Fortinet, Inc.
FTNTQ2 2023(FTNT Q1 FY2023)Estimated2.5% AI
AI Revenue %
2.5%
AI Fair Value
$618.8M
AI Revenue (Q)
$31.6M
Total Revenue (Q)
$1.3B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Fortinet Q1 calendar 2023 (mapped as Q1 FY2023). Total revenue $1,262.3M (Product $500.7M + Service $761.6M). No AI, ML, SecOps, or SASE language in this filing. The risk factors mention 'FortiGuard security subscription and FortiCare technical support services' as the key service revenue drivers. Service revenue growth (from $614.2M to $761.6M YoY) reflects expanding subscription base, which includes some ML-based security features. Slightly increasing estimate to 2.5% as Fortinet was beginning to enhance AI capabilities in threat detection during this period. $31.6M estimated AI / $1,262.3M total = ~2.5%.
Analyzed by claude-opus-4-6
Quoted Figures
Product revenue $500.7M, Service revenue $761.6M, Total revenue $1,262.3M
10-Q Condensed Consolidated Statements of Income, Q1 2023
We rely significantly on revenue from FortiGuard security subscription and FortiCare technical support services
10-Q Risk Factors
AI Products Identified (Ring 1)
FortiGuard ML-based threat detection (embedded)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
FortiGuard security subscriptionsFortiCare technical supportFortiGate firewall appliances
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix