMEA 60% 24% 16% FY’25 $290.6 million
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Full-Year Revenue and Adjusted EBITDA $11.6 $45.6 $62.4 $75.1 $71.2 $74.5 $86.0 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA, $ Millions $212.6 $225.5 $250.0 $280.3 $251.7 $261.7 $290.6 2019 2020 2021 2022 2023 2024 2025 Revenue, $ Millions 5.5% 20.2% 25.0% 26.8% 28.3% 28.5% 29.6% % Adjusted EBITDA Margin % Adjusted EBITDA is a Non-GAAP Financial Measure
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Financial Performance Trends Numbers may not sum due to rounding. Please refer to the supplemental financials posted in the “Investor Relations” section of the A10 Networks website at investors.A10Networks.com Gross Margin %, Operating Margin %, Adjusted EBITDA and EPS are Non-GAAP Financial Measures $ Millions (except Margins and EPS) Q1’22 Q2’22 Q3’22 Q4’22 FY 2022 Q1’23 Q2’23 Q3’23 Q4’23 FY 2023 Q1’24 Q2’24 Q3’24 Q4’24 FY 2024 Q1’25 Q2’25 Q3'25 Q4’25 FY 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 $69.4 $74.7 $80.4 $290.6 Non-GAAP Gross Margin % 80.2% 80.6% 80.2% 80.3% 80.3% 83.1% 80.2% 81.8% 81.8% 81.7% 81.9% 80.9% 81.3% 80.7% 81.2% 80.9% 80.0% 80.7% 80.8% 80.6% Non-GAAP Operating Margin % 18.6% 23.7% 27.0% 25.5% 23.9% 23.1% 23.1% 20.6% 30.4% 24.6% 18.5% 21.1% 22.6% 32.7% 24.2% 24.4% 23.6% 24.7% 26.6% 24.9% Adjusted EBITDA (non-GAAP) $13.5 $18.0 $21.3 $22.3 $75.1 $15.5 $17.4 $14.4 $23.9 $71.2 $13.9 $15.5 $17.8 $27.3 $74.5 $19.5 $19.7 $21.9 $24.9 $86.0 Non-GAAP EPS $0.13 $0.17 $0.20 $0.24 $0.74 $0.13 $0.19 $0.16 $0.25 $0.73 $0.17 $0.18 $0.21 $0.31 $0.86 $0.20 $0.21 $0.23 $0.26 $0.90 Ending Cash & Marketable Securities $164.7 $166.8 $127.8 $151.0 $151.0 $144.5 $153.9 $169.0 $159.3 $159.3 $182.1 $177.1 $182.1 $195.6 $195.6 $355.8 $367.4 $370.9 $377.9 $377.9
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GAAP to Non-GAAP – Gross Margin and EPS Numbers may not sum due to rounding. EPS data is presented on a basic and diluted basis. Please refer to the supplemental financials posted the “Investor Relations” section of the A10 Networks website at investors.A10Networks.com 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% 0.2% 0.5% 0.6% Amortization expense related to acquisition 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.4% 0.4% 0.3% 0.3% Asset impairment 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.2% 0.3% Gross Margin % - Non-GAAP 81.9% 80.9% 81.3% 80.6% 81.2% 80.9% 80.0% 80.7% 80.8% 80.6% EPS $ - GAAP 0.13$ 0.13$ 0.17$ 0.24$ 0.67$ 0.13$ 0.14$ 0.17$ 0.14$ 0.57$ Stock-based compensation 0.05 0.06 0.06 0.06 0.23 0.08 0.06 0.07 0.07 0.28 Tax planning expense - 0.01 0.00 - 0.01 - 0.00 - - 0.00 One-time legal expense - 0.00 - - 0.00 0.01 0.01 0.00 0.00 0.02 Asset impairment - - - - - - - - 0.01 0.01 Acquisition expense - - - - - 0.00 0.01 0.01 0.00 0.02 Amortization expense related to acquisition - - - - - 0.00 0.01 0.01 0.01 0.02 Workforce reduction severance - - - 0.01 0.01 - - - - - Income tax effect of non-GAAP items (0.01) (0.01) (0.02) (0.02) (0.06) (0.02) (0.02) (0.02) 0.04 (0.03) EPS $ - Non-GAAP 0.17$ 0.17$ 0.21$ 0.31$ 0.86$ 0.20$ 0.21$ 0.23$ 0.26$ 0.90$
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GAAP to Non-GAAP – Operating Income Numbers may not sum due to rounding. Please refer to the supplemental financials posted the “Investor Relations” section of the A10 Networks website at investors.A10Networks.com Q3’23 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 4.8 17.6 6.3 4.6 5.0 4.9 20.7 Tax planning expense - 0.4 0.1 - 0.5 - 0.2 - - 0.2 Asset impairment - - - - - - - - 1.0 1.0 One-time legal expense - 0.1 - - 0.1 0.5 0.7 0.0 0.1 1.3 Acquisition-related expense - - - - - 0.3 0.2 0.1 0.0 0.7 Amortization of purchased intangible assets - - - - - 0.2 0.4 0.4 0.4 1.3 Workforce reduction severance - - - 1.1 1.1 - - - - - Income from operations $ - Non-GAAP 11.2$ 12.7$ 15.1$ 24.3$ 63.2$ 16.1$ 16.4$ 18.5$ 21.3$ 72.3$ % of Revenue Income from operations % - GAAP 11.9 % 13.2 % 15.7 % 24.8 % 16.8 % 13.3 % 14.9 % 17.4 % 18.7 % 16.2 % Stock-based compensation and related payroll tax 6.6 % 7.2 % 6.8 % 6.5 % 6.7 % 9.5 % 6.6 % 6.6 % 6.1 % 7.1 % Tax planning expense —% 0.7 % 0.1 % —% 0.2 % —% 0.2 % —% —% 0.1 % Asset impairment —% —% —% —% —% —% —% —% 1.2 % 0.3 % One-time legal expense —% 0.1 % —% —% 0.0 % 0.8 % 1.0 % 0.0 % 0.1 % 0.5 % Acquisition-related expense —% —% —% —% —% 0.5 % 0.3 % 0.1 % 0.0 % 0.2 % Amortization of purchased intangible assets —% —% —% —% —% 0.3 % 0.5 % 0.5 % 0.5 % 0.5 % Workforce reduction severance —% —% —% 1.4 % 0.4 % —% —% —% —% —% Income from operations % - Non-GAAP 18.5 % 21.1 % 22.6 % 32.7 % 24.2 % 24.4 % 23.6 % 24.7 % 26.6 % 24.9 %
