A Note on Why We Publish This
AllThreats Security is a private company. We have no legal obligation to disclose financial information. We do it anyway — because we believe the people who work here, the people who are considering working here, and the clients who depend on us deserve to understand the financial health and stability of the organization they're trusting.
We've been asked twice in the past 18 months if we'd consider going public or accepting private equity investment. We've declined both times. A public market creates pressure to optimize for quarterly results over long-term organizational health. PE creates pressure to optimize for exit multiples over employee welfare. Neither is compatible with how we intend to build this company.
What follows is our FY2024 annual transparency report — not an SEC filing, but held to the same standard of accuracy. Our auditors are Deloitte & Touche. Questions about this report can be directed to our CFO.
— Marcus Kwame, CEO & Priya Nair, COO · December 2024
// SELECTED FINANCIAL HIGHLIGHTS — FY2024
Total Revenue
$187M
↑ 22% YoY
Consistent growth — 18–24% annually since 2020
Gross Margin
68%
↑ from 65% FY23
Improvement driven by analyst retention, not headcount cuts
Operating Income
$29M
↑ 31% YoY
15.5% operating margin — above industry average
Net Income
$21M
↑ from $16M FY23
Profitable every year since FY2016
R&D Investment
$28M
↑ 17% YoY
Increased as revenue grew — not sacrificed for margin
Global Headcount
647
↑ 14% YoY (+79 employees)
0 involuntary layoffs in company history
Client Retention
96%
4th consecutive year at 96%+
No major client losses in FY2024
CEO Compensation
$780K
↑ 5% YoY (in-line with workforce avg)
Marcus Kwame declined proposed increase above workforce average
// INCOME STATEMENT (FY2022–FY2024, $M)
| Line Item |
FY2022 |
FY2023 |
FY2024 |
YoY Δ |
| Total Revenue | $126M | $153M | $187M | +22% |
| — Threat Intelligence & MDR | $52M | $67M | $84M | +25% |
| — Incident Response | $38M | $45M | $54M | +20% |
| — Professional Services | $24M | $29M | $34M | +17% |
| — Training & AT Institute | $12M | $12M | $15M | +25% |
| Cost of Revenue | $46M | $54M | $60M | +11% |
| Gross Profit | $80M | $99M | $127M | +28% |
| R&D Investment ↑ Increasing YoY | $18M | $24M | $28M | +17% |
| Sales & Marketing | $28M | $35M | $42M | +20% |
| G&A (in-line with revenue growth) | $16M | $18M | $22M | +22% |
| Restructuring Charges | — | — | — | None |
| Operating Income | $18M | $22M | $29M | +31% |
| Net Income | $13M | $16M | $21M | +31% |
// EXECUTIVE COMPENSATION — VOLUNTARILY DISCLOSED (FY2024)
| Executive |
Title |
FY2023 Total Comp |
FY2024 Total Comp |
YoY Change |
Note |
| Marcus Kwame |
CEO & Co-Founder |
$743K |
$780K |
+5% |
Declined board proposal for larger increase |
| Dr. Priya Nair |
COO & Co-Founder |
$712K |
$748K |
+5% |
Parity increase with CEO — by design |
| Tariq Mahmood |
VP, Professional Services |
$338K |
$360K |
+7% |
Promotion increase included |
| CFO (name withheld by request) |
Chief Financial Officer |
$410K |
$431K |
+5% |
Standard merit increase |
| CEO-to-median employee ratio |
— |
6.8:1 |
6.9:1 |
Stable |
vs. ZedTrust estimated 112:1 in FY2024 |
// WORKFORCE METRICS (FY2024)
647
Total Employees
↑ 14% YoY (+79 net new roles). 0 involuntary reductions in company history.
5.3 yrs
Median Tenure
Industry average for cybersecurity consulting: 1.8 years. AllThreats: 5.3 years.
72%
Internal Promotion
Of senior roles filled in FY2024, 72% promoted from within. Tracked quarterly.
11%
Voluntary Turnover
Below industry average of 19%. Exit interview data published internally each quarter.
// RISK FACTORS & DISCLOSURES
Material Risk Factors — Voluntarily Disclosed
AllThreats discloses material risk factors voluntarily, consistent with the transparency standards we hold ourselves to as a private company. The following risks are genuine and should be considered by employees, prospective employees, and clients.
- Talent concentration risk: Our delivery model depends on high-tenure, specialized practitioners. Significant attrition in key technical areas could impair service quality. We mitigate this through retention investment, succession planning, and the AT Institute pipeline — but the risk is real.
- Private company liquidity: Equity holders in AllThreats cannot easily liquidate positions. Employees who receive equity grants should understand that liquidity events are not guaranteed and may be distant. We do not have a defined timeline for an exit event and are not seeking one.
- Revenue concentration: Approximately 18% of FY2024 revenue came from our five largest clients. Loss of one or more major clients would have a material impact on revenue. We actively manage this through contract diversification and retainer structures.
- Geographic expansion risk: The London office opened in Q3 FY2024. International operations introduce complexity in employment law, tax, and culture integration that we are actively managing. Early-stage offices carry inherent operational uncertainty.
- Competitive market for analyst talent: We compete for analysts against FAANG security teams, federal contractors, and well-capitalized competitors. Our compensation is competitive but not top-of-market on total comp. We acknowledge this openly and compete on culture, tenure, and mission rather than compensation alone.