Varonis Q3 rev $161.6M (+9% YoY); GAAP op loss $35.9M; cites Federal/on-prem shortfall

VARONIS SYSTEMS INC

2025-Q3 EPS reported -$0.90 revenue$450,163,000

Total revenue $161.6M (Q3 2024: $148.1M); SaaS revenue $125.8M vs $57.8M, up 118%.
GAAP operating loss widened to $35.9M from $23.6M; non-GAAP op income $0.2M vs $9.1M.
Annual recurring revenue (ARR) grew 18% YoY; SaaS ARR now 76% of total ARR.
Year-to-date cash from operations $122.7M vs $90.9M; FCF $111.6M vs $88.6M.
Board authorized $150M share repurchase; CEO noted lower renewals in Federal vertical and non-Federal on-prem subscription.

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