N-able, Inc. (NABL) Business

ITEM 1. BUSINESS

Business Overview

The technology landscape is changing rapidly. Cyberthreats are increasing in speed, sophistication, and scale, while the growth of hybrid systems, multi-cloud infrastructure, data volumes, SaaS applications, and AI-enabled processes is driving IT complexity. In this environment, secure and efficient digital operations are essential to overall business health. We are a leading global cybersecurity provider, helping protect businesses from evolving cyberthreats and navigate this fast-changing landscape.

Our software platform is designed to provide end-to-end coverage across the IT environment, delivering comprehensive protection and efficient performance. Our solutions encompass three primary vectors: Unified Endpoint Management or “UEM,” Security Operations, and Data Protection. Together, these capabilities enable IT and security teams to secure and optimize devices and networks, detect and respond to threats, and backup and recover their data to ensure business continuity. We also provide an open ecosystem that seamlessly integrates with third-party tools, empowering customers to tailor their environments to their unique needs. By providing coverage across the entire attack lifecycle, we drive true business resilience.

Architecture is key to our approach. Our software platform is designed to be an integrated, enterprise-grade solution that serves as a scalable operating system for our customers. Built on a multi-tier, multi-tenant architecture, our platform allows our customers to improve security posture and service delivery by offering centralized visibility and role-based access control in both public and private cloud, on-premises and hybrid cloud environments.

We deliver our solutions through a channel-led model. We partner with IT services providers, including Managed Service Providers (“MSPs”), Value Added Resellers (“VARs”), distributors, and other channel partners who support and deliver technology solutions to businesses. Many companies lack the resources or internal expertise to effectively manage their technology assets, and this gap, coupled with the desire to better leverage technology in their businesses, has created a growing need for them to rely on the channel to support their IT and security needs. IT services providers are vital partners as more companies seek to implement technology solutions that help drive strategic business outcomes. Most of our commercial relationships are with these channel partners.

Beyond technology, we support customers by offering partner success strategies designed to help them better manage their own businesses, deliver service offerings powered by our platform and grow their customer bases. These partner success strategies help drive both retention and expansion as the resources we provide are designed to help our customers better assess and pursue growth opportunities.

We serve businesses of all sizes, with a focus on organizations with up to 2,500 employees and the channel partners who support them. This approach aims to extend enterprise-grade security to organizations that often face enterprise-level threats without enterprise-level resources.

Our global presence and channel-led strategy power an efficient land-and-expand model. When we add an IT services provider, we generally also add their customers and we grow as the provider adds new customers and delivers new services based on our solutions and when the partner’s customers add devices and services. This approach allows us to scale efficiently.

Our customers with annualized recurring revenue, or ARR, over $50,000 on our platform grew from 2,349 as of December 31, 2024 to 2,671 as of December 31, 2025, representing an increase of 13.7%. Over the same period, these customers grew from approximately 57% of our total ARR as of December 31, 2024 to approximately 61% of our total ARR as of December 31, 2025.

Our business is global, with 50.4%, 51.8% and 51.2% of our revenue generated outside of the United States for the years ended December 31, 2025, 2024 and 2023, respectively. We generated revenue of $511.4 million, $466.1 million and $421.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, representing increases of 10.5% from the year ended December 31, 2023 to the year ended December 31, 2024 and 9.7% from the year ended December 31, 2024 to the year ended December 31, 2025. For the years ended December 31, 2025, 2024, and 2023 our net income (loss) was $(17.0) million, $31.0 million and $23.4 million, respectively, and our adjusted EBITDA was $153.2 million, $169.4 million and $143.4 million, respectively. Adjusted EBITDA is not a financial measure calculated in accordance with generally accepted accounting principles. For more information regarding our use of non-GAAP measures, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations —Non-GAAP Financial Measures.”

Industry Background

Companies of all sizes across sectors and geographies continue to invest in modern cloud, AI, and digital technology to transform their organizations and compete effectively. Technology is becoming increasingly mission critical as companies use digital means to improve productivity, work remotely, manage and monitor their businesses, run operations and engage with customers and other key stakeholders. As evidence of the importance of technology to our target customer segment, we believe

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IT spending by businesses with up to 2,500 employees is expected to reach $2.2 trillion in 2026 and increase to $2.6 trillion by 2028.

Digital transformation creates challenges and complexities

As companies increase their investment in and reliance on technology, cybersecurity and IT functionality become increasingly important to their businesses. Navigating the evolving cyberthreat landscape and selecting, purchasing, and implementing new technology infrastructures can be complex and can create financial, personnel, and other challenges. Many lack the financial resources, headcount and expertise needed to independently manage the complexity associated with digital transformation and therefore rely on IT services providers that specialize in providing companies with reliable and scalable services to deploy, manage and secure their IT environments. Challenges associated with digital transformation include:

1)Security and IT Management are not core competencies for most companies.

Deploying, managing and securing complex and constantly evolving IT systems are often not core competencies and can divert focus, capital and other critical resources away from fundamental business objectives. Modern infrastructures, applications and devices require teams with expertise across a variety of technical disciplines such as security, database administration, IT, development operations and network administration. Despite being increasingly dependent on technology solutions, many businesses lack the requisite time, resources and expertise.

2)Companies face growing cyber-threats.

Protecting networks, applications, devices, data and users from cybercrime, such as ransomware, phishing and other costly attacks is paramount. Security issues can create significant legal complications, be financially crippling and damage a business’s brand and reputation.

3)IT and other compliance costs and burdens are increasing.

Companies within our target segment are not exempt from compliance obligations and can be disproportionately burdened due to limited resources and expertise. Laws, regulations, rules and standards governing IT, privacy, security, personnel and industries are complex, constantly changing and varied across geographies and sectors, with many obligations carrying criminal penalties for non-compliance.

4)Proliferation of connected endpoints and rising data volumes are driving increased complexity.

Due to the growing number of networked, highly distributed and diverse endpoints, the burden to manage, provision and secure these endpoints across cloud, on-premises and hybrid cloud infrastructures is becoming increasingly complex. At the same time, rising data volumes are adding further strain, amplifying the challenges of storage, governance and security.

5)Expectations for always-on, always-available IT environments compound pressures.

