Cyan Reports Record Second Quarter 2013 Results

Cyan (NYSE: CYNI) today announced financial results for its second quarter ended June 30, 2013.

Revenue for the second quarter of 2013 grew 37 percent year-over-year to a record $31.7 million, up from $23.1 million in the second quarter of 2012, and up 20 percent from $26.3 million for the previous quarter. Net loss for the quarter was $9.1 million, or $0.33 per share, compared to a net loss of $1.5 million, or $0.59 per share, in the same period last year and a net loss of $9.4 million, or $3.61 per share, for the first quarter of 2013.

On a non-GAAP basis, Cyan’s net loss for the second quarter was $6.6 million, or $0.24 per share, compared to a net loss of $0.8 million, or $0.30 per share for the same period last year and a net loss of $6.3 million, or $2.43 per share, for the quarter ended March 31, 2013. The non-GAAP net loss for the second quarters of 2013 and 2012 and the first quarter of 2013 exclude stock-based compensation expense and costs associated with the change in the fair value of preferred stock warrants. Effective upon its initial public offering (IPO) in May 2013, the company’s preferred stock warrants became exercisable for common stock and will no longer be marked to market.

The non-GAAP net loss per share for the second quarter of 2013 was based upon 27.4 million weighted average shares outstanding. In connection with its IPO, the company issued 8.9 million shares of common stock and 34.7 million shares of preferred stock converted into common stock. Cyan ended the second quarter with 46.3 million shares of common stock outstanding.

“For the second quarter, Cyan delivered record revenue and gross margin while continuing to make investments to capitalize on our large and growing addressable market,” said Mark Floyd, Cyan’s chairman and chief executive officer. “Our Blue Planet software-defined network (SDN) platform is a key differentiator and continued to gain momentum, with over 85 customers implementing this innovative technology since its launch last December. We continued to make significant strides in our international expansion, increasing our presence to 13 countries outside of North America and increasing our international partnership base. During the second quarter, we successfully completed our IPO and ended the quarter with over $92 million in cash and cash equivalents.”

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