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1. Company Snapshot

1.a. Company Description

Calix, Inc., together with its subsidiaries, provides cloud and software platforms, and systems and services in the United States, rest of Americas, Europe, the Middle East, Africa, and the Asia Pacific.The company's cloud and software platforms, and systems and services enable broadband service providers (BSPs) to provide a range of services.It provides Calix Cloud platform, a role-based analytics platform comprising Calix Marketing Cloud, Calix Support Cloud, and Calix Operations Cloud, which are configurable to display role-based insights and enable BSPs to anticipate and target new revenue-generating services and applications through mobile application.


The company also offers EXOS, a carrier class premises operating system and fully integrated with its GigaSpire family of systems to be ready for deployment as a complete subscriber experience solutions for BSP's residential and business subscribers; and AXOS, a software platform to access edge of the network by its architecture and operations.It offers its products through its direct sales force and resellers.Calix, Inc.


was incorporated in 1999 and is headquartered in San Jose, California.

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1.b. Last Insights on CALX

Calix, Inc.'s recent performance faced negative drivers, including a significant shareholder, DC Investments, eliminating its stake in 77,000 CALX shares worth $4.1 million. Although the company reported better-than-expected Q3 financial results, and analysts increased their forecasts, this substantial sale may impact investor confidence. Additionally, while not directly related to the company's performance, a 26.3% upside potential suggested by Wall Street analysts may not materialize, according to empirical research. Calix's Q3 earnings beat estimates with $0.44 per share.

1.c. Company Highlights

2. Calix Delivers Strong Q3 2025 Results with Record Revenue and Margin Expansion

Calix reported record revenue of $265 million in Q3 2025, representing a 10% sequential quarterly growth. The company's non-GAAP gross margin also reached a record high of 57.7%, a 90 basis point sequential quarterly increase. Earnings per share (EPS) came in at $0.44, beating analyst estimates of $0.34. Revenue performance was driven by broad-based deployments from BXP customers, who added new subscribers and expanded their footprint.

Publication Date: Nov -23

📋 Highlights
  • Record Q3 Revenue:: Achieved $265 million in revenue, 10% sequential growth and 20% year-over-year increase in RPOs to $355 million.
  • Non-GAAP Gross Margin:: Hit 57.7%, a 90 bps sequential improvement driven by Access Edge and BXP deployments.
  • AI Integration Momentum:: Launched Calix Agent Workforce with Agentic AI, leveraging $2B in 15-year platform investments for customer-driven growth.
  • BEAD Program Adjustments:: Anticipates 50% smaller spending than initially projected, but remains confident in fiber dominance and growth potential.
  • Guidance Outlook:: Q4 guidance at the high end of $265–$275 million, with 2026 growth expected to moderate to 10–15% ex-BEAD.

Revenue Growth Drivers

The company's revenue growth was driven by the strength of its Access Edge deployments and the continued adoption of its managed services model. Calix saw significant demand across its customer base, with customers winning new subscribers and expanding their footprint. The company's RPOs grew 2% sequentially to a record $355 million, increasing 20% year-over-year.

Margin Expansion and AI Integration

Calix achieved a record non-GAAP gross margin of 57.7%, driven by the strength of its Access Edge deployments and the company's continued focus on operational efficiency. The company is also investing heavily in artificial intelligence (AI), with the launch of its Calix Agent Workforce, an end-to-end integration of Agentic AI into its third-generation platform. According to Michael Weening, "We're going to monetize our AI agent by accelerating our business model, not by charging customers a separate fee."

Outlook and Valuation

Calix guides to sequential growth to be durable, but more muted as it moves into 2026, with revenue growth expected to be in the range of 10-15% ex BEAD. The company's valuation metrics indicate a P/S Ratio of 3.8 and an EV/EBITDA of 247.58. Analysts estimate next year's revenue growth at 12.4%, which is slightly above the company's guided range.

BEAD Program and Future Growth

The company is constructive on the BEAD program, expecting it to follow a lens-shaped deployment curve, ramping up in 2026, then leveling off for a few years before tailing off. Calix is well-positioned to benefit from the program, given its strong presence in the market and its ability to help customers monetize their business at a faster pace using AI.

