Strong demand for identity and cloud threat protection among large enterprises is fueling Red Canary's growth

DENVER, Dec. 12, 2024 /PRNewswire/ -- Red Canary, a leader in managed detection and response (MDR), announced strong Q3 FY25 results, achieving positive operating margins for the first time in company history. These results were buoyed by strength in the enterprise customer segment, with the most recent quarter exceeding 50% growth year-over-year. As identity and cloud threats continue to rise, organizations in nearly every industry are turning to Red Canary for its world class detection and response capabilities across endpoint, identity, and cloud attack surfaces.

With advanced detection engineering, threat intelligence, threat hunting, and world-class support baked into the platform, Red Canary helps customers improve their security posture from day one, providing immediate time to value. Over the last year, growth has been driven by large organizations realizing the value of Red Canary's expertise in detecting and responding to emerging threats across all domains with high quality, accuracy, and at an incredible scale.

Product innovations in Q3 FY25:

• Continued to accelerate threat investigations and response times with GenAI agent flows, realizing over 60% faster mean time to investigate and enabling customers to address threats more swiftly and effectively with Red Canary flow investigations.
• Cost-efficient storage that strengthens security posture with the release of Security Data Lake, delivering long-term log retention, search, and MDR enhancement capabilities.
• Expanded endpoint integrations with Trend Micro Vision One integration, providing customers an EDR solution with extensive telemetry, a comprehensive detection analytics library, automated remediation actions, and advanced threat hunting.
• Delivered powerful AI-driven security operations with Managed XSIAM, making Red Canary analytics and expert help available inside of Palo Alto Networks Cortex XSIAM with a new managed service—now in early access.

Key company milestones in Q3 FY25:

• Achieved record-breaking third quarter, the best Q3 in the company's history for new business bookings.
• Appointed Todd Chronert as Chief Revenue Officer, a proven cybersecurity leader with nearly 20 years of experience, to drive global sales, business development, and partnerships while accelerating growth and strengthening Red Canary's leadership in MDR.
• Published a major midyear update to the 2024 Threat Detection Report, offering a comprehensive summary and analysis on the top trending threats and techniques in the first half of 2024 to help provide timely insights for organizations to stay ahead of emerging threats.
• Released latest monthly threat intelligence research, highlighting browser-related threats, including ChromeLoader and SocGholish continue to have an impact and rank among top 10 threats.
• Earned customer recognition with five badges in G2's Fall 2024 report, including Fastest Implementation in MDR.

"Our growth comes from listening to our customers and delivering solutions that solve their biggest challenges," said Brian Beyer, CEO of Red Canary. "With deep security expertise and a relentless focus on helping customers to stay ahead of evolving threats, we're more than just a security provider—we're their trusted partner, helping them to focus on their mission while we handle the complexity of keeping them fully secure."

About Red Canary
Red Canary is a leader in managed detection and response (MDR). We serve companies of every size and industry, focusing on finding and stopping threats before they can have a negative impact. As the cornerstone security operations partner for nearly 1,000 organizations, we provide MDR with industry-leading threat accuracy and a world-class customer experience across identities, endpoints, and cloud. For more information about Red Canary, visit: https://redcanary.com/.

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SOURCE Red Canary