|PETALUMA, Calif.--(BUSINESS WIRE)--|
Cyan ( CYNI), a leading provider of SDN, NFV, and packet-optical solutions for network operators, today announced financial results for its fourth quarter and year ended December 31, 2014.
Revenue for the fourth quarter of 2014 was $30.5 million, up 14% when compared with $26.6 million for the third quarter of 2014 and up 46% when compared with $20.9 million for the fourth quarter of 2013. GAAP net loss for the fourth quarter was $15.0 million, or $0.32 per share, compared to a net loss of $11.7 million, or $0.25 per share, in the third quarter of 2014 and a net loss of $13.7 million, or $0.29 per share, in the same period last year.
On a non-GAAP basis, Cyan's net loss for the fourth quarter was $7.1 million, or $0.15 per share. This compares to a non-GAAP net loss of $9.1 million, or $0.19 per share, in the third quarter of 2014 and a non-GAAP net loss of $11.5 million, or $0.25 per share, in the same period last year. Both GAAP and non-GAAP net loss per share figures for the fourth quarter of 2014 are based on 47.2 million basic weighted average shares outstanding.
"We are very pleased with our fourth quarter results as revenue in the fourth quarter well exceeded our expectations and led to a solid close to the year," said Mark Floyd, Cyan’s chairman and chief executive officer. "Our strong fourth quarter bookings were driven by demand across our customer base and our expanding footprint within our largest customer. We are seeing good momentum with our Z-Series Packet Optical Platform fostered by 100G metro and regional carrier deployments. Furthermore, commercial interest for our Blue Planet SDN and NFV software platform has accelerated and we are excited about our role as the supplier of choice for critical network transformation technology.”
Revenue for fiscal year 2014 totaled $100.5 million, compared with $116.6 million in 2013. GAAP net loss for 2014 was $59.2 million, or $1.26 per share, compared with a net loss of $40.7 million, or $1.32 per share in 2013. Non-GAAP net loss for 2014 was $43.3 million, or $0.92 per share, compared with a non-GAAP net loss of $30.9 million, or $1.00 per share in 2013.
Non-GAAP results for the year ended both December 31, 2014 and 2013 exclude the effect of stock-based compensation. Non-GAAP results for the year ended December 31, 2013 also exclude the effects of preferred stock warrants that were converted in connection with our initial public offering. In connection with its IPO in May 2013, the company issued 8.9 million shares of common stock and 34.7 million shares of preferred stock converted into common stock. Non-GAAP results for the year ended December 31, 2014 also exclude charges related to certain restructuring activities undertaken during the fourth quarter and non-cash charges relating to the company’s convertible debt obligation.
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.
- Announced the N-Series Open Hyperscale Transport Platform, a new family of high-density, high-capacity transport products designed for cloud, content, and data center interconnect networks
- Broadened Cyan’s distribution network with the addition of Kordia New Zealand to provide additional coverage in the South Pacific, Australia and New Zealand
- Selected by Windstream to help upgrade its regional and metro networks across major markets to 100G
- Completed a convertible note offering in December generating gross proceeds of $50 million
Cyan will host a conference call for analysts and investors to discuss its fourth quarter and year 2014 results as well as guidance for its first quarter of 2015 today at 2:00 p.m. Pacific time. To access the live call, please dial 1-888-417-8516 (US or Canada) or 1-719-785-1753 (international) and use the password: Cyan. A telephonic replay of the call will be available from approximately 5:00 p.m. Pacific time on February 18, 2015 until 5:00 p.m. Pacific time on March 4, 2015, and can be accessed by dialing 1-888-203-1112 or 1-719-457-0820 and entering passcode 2379692#. A live audio webcast of the conference call also will be available from the Investors section of the company's website, www.cyaninc.com. Following the webcast, an archived version will be available on the website for 90 days.