Tenable Holdings, Inc.

2. Revenue

Disaggregation of Revenue

The following table presents a summary of revenue:

Concentrations

We sell and market our products and services through our field sales force that works closely with our channel partners, which includes a network of distributors and resellers, in developing sales opportunities. We use a two-tiered channel model whereby we sell our products and services to our distributors, which in turn sell to resellers, which then sell to end users. Revenue derived through our channel network comprised 94% of revenue in the three and six months ended June 30, 2025 and 94% and 92% of revenue in the three and six months ended June 30, 2024, respectively. One of our distributors accounted for 32% of revenue in the three and six months ended June 30, 2025 and 34% of revenue in the three and six months ended June 30, 2024. That same distributor accounted for 31% and 29% of accounts receivable at June 30, 2025 and December 31, 2024, respectively.

Contract Balances

We generally bill our customers in advance and accounts receivable are recorded when we have the right to invoice the customer. Contract liabilities consist of deferred revenue and include customer billings and payments received in advance of performance under the contract. In the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, we recognized revenue of $231.1 million, $205.1 million, $412.0 million and $368.7 million, respectively, that was included in the deferred revenue balance at the beginning of each respective period.

Remaining Performance Obligations

The following summarizes the future estimated revenue related to unsatisfied performance obligations:

Deferred Commissions

The following summarizes the activity of deferred incremental costs of obtaining a contract: