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A10 Networks Inc (NYSE: ATEN) |
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A10 Networks Inc Outlook |
On February 6 2024 the A10 Networks Inc provided following guidance
termination of certain customer contracts and higher sales to enterprise and international service provider customers.
Gross margin of 83.1%, a decrease of 1.2 percentage points year-over-year. This decrease is primarily due to higher manufacturing costs and pricing pressures.
Operating expenses of $58.1 million, a decrease of $4.9 million (7.8%) year-over-year. This decrease is primarily due to cost-saving initiatives and lower legal expenses.
Net loss of $3.2 million, compared to a net loss of $0.8 million in the fourth quarter of 2022. This decrease in net loss is primarily due to the decrease in revenue and higher manufacturing costs.
Adjusted EBITDA of $4.3 million, compared to $6.1 million in the fourth quarter of 2022. This decrease in adjusted EBITDA is primarily due to the decrease in revenue.
Cash and cash equivalents of $32.6 million, compared to $28.9 million at the end of the third quarter of 2023. This increase in cash and cash equivalents is primarily due to improved cash collections and cost-saving initiatives.
Full Year 2023 Financial Summary Revenue of $260.8 million, a decrease of $32.2 million (11.0%) compared to 2022. This decrease in revenue is primarily due to market conditions related to North American service provider customers capital expenditures.
Gross margin of 82.8%, a decrease of 1.8 percentage points compared to 2022. This decrease is primarily due to higher manufacturing costs and pricing pressures.
Operating expenses of $230.4 million, a decrease of $8.3 million (3.5%) compared to 2022. This decrease is primarily due to cost-saving initiatives and lower legal expenses.
Net loss of $13.5 million, compared to a net loss of $6.2 million in 2022. This increase in net loss is primarily due to the decrease in revenue and higher manufacturing costs.
Adjusted EBITDA of $20.1 million, compared to $26.1 million in 2022. This decrease in adjusted EBITDA is primarily due to the decrease in revenue.
As expected, our fourth quarter results reflect continued challenges in our North American service provider customer base, said Lee Chen, President and CEO of A10 Networks. However, we are encouraged by the growth in enterprise and international service provider customers, which drove sequential revenue growth. We remain focused on executing our strategic initiatives and driving long-term profitability.
Based on the current market conditions and expected customer demand, A10 Networks provides the following guidance for the first quarter of 2024:
- Revenue in the range of $67 million to $71 million.
- Adjusted EBITDA in the range of $3 million to $5 million.
A10 Networks will host a conference call today at 1:30 p.m. PT / 4:30 p.m. ET to discuss its financial results for the fourth quarter of 2023. The conference call can be accessed by dialing 1-844-792-3734 (domestic) or 1-412-317-5105 (international) and providing the conference ID 9141378.
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