“We are pleased to deliver our first financial results as a public company for the first quarter of 2019," Ruvi Kitov, CEO of Israeli cybersecurity company Tufin Software Technologies Ltd. (NYSE: TUFN), said when his company published its quarterly results before the start of trading in New York today. “We closed a strong quarter, especially with large enterprises, in which we saw continued validation and demand for network security policy automation. 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.”
Tufin's revenue totaled $22.5 million in the first quarter, 25.4% more than in the corresponding quarter of 2018. Quarterly revenue from products amounted to $10.6 million, 26% more than in the corresponding quarter last year. Revenue from maintenance and professional services reached $11.9%, 24.8% more than in the corresponding quarter.
The company's first quarter GAAP gross profit amounted to $18.4 million, 82% of its total quarterly revenue, compared with $14.7 million in the corresponding quarter last year - 81.9% of revenue in that quarter. Non-GAAP gross profit in the first quarter was $18.7 million, compared with $14.8 million in the first quarter of 2018.
Tufin posted a $4.3 million GAAP operating lost in the first quarter, compared with a $200,000 operating loss in the corresponding quarter last year. Its non-GAAP operating loss was $3.2 million, compared with a $200,000 non-GAAP operating profit in the first quarter of 2018.
The company made a $4.5 million GAAP net loss, $0.54 per share, in the first quarter, compared with a $700,000 GAAP net loss, $0.09 per share, in the corresponding quarter in 2018. Its non-GAAP net loss totaled $3.4 million in the first quarter of 2019, compared with a $300,000 non-GAAP net loss in the first quarter last year.
Tufin had $28.6 million in cash, cash equivalents and restricted cash at the end of March, which compares with $17.6 million at the end of 2018. The company raised $112 million in net proceeds in its IPO, which closed on April 15, 2019, on the New York Stock Exchange.
Together with its results for the first quarter of 2019, Tufin today published guidance for the second quarter. The company projects a $4.9-6.4 million non-GAAP operating loss on $23-25 million revenue in the second quarter, and a $10.7-12.7 million non-GAAP operating loss on $105-110 million revenue for all of 2019. Tufin's share price is up 3.5% following the publication of its results.
Published by Globes, Israel business news - en.globes.co.il - on June 13, 2019
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