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CALX

Calix, Inc.

CALX

Calix, Inc. • NYSE
$55.27 ▼ -0.95% (-0.53)
Market Cap $3.64 B
52w High $71.22
52w Low $28.61
Dividend Yield 0%
P/E -460.58
Volume 367.36K
Outstanding Shares 65.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $265.437M ▲ $134.605M ▼ $15.658M ▲ 5.899% ▲ $0.24 ▲ $25.031M ▲
Q2-2025 $241.882M ▲ $135.904M ▲ $-199K ▲ -0.082% ▲ $-0.003 ▲ $4.733M ▲
Q1-2025 $220.242M ▲ $128.789M ▼ $-4.787M ▲ -2.174% ▲ $-0.072 ▲ $-1.81M ▲
Q4-2024 $206.124M ▲ $132.117M ▲ $-17.924M ▼ -8.696% ▼ $-0.27 ▼ $-14.005M ▼
Q3-2024 $200.945M $120.943M $-3.968M -1.975% $-0.06 $-6.079M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $339.623M ▲ $976.369M ▲ $153.863M ▲ $822.506M ▲
Q2-2025 $298.968M ▲ $921.406M ▲ $148.734M ▼ $772.672M ▲
Q1-2025 $282.31M ▼ $917.119M ▼ $149.953M ▼ $767.166M ▼
Q4-2024 $297.091M ▲ $939.267M ▲ $158.327M ▼ $780.94M ▲
Q3-2024 $287.584M $937.525M $158.837M $778.688M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $15.658M ▲ $32.314M ▼ $-26.774M ▼ $13.145M ▲ $18.474M ▼ $26.689M ▼
Q2-2025 $-199K ▲ $39.381M ▲ $14.892M ▲ $-20.205M ▲ $34.238M ▲ $35.646M ▲
Q1-2025 $-4.787M ▲ $17.212M ▲ $10.988M ▲ $-29.129M ▼ $-862K ▲ $12.902M ▲
Q4-2024 $-17.924M ▼ $15.363M ▼ $-33.603M ▲ $-798K ▼ $-19.199M ▲ $10.214M ▼
Q3-2024 $-3.968M $15.999M $-48.908M $10.599M $-22.125M $12.755M

Revenue by Products

Product Q3-2022Q1-2025Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $0 ▲$220.00M ▲$240.00M ▲$270.00M ▲
Systems Product
Systems Product
 $230.00M ▲$0 ▼$0 ▲$0 ▲
Technology Service
Technology Service
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Calix’s revenue grew steadily for several years but then stepped back in the most recent period, suggesting a pause or slowdown after a strong run. Gross profit remains healthy, which means the core products and services still carry solid margins. However, profit at the operating and net levels has slipped from modestly positive to slightly negative, reflecting heavier spending on growth initiatives, innovation, and go‑to‑market efforts. In simple terms, the business is still attractive at the gross margin level, but the push to build out the platform and services is currently weighing on earnings.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively strong. Total assets have grown meaningfully over time, and shareholder equity has climbed steadily, indicating internally funded growth rather than reliance on borrowing. Debt remains very low, which reduces financial risk and gives the company flexibility if conditions become tougher. Cash on hand has ticked down, so the immediate cash cushion is not large, but the overall asset and equity base provides a solid foundation to support ongoing investment and volatility in results.

Cash Flow

Cash Flow Despite the recent accounting loss, Calix continues to generate positive cash from its operations, and free cash flow has gradually improved over several years. Capital spending has remained modest and disciplined, which helps keep free cash flow positive. This pattern suggests that the underlying business model is cash‑generative even when reported profits are under pressure, giving management room to keep investing in the platform, new services, and customer support without straining the balance sheet.

Competitive Edge

Competitive Edge Calix sits in a competitive telecommunications and broadband equipment space, going up against large, well‑established players. Its edge comes from a shift away from one‑off hardware sales toward an integrated software, cloud, and managed‑services platform tailored to regional and smaller broadband providers. This creates a sticky ecosystem: once embedded, customers face meaningful switching costs in terms of systems, processes, and data. The focus on underserved Tier 2 and Tier 3 providers, combined with a strong emphasis on customer success and data‑driven insights, helps differentiate Calix. That said, the company is still exposed to industry capital‑spending cycles and aggressive competition from much larger vendors.

Innovation and R&D

Innovation and R&D Innovation is at the center of Calix’s strategy. The company has reoriented around its software platform (AXOS) and Calix Cloud, layering on managed services that help broadband providers become “experience providers” rather than simple connectivity vendors. A sizable patent portfolio in fiber access and networking supports this positioning. Looking ahead, Calix is leaning hard into AI‑driven automation, deeper analytics, Wi‑Fi 7, and next‑generation fiber technologies such as 50G PON. These efforts can strengthen its moat and increase high‑margin recurring revenue, but they also require sustained R&D and commercialization spending, which has clear short‑term profit implications and execution risk.

Summary

Calix is in the midst of a strategic transition from hardware supplier to software‑ and cloud‑centric platform provider for broadband service providers. Financially, revenue and margins improved for several years but have recently softened, with profitability dipping into the red while cash flow stays positive. The balance sheet is conservative with very little debt, providing resilience as the company invests in growth. Competitively, Calix benefits from a sticky, integrated platform and a strong focus on smaller providers, but it operates in a crowded, capital‑intensive industry with powerful rivals. Its heavy investment in AI, managed services, and advanced networking positions it for long‑term upside if execution remains strong and customer adoption continues, though near‑term results may remain choppy as spending and market conditions evolve.

NEWS

November 18, 2025 · 1:30 PM UTC

CoastConnect Builds an AI-Ready, Data-Driven Foundation With Calix Success, Driving 20% Subscriber Growth and 60% Engagement in 18 Months

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November 17, 2025 · 4:30 PM UTC

Calix Appoints John Durocher as Chief Operations Officer

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November 16, 2025 · 4:33 PM UTC

Rio Tinto partners with Calix to test low-emissions steel making in Western Australia, pauses BioIron

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November 6, 2025 · 2:00 PM UTC

CDE Lightband Accelerates Small Business Growth, Deploying Calix SmartBiz in Just Six Weeks To Quickly Surpass First-Year Goals

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November 3, 2025 · 9:00 AM UTC

Calix Announces Upcoming Investor Events

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