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Tufin (NYSE:TUFN) posts Q1 net loss but total revenue soars

  • First results since listing as public company
  • $22.5M total revenue, $18.4m gross profit, $4.5m GAAP net loss

Tufin (NYSE:TUFN) said it “closed a strong quarter” after posting a 25.4% Y/Y rise in total revenue and a one cent beat for non-GAAP EPS ($-0.41) on Thursday.

The network security company beat revenue estimates by $1.46m in Q1 and saw its GAAP gross profits grow to $18.4m. However, it still came in with a GAAP net loss of $4.5m.

“Our solid execution combined with our differentiated solutions continue to drive our success across all geographies and verticals. Increased network complexity and digital transformation are both acting as catalysts for Tufin in our large, under-penetrated market,” CEO Ruvi Kitov said.