Fortinet, Inc.
FTNTQ1 2024(FTNT Q4 FY2023)Estimated3% AI
AI Revenue %
3%
AI Fair Value
$795.6M
AI Revenue (Q)
$40.0M
Total Revenue (Q)
$1.3B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Fortinet FY2023 10-K. Still no mention of 'artificial intelligence' or 'AI' in this annual filing. The business description focuses on network security convergence and Fortinet Security Fabric. Revenue is reported as Product and Service only with no AI segment. However, during FY2023 Fortinet publicly launched FortiAI (GenAI assistant for SOC operations) and expanded AI-driven threat detection capabilities in FortiGuard. These were feature additions within existing SKUs, not new revenue streams. Modest increase to 3.0% reflecting growing AI feature adoption within the subscription base. Annual revenue context: ~$5.3B for FY2023.
Analyzed by claude-opus-4-6
Quoted Figures
Our marketing strategy is focused on building our brand, driving thought leadership with emphasis on the criticality of cybersecurity platform adoption and the convergence of security and networking
10-K Item 1, Sales and Marketing
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)FortiAI GenAI assistant (feature, not standalone product)
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