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Casa Systems, Inc. (Nasdaq: CASA), headquartered in Andover, Massachusetts, is a prominent provider of fixed, mobile, optical, and Wi-Fi network solutions tailored for ultra-broadband services. With a focus on delivering high-speed connectivity, Casa Systems is dedicated to enabling 1Gbps throughput today and scaling towards 10Gbps within the next decade.
Founded in 2003, Casa Systems has pioneered software-centric ultra-broadband network edge devices, facilitating cable and mobile service providers in efficiently expanding their networks to meet modern gigabit demands. The company leverages disruptive technologies to tap into the burgeoning market of interactive digital video and broadband IP services. Notably, their product portfolio includes market-leading DOCSIS 3.1-enabled CCAP and CMTS products, universal EdgeQAM, intelligent video processing solutions for both broadcast and unicast services, as well as MobileEdge small cell and managed Wi-Fi solutions.
Casa Systems has demonstrated exceptional prowess through strategic partnerships, most notably with YTL Communications (YTLC) in Malaysia, powering their award-winning 4G and 5G services. Additionally, the company's collaboration with Verizon for 5G Core Network Functions underscores its significant role in advancing 5G technology in the United States.
In recent developments, Casa Systems reported promising financial results for the third quarter of 2023, with notable growth in their Cloud Software and Access Device businesses. Despite challenges in the cable sector, the company's cloud-native solutions continue to support Tier 1 and regional service providers globally.
In a groundbreaking achievement, Casa Systems' virtual CCAP (vCCAP) and RPD200 solution achieved full utilization of the extended spectrum as per the DOCSIS 4.0 specification. This innovation enables multi-gigabit broadband services, paving the way for the 10G era. Furthermore, the launch of the AurusXT 5G Industrial IoT Series marks Casa Systems' foray into the IIoT market, providing dynamic network slicing capabilities.
However, amidst these advancements, Casa Systems has initiated a court-supervised Chapter 11 process to facilitate value-maximizing sales of its businesses, including agreements to sell its 5G Mobile Core and RAN assets to Lumine Group and its cable business to Vecima Networks. This move aims to stabilize operations and support its customers through a challenging period.
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Casa Systems has joined the LOT Network, a non-profit organization aimed at protecting technology companies from costly patent assertion entities (PAEs). Recognizing the high legal costs associated with patent litigation, Casa Systems believes this membership will allow it to focus on research and development without the threat of litigation diverting resources. The LOT Network provides mutual protection among its members, ensuring that if one member's patents fall into PAE hands, others receive free licenses, thereby reducing legal exposure.
Casa Systems (Nasdaq: CASA) announced that YTL Communications has successfully deployed its cloud-native 5G Core solution, marking Malaysia's first comprehensive 5G network. This deployment enhances digital transformation and economic growth within the country. YTL Communications began soft-launching 5G services in December 2021 and made a commercial launch on May 26, 2022. The 5G network will offer improved services and user experiences and positions Casa as a leader in cloud-native technology.
Casa Systems (Nasdaq: CASA) showcased its commitment to vendor interoperability at the CableLabs Q2 Interoperability event, demonstrating compliance with the Flexible MAC Architecture (FMA) specification. The company's software-based FMA solutions, including the Axyom vRMD manager and Remote MACPHY node, were tested in a multi-vendor lab setting. With nearly 20 years of DOCSIS expertise, Casa Systems aims to accelerate the transition to next-gen cloud-based networks, offering operational agility and interoperability for service providers.
Casa Systems (NASDAQ: CASA) has signed a Memorandum of Understanding (MoU) with VNPT to explore 5G capabilities, including cloud-native 5G Core and Radio Access Networks. This partnership aims to enhance VNPT’s network capabilities and drive 5G monetization. The agreement will facilitate the exploration of various use cases for 4G and 5G technologies. Both companies aim to develop innovative digital services to meet diverse customer needs in Vietnam. VNPT is positioned as a leader in Vietnam's digital transformation and aims to further capitalize on this collaboration.
Casa Systems reported Q1 2022 revenue of $64.4 million with a 41.4% gross margin. Despite a GAAP net loss of $(32.6) million and a non-GAAP net loss of $(29.6) million, the company demonstrated resilience with positive operating cash flow of $18.1 million and a strong cash position of $168.6 million. The backlog is robust, and a significant partnership with Verizon for 5G services is a bright spot. However, the company has temporarily suspended its fiscal 2022 guidance due to ongoing supply chain challenges.
Casa Systems, Inc. (Nasdaq: CASA) will announce its first quarter 2022 results on May 4, 2022, after U.S. market close. A conference call to discuss the results will follow at 5 p.m. EDT, accessible via the Company’s Investor Relations website. Casa Systems is recognized for providing innovative infrastructure technology solutions aimed at expediting 5G deployment across various networks. Serving over 475 service providers globally, the Company emphasizes the importance of its cutting-edge, cloud-native solutions in advancing connectivity.
Casa Systems, Inc. (Nasdaq: CASA) announced a significant multi-year contract with Verizon (NYSE: VZ) to provide 5G Core Network Functions, enhancing Verizon's public Mobile Edge Computing (MEC) services. Additionally, Verizon will invest approximately $40 million in Casa's common stock, acquiring a 9.9% ownership stake. This partnership underscores Casa’s position as a leader in 5G infrastructure and reflects the growing demand for cloud-native technology in telecommunications. Casa's President and CEO highlighted this as a milestone for their business and technology strategy.
Casa Systems has appointed Edward Durkin as its new Chief Financial Officer (CFO), effective April 4, 2022. With over 30 years of financial expertise in the technology sector, Durkin previously served as CFO at Fuze, Inc., recently acquired by 8x8, Inc. His experience also includes leadership roles at Actifio, Digital Guardian, and other companies. CEO Jerry Guo expressed confidence in Durkin’s ability to enhance the company’s revenue visibility and profitability in the cloud-native software segment. Casa Systems focuses on providing advanced infrastructure technology solutions globally.
Casa Systems (CASA) reported a strong financial performance for Q4 and FY 2021, with revenue reaching $105.1 million in Q4 and $401.3 million for the year despite supply chain challenges. The company achieved a gross margin of 43.8% in Q4 and 46.9% for the year. GAAP net income stood at $1.5 million for Q4 and $3.2 million for the full year. CASA anticipates 2022 revenues between $380 million and $430 million, with software revenue projected to comprise 25%-30% of total revenue.
Casa Systems, Inc. (Nasdaq: CASA) has partnered with Rogers Communications to enhance broadband services in Canada. Utilizing Casa’s Axyom vCCAP and DAA solutions, this collaboration aims to deliver multi-gigabit broadband with improved capacity and subscriber experience. Rogers seeks a scalable solution to meet rising demand and customer expectations, as emphasized by their network development executives. Casa’s technology promises reduced costs and increased operational efficiency, making it a future-ready choice for high-performance network evolution.
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