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SentinelOne crossed a milestone in FY2026: revenue reached $1.00B, up 21.9%, with a strong 74.1% gross margin on its AI-powered Singularity endpoint/XDR security platform. The subscription model is sticky — multi-year per-agent contracts, ratable recognition, and a land-and-expand motion as customers adopt additional modules — and revenue has compounded rapidly from $205M in FY2022. Crucially, the business inflected on cash: operating cash flow more than doubled (+127.2%) to a positive $76.6M, against negligible capex, demonstrating the model can self-fund.

The GAAP loss looks alarming but is largely non-cash. The net loss widened to $451M (EPS -$1.37) even as the operating loss was roughly flat at -$321M — the divergence points to below-the-line items (stock-based comp and likely tax/other charges), not deteriorating operations. The balance sheet is sound: no long-term debt, $1.44B equity, and the company even repurchased $200M of stock in FY2026, a notable signal of capital discipline for a still-unprofitable growth name. The large accumulated deficit (-$2.08B) is the legacy of years of growth investment, consistent with positive operating cash flow now.