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Casa Systems Q1 Revenues Dive as Integrated CCAP Sales Dry Up

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5/1/2019
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ANDOVER, Mass. -- Casa Systems, a leading provider of converged broadband infrastructure technology solutions for mobile, cable and fixed networks, today announced its financial results for its first quarter ended March 31, 2019.

First Quarter 2019 Financial Highlights

  • Revenue of $35.5 million
  • Gross margin of 69.0%
  • GAAP net loss of $15.3 million
  • Non-GAAP net loss of $11.6 million
  • GAAP net loss per fully diluted share of $0.18
  • Non-GAAP net loss per fully diluted share of $0.14
  • Adjusted EBITDA loss of $7.7 million

“The first quarter was one of our toughest quarters,” said Jerry Guo, Casa’s President and CEO. “Our results were negatively impacted by an industry-wide slowdown in MSO spending on integrated CCAP hardware, certain of our largest customers redirecting capex to other investments, and a slower transition to wireless and fixed telco revenue than we anticipated. For the remainder of the year we will be focused on the large number of opportunities that have come our way. We believe we are at an important juncture in the development of our business and I remain confident that our recent results are not indicative of the company’s large future opportunity.”

Financial Outlook
For the fiscal year 2019, we expect:

  • Revenue between $250 million and $300 million
  • Gross Margin in a range of 65% and 70%
  • Adjusted EBITDA between $50 million and $60 million
  • Effective income tax rate between 0% and 10%
  • GAAP diluted net income per share between $0.20 and $0.30 and Non-GAAP diluted net income per share between $0.30 and $0.40

Guidance above for fiscal 2019 does not include results from the expected acquisition of NetComm Wireless.

Casa Systems

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