Fortinet, Inc.
FTNTQ1 2023(FTNT Q4 FY2022)Estimated2% AI
AI Revenue %
2%
AI Fair Value
$519.0M
AI Revenue (Q)
$23.0M
Total Revenue (Q)
$1.1B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Fortinet FY2022 10-K. The company describes itself as providing 'broad, integrated and high performance security across the IT infrastructure.' No mention of artificial intelligence, machine learning, FortiAI, or SecOps in this filing. Revenue is reported as Product and Service with no AI-specific segment. FortiGuard threat intelligence includes ML-based detection capabilities but these are legacy features embedded in subscription pricing. The 10-K business description focuses entirely on network security, firewalls, and the Fortinet Security Fabric convergence of networking and security. Estimating ~2% for embedded ML components. FY2022 annual revenue of ~$4.42B implies ~$88M in AI-adjacent revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Fortinet is a leader in cybersecurity, driving the convergence of networking and security
10-K Item 1, Business Overview
FortiOS enables the convergence of security and networking to enforce consistent security policies across form factors and edges
10-K Item 1, Business Overview
We rely significantly on revenue from FortiGuard security subscription and FortiCare technical support services
10-K 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 appliancesFortiOS Security Fabric
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix