PETALUMA, Calif. -- Cyan (NYSE: CYNI), a leading provider of SDN, NFV, and packet-optical solutions for network operators, today announced financial results for its third quarter ended September 30, 2014.
Revenue for the third quarter of 2014 was at $26.6 million, at the upper end of the guidance range of $25 million to $27 million. This compares to $24.4 million for the second quarter of 2014 and $37.7 million in the third quarter of 2013. GAAP net loss for the third quarter was $11.7 million, or $0.25 per share, compared to a net loss of $14.7 million, or $0.31 per share, in the second quarter of 2014 and a net loss of $8.6 million, or $0.19 per share, in the same period last year.
On a non-GAAP basis, Cyan's net loss for the third quarter was $9.1 million, or $0.19 per share. This compares to a non-GAAP net loss of $11.9 million, or $0.25 per share, in the second quarter of 2014 and a non-GAAP net loss of $6.4 million, or $0.14 per share, in the same period last year. Both GAAP and non-GAAP net loss per share figures for the third quarter of 2014 are based on 47.1 million basic weighted average shares outstanding. Please refer to the attached financial statements for additional non-GAAP information and a reconciliation of GAAP to non-GAAP results as well as information regarding weighted average shares outstanding in each period.
"In the third quarter, we continued to execute on our business plan growing revenue 9 percent sequentially. This was driven primarily by strong international traction for our Z-Series packet-optical platform, " said Mark Floyd, Cyan's chairman and chief executive officer.
"On the SDN and NFV front, we further expanded the reach of our award-winning Blue Planet platform with the addition of element adaptors that allow our software to automate, manage, and provision Ethernet services across Cisco ASR and Juniper MX product families. We believe Cyan's Blue Planet SDN and NFV platform, in use by customers in networks for over two years, is the only open, carrier-grade, multi-vendor solution available and shipping on the market today," continued Floyd.