Customers, employees and other stakeholders increasingly expect always-on, always-available access to digital resources. Establishing and maintaining connectivity and availability is critical to the success of many businesses, who must ensure that their employees and distributed workforces have access to required systems, applications and devices and that their customers can obtain information and conduct business online at any time.

Rise of the Managed IT Services Model

As companies invest in technology and their needs for continuous availability, performance and security grow, they are increasingly relying on IT services providers, such as MSPs, to assist with these aspects of their businesses. MSPs support these businesses by helping them procure and deploy key technologies and by providing oversight, management and security of their IT systems and devices. Rather than charging their customers by the task, MSPs typically have recurring annual or monthly contracts to deliver these on-going services. MSPs also may work in collaboration with companies’ internal IT departments in a co-managed model to deliver specific expertise and share responsibilities.

We see a growing number of IT services providers, such as value-added resellers, systems integrators, IT consultants and data center operators, adopting a managed services model as demand for these services increases. These IT services providers can benefit from a software platform that supports the managed services model and meets the wide-ranging needs of their end-customers. For example, companies with less complex IT requirements might need unified endpoint management, endpoint protection and backup and disaster recovery. Other companies may have more complex IT requirements and look to their MSP to provide help desk capabilities, network operations management or security operations.

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Market Opportunity

Our cloud-based software solutions enable IT services providers and organizations globally to drive digital transformation and keep their businesses secure. The broad need for our software is reflected in our global deployment, with more than 500,000 businesses worldwide using our solutions today. Based on this demonstrated need and long-term cybersecurity and IT trends, we believe the global market opportunity for our solutions to be an estimated $50 billion in 2026, growing at approximately 14% to approximately $65 billion by 2028, and that this size and projected growth of the global market for our solutions represents a significant opportunity for our business.

Limitations of Existing Approaches Used by Our Customers

Our customers are better able to manage and secure disparate, heterogeneous IT environments with technologies that are centralized, effective, easy to deploy, scalable and interoperable with other solutions.

Many existing approaches utilized by our customers face limitations, such as:

1)Narrow point solutions and tools with limited flexibility and integrations. Many offerings fail to provide a comprehensive set of solutions on a common platform. Without a unified platform, customers are required to utilize disparate solutions and tools which can limit their ability to manage IT environments in a centralized, coordinated manner. Many of these solutions and tools have narrow functionality and are not designed to integrate with other technologies. This can lead to a lack of interoperability that prevents businesses from having a unified view of their IT environments.

2)Lacking enterprise-grade features and functionality. Many approaches offer limited functionality, features and capabilities. As companies shift towards always-on, always-available digital environments across more aspects of their businesses, these approaches can lack the depth of functionality required to adequately serve their needs. In addition, providers of these tools may lack the ability to adapt and innovate rapidly to respond to changing technological needs.

3)Not partner success oriented. Providers of alternative approaches can lack channel-focused domain expertise and partner success functions designed to help channel providers grow their businesses. This can make it more difficult for channel providers to use and deploy tools to their full potential and effectively serve their customers.

4)Pricing and deployment limitations. Many tools lack flexible pricing models and deployment options that are aligned with the way MSPs sell and deliver their services. This can lead to business challenges and inefficiencies for MSPs, which can give rise to inflexible service offerings to their customers.

5)Not purpose-built for channel partners. Many tools are not designed to power a channel model, as they fail to enable channel partners to deliver services in a scalable and efficient manner. These tools can lead to issues around deployment, configurability or scalability. Additionally, some tools may require upfront hardware purchases or lack native or hybrid cloud management and data protection capabilities. These tools can also make it more difficult to manage disparate or heterogeneous environments through a single control panel.

6)Manual and inefficient. Alternative approaches can lack automation, requiring customers to manually address issues that they or their customers face. This need for manual intervention can drive higher headcount costs and cause slower resolution times. Alternative tools may also lack reporting and analytics that help customers proactively identify and remediate issues before they arise.

Our Solution

We provide unified endpoint management, security and data protection as-a-service solutions that are integrated within our technology platform. Our technology platform is purpose-built to give IT services providers visibility and control over distributed and heterogeneous IT environments through a centralized control panel. Built on a multi-tier, multi-tenant architecture, a unified agent management system and microservices, our platform is designed to securely deliver integrated solutions that fit the specific needs of each customer. Our modular and highly scalable platform helps our customers deploy, manage and secure IT assets in an efficient and organized manner.

Through our platform, we aim to deliver value and flexibility to our customers. We offer our customers multiple deployment options and price the solutions on our platform on a subscription basis. Our open ecosystem framework enables and simplifies integrations with numerous third-party solutions from leading enterprise technology vendors. By working across cloud, on-premises and hybrid cloud infrastructures, our platform enables a delivery model that accommodates the IT environments, preferences and needs of our customers.

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Key Strengths of our Platform

The key strengths of our platform and related offerings include:

1)Unified endpoint management capabilities. Our leading unified endpoint management capabilities provide our customers with visibility and insights into the availability and performance of a wide range of systems and network infrastructure and devices, all through a centralized dashboard. Our out-of-the-box network topology and network path analysis enable IT services providers to visualize and identify issues across the entire landscape of infrastructure and devices within heterogeneous IT environments. Our UEM solution, which we also refer to as our RMM, or “remote monitoring and management” solution, gathers and correlates real-time network and device issues, data that customers leverage to help maintain uptime and peak performance. Through our role-based access and support, technicians can easily troubleshoot specific IT systems, devices and applications, as well as easily load new service offerings powered by our platform.

2)Layered security approach to cyber-threats and compliance risks. Our customers use our integrated solutions to improve the security framework of IT environments while helping meet regulatory and industry-specific compliance standards. Our security and data protection solutions are designed to defend against cyber-threats targeted at the network, infrastructure, application and endpoint layers and the sensitive data that resides in and travels through each of these layers. Our security solutions offer both preventative and remediation capabilities while our data protection solutions enable continuous backup and high-speed restoration, jointly driving a robust line of defense for companies.

