ANDOVER, Mass. -- Casa Systems, 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 third quarter ended September 30, 2019. Third Quarter 2019 Financial Highlights
- Revenue of $81.8 million
- Gross margin of 47.9%
- GAAP net loss of $8.5 million
- Non-GAAP net loss of $2.9 million
- GAAP net loss per fully diluted share of $0.10
- Non-GAAP net loss per fully diluted share of $0.03
- Adjusted EBITDA of $4.0 million
"While our access device business was line with our expectations for the third quarter, revenue from our cable products, as well as revenue recognition from our wireless backlog, were lighter than anticipated," said Jerry Guo, Casa's President and CEO. "During the quarter, while we saw increased appetite for spending from our cable customers, timing for closing certain larger orders was more protracted than what we have seen previously. And, in our wireless business, while we continue to build our backlog, we saw a delay in revenue recognition due to new features that were requested to be added to a product associated with one of our larger purchase orders.
"Although our third quarter revenue was lower than expected, our overall business became diversified as half of our revenue came from our cable business with the remaining revenue split between our wireless and fixed telecom segments. This diversification indicates progress toward transforming the business while providing more stability in our revenue base in the future."
Updated Financial Outlook
For the fiscal year 2019, including NetComm, we now expect:
- Revenue between $255 million and $270 million, which includes a NetComm revenue range between $70 million and $80 million
- Gross Margin in a range of 50% and 60%
- Adjusted EBITDA between $0 million and $10 million
- GAAP diluted net loss per share between $(0.35) and $(0.45) and Non-GAAP diluted net loss per share between $(0.15) and $(0.25)