Tenable Holdings, Inc. reported significant financial performance improvements in its 10-Q filing for the three and nine months ended September 30, 2024. The company achieved total revenue of $227.1 million for Q3 2024, marking a 13% increase from $201.5 million in Q3 2023. For the nine-month period, revenue rose to $664.3 million, up 13% from $585.4 million in the prior year. Subscription revenue, a key component of the business, also saw a notable increase, reaching $208.6 million in Q3 2024, a 14% rise from $183.3 million in Q3 2023, and $608.7 million for the nine months, up 15% from $531.1 million.
Gross profit for Q3 2024 was $176.6 million, reflecting a 13% increase from $155.8 million in Q3 2023. For the nine-month period, gross profit increased to $516.1 million, a 15% rise from $450.6 million. The company reported a loss from operations of $(2.1) million for Q3 2024, an improvement from $(7.9) million in Q3 2023, and a loss of $(19.8) million for the nine months, compared to $(37.8) million in the same period last year. The net loss for Q3 2024 was $(9.2) million, down from $(15.6) million in Q3 2023, while the nine-month net loss decreased to $(38.2) million from $(56.6) million.
Tenable's cash and cash equivalents increased to $312.2 million as of September 30, 2024, up from $237.1 million at the end of 2023. The company also reported total current assets of $843.5 million, an increase from $805.5 million at year-end 2023. Total stockholders’ equity rose to $404.6 million, compared to $346.3 million at the end of 2023.
Strategically, Tenable completed the acquisition of Eureka Security, Inc. in June 2024 for approximately $29.2 million, which is expected to enhance its product offerings. The company incurred $4.5 million in restructuring expenses related to impairments of leasehold improvements and furniture and fixtures. Additionally, Tenable's board authorized a stock repurchase plan of up to $100 million in November 2023, with $64.9 million spent on repurchasing 1.5 million shares by September 30, 2024.
The company continues to rely heavily on its channel partners, with 94% of revenue derived from subscriptions and perpetual licenses sold through these partners. Ingram Micro, Inc. accounted for 34% of revenue in the nine months ended September 30, 2024. Tenable's financial results indicate a positive trajectory, with improvements in revenue, gross profit, and reduced operational losses compared to the previous fiscal period.
About Tenable Holdings, Inc.
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