3)Designed for hybrid IT environments. The solutions on our platform are designed to meet the needs of our IT services provider customers across cloud, on-premises and hybrid-cloud IT infrastructures. Our unified endpoint management capabilities span both on-premises and cloud-native systems and workloads, while our fully cloud-based data protection capabilities similarly enable continuous backup and high-speed data restoration regardless of where the data resides.

4)Out-of-the-box automation for higher service efficacy and capacity. Our platform, which includes professional services automation and easily configurable automation capabilities, enables our customers to more efficiently deliver services, manage their businesses and increase capacity for growth. With over 100 out-of-the-box automated tasks and a no-code drag-and-drop editor to easily build additional automation policies, our customers have eliminated common, repetitive tasks and freed up technicians to take on higher-value activities. In addition, the ability to automate resolutions to customer-specific problems and easily track configuration changes without requiring customized scripts increases the stickiness of our platform.

5)Robust reporting and analytics. Our reporting and analytics dashboard provides our customers with a consolidated view of data and analytic outputs of IT environments and a unified view of key metrics and trends. Our reporting and analytics capabilities are designed to be business-friendly for a wide range of users and can generate proof-of-compliance reports to meet regulatory requirements across many industries.

Why We Win

Our platform, partner success strategies and business model are rooted in our experience and understanding of the needs of the channel and are designed to help our customers succeed and grow. Our customers power their service offerings with our platform, making us an integral part of their ability to land, expand and retain their customers. Some of the key factors that differentiate us from our competitors include:

1)Purpose-built platform designed for IT services provider success. Our platform allows our customers to build and grow their businesses around our customizable solutions. Ongoing expansion of native functionalities and integrations, powerful and easy-to-create automation policies and always-available training and enablement resources are all designed to facilitate our customers’ success. In addition, our platform serves the needs of customers of all sizes, making it easy for them to standardize and operate on our platform.

2)Comprehensive and extensible platform designed for integrations. Our platform features out-of-the-box integrations with third-party technologies and solutions from leading enterprise technology vendors. Our open ecosystem framework enables us to rapidly develop and deploy extensive integrations through our strategic technology partnerships.

3)Enterprise-grade technology for every business through our channel partners. Through our platform and strategic technology partnerships, we make it possible for our customers to deploy, manage and secure enterprise-grade technologies for their end-customers. Our development and innovation roadmap incorporates real-time feedback from our active user community, which helps shape improvements to existing offerings and the development of new offerings that address the needs of our customers.

4)Best-in-class partner success. We provide various partner success strategies aimed at helping our customers expand their customer bases and service offerings through our platform and to grow and operate their businesses more effectively. Our dedicated partner success teams assist with onboarding, post-sales engineering and partner management. Additionally,

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through our MSP Institute, MSP customers gain access to business, sales, marketing and technical training from industry experts and leaders. This is supplemented by our Head Nerds program, which delivers expert training and consultation on how our customers can optimize their businesses for their most important growth areas such as security, backup, automation and operations. We also offer community-based resources such as forums, peer councils, expert series, and industry expert blogs.

5)Flexible subscription pricing and billing model. We sell the solutions on our platform on a subscription basis that meets the specific needs of our customers and expands as they add new customers, deliver new services based on our solutions and when the IT services provider customers add devices and services. We offer our customers the flexibility to purchase solutions with pricing based on committed volumes or on a “pay-as-you-go” model ranging from monthly to multi-year terms, where our partners pay based on the volume of our solutions they and their customers are committed to or consume on a monthly basis. Additionally, we offer flexible deployment models across cloud, on-premises and hybrid cloud infrastructures that accommodate the IT environment preferences and needs of our customers.

6)Efficient deployment and scale. Our platform is designed to be quickly configured and deployed by our IT services provider customers and enable efficient delivery of services to their customers. Our customers are able to easily define business roles and processes and then leverage our automation capabilities to deploy those policies across their customers’ IT environments to manage and maintain consistent standards of service. The automation in our platform is also designed to help our customers scale their customer base with fewer technical support personnel.

Our Differentiated Go-to-Market Approach

Our go-to-market approach is grounded in a differentiated, multi-dimensional land and expand model. Our business model gives us the leverage and sales reach to efficiently and effectively serve businesses worldwide. Our channel-led approach allows us to grow with our customers as they expand their customer bases, deliver new services powered by our solutions and when their customers add devices and services. Our partner success strategies further enhance our model’s efficiency by empowering our customers to grow their businesses and expand their customer bases and consumption of solutions on our platform.

To add new customers, we employ an efficient low-touch, high-velocity “selling from the inside” motion coupled with a field sales motion. These approaches are rooted in having our sales organization selling online or over the phone or selling from local hubs and going into the field for in-person interactions and events. We power this sales motion with a marketing model that is highly flexible, analytics-driven and designed to efficiently drive digital traffic and high-quality opportunities. We drive website traffic and capture opportunities through events such as roadshows, partner events, and trade shows, as well as through various digital marketing initiatives, including search engine optimization (“SEO”), targeted email campaigns, localized websites, social media, e-book distribution, video content, blogging and webinars. Our low-friction sales motion and marketing model also allow prospective customers to trial fully functional versions of the solutions on our platform, which is frequently a step to broader adoption. Internationally, we augment our go-to-market approach in certain regions with a targeted and localized distributor model.

We believe our differentiated go-to-market approach benefits our business for a number of reasons, including:

1)Sales reach extension. Our channel-led model extends our sales reach globally and powers frictionless expansion opportunities. When we acquire a new IT services provider customer, we also add its customers and continue to benefit as the IT services provider expands its customer base.

2)Sales expansion through natural adoption. IT services providers expand usage of our offerings over time when they add new businesses and when these businesses add new devices and services. As digital transformation trends continue to impact organizations, our platform facilitates the delivery of new and enhanced services by our IT services provider customers to the businesses they serve.

3)Capital efficient scaling. We gain significant operating leverage through our channel-led model, particularly the customer acquisition efforts and support and overhead the channel provides to service their customers.

4)Loyalty and retention. Our best-in-class partner success strategies drive loyalty and retention by providing our customers with resources designed to help them better understand and pursue growth opportunities using our platform.

5)Strong international presence. Our extensive international distributor network and localized go-to-market approach has enabled and enhanced our robust global presence.

