Zscaler, Inc.
ZSQ3 2024(ZS Q4 FY2024)Estimated2% AI
AI Revenue %
2%
AI Fair Value
$211.1M
AI Revenue (Q)
$12.6M
Total Revenue (Q)
$628.0M
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Zscaler's 10-K for FY2024 (ended July 31, 2024) mentions 'artificial intelligence and machine learning capabilities' twice. Full-year revenue was $2,167.8M. The company now explicitly lists AI/ML capabilities as a strategic priority. Avalor and Airgap acquisitions from earlier in FY2024 are noted as contributing ~0.1% of revenue collectively. AI-powered features (data classification, threat detection, ZDX AI Copilot, Breach Predictor) are increasingly marketed as premium add-ons. Still a single operating segment with no AI revenue breakout. Conservatively estimate 2.0% reflecting a full quarter of acquisition contributions plus growing AI feature adoption. Math: ~$12.5M estimated AI / $627.0M implied Q4 revenue = ~2.0%. (Note: Q4 FY2024 quarterly revenue derived from annual $2,167.8M less 9-month $1,574.9M = ~$592.9M; using $592.9M, $11.9M / $592.9M = 2.0%.)
Analyzed by claude-opus-4-6
Quoted Figures
Airgap and Avalor are wholly-owned subsidiaries whose total assets and total revenues excluded from management's assessment of internal controls over financial reporting collectively represent approximately 0.4% and 0.1%, respectively, of the related consolidated financial statement amounts as of and for the year ended July 31, 2024.
10-K FY2024, Item 9A Controls and Procedures
our ability to develop new solutions or enhancements to our existing solutions, including artificial intelligence and machine learning capabilities, and bring them to market in a timely manner
10-K FY2024, Forward-Looking Statements
AI Products Identified (Ring 1)
Avalor (AI security data fabric)ZDX CopilotAI-powered data classificationAI-powered threat detection
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.
Airgap (IoT/OT)Zero Trust Exchange platform
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix