Fortinet, Inc.
FTNTQ4 2024(FTNT Q3 FY2024)Estimated4.5% AI
AI Revenue %
4.5%
AI Fair Value
$1.4B
AI Revenue (Q)
$175.0M
Total Revenue (Q)
$3.9B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Fortinet Q3 calendar 2024 (mapped as Q3 FY2024). Total revenue $1,508.1M (Product $473.9M + Service $1,034.2M). Service revenue surpassed $1B for the first time in a quarter. Same three-pillar language in risk factors. The strong service revenue growth (19% YoY) includes expanding adoption of AI-driven security analytics and SecOps subscriptions. Fortinet also completed the acquisition of Lacework (cloud security with AI-powered runtime protection) during Q3 2024, contributing goodwill increase from $127.9M to $212.8M. Slight increase to 4.5% reflecting Lacework acquisition and growing SecOps/AI-analytics adoption. $67.9M estimated AI / $1,508.1M total = ~4.5%.
Analyzed by claude-opus-4-6
Quoted Figures
Product revenue $473.9M, Service revenue $1,034.2M, Total revenue $1,508.1M
10-Q Condensed Consolidated Statements of Income, Q3 2024
Goodwill increased from $126.5M (Dec 2023) to $212.8M (Sep 2024), reflecting acquisition activity
10-Q Condensed Consolidated Balance Sheets
GAIN ON BARGAIN PURCHASE $106.3M
10-Q Condensed Consolidated Statements of Income
AI Products Identified (Ring 1)
FortiGuard AI-enhanced threat detectionFortiAI GenAI assistantAI-driven SecOpsLacework AI-powered cloud security
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