Company: CALX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001406666-25-000045
Chunk: 117

Company: CALIX, INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 117
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 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 and Nine Months Ended September 27, 2025 and September 28, 2024

Revenue

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

 Three Months EndedNine Months EndedSeptember 27,2025September 28,2024VarianceinDollarsVarianceinPercentSeptember 27,2025September 28,2024VarianceinDollarsVarianceinPercentLarge$34,747 $9,739 $25,008 257 %$84,227 $37,840 $46,387 123 %Medium30,236 24,070 6,166 26 %94,349 76,323 18,026 24 %Small200,454 167,136 33,318 20 %548,985 511,231 37,754 7 %$265,437 $200,945 $64,492 32 %$727,561 $625,394 $102,167 16 %

Our revenue increased by $64.5 million and $102.2 million for the three and nine months ended September 27, 2025, respectively, as compared to the corresponding periods in 2024. After bottoming in the second quarter last year, we have experienced sequential quarterly revenue growth. That growth has been broad based. Specifically, during the third quarter of 2025, the large-customer segment increased $25.0 million primarily due to a North American customer that increased its capital expenditures this year relative to last year and the reclassification of a small customer to the large-customer segment after being acquired by a different large customer. The medium-customer segment increased $6.2 million primarily due to increased shipments to a few customers. The small-customer segment increased by $33.3 million as BXPs focused on adding subscribers.

For the three and nine months ended September 27, 2025, United States revenue was $249.2 million and $679.4 million, or 94% and 93% of our revenue, respectively, compared to $187.1 million and $579.9 million, or 93% of our revenue for the same periods in