Fortinet, Inc.
FTNTQ3 2023(FTNT Q2 FY2023)Estimated2.5% AI
AI Revenue %
2.5%
AI Fair Value
$639.9M
AI Revenue (Q)
$32.3M
Total Revenue (Q)
$1.3B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Fortinet Q2 calendar 2023 (mapped as Q2 FY2023). Total revenue $1,292.8M (Product $472.6M + Service $820.2M). No AI-specific language in this filing. Same two-line revenue structure. Service revenue continues to grow driven by FortiGuard subscriptions and FortiCare support renewals. Maintaining 2.5% estimate for embedded ML capabilities within the security subscription stack. $32.3M estimated AI / $1,292.8M total = ~2.5%.
Analyzed by claude-opus-4-6
Quoted Figures
Product revenue $472.6M, Service revenue $820.2M, Total revenue $1,292.8M
10-Q Condensed Consolidated Statements of Income, Q2 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