A10 Networks, Inc. (NYSE: ATEN)

A10 Networks, Inc. is a global provider of secure application and network infrastructure solutions. The company enables enterprises and service providers to deliver high performance reliable and protected digital services across on premises hybrid cloud and distributed environments. Its solutions are designed for mission critical environments where availability scalability low latency and security are essential. A10 Networks provides integrated capabilities spanning application delivery traffic management distributed denial of service protection application and API security and centralized management. The portfolio is built on a unified software architecture that allows customers to deploy consistent performance and security policies across physical virtual containerized and cloud native environments. The company serves customers worldwide across industries including telecommunications technology financial services public sector industrial retail gaming and education.

A10 Networks generates revenue primarily from the sale of secure networking and cybersecurity solutions and related maintenance and support services. Offerings are delivered through a combination of direct sales and channel partners. Customers typically purchase maintenance and support alongside initial deployments and renew those services over time. The company is expanding subscription term based and software focused offerings to support recurring revenue growth and flexible customer consumption models. In February 2025 A10 Networks acquired the assets and key personnel of ThreatX Protect expanding its cybersecurity portfolio with cloud delivered web application and API protection capabilities.

The company operates through the following segments: Legacy Networking Next Generation Networking Network Security (A10 Defend).

• Legacy Networking supports large scale service provider and enterprise environments where performance scale and reliability are essential. A core capability is carrier grade address and protocol translation which enables customers to extend IPv4 networks support migration to IPv6 and manage subscriber or device growth while maintaining service continuity. These solutions are commonly deployed in high throughput networks and are designed to provide resilient standards based traffic processing with operational stability. Representative capabilities include carrier grade NAT and related translation services high scale session management policy controls and visibility required to operate in complex networks.

• Next Generation Networking focuses on application delivery and traffic management for modern data center hybrid cloud and distributed architectures. These solutions help customers ensure application availability optimize performance and apply consistent traffic policies across environments as applications become more distributed and API driven. In many customer deployments application delivery also serves as an enforcement point for performance and security policies in the data path helping reduce operational complexity while maintaining low latency. Representative capabilities include server load balancing high availability application traffic steering global load distribution SSL TLS acceleration and offload and application level observability and policy controls.

• Network Security (A10 Defend) delivers dedicated security solutions that protect applications APIs and infrastructure from modern cyber threats. The capabilities defend against volumetric and application layer DDoS attacks protect web applications and APIs mitigate automated threats such as bots and improve operational outcomes through centralized orchestration and actionable threat intelligence. Representative capabilities include DDoS detection and mitigation orchestration and workflow automation threat intelligence and blocklisting converged network security functions delivered in the data path and cloud delivered WAAP capabilities including web application firewall bot protection Layer 7 DDoS protection and API protection.

A10 Networks operates in highly competitive markets for application delivery network infrastructure and security solutions. Its main competitors include providers of network and infrastructure security such as Arbor Networks a subsidiary of NetScout Systems Radware Ltd and F5. Vendors of application delivery and traffic management such as F5 NetScaler from Cloud Software Group and VMware offerings within Broadcom also compete with the company. Network equipment and security vendors offering firewall routing and carrier grade infrastructure such as Cisco Systems Hewlett Packard Enterprise (division formerly Juniper Networks Inc) and Fortinet Inc are additional competitors. Cloud based security and application protection providers offering WAAP and related services such as Akamai Cloudflare Imperva and Amazon Web Services also compete. Emerging vendors and specialized security providers addressing API protection bot mitigation and AI related security use cases also constitute competition. Competition is based on factors including performance scalability reliability in mission critical environments breadth and integration of networking and security capabilities effectiveness in detecting and mitigating evolving cybersecurity threats flexibility across deployment models total cost of ownership operational simplicity quality of customer support brand reputation and ability to attract and retain skilled technical and sales talent. A10 Networks believes its unified architecture performance heritage and integrated security capabilities position it to compete effectively across these markets.

A10 Networks serves enterprises and service providers that manage mission critical applications high availability networks and performance sensitive digital services where uptime security and scalability are essential. The company's solutions are deployed in large enterprise data centers hybrid cloud infrastructures and service provider networks. Customers operate across industries including telecommunications technology financial services public sector industrial retail gaming and education. During the years ended December 31 2025 2024 and 2023 purchases from the ten largest end customers accounted for approximately 40 percent 38 percent and 33 percent of total revenue respectively. A substantial portion of revenue is generated through distribution channels such as resellers and distributors.