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Growth Strategy

We believe there are significant growth opportunities in our market, and we intend to focus our investments to capitalize on these opportunities and accelerate revenue growth. We believe that our growth will come from the following vectors:

1)Expand our customer footprint. Our partner acquisition model is driven by adding new customers that develop and deliver services powered by our platform. We focus on adding customers that have the opportunity to grow their businesses alongside us and increase consumption of solutions on our platform.

2)Facilitate MSP-enabled growth. When we add an MSP, we expand our relationship through two routes. We grow when the MSP expands their customer base and deploys our solution to these new customers. We also grow when the MSP delivers new or enhanced services to their customers based on our solutions and when their customers add devices and services. As digital transformation initiatives push businesses to modernize their IT systems, we are seeing tailwinds in the adoption and usage of our solutions. We utilize numerous partner success strategies to help MSPs expand their customer bases by educating them on how to introduce deeper and broader sets of service offerings. In this manner, our MSP customers serve as an extension of our sales footprint while requiring minimal incremental sales efforts by us. Our ability to expand within our customer base is demonstrated by our dollar-based net revenue retention rate, which was 103%, 103% and 110% for each of the trailing twelve-month periods ended December 31, 2025, 2024 and 2023, respectively.

3)Widen our surface area. We also grow by expanding the aperture of networks, devices, services and users that we manage and secure on our platform. This surface area expansion is driven by internal development, strategic technology partnerships with large enterprise technology vendors and integrations with other MSP technology providers.

4)Drive innovation. We intend to continue introducing new enterprise-grade solutions on our platform. These new solutions may come from internal innovation, strategic technology partnerships or targeted acquisitions. In particular, we aim to further broaden our security service offerings, technical controls, automation and reporting and analytics capabilities. To keep pace with technological developments and ever-changing IT complexity, we also continually invest in our platform and its existing solutions.

5)Broaden our co-managed IT footprint. In addition to providing comprehensive security and IT management for businesses, some of our IT services provider customers service larger businesses through a co-managed IT model, sharing responsibility for IT management and services with an internal IT team. We believe that increased adoption of co-managed IT models will continue to be a meaningful driver of market expansion.

6)Deliver globally. We are a global software company, generating 50.4%, 51.8% and 51.2% of our total revenue from outside of the United States in the years ended December 31, 2025, 2024 and 2023, respectively. We intend to target markets around the world where we have an established presence and distribution channels and further expand to new markets through channel and personnel growth and market-specific solutions.

Our Platform

We deliver a platform of integrated security solutions that enables our customers to manage and secure IT environments and assets. Purpose-built to address a wide range of needs - including the ability for IT services providers to use our technology to remotely manage and secure their end-customer’ environments - our subscription-based platform is scalable, extensible and easy to deploy.

Our platform consists of three core solution categories: unified endpoint management, data protection as-a-service and security operations. In addition to our core solution categories, we offer business management solutions that help improve the technical and service delivery efficiencies of our customers.

Unified Endpoint Management

Our UEM solutions provide our customers with visibility and insights into the availability and performance of their networks, infrastructure, devices and applications, all through a centralized dashboard. Our UEM solutions are designed to support the needs of customers of all sizes and accommodate complex and heterogeneous environments. In addition, our UEM technology serves as the foundation for the managed services model, allowing our customers to remotely monitor and access their customers’ IT environments. Through our UEM solutions, we can address the unified endpoint management needs of IT services providers of all sizes across cloud, on-premises and hybrid cloud environments. We leverage a wide variety of service checks such as SNMP, WMI, ICMP, UDP/TCP, API and scripts to gather and correlate data that our customers use to maximize uptime and productivity.

Our UEM solutions include a fulsome set of remote monitoring capabilities across devices, endpoints and infrastructures designed to allow our IT services provider customers to:

•support thousands of device types across major device categories, including Windows, macOS and Linux endpoints as well as network infrastructure components such as switches, routers, firewalls and wireless access points;

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•utilize a robust set of out-of-the-box features including network topology mapping and network path analysis;

•enable remote access and support for IT systems and devices to quickly identify and resolve issues;

•automate policies and tasks, power active device discovery and utilize automated alerts and customizable performance checks;

•enable technical support personnel to perform maintenance and troubleshoot a wide array of issues, whether attended or unattended by end users;

•manage their business through dashboards and reports that track the activities of their technical support personnel, demonstrate value to their customers and identify opportunities for operational improvement;

•monitor, manage, secure, standardize and automate Microsoft 365 users, Azure resources and Intune devices;

•easily update systems, applications and devices to help ensure connected endpoints are in compliance with up-to-date security protocols;

•provide flexible options for automated, scheduled or manual deployment of patches based on a number of criteria, including severity of vulnerability and customer service level; and

•detect and classify vulnerabilities across endpoints supporting timely remediation and improved security posture

Data Protection as a Service

Our data protection capabilities are fully cloud-based and include backup and disaster recovery for servers, virtual machines, workstations, files, data and key cloud-based applications. Our multi-tenant platform and secure remote delivery architecture is designed to provide our customers with the flexibility to choose and deploy the best solution based on their respective risk postures.

Backup, Recovery and Disaster Recovery. Our backup, recovery and disaster recovery solutions are designed to help our customers:

•provide their customers with efficient and granular data protection and recovery across multiple types of data and systems, including servers, virtual machines, workstations, critical databases and business documents;

•protect and restore critical SaaS application, such as M365;

•understand the integrity of their protection copies based on mechanisms like automated recovery testing with AI and machine learning boot verification;

•optimize data transfers to and from the cloud with the option to designate a preferred storage location in one of our available data centers in 17 countries and allow for protection of data across workstations, servers and networks from a single platform;

•convey and understand the state of their backup ecosystems more effectively to a wide range of stakeholders through features such as Executive Summary reports;

•continuously monitor backup environments and infrastructure for cyberthreats with built-in, always-on anomaly detection; and

•deliver these services to their customers without the need for them to purchase, maintain, and patch hardware.

Security Operations

We provide a layered protection approach that spans network and systems infrastructure, applications, and end user devices through our, endpoint security, managed detection and response, extended detection and response, web protection, e-mail security and archiving solutions.

