N-able, Inc. delivered 9.7% revenue growth in 2025 driven by subscription sales and expanded Annual Recurring Revenue, supported by its channel-led MSP business model and recent acquisitions. Despite robust revenue, net income swung to a loss of $17 million due to rising expenses, amortization from acquisitions, and interest costs linked to increased leverage. Operating cash flow remained healthy, underscoring solid core business cash generation. The company’s land-and-expand strategy targeting IT service providers for SMBs fuels future growth, balanced against competitive pressures and the need for ongoing innovation. Investors should monitor execution on long-term contracts and cost control as key milestones.