VARONIS SYSTEMS INC

Listed Company

VRNSCIK 0001361113NasdaqLarge AcceleratedServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-129.32M

Total Assets

$1.79B

Equity

$598.66M

Shares Out

114.81M

Op. Cash Flow

$147.43M

Business

Varonis Systems Inc provides a data security platform that helps enterprises detect, protect and remediate risks to sensitive information across cloud and on‑premises environments. It offers flagship SaaS Varonis Data Security Platform and DatAdvantage Cloud, plus modules such as DatAlert, Data Classification Engine, least‑privilege automation, and Managed Data Detection and Response (MDDR), supported by professional services and maintenance. The business operates across two delivery models—SaaS and on‑premises subscription—alongside service offerings. Varonis sells globally through channel partners, cloud marketplaces and a direct sales organization to customers across industries.

Summary from filing dated 2025-02-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	624	551	499	474	390
Cost of revenues	132	94	72	70	59
Gross profit	492	457	427	404	331
Research and development	238	197	184	178	138
Sales and marketing	301	289	278	275	230
General and administrative	99	89	83	72	61
Total operating expenses	638	575	545	525	429
Operating loss	−147	−118	−117	−121	−99
Financial income, net	30	35	30	10	−12
Loss before income taxes	−116	−83	−87	−111	−111
Income taxes	−13	−13	−14	−14	−6
Net loss	−129	−96	−101	−125	−117
Net loss per share of common stock, basic (in USD per share)	−1.13	−0.86	−0.92	−1.14	−1.11
Net loss per share of common stock, diluted (in USD per share)	−1.13	−0.86	−0.92	−1.14	−1.11
Weighted average number of shares used in computing net loss per share of common stock, basic (in shares)	114	112	109	109	105
Weighted average number of shares used in computing net loss per share of common stock, diluted (in shares)	114	112	109	109	105

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	202	186	231	368	806
Marketable securities	681	343	253	236	0
Short-term deposits	37	39	50	128	2
Trade receivables (net of allowance of $1,260 and $2,518 at December 31, 2025 and December 31, 2024, respectively)	243	193	169	136	117
Prepaid expenses and other short-term assets	135	117	64	37	34
Total current assets	1,299	878	767	906	959
Long-term marketable securities	187	659	211	0	—
Operating lease right-of-use assets	58	46	52	57	64
Property and equipment, net	36	31	34	39	38
Intangible assets, net	17	0	1	3	4
Goodwill	135	23	23	23	23
Other assets	60	28	15	16	20
Total long-term assets	493	786	337	138	149
Total assets	1,792	1,664	1,104	1,044	1,109
Trade payables	6	4	672,000	3	5
Accrued expenses and other short-term liabilities	225	165	125	115	102
Convertible senior notes, net	0	251	0	—	—
Deferred revenues	428	290	181	111	104
Total current liabilities	659	710	307	229	212
Convertible senior notes, net	452	450	250	249	225
Operating lease liabilities	60	43	51	58	69
Deferred revenues	14	2	886,000	2	3
Other liabilities	8	3	5	5	4
Total long-term liabilities	534	499	307	313	300
Common stock of $0.001 par value - Authorized: 200,000,000 shares at December 31, 2025 and December 31, 2024; Issued and outstanding: 117,546,852 shares at December 31, 2025 and 112,550,156 shares at December 31, 2024	118,000	113,000	109,000	108,000	108,000
Accumulated other comprehensive income	23	3	−9	−10	6
Additional paid-in capital	1,445	1,193	1,143	1,055	1,018
Accumulated deficit	−869	−740	−644	−543	−428
Total stockholders equity	599	456	490	502	597
Total liabilities and stockholders equity	1,792	1,664	1,104	1,044	1,109

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	12	11	12	12	11
Stock-based compensation	130	127	140	143	110
Amortization of deferred commissions	52	54	53	49	14
Non-cash operating lease costs	10	10	9	9	8
Amortization of debt issuance costs	3	2	2	1	—
Amortization of premium and accretion of discount on marketable securities, net	2	−13	−9	−344,000	0
Income from options to repurchase common stock	−253,000	0	0	—	—
Acquired in-process research and development	0	7	0	0	—
Trade receivables	−53	−24	−33	−19	−23
Prepaid expenses and other short-term assets	7	−35	−21	−6	−506,000
Deferred commissions	−91	−60	−54	−49	−21
Other long-term assets	−1	347,000	−577,000	502,000	1
Trade payables	1	4	−2	−2	4
Accrued expenses and other short-term liabilities	53	17	−5	−9	—
Deferred revenues	148	110	70	5	5
Other long-term liabilities	2	306,000	474,000	1	2
Net cash provided by operating activities	147	115	59	12	7
Proceeds from maturities of marketable securities	365	309	301	42	—
Proceeds from sales of marketable securities	0	112	0	0	—
Investment in marketable securities	−229	−950	−518	−278	—
Proceeds from short-term and long-term deposits	253	35	214	16	81
Investment in short-term and long-term deposits	−251	−24	−136	−143	—
Acquisitions, net of cash acquired	−124	0	0	—	—
Purchases of property and equipment	−13	−7	−5	−11	−10
Capitalized internal-use software	−3	0	0	—	—
Purchase of in-process research and development	0	−7	0	0	—
Net cash used in investing activities	−837,000	−532	−143	−374	54
Proceeds from employee stock plans	14	16	12	12	11
Taxes paid related to net share settlement of equity awards	−29	−38	−21	−31	−1
Repurchase of common stock	−115	0	−44	−56	0
Repayment of convertible senior notes	−137,000	0	0	—	—
Proceeds from options to repurchase common stock	253,000	0	0	—	—
Proceeds from issuance of convertible senior notes, net of issuance costs	0	450	0	0	0
Purchases of capped calls	0	−56	0	0	0
Net cash provided by (used in) financing activities	−130	372	−53	−76	510
Increase (decrease) in cash and cash equivalents	17	−45	−137	−438	572
Cash paid for income taxes	4	24	16	7	9
Cash paid for interest	8	3	3	3	3
Liability related to acquisition holdback	4	0	0	—	—
Lease liabilities arising from obtaining right-of-use assets	19	3	3	2	22
Common stock issued for debt conversion	251	2	0	0	—

Filings

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