Endpoint Protection. We have two approaches to endpoint security: a traditional antivirus-based approach, which includes full disk encryption, and a next-generation endpoint detection and response offering, which enables attack prevention and simple rollback. Our endpoint detection and response solution helps our customers to prevent, detect and respond to ever-changing cyber-threats, as well as recover quickly when ransomware or other attacks occur. This solution is designed to enable our customers to:

•protect against the latest threats without waiting for recurring scans or updates to signature definitions;

•reverse the effects of an attack through remediation and rollback to restore endpoints to their pre-attack state and minimize customer downtime;

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•enhance network visibility, identify endpoints, and reduce and control customer attack surfaces;

•proactively hunt for threats and offload the operational burden of endpoint management to security specialists; and

•access at-a-glance threat summaries and detailed threat intelligence from one centralized dashboard.

Extended Detection and Response. We offer a powerful cloud-native extended detection and response (“XDR”) platform that leverages machine learning to identify cyber-threats, automate remediation rules and system updates and provide continuous compliance reporting. This solution is designed to enable our customers to:

•consolidate security information and event management (SIEM) and security orchestration, automation and response (SOAR) for threat detection, investigation, and response through centralized XDR;

•help identify, detect, analyze, and prioritize anomalous behavior in real-time using UEBA data science; and

•use artificial intelligence to detect known and unknown threats—specifically when determining an insider threat, account takeover, and privilege abuse or misuse.

Managed Detection and Response. We offer around-the-clock threat hunting and remediation of clients’ systems for cyber-threats, abnormal activities, and dark web monitoring. This solution is designed to enable our customers to:

•employ a multi-layered detection approach utilizing advanced threat assessment techniques and a 24x7 Security Operations Center to detect and resolve emerging attacks across diverse client infrastructures;

•demonstrate full visibility into actions taken to confirm and respond to security events, including detection and investigations custom reports and situational reporting on current cybersecurity posture; and

•receive comprehensive compliance insights across hybrid infrastructures with visibility into at-risk systems and compliance readiness.

Web Protection and Content Filtering. Our web protection and content filtering solution allows our customers to set content-filtering policies, website access controls and time and content-based browsing policies to help keep workforces secure and productive. This solution is designed to allow our customers to:

•block device users from visiting suspected and confirmed unsafe sites;

•establish allow and block lists to override category-based filters; and

•filter internet activity by day, category and URL to reveal trends, spikes and irregularities.

Mail Protection and Archiving. Our e-mail security solutions leverage external threat feeds and internal data based on the millions of emails we process daily in order to help our solution identify attacks and secure our IT services provider customers and their customers’ email systems. Our solutions are designed to secure emails by providing customers with:

•a web-based dashboard to enable customers to continue sending and receiving email if their primary email service has an outage;

•an email archive to store and retrieve email; and

•additional protection against spam, malware, ransomware and other email-borne threats based on data collected from our customers and their customers around the world.

Business Management.

Our business management solutions include professional services automation, automation and scripting management, password management policies, and reporting and analytics. Our customers use our business management solutions to manage their own IT and business environments and to service their customers. Our solutions integrate with third-party professional services automation tools, IT services management products and other key technologies.

Professional Services Automation and Ticketing. Our professional services automation and ticketing system can be used by our customers to manage their businesses in the following ways:

•organize their workforces by routing tickets and scheduling technical support personnel;

•share knowledge throughout their organizations by archiving customer contact and password information, process and task knowledge and ticket history;

•increase visibility and transparency with customer, ticket and technical support dashboards; and

•streamline the billing process with flexible billing based on their customers’ needs.

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Password and Documentation Management. Our password and documentation management offering provides a simple, yet secure, solution tailored to the operations of our customers. This solution helps our customers:

•access their customer environments with granular role-based permissions and a full audit trail leveraging our centralized and secure password repository;

•standardize service delivery and expedite issues by making essential documentation easily accessible through a fully integrated tool; and

•conduct mobile password resets, which enables end-users to reset their own passwords at any time, without support.

Desktop Management. Our desktop management solution enables customers to remotely:

•work on issues and communicate with their customers while a customer’s device is in use; and

•troubleshoot and proactively address customer endpoint and network issues without disruption to the customer’s operations.

Technology

Key features of our platform include:

Extensibility. Our flexible platform allows users to easily extend the built-in functionality with deep integrations to create custom monitoring capabilities in conjunction with a broad range of third-party tools. We built our platform to be extensible through an open ecosystem framework to enable rapid integration with a broad universe of third-party technologies. We leverage this framework across our Technology Alliance Program and integrated solution partnerships described below, allowing us to create integrations that deliver embedded user interface experiences. Our open ecosystem framework enhances our ability to deliver a single point of management across the myriad of solutions, tools and other technologies our customers use. This enables our channel partners to have deep visibility into their customers’ environments and access to enterprise-grade technology while also allowing us to quickly add integrations to efficiently deliver new monitoring capabilities to our customers.

Multi-tier, multi-tenancy. Our multi-tier, multi-tenant platform allows customers to efficiently manage multiple customers and sites across cloud, on-premises and hybrid cloud environments from a single pane of glass. Our multi-tenancy is also able to power seamless integration with key distributors. Our multi-tier, multi-tenant architecture also enables our global distributors to effectively deliver our solutions to a broad set of customers from a single instance of our platform.

Automation. Our platform features over 100 out-of-the-box policies to automate common tasks and for resolution of frequently occurring issues, enabling our customers to focus on higher value activities. Our no code visual workflow builder and over 600 design elements make it possible for technical and non-technical personnel at our customers to create and customize powerful automated processes for both proactive and reactive workflows. Our customers can easily manage automation policies and track change configurations via detailed reporting within our platform.

Unified agent management. Customers utilize software agents to collect data and facilitate connections to endpoints. It can be time-consuming and burdensome to deploy and update these agents, particularly in a distributed or mobile workforce. We have a unified agent management system that helps customers deploy agent capabilities and update new features across customer environments. Our approach to agent management is designed to make deploying new software and services fast and easy for our customers.

