SentinelOne reports strong results and Q3 guidance

Tomer Weingarten Photo: PR

The Israeli cybersecurity company's CEO Tomer Weingarten said, "Our IPO was a significant milestone and is only the beginning of the opportunity in front of us."

Israeli cybersecurity company SentinelOne (NYSE: S) has reported its financial results for the second fiscal quarter of 2022, ending July 31, 2021. These are the company's first financial results since its IPO on Wall Street at the end of June 2021, since which the share price has risen 95%, giving a market cap of $17.5 billion. SentinelOne's revenue beat the analysts' expectations while net loss was in line with expectations.

SentinelOne's revenue in the second fiscal quarter was $45.1 million, up 121% from the corresponding quarter of last year. Revenue in the first half of the year was $83.1 million, up 115% from the corresponding period of 2020.

GAAP net loss in the second quarter was $68.1 million, triple the loss in the corresponding quarter. Net loss in the first half of the year was $131 million. Non-GAAP net loss was $46 million in the second quarter compared with $21.4 million in the corresponding quarter of 2020. In the first half of 2021 non-GAAP net loss was $94.5 million, double the amount in the first half of 2020.

In the third fiscal quarter of 2022, SentinelOne sees revenue of $49-50 million, higher than the analysts' expectations of $45.8 million. The company sees operational losses of 96%-99% of revenue. SentinelOne sees annual revenue of $188-190 million with gross profit of 58%-60% of revenue and operational losses of 99%-104% of revenue.

SentinelOne develops and markets an AI-based platform for securing end-points. It was founded in 2013 by two friends from Petah Tikva - CEO Tomer Weingarten and Almog Cohen, who no longer holds a position at the company.

Weingarten said, "Our IPO was a significant milestone and is only the beginning of the opportunity in front of us. I’m pleased with the success and growth we delivered in Q2."

Published by Globes, Israel business news - en.globes.co.il - on September 9, 2021

Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Tomer Weingarten Photo: PR
Tomer Weingarten Photo: PR
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