Rapid7 (RPD) shares fell 4.91% to close at $10.46 on Sept. 8 before edging up to $10.53 in after-hours trading, as the cybersecurity firm presented its turnaround strategy at Citi’s 2026 Global TMT Conference.
The stock remains down 27.6% year-to-date but has surged 55.6% over the past six months. Rapid7 carries a market capitalization of $701 million, with trailing twelve-month revenue of $856 million and a gross profit margin of 69.3%.
Chief Executive Officer Wael, who joined approximately 100 days ago after serving on the board, replaced former CEO Corey, who now holds the title of Executive Chair. Chief Financial Officer Rafe Brown, who joined in December, said the leadership changes are part of a broader structural shift across the company. Dan recently joined as chief product and technology officer, and Allan Peters came on board in October to lead sales and marketing.
“The path is so clear how to make things better, and as we make them better, we’ll continue to help make them great,” Brown told attendees.
On the product side, Rapid7 said its Command Platform is being positioned to unify datasets and drive automation toward what it called “autonomous SOCs” — a long-term goal intended to improve both customer experience and unit economics. The company highlighted a distinction between vulnerability discovery, which Brown described as commoditized, and vulnerability management, where it sees lasting differentiation.
“We talk about wanting to make sure we’re providing this managed detection response with software-like margins,” Brown said. “That’s a real key calling for us as we look forward to the coming years — being able to deliver extra value to our customers and to our shareholders in an efficient way that’s driven by automation but still has that differentiated service.”
Revenue breakdowns showed core offerings accounting for just over 80% of total business, with non-core segments making up roughly 20%. Detection and Response represented slightly more than 55% of overall revenue and was growing at approximately 5%.
Rapid7 also disclosed that a recent restructuring impacted about 12% of its workforce. Management stated the move is expected to help push operating margins into the 20% range by the end of 2026. The company noted it has sufficient cash on hand to satisfy a large convertible bond scheduled to mature later this year.
Earlier in 2026, Rapid7 acquired Kenzo Security, an move intended to broaden its portfolio as it pivots toward higher-margin, automation-enabled services. The conference was moderated by Fatima Boolani, joint head of the software research team at Citi.
