Calix (CALX) investor relations material

Executive summary

• Achieved record revenue of $272 million in Q4 2025, up 3% sequentially and 32% year-over-year, capping a milestone year with over $1 billion in annual revenue, a 20% increase over 2024.

• Delivered record gross margin for the eighth consecutive quarter, driven by platform adoption and operational discipline.

• Launched the third generation of the platform, with over 300 customers migrated and full migration targeted by end of Q1 2026.

• Entering a sustained growth phase for 2026, with high demand visibility and confidence in continued expansion.

• Released unaudited financial results for the fourth quarter of 2025, with details available in a letter to stockholders.

Financial highlights

• Q4 2025 revenue reached $272 million, up 3% sequentially and 32% year-over-year.

• Annual revenue surpassed $1 billion, reflecting 20% growth over 2024.

• Remaining performance obligation (RPO) hit a record $385 million, up 9% sequentially and 18% year-over-year.

• Current RPOs at $152 million, up 8% sequentially and 26% year-over-year.

• Non-GAAP gross margin reached 58%, marking the eighth consecutive quarter of improvement.

Outlook and guidance

• Q1 2026 revenue guidance is $275–$281 million, a 2% increase at the midpoint over Q4.

• Non-GAAP gross margin expected to remain strong in Q1 2026, with some near-term impact from customer mix and dual cloud costs.

• Non-GAAP operating expenses to increase sequentially in Q1 2026 due to accelerated AI development, with a return to target model by end of 2026.

• 2026 revenue growth expected in the 10%-15% range, not at the low end, excluding BEAD contributions.

• BEAD program expected to provide a $1–$1.5 billion opportunity, with deliveries ramping in late 2026 and into 2027.