Rubrik (RBRK) reported stronger-than-expected fiscal Q1 results and increased its full-year guidance across the board due to growing demand for cyber resilience services, Wedbush Securities said in a note Friday.

The company's total revenue for the quarter rose 39% year over year to $387.1 million, surpassing the consensus Wall Street estimate of $366.3 million, the report said.

Subscription annual recurring revenue grew to $1.57 billion, exceeding projections of $1.55 billion on the back of robust cloud expansion and steady customer acquisition, the firm added.

Strong momentum continued in the cloud business as its cloud migration nears completion, while non-cloud annual recurring revenue stabilized and is expected to expand over the coming quarters due to growing infrastructure needs, according to the brokerage.

For fiscal 2027, the company raised its revenue projection to between $1.64 billion and $1.65 billion and its subscription annual recurring revenue forecast to a range of $1.85 billion to $1.86 billion, the analysts added.

Wedbush reiterated its outperform rating on the stock with a $90 price target.

Shares of the company were down 3.1% in Friday premarket activity.