Netskope generates almost 95% of its business via the channel, its IPO filing revealed.
The SASE vendor on Friday applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ‘NTSK’.
Its S-1 form revealed that partners represent a large and growing share of its business.
Indirect channels contributed 93.4% of its $538.3m revenues in its year to 31 January 2025, having generated 92% of the $406.9m total a year earlier.
According to unaudited figures, indirect was 94.8% of Netskope’s $328.5m revenues in the six months to 31 July 2025.
The filing also revealed that EMEA revenues rose 48% to $130.3m in its fiscal 2025, representing 24.2% of the total top line. EMEA generated a quarter of its unaudited revenues for the six months to 31 July 2025.
“Going long”
Founded in 2012, Netskope was recently named as a Leader in Gartner’s SASE Magic Quadrant for a second time.
Recent Canalys research highlighted Netskope as just one of nine pre-IPO cybersecurity vendors that has snared over $1bn in total funding (the other eight being Wiz, Cyera, Snyk, Cato Networks, One Trust, Securonix, Tanium and Fireblocks).
In a letter in the filing, Co-Founder and CEO Sanjay Beri claimed that Netskope had a “fundamental belief in ‘going long’”.
“Becoming a public company is not the destination, but rather another significant milestone on our journey – one that we hope will amplify awareness of our groundbreaking Netskope One platform,” he wrote.
“Our high win rate (our ‘batting average’ as I like to call it) speaks volumes about the platform’s strength. Going public, in our view, is about getting us more ‘at bats,’ and expanding our awareness, reach, and hence positive impact.”
$139bn TAM
Netskope claimed ARR for its year to 31 July 2025 rocketed by a third to $707m. Net losses for the period narrowed from $207m to $170m. As of 31 July 2025, it had 4,317 customers, a 21% year-over-year increase.
For context, Netskope’s SASE rival Cato Networks in February revealed its ARR surpassed $250m in 2024 – a 46% increase. It claims to have more than 300 customers.
Citing figures from IDC, Netskope claimed its solutions – which it said converge advanced security and modern networking capabilities with deep analytics – will address a total addressable set to swell at a CAGR of 16.8% to $138.9bn by 2028.
“We believe we are in the early days of addressing the nascent market opportunity for AI security that we project will grow to $30.8bn by 2028, contributing an incremental $9.9bn to our estimated total addressable market by 2028,” it added.
Netskope’s IPO filing named growing its partner ecosystem as one of seven growth strategies.
Its top five partners generated 33% of its revenues in its fiscal 2025, up from 32% a year earlier.
Netskope did not disclose the net proceeds it expects to generate from its IPO, but said they would be used to “increase our capitalisation and financial flexibility”.
