A10 Networks, Inc. provides networking solutions in the Americas, Japan, other Asia Pacific, and EMEA countries. The company offers Thunder Application Delivery Controller (ADC) that provides advanced server load balancing; Lightning ADC, a cloud-native software-as-a-service platform to boost the delivery and security of applications and microservices; and Thunder Carrier Grade Networking product, which offers standards-compliant address and protocol translation services for service provider networks. It also provides Thunder Threat Protection System (TPS) for the protection of networks and server resources against massive distributed denial of service attacks; Thunder Secure Sockets Layer (SSL) Insight solution that decrypts SSL-encrypted traffic and forwards it to a third-party security device for deep packet inspection; and Thunder Convergent Firewall, which addresses various critical security capabilities in one package by consolidating various security and networking functions in a single appliance. In addition, the company offers intelligent management and automation tools comprising harmony controller that provides intelligent management, automation, and analytics for secure application delivery in multi-cloud environment; and aGalaxy TPS, a multi-device network management solution. A10 Networks, Inc. delivers its solutions on optimized hardware appliances, bare metal software, containerized software, virtual appliances, and cloud-native software. It serves cloud providers; service providers include cloud, telecommunications, and multiple system and cable operators; government organizations; and enterprises in the technology, industrial, retail, financial, gaming, and education industries. The company markets its products through sales organizations, as well as distribution channel partners, including distributors, value added resellers, and system integrators. A10 Networks, Inc. was incorporated in 2004 and is headquartered in San Jose, California.
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A direct competitor to F5 Networks, specializing in secure application delivery and advanced DDoS protection.
Similar to Fortinet or Palo Alto Networks, but with a specialist's focus on application traffic management and dedicated DDoS defense.
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- A10 Thunder® Application Delivery Controllers (ADCs): Hardware and software solutions that optimize application performance, availability, and security by intelligently distributing traffic and managing server loads.
- A10 Thunder® Threat Protection System (TPS): A dedicated platform providing high-performance, real-time detection and mitigation of Distributed Denial of Service (DDoS) attacks to ensure network and application uptime.
- A10 Thunder® Carrier-Grade Networking (CGN): Solutions for service providers and enterprises to manage IPv4 address exhaustion, facilitate IPv6 migration, and ensure seamless network connectivity.
- A10 Thunder® Convergent Firewall (CFW): A consolidated security platform offering advanced firewall, secure web gateway, IPSec VPN, and application delivery capabilities for comprehensive network protection.
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A10 Networks (ATEN) sells primarily to other companies and organizations (B2B) rather than to individuals.
A10 Networks does not publicly disclose the names of its specific major customers. This is common for B2B technology companies, especially when no single customer accounts for a material portion (typically 10% or more) of their total revenue, which A10 Networks has stated is the case in its recent financial filings. Instead, A10 Networks serves a diverse global customer base across several key categories:
- Enterprises: Large businesses across a wide range of industries, including financial services, technology, healthcare, manufacturing, and retail, that require robust application delivery and security solutions.
- Service Providers: Telecommunications companies, internet service providers (ISPs), cable operators, and cloud providers that use A10 Networks' solutions for network security, DDoS protection, and traffic management.
- Government Organizations: Federal, state, and local government agencies that utilize A10 Networks' products for securing their critical infrastructure and applications.
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- Flex Ltd. (FLEX)
- Intel Corporation (INTC)
- Marvell Technology, Inc. (MRVL)
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Dhrupad Trivedi, President and Chief Executive Officer
Dr. Trivedi joined A10 Networks in December 2019. Prior to A10, he served in multiple executive vice president roles at Belden from 2010 to 2019, including leading Tripwire, corporate development, and the network solutions platform, and was President of Trapeze Networks. Before Belden, he held general management and corporate development roles at JDS Uniphase from 1998 to 2010.
Michelle Caron, Chief Financial Officer
Michelle Caron was appointed Chief Financial Officer of A10 Networks, effective September 24, 2025. She joins A10 from Beckman Coulter Life Sciences, a division of Danaher Corporation, where she served as VP Finance and CFO. With over 20 years of finance leadership, including 15 years at Danaher, her experience spans operational excellence, mergers and acquisitions, budgeting, and strategy development. She previously held finance and controller roles at Philips Healthcare and Stryker Biotech.
Sheen Khoury, Executive Vice President, Worldwide Sales & Marketing
Sheen Khoury joined A10 Networks in June 2025. He brings over 30 years of sales leadership experience, most recently as Vice President, Global Software Sales at Hewlett Packard Enterprise (HPE), where he led global sales for OpsRamp, Morpheus, and VME Essential, CS, and services after HPE acquired OpsRamp. Khoury has also held senior sales leadership roles at companies such as Virtana, Vyatta (a Brocade Company), Aerohive Networks, Citrix (Netscaler), Exodus, and Oracle.
Mikko Disini, Vice President, Product Line Management
Mikko Disini leads product management and product strategy for A10 Networks. He founded and expanded Kubernetes solutions, achieving over 200 customer adoptions, and drove technology into new buying centers. Previously, he led product management for Citrix's software ADCs for private and public cloud, growing their adoption through innovation. He also focused on penetrating mobile and fixed-line markets for NetScaler and ByteMobile (acquired by Citrix), securing business with Tier 1 and 2 telcos.
David Schroeder, Vice President, Corporate Development
David Schroeder joined A10 Networks in 2021 and is responsible for strategic initiatives across M&A, investor relations, and corporate strategy. Before this role, he led A10's commercial and revenue operations team. Prior to A10, Schroeder held sales finance and investor relations leadership positions at Belden Inc.. His background in strategic finance, commercial operations, and market analysis informs his approach to evaluating acquisitions and shaping growth strategy in the security and infrastructure markets.
