NABL · N-able, Inc.

N-able delivered strong Q1 2026 results, with total revenue of $133.7 million growing 13.1% year-over-year and subscription revenue of $132.5 million up 13.4%, driven by improving retention, upmarket traction, and expanding platform adoption as noted by CEO John Pagliuca and CFO Tim O'Brien. Total ARR reached $548.0 million, up 11.2% YoY, reflecting solid recurring revenue momentum. Profitability metrics showed GAAP gross margin at 76.2% and non-GAAP at 79.7%, with Adjusted EBITDA of $36.7 million achieving a 27.5% margin, demonstrating disciplined execution amid AI-driven cybersecurity demand. The company exceeded its Q1 guidance, signaling operational strength. Business highlights included a partnership with Manchester City as Official Cybersecurity Partner, release of the 2026 State of the SOC report underscoring AI needs in security operations, and product innovations like the Model Context Protocol server for AI integration, N-zo AI assistant reducing IT resolution time by up to 70%, and Disaster Recovery as a Service with enhanced anomaly detection. Balance sheet remains solid with $117.8 million in cash and $393.1 million in net debt as of March 31, 2026. Guidance maintains full-year ARR at $581-586 million and revenue at $554-559 million, with Adjusted EBITDA of $167-171 million at 30-31% margins, reflecting confidence in balanced growth and profitability despite macroeconomic and forex headwinds. Q2 outlook projects revenue growth of 5-6% YoY. Management emphasizes cybersecurity inflection from AI threats and IT complexity, positioning N-able's platform for partner scale and security enhancement.