Security. We have invested heavily to build solutions in a secure manner. Our Secure Software Development Lifecycle guides the manner in which we develop our solutions and reflects our efforts to continuously improve our processes. We regularly conduct penetration tests on our solutions with third parties and work with customers who conduct them as part of their evaluation cycles. As a part of our rigorous security procedures, we continuously evaluate our solutions with static analysis tools and develop approaches to address material identified vulnerability issues. All of this is augmented by a formal Incident Response procedure designed to appropriately triage, escalate and remediate or mitigate incoming incidents. Certain of our solutions or data centers meet one or more of the following security compliance standards, which vary by product or location: HIPAA, ISO/IEC 27001:2013 or ISO/IEC 27001:2022, ISO 9001, NIST 800-53, PCI DSS, SOC 1 Type II and SOC 2 Type II.

Common user interface and user experience model. Our platform has been purpose-built to provide a consistent, intuitive and easy to use experience for our customers. We are constantly improving the ease with which our customers can engage with our platform to allow them to efficiently deploy our solutions and accomplish their business goals.

Global footprint. We operate a global, multi-cloud architecture in order to deliver the best customer experience. We operate our workloads out of a mix of private data centers, AWS and Azure. This global reach and approach enables us to

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deliver extensive choice to partners who have various data storage sovereignty requirements, and helps ensure our platform remains fast, reliable and accessible.

Strategic Technology Partnerships

We designed our platform and solutions to be highly extensible which has allowed us to develop a vast technology partner ecosystem. We have three ways to deliver solutions from our strategic technology partners to our customers:

Technology Alliance Program. Through our Technology Alliance Program, we enable third-party technology or software vendors to integrate with our platform to streamline workflows and share data. When a vendor joins the program, the relationship is formalized through a marketing agreement that sets expectations for joint marketing efforts such as webinars for our customers. Once accepted to the program, these strategic partners have access to integration resources such as API documentation, as well as support and guidance from our product management team.

Integrated solution partnerships. These strategic partnerships allow us to embed best-of-breed third-party offerings directly into our platform and enable our IT services provider customers to sell these solutions to their customers. Through our integrated solution partnerships, we manage joint roadmap integration, full go-to-market launch, and commercialization, thereby providing a greater breadth of offerings to address the various needs of our customers.

Large enterprise technology vendors. We have partnerships with large enterprise technology vendors, which we believe validates our strategic differentiation in the IT services provider market. Through these strategic partnerships and our multi-tier, multi-tenant architecture, we are able to offer our customers a unified platform that includes offerings from these vendors such as integration with Microsoft Intune, deep support for Mac, and robust monitoring for cloud services such as Meraki. These strategic partnerships expand the surface area of the devices that our customers can manage and secure.

Our Customers

We serve businesses of all sizes with a focus on organizations with up to 2,500 employees and the channel partners who support them. Our customers range in geographical distribution, including some focused on local or regional customers and others with multi-national presences. Some of our IT services provider customers deploy multiple solutions on our platform across their entire customer base while others use our platform to service only a portion of their customers. The businesses serviced by our IT services providers span a wide range of industry verticals, including financial services, healthcare, professional services, education and manufacturing.

As of December 31, 2025, we had 2,671 customers with ARR over $50,000 on our platform, up from 2,349 as of December 31, 2024, representing an increase of 13.7%. Over the same period, these customers grew from approximately 57% of our total ARR as of December 31, 2024 to approximately 61% of our total ARR as of December 31, 2025. We calculate ARR by annualizing the recurring revenue and related usage revenue inclusive of discounts, excluding the impacts of credits and reserves, recognized during the last day of the reporting period from both long-term and month-to-month subscriptions. We use ARR, and in particular ARR attributable to customers with over $50,000 of ARR, to enhance the understanding of our business performance and the growth of our relationships with our customers.

Marketing, Sales, and Customer and Product Success

Our marketing, sales and partner success organizations serve as the engine that powers our multi-dimensional land and expand go-to-market strategy. Through a combination of leading targeted marketing content, events, free trials and business development efforts, we cultivate a high volume of qualified opportunities that are passed on to dedicated insides sales teams to convert into partners. Additionally, our inside sales team leverages our marketing content to generate their own qualified opportunities to increase product penetration into our existing base.

We segment our sales and marketing strategies by the needs of prospective customers and existing customers based on the stage of their respective business lifecycle. After we add a customer, our customer success program is designed to help them better manage their own businesses, offer services enabled by our platform and expand their usage of our solutions.

Marketing

Our marketing strategy combines deep cybersecurity and channel partner expertise with data-driven demand generation to create qualified opportunities for our sales organization. We employ a flexible, analytics-based approach utilizing digital marketing techniques including search engine optimization, paid search, social media, events, targeted campaigns, localized websites, educational content, display advertising, community programs, and webinars.

We tailor our marketing efforts through a segment-specific approach aligned with our go-to-market strategy. For MSPs, we focus on enabling their growth and helping them deliver business resilience to their end customers through our unified platform spanning endpoint management, security operations, and data protection. For organizations with more complex requirements, we deploy account-based marketing programs that demonstrate how our solutions address their cybersecurity and operational

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challenges. Internationally, we partner with our global distributor network to execute localized marketing strategies in specific regions.

We engage existing and prospective partners through ongoing enablement and community-based initiatives. Our partner success programs educate customers on maximizing the value of their current solutions, expanding into additional platform capabilities, and leveraging our offerings to grow their businesses. Drawing on our industry expertise, we provide community resources including peer-to-peer learning opportunities, online and in-person events such as our annual Empower conference, and educational content designed to help partners strengthen their competitive position and deliver greater value to their customers.

Sales

We deploy a highly effective and disciplined approach to sales that incorporates both “selling from the inside” and a field sales approach. These approaches are rooted in having our sales organization selling online or over the phone, or selling from local hubs and going into the field for in-person interactions and events. We use a structured approach to managing opportunities and adhering to standardized pricing and contract terms. Our sales team handles customer accounts of all sizes and across geographies through our selling from the inside and field sales approaches.

Our sales organization is organized by channel segment, key solution categories, and geographic region. Our dedicated sales teams receive high-quality opportunities from our marketing and business development motions to engage with prospects, supporting our multi-dimensional customer acquisition motion. This is further powered by our low-friction, free-trial approach that allows prospective customers to trial a fully functional version of our platform. When these prospective customers realize the value of our platform, they can then purchase solutions on our platform at the size and level of functionality appropriate for their and their customers’ IT environments.

