Fortinet, Inc.
FTNTQ2 2024(FTNT Q1 FY2024)Estimated4% AI
AI Revenue %
4%
AI Fair Value
$1.1B
AI Revenue (Q)
$54.1M
Total Revenue (Q)
$1.4B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Fortinet Q1 calendar 2024 (mapped as Q1 FY2024). Total revenue $1,353.3M (Product $408.9M + Service $944.4M). This is the first filing to mention 'security operations' and 'SASE' in risk factors, reflecting Fortinet's strategic shift toward three pillars: secure networking, unified SASE, and security operations (SecOps). While still no AI-specific revenue disclosure, the emergence of SecOps as a named pillar and Fortinet's increasing emphasis on AI-driven security analytics (FortiAnalyzer, FortiSIEM, FortiSOAR, FortiNDR) suggests growing AI revenue contribution. Service revenue rose to $944.4M (70% of total), and within that, a growing share includes AI-enhanced security analytics subscriptions. Estimating 4.0%. $54.1M estimated AI / $1,353.3M total = ~4.0%.
Analyzed by claude-opus-4-6
Quoted Figures
Product revenue $408.9M, Service revenue $944.4M, Total revenue $1,353.3M
10-Q Condensed Consolidated Statements of Income, Q1 2024
fluctuations and changes in the mix of our sales from secure networking, unified SASE and security operations between products and services
10-Q Risk Factors
AI Products Identified (Ring 1)
FortiGuard AI-enhanced threat detectionFortiAI GenAI assistantAI-driven SecOps (FortiAnalyzer, FortiSIEM, FortiSOAR)
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 appliancesSASE offerings
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix