Cavium Announces First Quarter 2015 Financial Results 

Cavium, Inc., a leading provider of semiconductor products that enable secure and intelligent processing for enterprise, data center, wired and wireless networking, today announced financial results for the first quarter ended March 31, 2015.

Net revenue in the first quarter of 2015 was $101.8 million, a 1% sequential increase from the $101.2 million reported in the fourth quarter of 2014 and a 22% year-over-year increase from the $83.2 million reported in the first quarter of 2014.

Generally Accepted Accounting Principles (GAAP) Results

Net loss attributable to the Company in the first quarter of 2015 was $13.9 million, or $(0.25) per diluted share, compared to $12.0 million, or $(0.22) per diluted share in the fourth quarter of 2014. Gross margins were 64.8% in the first quarter of 2015 compared to 62.1% in the fourth quarter of 2014. Total cash and cash equivalents were $121.0 million at March 31, 2015.

Non-GAAP Results

Cavium believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Cavium's financial condition and results of operations. These measures should only be used to evaluate Cavium's results of operations in conjunction with the corresponding GAAP measures. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release.

In the first quarter of 2015, Non-GAAP net income was $23.7 million, or $0.40 per diluted share. Non-GAAP gross margin was 65.9% and Non-GAAP operating margin (non-GAAP income from operations as a percentage of revenue) was 22.9%.

Recent News Highlights

• April 27, 2015 - Cavium's 48 Core Workload-Optimized ThunderX_NT Processors Enables New Generation of Accelerated NFV, Edge and Core Networking Applications
• April 27, 2015 - Cavium Partners with Quantenna and Aquantia to Deliver Fully Secure High Performance 802.11AC MU-MIMO WLAN Access Point Reference Design
• April 27, 2015 - Cavium Delivers Optimized OpenWRT on OCTEON III to Accelerate Retail/SMB Router Time to Market
• April 20, 2015 - Cavium Introduced LiquidSecurity
• April 20, 2015 - Cavium Partners with F5 Networks for LiquidSecurity Hardware Security Module Family Integration
• April 20, 2015 - Cavium Announced Collaboration with A10 Networks, KEMP Technologies and ExtraHop for LiquidSecurity Hardware Security Module Family
• April 20, 2015 - Cavium's 48 Core Workload Optimized ThunderX SC Processors Enables Next Generation Fully Secure Data Centers
• March 16, 2015 - E4 Computer Engineering Announced ThunderX Based ARKA Platform for Specific Workloads in HPC, Cloud and Big Data Applications
• March 16, 2015 - Cavium Added Support for NVIDIA GPU Accelerators in 64-bit ARMv8-A ThunderX Processor Family
• March 10, 2015 - StackVelocity and Cavium Partnered to Bring Advanced ARM Processor Efficiency to Open Compute Project
• March 10, 2015 - Hyve Solutions and Cavium Collaborates to Deliver 64-bit ARM-based Server Solutions
• March 10, 2015 - Cavium's XPliant Ethernet Switch Supports the Emerging Open Ecosystems
• March 2, 2015 - Cavium Introduced OCTEON Fusion-M
• March 2, 2015 - Cavium Broke 100Gbps IPsec Throughput Barrier using OpenDataPlane™ at Mobile World Congress 2015
• February 26, 2015 - Cavium and ARM Demonstrated Comprehensive Cloud RAN Application on 48 Core 64-bit ARMv8-A ThunderX SoC Processor at Mobile World Congress 2015
• February 24, 2015 - Qosmos Showcased Intelligent Service Chaining in a Virtualized Environment Running on Cavium's LiquidIO Adapter