ANDOVER, Mass. – Casa Systems (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 first quarter ended March 31, 2020.
First Quarter 2020 Financial Highlights
- Revenue of $83.6 million
- Gross margin of 51.0%
- GAAP net income of $1.2 million
- Non-GAAP net loss of ($5.3) million
- GAAP net income per fully diluted share of $0.01
- Non-GAAP net loss per fully diluted share of ($0.07)
- Adjusted EBITDA of $3.7 million
For the fiscal year 2020 we continue to expect:
- Revenue between $340 million and $360 million
- Gross Margin in a range of 50% and 60%
- GAAP net loss between $4 million and $14 million
- Adjusted EBITDA between $33 million and $43 million
- GAAP diluted net loss per share between $(0.04) and $(0.16) and Non-GAAP diluted net income per share between $0.00 and $0.12
The emergence of the coronavirus disease in 2019, or COVID-19, around the world, and particularly in the United States and China, and the accompanying responses of governments and businesses to the pandemic present various risks to us, not all of which we are able to fully evaluate or even to foresee at the current time.
While the COVID-19 pandemic did not materially adversely affect our financial results, business operations or liquidity in the quarter ended March 31, 2020, economic and health conditions in the United States and across most of the globe have changed rapidly since the end of the quarter. Globally to date, all aspects of our business remain fully operational, our work from home contingency plans have been implemented and are operating successfully, and we are working with our supply chain and contract manufacturers to ensure continued availability of all anticipated inventory requirements. We intend to continue to monitor our business very closely for any effects of COVID-19 for as long as necessary on an ongoing basis.
Due to the above circumstances, our results of operations for the three-month period ended March 31, 2020 are not necessarily indicative of the results to be expected for the full year.
Read the full announcement here.