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Awaiting Google Takeover, Mandiant Posts Q1 Sales Gains, Increasing Net Loss

Mandiant says it will not provide financial guidance moving forward due to pending sale to Google.

Cybersecurity vendor Mandiant, which Google will officially buy for $5.4 billion later this year, reported quarterly revenue of $130 million in the three months ended March 31, up 13 percent from the same period a year ago.

Still, Reston, Virginia-based Mandiant continued to lose money. The company reported a $96.7 million net loss for its first fiscal 2022 quarter, compared with a $50.6 million loss for the same period a year before.

The company’s annualized recurring revenue was $287 million, an increase of 22 percent from the end of the first quarter of 2021. Meanwhile, its deferred revenue of $400 million was up 43 percent from the end of the first quarter of 2021, the company announced in a press release Tuesday.

Google is buying Mandiant for $5.4 billion for its current customer base and its potential for growth, as part of Google bid to bolster its in-house cybersecurity resources.

Assuming the deal wins regulatory approval, Google’s takeover of Mandiant is expected to close before the end of this year.

Citing its pending sale to Google, Mandiant did not host a conference call on Tuesday to provide further details and comment about its first-quarter numbers.

The company also said in a press release that it will not be providing financial guidance for the second quarter of 2022 or updated financial guidance for the full-year 2022.

In buying Mandiant, the Google Cloud platform will now be able to offer end-to-end security solutions to customers – and potentially open up billions in new business opportunities for Google. 

CRN previously reported that Mandiant’s top executives and directors could earn as much as a combined $196.9 million in stock, options, and severance payments if the proposed acquisition by Google goes through.

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