3. NewsRoom

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Home Telecom Increases Subscriber Upgrades 5X and Lifts ARPU 17% With New Residential Experiences Powered by the Calix Platform

Dec -04

Source: businesswire.com

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Head to Head Comparison: Calix (NYSE:CALX) vs. Arteris (NASDAQ:AIP)

Dec -04

Source: defenseworld.net

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3 Must-Buy Small-Cap AI-Centric Stocks With Enormous Short-Term Upside

Dec -03

Source: zacks.com

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Down 11.3% in 4 Weeks, Here's Why Calix (CALX) Looks Ripe for a Turnaround

Nov -21

Source: zacks.com

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CoastConnect Builds an AI-Ready, Data-Driven Foundation With Calix Success, Driving 20% Subscriber Growth and 60% Engagement in 18 Months

Nov -18

Source: businesswire.com

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Calix Appoints John Durocher as Chief Operations Officer

Nov -17

Source: businesswire.com

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Rio Tinto partners with Calix to test low-emissions steel making in Western Australia, pauses BioIron

Nov -16

Source: businesswire.com

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Does Calix (CALX) Have the Potential to Rally 26.31% as Wall Street Analysts Expect?

Nov -12

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.40%)

6. Segments

Broadband Platform and Managed Services

Expected Growth: 10.4%

Growing demand for high-speed internet, voice, and video services, increasing need for network management and subscriber experience management, and rising adoption of fiber-based broadband infrastructure drive the growth of Calix's Broadband Platform and Managed Services.

7. Detailed Products

AXOS

AXOS is a software platform that enables broadband service providers to deliver advanced broadband services, including fiber-based services, over a single, converged network infrastructure.

EXOS

EXOS is a premises-based operating system that enables service providers to deliver advanced broadband services, including Wi-Fi, voice, and video, over a single, converged network infrastructure.

Calix Cloud

Calix Cloud is a cloud-based platform that enables service providers to manage and analyze their networks, as well as deliver cloud-based services to their customers.

Calix Smart Home and Business

Calix Smart Home and Business is a suite of cloud-based services that enables service providers to deliver managed Wi-Fi, cybersecurity, and smart home services to their customers.

Calix Customer Success Services

Calix Customer Success Services is a suite of services that enables service providers to plan, deploy, and manage their networks, as well as deliver customer support and training.

8. Calix, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Calix, Inc. faces moderate threat from substitutes, as customers have limited alternatives for its fiber-based broadband solutions.

Bargaining Power Of Customers

Calix, Inc. has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

Calix, Inc. relies on a few key suppliers for its hardware and software components, giving them moderate bargaining power.

Threat Of New Entrants

The high barriers to entry in the fiber-based broadband solutions market, including significant capital expenditures and regulatory hurdles, make it difficult for new entrants to challenge Calix, Inc.'s position.

Intensity Of Rivalry

The fiber-based broadband solutions market is highly competitive, with several established players, leading to intense rivalry and pricing pressure on Calix, Inc.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.58%
Debt Cost 12.58%
Equity Weight 98.42%
Equity Cost 12.58%
WACC 12.58%
Leverage 1.61%

11. Quality Control: Calix, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Calix

A-Score: 4.4/10

Value: 2.6

Growth: 4.7

Quality: 4.8

Yield: 0.0

Momentum: 9.0

Volatility: 5.3

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DoubleVerify Holdings

A-Score: 4.2/10

Value: 4.2

Growth: 9.0

Quality: 7.1

Yield: 0.0

Momentum: 1.0

Volatility: 4.0

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Freshworks

A-Score: 4.2/10

Value: 5.9

Growth: 5.1

Quality: 4.3

Yield: 0.0

Momentum: 5.0

Volatility: 5.0

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Intapp

A-Score: 4.0/10

Value: 5.0

Growth: 7.8

Quality: 4.5

Yield: 0.0

Momentum: 2.0

Volatility: 4.7

1-Year Total Return ->

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GBTG

A-Score: 3.9/10

Value: 5.4

Growth: 2.3

Quality: 3.6

Yield: 0.0

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

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Unity Software

A-Score: 3.8/10

Value: 2.9

Growth: 6.0

Quality: 2.8

Yield: 0.0

Momentum: 9.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

53.12$

Current Price

53.12$

Potential

-0.00%

Expected Cash-Flows