Скачать или смотреть Varonis Q4 2025: SaaS Shift Sparks 10% Stock Selloff Despite Beats

Varonis Systems reported a mixed Q4 2025, beating revenue and non-GAAP EPS expectations with $173.44M in revenue and $0.08 EPS, reflecting an 8.7% YoY growth. However, the stock plunged over 10% due to cautious guidance and margin pressures, including an 80% gross margin down from 84.4%. The company's strategic pivot to a SaaS-first model and AI-driven data security is reshaping its business, but the transition involves short-term financial challenges.

Key highlights include a record $55M business migration from legacy on-premise software to cloud SaaS, representing 86% of ARR with 32% organic SaaS growth excluding conversions. CEO Yaki Fatelson emphasized the urgent need for cloud-based AI security solutions to counter rapid AI-powered cyberattacks, exemplified by the Ultra acquisition and a major hospital case revealing massive HIPAA data exposure and automated remediation.

Investors remain cautious due to the "valley of death" in cash flow from discontinued legacy products, slow government client conversions, and new sales incentives focusing on net new business. Market reaction signals skepticism about near-term growth and margins, but potential exists for a turnaround in 2027 as the sales team adapts and AI security demand rises. Watch for new customer intake in early 2026 as a critical indicator of success.

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