A10 Networks reported Q2 2025 revenue of $69.4 million, up 15% year-over-year, driven by normalized Service Provider spending and strategic investments in Enterprise and AI infrastructure.
Adjusted EBITDA was $19.7 million, or 28.3% of revenue, aligning with long-term goals.
Cash, cash equivalents, and marketable securities totaled $367.4 million at quarter-end, up from $195.6 million at end of 2024.
Convertible debt stood at $218.1 million following a Q1 offering.
GAAP net income was $10.5 million or $0.14 per diluted share, up from $9.5 million or $0.13 per share a year ago.
Gross margin was 80%, consistent with company targets of 80-82%.
Non-GAAP net income was $15.5 million or $0.21 per diluted share, compared to $13.2 million or $0.18 per share last year.
Product revenue was $39.2 million (56% of total), and services revenue was $30.2 million (44%).
The company paid $4.3 million in dividends and repurchased $3.9 million in shares during the quarter.
Year-to-date revenue was $135.5 million, a 12% increase over prior year.
Adjusted free cash flow was $89 million, representing a 76% conversion to adjusted net income and about 12% of sales.
Environmental and Fueling Solutions (EFS) grew nearly 16% in Q2, driven by dispenser shipments up over 20% and strong environmental sensing and monitoring growth.
Mobility Technologies core sales grew 18%, led by Invenco's strong double-digit growth, while DRB sales declined in the teens as expected.
Net leverage ratio improved to 2.5x, and $50 million in share buybacks were completed in the quarter, totaling $105 million in the first half.
Orders grew 8% organically with a book-to-bill ratio of approximately 1.
Repair Solutions sales were flat year-over-year, with segment operating profit declining $700,000 due to mix headwinds despite cost savings.
Vontier delivered strong Q2 2025 results with core sales growth of 11%, adjusted operating profit margin expansion of 80 basis points, and adjusted EPS increasing 25% to $0.79, exceeding guidance.
Dafinchi