Tenable (TENB) J.P. Morgan 54th Annual Global Technology, Media and Communications Conference summary

Market and industry trends

• Surge in vulnerabilities post-Mythos has driven heightened customer engagement and demand for exposure management solutions.

• Customers are increasingly focused on gaining full visibility across their entire attack surface, including IT, cloud, OT, and SaaS assets.

• The rapid evolution of AI models is both a threat and an opportunity, with advanced AI enabling both attackers and defenders.

• Customers are shifting from reactive to proactive security postures, emphasizing prevention and automation.

• Industry consolidation and platformization are influencing buying decisions, especially in cloud security.

Product innovation and strategy

• Launch of Hexa, an AI agentic platform, enables autonomous remediation and automation of manual security tasks.

• Hexa is only available on the advanced platform, incentivizing migration from legacy VM to Tenable One.

• Strategic partnerships with Anthropic and OpenAI are being leveraged to enhance AI-driven security capabilities.

• New pricing and packaging introduce Tenable One Foundation as an easy on-ramp, with tiered upgrades to Advanced.

• Flex pricing model simplifies asset coverage and encourages expansion by allowing customers to mix and match asset types.

Financial performance and outlook

• Q1 delivered 9.6% growth, outperforming initial guidance; full-year guidance was raised despite implied deceleration.

• About one-third of business is now on the advanced platform, with 41% of new business last quarter on the platform.

• Pricing uplift for platform migration ranges from 6% to 60%, with further incremental revenue from Hexa token consumption.

• Early signs of momentum in new and expansion business are expected to translate into higher bookings and revenue.

• Cloud CNAPP business is increasingly integrated into the platform, with competitive differentiation as Wiz is acquired by Google.