Cable and wireless vendor also swings to a net loss of $25.7M.
February 20, 2020
ANDOVER, Mass. – Casa Systems, Inc. (Nasdaq:CASA), a leading provider of converged broadband infrastructure technology and access device solutions for mobile, cable and fixed networks, today announced its financial results for its fourth quarter and year ended December 31, 2019.
Fourth Quarter 2019 Financial Highlights
Revenue of $112.9 million
Gross margin of 52.7%
GAAP net loss of $25.7 million
Non-GAAP net income of $13.1 million
GAAP net loss per fully diluted share of $0.31
Non-GAAP net income per fully diluted share of $0.15
Adjusted EBITDA of $18.2 million
2019 Financial Highlights
Revenue of $282.3 million
Gross margin of 57.6%
GAAP net loss of $48.2 million
Non-GAAP net income of $2.6 million
GAAP net loss per fully diluted share of $0.57
Non-GAAP net income per fully diluted share of $0.04
Adjusted EBITDA of $24.0 million
"I am happy to report that we had a better end to the year than we anticipated, resulting from stronger fourth quarter revenue," said Jerry Guo, Casa's President and CEO. "A healthier cable spending environment in the fourth quarter, combined with our ability to recognize revenue from our wireless backlog, were key factors that drove our better than expected fourth quarter and full year results. We are starting 2020 with a strong backlog in all of our product areas, but see our wireless solutions as a particularly important growth driver for Casa for the coming year."
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