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Appgate, Inc.

appgate.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Nov 14, 2023. Its latest SEC filing is a SC 13D/A from Jul 3, 2024.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells software that gives enterprises and government agencies secure, identity-based access to applications and networks, along with tools to detect digital threats and assess authentication risk.

How Did They Make Money?

Customers pay for software through term-based or perpetual licenses and subscriptions, and can also buy maintenance, support, professional services and threat advisory work. Subscription access and support are billed over contract terms; multi-year on-premises licenses are generally invoiced annually while the license itself is billed upfront.

FY2022 revenue

Who Were Their Customers?

Enterprises and government agencies, including defense and homeland security organizations, buy Appgate's security solutions. Customers buy through the company's direct sales team or channel partners such as resellers, service providers and systems integrators.

Did Revenues Turn Into Profits?

No. It lost $30.1M in FY2022.

Operating income, FY2022
−188% of revenue
▲ +48% (Loss) vs FY2021 (−$54.2M, −126%)
Net income, FY2022
−71% of revenue
▼ −59% (Loss) vs FY2021 (−$73.1M, −170%)
Free cash flow, FY2022
−139% of revenue
▲ +12% (Loss) vs FY2021 (−$53M, −123%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q3 FY2023, the three months to Sep 30, 2023
Revenue
▲ +19%
vs $10.6M in Q3 FY2022
Net income
▲ +2152%
vs $2.9M in Q3 FY2022
  • Jul 3, 2024 Appgate emerged from bankruptcy; existing shares were cancelled The plan took effect and existing common stock was cancelled without value or distributions; the company said it would seek to deregister its shares.
  • May 6, 2024 Appgate filed for bankruptcy and pursued a restructuring The company and certain subsidiaries filed voluntary bankruptcy petitions and said they would continue operating while the cases proceeded.

Who Did They Compete With?

Competes with Zscaler, Netskope, Cisco Systems, Palo Alto Networks, Microsoft, Google, Outseer, Broadcom, Guardian Analytics, BioCatch, PhishLabs, and ZeroFox

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