Tenable Holdings Reports 12% Revenue Growth in Q2 2025, Despite Net Loss

Tenable Holdings, Inc. reported its financial results for the second quarter of 2025, revealing a revenue increase of 12% year-over-year, reaching $247.3 million compared to $221.2 million in the same period of 2024. For the first half of 2025, total revenue was $486.4 million, up from $437.2 million in the prior year. Despite the revenue growth, the company recorded a net loss of $14.7 million for the quarter, slightly higher than the $14.6 million loss reported in Q2 2024. The net loss per share remained consistent at $0.12 for both periods.

The company experienced a notable increase in subscription revenue, which rose to $228.0 million from $202.5 million, accounting for 92% of total revenue in the quarter. However, perpetual license and maintenance revenue declined by 5% to $11.4 million. The increase in revenue was attributed to existing customers, contributing $24.1 million, while new customers added $2.0 million. Geographically, revenue from the Americas increased by 11%, while international revenue grew by 13%.

Tenable's operational metrics showed a significant rise in customer engagement, with the number of customers generating $100,000 or more in annual contract value increasing by 18% to 2,118. The company also added 367 new enterprise platform customers during the quarter, although this represented a 10% decrease compared to the previous year. The dollar-based net expansion rate was reported at 107%, slightly down from 109% in the prior year, indicating stable customer retention and upsell performance.

Strategically, Tenable made significant acquisitions in 2025, including Vulcan Cyber Ltd. for $148.5 million and Apex Security, Inc. for $47.8 million, aimed at enhancing its exposure management capabilities. These acquisitions contributed to an increase in goodwill, which rose to $697.8 million as of June 30, 2025. The company also reported a cash and cash equivalents balance of $175.0 million, down from $328.6 million at the end of 2024, primarily due to cash used in acquisitions and stock repurchases.

Looking ahead, Tenable anticipates continued investment in its product offerings and infrastructure, with expectations of ongoing operating losses in the near term. The company believes its existing cash reserves will be sufficient to meet operational needs for at least the next 12 months, while also indicating potential for future equity or debt financing to support growth initiatives.