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The growing adoption of cloud-native architectures, including service mesh technologies (e.g., Istio, Linkerd), and the increasing sophistication and integration of networking and security services offered directly by hyperscale cloud providers (e.g., AWS, Azure, GCP). These trends threaten to displace or reduce the necessity for A10 Networks' specialized application delivery controllers (ADCs), advanced load balancing, and security solutions by offering integrated, often more cost-effective, and cloud-native alternatives directly from the cloud platform.
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A10 Networks (ATEN) operates in several key markets with substantial addressable opportunities. The primary product and service areas for A10 Networks include Application Delivery Controllers (ADCs), DDoS Protection and Mitigation, Carrier-Grade Networking (CGN), and Secure Access Service Edge (SASE).
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Application Delivery Controllers (ADCs):
- The global Application Delivery Controller market was valued at approximately USD 3.9 billion in 2023 and is projected to reach USD 13.3 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 14.69% from 2024 to 2032.
- In the U.S. specifically, the ADC market was valued at USD 1.0 billion in 2023 and is expected to grow to USD 3.5 billion by 2032, with a CAGR of 14.40% from 2024-2032.
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DDoS Protection and Mitigation:
- The global DDoS Protection and Mitigation market was estimated at USD 3.81 billion in 2024 and is predicted to reach approximately USD 13.90 billion by 2034, growing at a CAGR of 13.81% from 2025 to 2034.
- Another estimate places the global DDoS protection market size at USD 4.73 billion in 2025, forecast to reach USD 9.13 billion by 2030, with a CAGR of 14.04%.
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Carrier-Grade Networking (CGN) / Carrier-Grade NAT (CGNAT):
- The global Carrier-Grade NAT Appliance market size reached USD 2.3 billion in 2024 and is projected to grow at a CAGR of 8.1% from 2025 to 2033, reaching an estimated value of USD 4.55 billion by the end of the forecast period.
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Secure Access Service Edge (SASE):
- The global Secure Access Service Edge (SASE) market is projected to reach USD 19.4 billion in 2025 and grow at a compound annual growth rate of 24.5% from there until 2034, reaching a value of USD 139.1 billion.
- North America is expected to lead the SASE market in 2025 with an estimated share of 38.5%. The U.S. SASE market size is projected to reach USD 6.5 billion in 2025.
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A10 Networks (ATEN) is anticipated to drive future revenue growth over the next 2-3 years through several key strategic initiatives and market tailwinds:
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Increased Demand from AI Infrastructure and Cybersecurity: The company is strategically aligning its solutions and technology roadmap with the growing needs for trusted infrastructure, cybersecurity, and AI capabilities. This focus on AI security and infrastructure solutions is already showing positive results, with demand for load-balancing and anti-DDoS solutions expected to increase significantly as enterprises implement AI applications.
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Expansion in the Enterprise Market: A10 Networks is actively shifting its focus towards enterprise-focused cybersecurity. Through product enhancements and targeted go-to-market strategies, the company aims for deeper penetration into the enterprise market, which is projected to sustain double-digit revenue growth in the near term.
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Growth in the Service Provider Segment and Americas Region: Despite some volatility in Tier 1 service provider capital expenditures, the service provider segment demonstrated significant year-over-year growth in Q3 2025. Furthermore, the Americas region has shown strong performance, primarily driven by investments in AI infrastructure, contributing substantially to A10's overall revenue.
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Transition to Recurring Revenue and Subscription Models: A10 Networks is emphasizing its services and subscription business models. This shift is evidenced by contract renewal rates exceeding 90% and an increase in deferred revenue, leading to more stable and long-term customer relationships and supporting higher gross margins.
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Strategic Acquisitions and Product Innovation: Acquisitions, such as that of ThreatX Protect, are expanding A10's capabilities in areas like web application and API protection, positioning the company for future security trends. Ongoing research and development investments and product enhancements are also bolstering its cybersecurity portfolio.
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Share Repurchases
- In the third quarter of 2025, A10 Networks repurchased $11.0 million in shares and had $60.1 million remaining under its current $75.0 million share repurchase authorization.
- A new $75 million share repurchase program was authorized in the first quarter of 2025, following $47.0 million in share repurchases during that quarter.
- The company repurchased $9.4 million in shares during the third quarter of 2024 and authorized a new common stock repurchase program for up to $50 million.
Share Issuance
- For the nine months ended September 30, 2025, A10 Networks issued $225.0 million in 2.75% Convertible Senior Notes due 2030.
- The company reported proceeds from the issuance of common stock under employee equity incentive plans, totaling $1.710 million for the nine months ended September 30, 2025, and $1.919 million for the same period in 2024.
- Proceeds from employee equity incentive plans were $4.943 million in 2023 and $7.038 million in 2022.
Outbound Investments
- In February 2025, A10 Networks acquired the assets and key personnel of ThreatX Protect to expand its cybersecurity portfolio with web application and API protection (WAAP).
- This acquisition, which closed in February 2025, was noted as a $19.1 million acquisition and contributed to the $215.1 million used in investing activities for the nine months ended September 30, 2025.
- The ThreatX Protect acquisition is anticipated to be modestly accretive to A10's earnings per share in 2025.
Capital Expenditures
- Capital expenditures amounted to $13.464 million for the nine months ended September 30, 2025, and $9.886 million for the corresponding period in 2024.
- For the last 12 months as of the third-quarter 2025 report, capital expenditures were -$15.85 million.
- The company continues to invest in research and development, which saw a 16.8% year-over-year increase, focusing on AI-ready infrastructure and solutions for hybrid cloud and edge environments.