Furthermore, our combined efforts across marketing, partner success and sales motions drive high-quality opportunities from our existing customer base that advances our expand go-to-market strategy. This approach allows us to cross-sell and expand product penetration within our existing customer base. We adhere to a disciplined, data-driven approach to converting opportunities quickly and efficiently based on our understanding of the prospect or existing partner’s specific product demands and the inflection points in the selling process.

We also sell our software through distributors and resellers to supplement our direct sales force, as well as to initiate and fulfill sales orders from customers that prefer to make purchases through a specific distributor or reseller. Our localized channel strategy allows us to offer in-market solutions, sales, marketing and support in the local language. Our base of channel distributors proactively create demand for our solutions and bring new opportunities and customers to us. We are also able to flexibly deploy a hybrid approach in which our sales specialists work alongside our distributors and resellers when targeting and landing higher value transactions across the global market.

Customer and Product Success

We provide numerous resources that help customers leverage our platform and get full value from their relationship.

Our Customer Success team serves as the primary relationship owner, working directly with businesses to understand their goals, monitor platform adoption, identify opportunities to drive additional value, and help customers align their use of N-able solutions with their operational and service objectives. They further support customers by assisting with account updates, questions, and other routine service inquiries.

Our Product Success team supports the full customer lifecycle - from initial evaluation through adoption, operation, and optimization of the N-able platform. This approach helps customers deploy and use our solutions effectively while supporting long-term platform engagement.

Our Product Success activities span pre-sales technical engagement, onboarding, post-sales guidance, and global technical support. Pre-sales teams work with sales to help prospective partners understand product capabilities, requirements, and implementation considerations, setting clear expectations for successful adoption. Post-sales, our global teams provide in-region support, technical expertise, and structured enablement resources, helping customers implement, configure, and optimize our solutions in line with their operational needs.

We provide 24x7x365 technical support for our platform and solutions. We also complement live support with self-service resources, documentation, and educational programs through N-ableMe, where AI-enabled search, recommendations, and guided workflows help partners quickly access information, resolve common issues, and build technical proficiency across the lifecycle.

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Research and Development

Our research and development organization is primarily responsible for the architecture, design, development, testing and deployment of new solutions and improvements to existing solutions, with a focus on ensuring that our platform is fully integrated and extensible.

We have designed our software development process to be responsive to the needs of our customers, cost-efficient, and agile. We work closely with our customers throughout the development process to build solutions that address the problems our customers face. We regularly have a subset of our customers participate in processes to validate that our solutions and features are what they are looking for to improve their operations and address their most pressing demands.

We have built a development organization that allows us to add new features and enhance our platform quickly and efficiently. Our global development model allows us to source from a large talent pool by participating in multiple labor markets. We utilize small scrum teams that follow standard practices to build and test their code and foster continuous improvement. We share our development values across our offices and aim to assign meaningful design and development work to our international locations.

Competition

We compete in a large and fragmented industry with numerous vendors that provide cybersecurity and IT management software solutions. We compete with vendors in the following categories:

•MSP pure-play: Vendors focused on the MSP market which provide broad, integrated solutions that include monitoring and management, data protection, business management tools and security offerings. Examples of such vendors are ConnectWise, Kaseya, and NinjaOne.

•Category-specific: Small to large enterprise vendors that provide solutions focused on a particular service that may be sold by a channel provider or purchased directly by a business. Solution categories include data protection, extended detection and response, managed detection and response, endpoint detection and response, vulnerability management, unified endpoint management, and remote access and support. Examples of such vendors are Acronis, Veeam, ArcticWolf, Sophos, TeamViewer, and LogMeIn.

We believe the principal competitive factors in our market include:

•breadth and extensibility of features and functionality;

•focus on and alignment with our customers’ success;

•scalability, performance and reliability of our platform and solutions;

•ability to solve the technical and business problems of customers of all sizes and complexities;

•flexibility of deployment models, whether public or private cloud, on-premises or in a hybrid environment;

•continued innovation to keep pace with evolving technology requirements and the changing needs;

•ease of use and deployment;

•brand awareness and reputation, particularly among channel constituents;

•total cost of ownership and alignment of cost with business objectives and customer needs; and

•effectiveness of sales and marketing efforts.

We believe that we compete favorably on these factors.

Our People

We are a global software company. As of December 31, 2025, we had 1,852 employees fully dedicated to our business, of which 398 were employed in the United States and 1,454 were employed outside of the United States. Of these employees, 1,847 were employed full time. We strive to keep our people at the center of everything we do and foster a positive relationship with our employees, based on our values and culture of belonging which we continue to nurture and develop. We are not party to any collective bargaining agreements.

Our success is the result of our talented, experienced and high performing employees across our organization, including functions such as research and development, sales and marketing, partner success and general and administrative.

Our Values

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Our values serve as our guiding principles to help drive our decisions and behaviors with each other and our partners. We hire based on our values, recognize each other based on our values, and strive to uphold our values in all of our interactions - every day.

•N-rich Lives: We use our talents to find meaning and purpose in all that we do.

•N-spire Others: We unlock potential and help bring out the best in others.

•N-joy the Journey: We are passionate about what we do and have fun along the way.

Employee Engagement

We survey employees a minimum of two times a year to ensure that all employees’ voices are heard, and so we can better understand the key areas where we can improve the employee experience. These key areas include N-able’s values; our employees’ impression of the executive team; employees’ experience in their individual roles, of their direct teams and with their direct managers; and employees’ sense of belonging at work. Survey results are reviewed by our senior leadership team, reported to the whole company and used to inform action plans at all levels of the organization.

As a part of our employee engagement strategy, we focus on the following key pillars that have been important to offering an extraordinary employee experience: Belonging, N-ablite Giving, Wellness, and Fun. We want our employees to feel supported to do their best work and N-joy the Journey along the way.

