Tenable’s QQ2 2025 results show solid top-line momentum with revenue of $247.3 million, up 11.8% year over year and 3.4% quarter over quarter. The gross margin remains elevated at roughly 78%, underscoring a durable software mix and stable pricing power on the core Nessus and Tenable.io offerings. However, the quarter delivered a net loss of $14.7 million and an operating loss of $7.5 million, reflecting ongoing investments in R&D and go-to-market initiatives as the company accelerates its cloud-native platform strategy. Cash generation remained healthy, with $42.5 million in operating cash flow and $38.1 million of free cash flow, supporting a cash balance of $175.0 million and an overall net-cash position (net debt negative by $241.6 million). Near-term profitability remains a hurdle as Tenable funds cloud-first growth, but the business is generating meaningful free cash flow while expanding its addressable market. The shares trade at elevated multiples reflecting growth ambitions and a high-margin software asset base, which places emphasis on cash-flow realization and margin expansion as the cloud/subscription mix increases.