Casa Systems, Inc. - CASA STOCK NEWS

Casa Systems, Inc. (Nasdaq: CASA) has achieved a major milestone in broadband technology, demonstrating over 1 TBps throughput on its Axyom™ cloud-native Broadband Network Gateway (vBNG) / 5G Access Gateway Function (AGF). This remarkable performance, enabled by the 4th Gen Intel Xeon Scalable processors, showcases enhanced scalability and flexibility to meet growing broadband demands. The vBNG/AGF maintains ultra-low latency at 100 microseconds across 120,000 sessions, with zero packet loss. This innovation positions Casa Systems favorably in the competitive landscape, allowing service providers to unlock new revenue opportunities and improve network performance.

Casa Systems (Nasdaq: CASA) announced expected Q4 2022 revenues of $83-$84 million, representing a 25% increase from Q3 2022. This growth is attributed to higher demand for Cable products and improved supply chain conditions. CEO Jerry Guo noted optimism for 2023 due to favorable market dynamics and increased demand for next-generation solutions. Casa has an ending backlog exceeding $150 million, excluding deferred revenue. The company also retired $8.9 million in Term Loan B debt, supplementing previous retirements of $41.7 million. Final Q4 results and 2023 guidance will be provided in early March 2023.

Casa Systems (Nasdaq: CASA) announced the retirement of co-founder Lucy Xie, effective December 31, 2022, to focus on family matters. Xie, a former Chief Financial Officer and current Senior Vice President of Operations, has been pivotal in the company's success over the last 19 years, overseeing significant operational expansions globally. The company will redistribute her current duties among existing executives while a succession plan is developed. Xie remains on the Board of Directors until the 2023 Annual Meeting but will not seek re-election.

Casa Systems (NASDAQ: CASA) reported Q3 2022 revenue of $66.9 million, with a GAAP net loss of $(31.2) million and non-GAAP net loss of $(27.4) million. Despite supply chain challenges, the company saw a 20% sequential revenue increase in its cable segment and a positive operating cash flow of $2.1 million for the quarter. Casa reduced its senior debt by $41.7 million on November 2, enhancing its strong cash position of $196.6 million. The strategic partnership with Google Cloud aims to boost adoption of its 5G software solutions.

Casa Systems, Inc. (Nasdaq: CASA) will release its third quarter 2022 results on November 3, 2022, after U.S. market close. A conference call to discuss these results will be held at 5:00 p.m. EDT on the same day, accessible via a live audio webcast on the Company’s Investor Relations website. Investors can participate by calling 1-877-407-4019 or 1-201-689-8337 for international participants. An archived version of the webcast will be available for 90 days post-event. Casa Systems delivers innovative technology solutions for broadband networks, serving over 475 service providers in 70 countries.

Casa Systems announced a strategic partnership with Google Cloud on August 23, 2022, to enhance their combined technology solutions and market offerings. This collaboration aims to provide integrated cloud-native 5G core and multi-access edge computing solutions for Communication Service Providers and enterprises globally. The partnership will facilitate coordinated sales, marketing, and support initiatives, allowing both companies to develop innovative features and capabilities, ensuring best-in-class solutions for customers. This collaboration marks an essential step in driving cloud-native 5G technology adoption.

Casa Systems, Inc. reported its Q2 2022 financial results with revenue of $70.8 million, a 10% sequential increase compared to Q1. Gross margin stood at 37.6%, while the GAAP net loss reached $(16.7) million. Despite ongoing supply chain challenges affecting order fulfillment, the company noted strong bookings and billings, contributing to a growing backlog and deferred revenue. Casa's cash and cash equivalents totaled $195.8 million. Due to uncertainties, previous revenue guidance for 2022 has been suspended indefinitely.

Casa Systems, Inc. (Nasdaq: CASA) will announce its second quarter 2022 results on August 4, 2022, after U.S. markets close. A conference call to discuss these results is scheduled for 5:00 p.m. Eastern Daylight Time on the same day, with a live audio webcast available on the Company's Investor Relations website. For those wishing to join the call, domestic participants can call 1-877-407-4019 and international participants can call 1-201-689-8337, using Conference ID 13731317. An archived version of the webcast will be accessible for 90 days following the call.

Casa Systems announced the appointment of Michael Picariello as its new Director of Investor Relations on July 5, 2022. With over 25 years of financial experience and 15 years in investor relations, Picariello aims to enhance the company's communication with the investment community during its multi-year transformation. Previously, he served as Managing Director at JLR Consulting and Head of Investor Relations at Commvault, playing a key role in its public offering and market cap growth. President Jerry Guo expressed confidence that Picariello's tech industry knowledge will strengthen Casa's investor relations efforts.