Belonging

As a global company, we have the distinct advantage of employing talented individuals across many different ethnicities, genders, races, religions, sexual orientations and generations, all supported through a focus on innovation and inclusion. Communities of Interest (“COIs”) are a core part of our Belonging strategy and are employee-driven, company-sponsored interest groups that are open to all N-able employees globally, intended to foster inclusivity and belonging. We currently have the following global COIs: PRISM, supporting our LGBTQIA+ community; WONDER, supporting women in our workplace; and Shades, supporting our employees of color. Our President and CEO signed the CEO Action for Diversity and Inclusion Pledge, reinforcing the Company’s support and commitment towards building a culture of belonging at N-able. We also host an internal site with resources and information to allow employees to celebrate what makes us unique and invite others to join us on our journey. Our aim is to create a positive and uplifting work environment that leads to more trust, engagement, and excellence. We believe that our culture of belonging enables us to deliver strong financial performance and build lasting relationships with our communities around the globe.

Giving: Community Involvement

We encourage and support our employees to give to the communities in which they live and work. Employees receive two fully paid VoluNteer Days annually and we encourage them to leverage this time to support causes that are meaningful to them. During our annual Season of Giving, employees join company coordinated volunteer events to make an even bigger impact. In 2025, employees across the globe used their VoluNteer Days to donate more than 3,000 hours to non-profit organizations in their local communities. In addition, employees have a fundraising forum to provide visibility to giving opportunities they are a part of and for which they want monetary donations.

Wellness

Supporting our employees’ abilities to prioritize and maintain their overall health and well-being is an important focus area to drive engagement and create an exceptional experience. We provide resources ranging from comprehensive benefits to specialized wellness programming to a global Employee Assistance Program (EAP) with local language support at no cost to employees and their family members. Our internal site provides access to resources and new ways to stay healthy - whether it’s physical, mental, financial or social. We also offer wellness-focused programs virtually and at our hubs, such as Global Wellness Fairs at our Collaboration Hubs, employee-led meditation sessions, healthy meal education, and financial wellness workshops.

Learning and Development

We are committed to providing our employees with a holistic growth and learning journey to help them make the most of their careers. Our learning and development program includes uniquely designed group training for new hires during their onboarding process, as well as various development programs and courses to support career growth and help employees achieve their full potential. Whether it is through taking courses through N-ablite Learning, supporting internal mobility, or raising awareness of the importance of continuous learning during our special Adult Learner’s Week program, we aim to provide the guidance and support N-ablites need to grow their career.

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Notable Recognition

N-able’s achievements as an employer of choice earned us several notable awards throughout 2025. We achieved Great Place to Work Certification, a globally recognized authority on company culture. Additionally, notable awards include two Stevie Awards, including for Chief People Officer, Kathleen Pai, Chief Human Resources Officer of the Year and Human Resources Team of the Year. N-able was also recognized by Comparably among the companies with the Best Company for Diversity (Two-time winner), Best Company for Women (Three-time winner), Best Company for Outlook (Three-time winner), Best Company Career Growth (Four-time winner), Best Leadership Teams (Two-time winner), Best Company Happiness (Four-time winner), Best Company Perks & Benefits (Three-time winner), Best Company Work-Life Balance (Three-time winner), Best CEO (Four-time winner), Best Company Culture (Three-time winner) and Best Company Compensation (Five-time winner). We were also recognized with: Top 100 Most Inspiring Workplaces winner, BuiltIn Best Place to Work Austin and Boston, Cigna Healthy Workforce Designation, and the Trust Radius Award by Trust Radius Tech Cares. In addition, we received the Best Place to Work by Best in Biz, Best Workplace for Women in Tech by Women Tech and NC Tech’s Culture and People in Tech Award.

We believe the combination of our relationship with our employees, the strength of our software platform and our alignment with our customers and business model differentiates us in the market as an employer of choice. Our ability to achieve our goals has always been, and continues to be, a result of the strong values and tremendous passion of our people. We continue to invest in attracting top talent, training and development initiatives and motivating, engaging and retaining high potential employees.

Intellectual Property

We rely on a combination of patent, copyright, trademark, trade dress and trade secret laws, as well as confidentiality procedures and contractual restrictions, to establish and protect our proprietary rights. These laws, procedures and restrictions provide only limited protection. As of December 31, 2025, we owned nine issued U.S. patents and one issued foreign patent, with expiration dates ranging from February 22, 2033 to July 7, 2041. N‑able may consider filing patent applications in the future, and we cannot guarantee that patents will be issued with respect to the current patent applications in a manner that gives us the protection that we seek or at all. Our patents and any future patents issued to us may be challenged, invalidated or circumvented and may not provide sufficiently broad protection or may not prove to be enforceable in actions against alleged infringers.

We endeavor to enter into confidentiality and invention assignment agreements with our employees and contractors and with parties with which we do business in order to limit access to and disclosure of, and safeguard our ownership of, our proprietary information. We cannot be certain that the steps we have taken will prevent unauthorized use or reverse engineering of our technology. Moreover, others may independently develop technologies that are competitive with ours or that infringe our intellectual property rights, and policing unauthorized use of our technology and intellectual property rights can be difficult. The enforcement of our intellectual property rights also depends on any legal actions against these infringers being successful, but these actions may not be successful, even when our rights have been infringed.

Furthermore, effective patent, trademark, trade dress, copyright and trade secret protection may not be available in every country in which our solutions are available or where we have operations. In addition, the legal standards relating to the validity, enforceability and scope of protection of intellectual property rights are uncertain and still evolving.

Governmental Regulations

Our business is subject to various federal, state, local and foreign laws and regulations, including those related to financial and other disclosures, accounting standards, corporate governance, intellectual property, tax, trade, including import, export and customs, antitrust, environment, health and safety, employment, immigration and travel, cybersecurity, privacy, data protection and localization and anti-corruption. These laws and regulations may differ among jurisdictions, and compliance with them may have a materially adverse impact on our business and results of operations. For more information about potential impacts of government regulations, see the section titled “Risk Factors—Risks Related to Governmental Regulation.”

Additional Information

Our website address is www.n-able.com. Our website and the contents therein or connected thereto are not intended to be incorporated into this Annual Report on Form 10-K. Through a link on the Investor Relations section of our website, we make available the following filings as soon as reasonably practicable after they are electronically filed with or furnished to the SEC: our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. All such filings are available free of charge. In addition, the SEC maintains an Internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.