📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Calix, Inc., together with its subsidiaries, engages in the provision of cloud and software platforms, and systems and services in the United States, rest of Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding CALX

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	543.4K	$26.6M	0.04%	Mar 2026
Steve Cohen Point72 Asset Management	513.8K	$25.2M	0.03%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly uses strong positive language such as 'exceptional second quarter', 'record gross margin', 'record free cash flow', and 'broad based demand'. They provide specific numbers and metrics, and articulate a detailed strategic vision around AI platform evolution.

Q3 2025

Confident Specific

The management team repeatedly used phrases like 'record revenue', 'broad-based demand', 'unique platform', and highlighted strong customer NPS scores and competitive displacement. They provided specific figures for revenue, gross margin, and RPO growth, and gave concrete guidance for Q4 without hedging.

Q4 2025

Confident Specific

Management used phrases like 'best performance in company's history', 'record revenue of $272 million', 'record gross margin of 58%', and 'entering a sustained growth phase'. They provided specific numbers and committed to sequential growth in Q1 2026, which is seasonally unusual.

Q1 2026 latest

Confident Specific

The CEO described the quarter as 'another incredible execution quarter' with 'record revenue' and the CFO provided specific raised guidance (15-20% revenue growth for FY2026) and detailed margin impacts, indicating strong conviction.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Record revenue, raised guidance, and successful completion of the cloud migration remove a major execution risk. The AI-native platform (Calix One) and BEAD program provide incremental growth catalysts. However, the memory cost headwind and associated surcharge will pressure gross margins by ~200 bps in FY2026, partially offsetting operating leverage. The company's aggressive share buyback signals management confidence. Key items to watch next quarter: margin recovery as dual cloud costs abate, traction from Calix One, and BEAD revenue timing in H2.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Calix reports record Q1 revenue of $280M, sees 15-20% growth in 2026.

Revenue & Profitability

Q1 2026 revenue was a record $280 million, up 3% sequentially. Non-GAAP gross margin was 57.2%, down 80 basis points sequentially due to dual cloud investments. Free cash flow was $7 million. The company repurchased $171 million in shares and ended with $243 million in cash and investments. Remaining performance obligations were $376 million, with current RPOs of $157 million (a record). Non-GAAP operating expenses at the midpoint for Q2 2026 are forecast at $128 million.

Outlook

Management is bullish on 2026, citing continued strong demand. The BEAD program is expected to contribute tens of millions in the second half of 2026, with a ramp in 2027 and peak in 2028. A headwind is the memory component supply shortage, leading to a surcharge that partially recovers costs but pressures gross margins. No major macro headwinds were flagged; FCC foreign-made router rule changes are seen as a non-event.

Growth Drivers

Growth is driven by strong customer demand for the Calix One platform and AI capabilities, which help service providers win subscribers and grow net revenue. The company added 14 new customers in Q1. BEAD program funding is an accelerant, with tens of millions expected in the second half of 2026. The core growth model includes expanding within existing customers and adding new subscribers in consumer, small business, and multi-dwelling unit segments.

Balance Sheet & CapEx

Not discussed in this earnings call. The company mentioned investments in dual cloud environments (now completed) and expediting AI functionality and enhancements to the Calix One platform, but these are reflected in operating expenses, not capital expenditures.

Margins

Non-GAAP gross margin in Q1 was 57.2%. For Q2 2026, gross margin guidance is 54.25% to 57.25%, reflecting higher memory costs and the surcharge (which adds revenue at zero margin). Full-year gross margin is expected to decline 50 to 150 basis points. Operating expenses are forecast at $128 million in Q2, with a plan to return to target operating leverage by end of 2026. Software and service margins are expected to improve as dual cloud costs abate.

Key Risks

Key risks include memory component supply shortages and higher costs, which are partially recovered through surcharges but create a headwind to gross margins (estimated 200 basis points from surcharges). The demand-supply disconnect could lead to some companies coming up short. BEAD program timing and FCC foreign-made router rules were mentioned but deemed non-material. No other risks were highlighted by management or analysts.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-21

Q2 2026 delivered record revenue and software growth, driven by rapid adoption of the AI-native platform and strong demand across all segments. Despite memory cost headwinds, margins and RPOs reached new highs, and guidance was raised to the upper end of the annual growth range.

Q1 2026 Q1 2026 2026-04-21

Record Q1 2026 revenue and strong demand drove a guidance increase to 15–20% annual growth, with surcharges and memory costs impacting margins. Platform migration and AI integration position the business for accelerated expansion, while robust cash flow supports continued share buybacks.

Q4 2025 Q4 2025 2026-01-29

Record Q4 and annual revenue, strong gross margin, and robust free cash flow highlight a sustained growth phase. Platform migration and AI-driven services are set to accelerate monetization in 2026, with BEAD and international expansion providing additional tailwinds.

Q3 2025 Q3 2025 2025-10-30

Record Q3 revenue and gross margin were driven by broad-based customer demand and competitive wins, with strong free cash flow and cash reserves. AI investments and BEAD program opportunities are expected to fuel continued growth, though at a more moderate pace in 2026.

Q2 2025 Q2 2025 2025-07-22

Second quarter delivered 10% sequential revenue growth, record gross margin, and strong free cash flow, driven by broad-based demand and platform adoption. Third-generation AI-enabled platform is in preproduction, with full rollout expected through 2026.

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