Company: CALX
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001406666-25-000016
Chunk: 53

Company: CALIX, INC
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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There have been no additional accounting pronouncements or changes in accounting pronouncements during the three months ended March 29, 2025 as compared with the recent accounting pronouncements described in our Annual Report on Form 10-K for the year ended December 31, 2024 that are significant or expected to be significant to us.

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Table of Contents

Results of Operations

Comparison of the Three Months Ended March 29, 2025 and March 30, 2024

Revenue

The following table sets forth our revenue by customer size (dollars in thousands):

 Three Months EndedMarch 29,2025March 30,2024VarianceinDollarsVarianceinPercentLarge$21,644 $16,105 $5,539 34 %Medium24,861 27,886 (3,025)(11)%Small173,737 182,319 (8,582)(5)%$220,242 $226,310 $(6,068)(3)%

Our revenue decreased by $6.1 million for the three months ended March 29, 2025 as compared to the corresponding period in 2024. As with others in the telecommunication industry, our business went through a period of adjustments following the COVID pandemic, which resulted in fewer purchases in 2024 such that our revenue hit its lowest level since the second quarter of 2022 in the second quarter of 2024. Since then, our quarterly revenue has grown sequentially. The decrease in revenue in the small- and medium-customer segment was primarily due to the industry slowdown in 2024, caused by factors such as order normalization, consideration of the U.S. Department of Commerce National Telecommunications and Information Administration’s, or NTIA’s, Broadband Equity, Access and Deployment, or BEAD, program and evaluation of business models given relatively low subscriber attach rates. The increase in revenue in the large-customer segment was primarily due to a demand pull forward by a customer.

For the three months ended March 29, 2025, United States revenue was $211.2 million, or 96% of our revenue, compared to $210.1 million, or 93% of our revenue for the same period in 2024. International revenue was $9.1 million, or 4% of our revenue, for the three months ended March 29, 2025, as compared to $16.2 million, or 7% of our