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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) (1.7) (1.6) (1.0) (1.0) (5.3) Exclude: Depreciation & amortization 2.7 2.8 2.7 3.0 11.3 3.6 3.7 3.8 4.0 15.1 Exclude: Provision for income taxes 1.5 1.5 1.8 3.2 8.0 0.9 1.4 1.8 6.2 10.3 EBITDA 9.9 10.7 13.2 21.4 55.3 12.4 14.0 16.8 19.0 62.2 Exclude: Stock-based compensation and related payroll tax 4.0 4.3 4.5 4.8 17.6 6.3 4.6 5.0 4.9 20.7 Exclude: Asset impairment expense - - - - - - - - 1.0 1.0 Exclude: Tax planning expense - 0.4 0.1 - 0.5 - 0.2 - - 0.2 Exclude: One-time legal expense - 0.1 - - 0.1 0.5 0.7 0.0 0.1 1.3 Exclude: Acquisiton-related expense - - - - - 0.3 0.2 0.1 0.0 0.7 Exclude: Workforce reduction severance - - - 1.1 1.1 - - - - - Adjusted EBITDA - Non-GAAP 13.9$ 15.5$ 17.8$ 27.3$ 74.5$ 19.5$ 19.7$ 21.9$ 24.9$ 86.0$ Numbers may not sum due to rounding. Please refer to the supplemental financials posted the “Investor Relations” section of the A10 Networks website at investors.A10Networks.com
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Strong Balance Sheet Long-term Debt • $225 Million Convertible Senior Notes • Issued March 2025 maturing April 2030 • Coupon rate of 2.75% per annum, payable semi-annually on April 1 and October 1 • Balance December 31, 2025: $218.8 million • Potential Use of Proceeds: • General corporate purposes • Invest in organic growth • Potential M&A (In $ millions) December 31, 2025 December 31, 2024 Cash and Cash Equivalents $71.1 $95.1 Marketable Securities $306.7 $100.4 Total Assets $629.8 $432.8 Long-Term Debt $218.8 - Total Liabilities $418.3 $201.0
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Driving Balanced Outcomes for Employees, Customers and Investors A10 is committed to a diverse, inclusive, and safe environment • Fostering a diverse, inclusive, and safe work environment where all employees are treated with dignity and respect • Supporting equal opportunity, workplace safety, and ethical conduct across global operations • Investing in engineering rigor, product knowledge, and technical training to support innovation and customer success • Access to career development resources, including role-based training, leadership development, and continuous learning opportunities • Embracing a “Challenger” mindset, encouraging employees to question assumptions, innovate responsibly, and continuously improve • A10’s Employee Stock Purchase Plan (ESPP) enables broad-based employee participation in the Company’s long-term success and reinforces alignment between employees and stockholders Social • Entire Board excluding Dhrupad Trivedi is independent under NYSE standards • Independent committees oversee audit, compensation, and governance, strengthening objective decision-making • Appropriately-sized, the Board is fully declassified, with all directors standing for annual election • The Board maintains established governance processes to support constructive stockholder engagement • Governance practices are designed to support transparency, accountability, and long-term value creation Governance • A10’s environmental strategy is aligned with the 1.5°C ambition of the Paris Agreement, targeting a 50% reduction in absolute greenhouse gas emissions by 2030, with 2019 as the baseline year • Progress is tracked annually across GHG Protocol Scopes 1, 2, and 3, reflecting a comprehensive view of operational and value-chain emissions • Absolute emissions: ~50% reduction from baseline, including use of sold products • Excluding use of sold products: ~45% reduction from baseline. Emissions intensity (revenue- based): ~35% improvement from baseline • Maintain progress toward the 50% absolute emissions reduction target by 2030, reinforcing A10’s long-term commitment to sustainability and responsible growth Environmental For additional Corporate Responsibility standards and practices, please visit A10 Networks, Inc. – Corporate Responsibility
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A10Networks.com