• Calix Cloud Platform: A comprehensive cloud-based software platform that empowers service providers to manage their network, enhance subscriber experiences, and launch new services.
• Intelligent Access EDGE: Advanced fiber access solutions, including optical line terminals (OLTs) and network infrastructure, designed to deliver high-speed broadband connectivity.
• Revenue EDGE: A suite of solutions comprising Wi-Fi systems, cloud-managed software, and subscriber applications designed to enhance the in-home broadband experience and create new revenue opportunities for service providers.

Calix (symbol: CALX) primarily sells its cloud, software platforms, systems, and services to other companies, specifically broadband service providers (BSPs).

According to Calix's public filings (e.g., their most recent 10-K), no single customer has accounted for 10% or more of their total revenue in recent fiscal years. This indicates that Calix has a diversified customer base rather than a few individually "major" customers from a revenue concentration perspective.

However, Calix serves a broad range of service providers. Below are the categories of companies that are their primary customers, along with examples of the types of organizations they serve. Most of these customers are private companies or public sector entities and therefore do not have public stock symbols.

Categories of Major Customers & Examples:

• Rural Electric Cooperatives and Utilities: Many of these organizations are leveraging their existing infrastructure to deploy fiber broadband services to unserved and underserved communities.
  • Examples: Co-Mo Connect (Missouri), Middle Tennessee Electric (MLConnect), Central Rural Electric Cooperative.
• Regional and Smaller Incumbent Local Exchange Carriers (ILECs): These are traditional telephone companies operating in specific regions, often upgrading their networks to fiber.
  • Examples: Nex-Tech (Kansas), Horizon (Ohio), Brightspeed (serves rural and suburban areas across multiple states, formed from Lumen Technologies' ILEC assets).
• Competitive Local Exchange Carriers (CLECs) and Fiber Overbuilders: Companies that build new, competitive fiber optic networks in various markets.
  • Examples: Many regional and local fiber builders across North America and internationally.
• Municipalities and Public Sector Networks: Cities, counties, and other government entities that build and operate their own broadband networks.
  • Examples: City of Lenoir (North Carolina), Cedar Falls Utilities (Iowa).

• Flex Ltd. (FLEX)
• Jabil Inc. (JBL)

Michael Weening, President and Chief Executive Officer

Michael Weening was promoted to President and CEO of Calix in September 2022. He joined Calix in June 2016 as Executive Vice President, Field (Sales, Marketing, Services and Customer Success). Prior to Calix, he served as Senior Vice President of Global Customer Success and Senior Vice President, Japan and Asia-Pacific Customer Success, Services and Alliances at Salesforce.com. He also held leadership roles at Bell Mobility in Canada, including Vice President of business and consumer sales, and sales leadership roles at Microsoft in Canada and the United Kingdom. Weening is known for driving growth, strategy, and transformation, and for his pivotal role in Calix's transition from a hardware-centric business to focusing on software, cloud, and appliances.

Cory Sindelar, Chief Financial Officer

Cory Sindelar joined Calix as Chief Financial Officer in May 2017. He brings over 25 years of experience as a senior financial leader in the technology sector. Before Calix, he served as Chief Financial Officer at Violin Memory, where he assisted in its transition from a privately held to a public company. He also held the position of Chief Financial Officer at Ikanos Communications, where he led several strategic transactions. Earlier in his career, Sindelar held various finance positions at EMC Corporation and was Vice President, Corporate Controller, and Principal Accounting Officer at Legato Systems, Inc., which was acquired by EMC.

Shane Eleniak, Chief Product Officer

Shane Eleniak is the Chief Product Officer at Calix and is responsible for all of Calix's products, including Access.

Mark Dressler, Chief Revenue Officer

Mark Dressler serves as the Chief Revenue Officer for Calix, bringing 30 years of experience in the communications service provider industry.

Martha Galley, Chief Sustainability Officer

Martha Galley is the Chief Sustainability Officer at Calix, a role in which she furthers the company's goals related to sustainability issues.

The key risks to Calix's business are primarily centered around its dependency on customer capital spending, intense market competition, and the successful execution of its transition to a software and platform-based business model.

• Dependency on Broadband Service Provider Capital Spending: Calix's financial performance is closely tied to the capital expenditure patterns of broadband service providers (BEPs), which can be cyclical and influenced by broader economic conditions, government funding, and regulatory shifts. Revenue declines in 2024 were attributed to slowed purchases by major customers and delayed purchasing decisions, exacerbated by uncertainties around government stimulus programs like BEAD. The majority of Calix's revenue is not recurring, and customers do not have committed purchase requirements, making the company vulnerable if customers reduce or cease product purchases.
• Intense Competition: Calix operates in a highly competitive telecommunications market, contending with both established players and newer entrants. This competitive landscape can exert pressure on pricing, potentially leading to reduced profit margins and a loss of market share. Larger competitors with more resources, such as Cisco and Ciena, may have advantages in product development and pricing flexibility.
• Execution Risk of Software and Platform Transition & Valuation Sensitivity: Calix is undergoing a strategic transformation from primarily a hardware supplier to a software and platform-based business. The company's future growth and profitability, and the justification for its premium stock valuation, hinge on its ability to successfully execute this transition. This involves converting increasing gross margins into consistent operating profit and cash flow, which demands stringent cost control and successful customer adoption of its new AI-driven platforms and services. Any stumble in the rollout of new platforms or slower-than-anticipated customer uptake could negatively impact growth and profitability, potentially leading to a sharp repricing of the stock given current high market expectations.

Here are 3-5 expected drivers of future revenue growth for Calix (CALX) over the next 2-3 years:

1. Expansion of Broadband Service Provider (BXP) Customers and Footprint: Calix is experiencing growth by adding new broadband service provider customers and seeing continued robust deployments from existing BXP customers. These customers are expanding their subscriber base and geographical footprint through network upgrades, new builds, and replacing competitors' infrastructure.
2. Growth of Platform, Cloud, and Managed Services: A key driver is the continued adoption and expansion of Calix's platform, cloud, and managed services model. The company's third-generation platform, including its mobile app and AI capabilities, is designed to boost recurring revenue and improve margins.
3. Adoption and Expansion of AI-driven Solutions (Agentic AI): Calix is focusing on AI-driven services, particularly "Agentic AI," which is being integrated into its platform. This is expected to enable service providers to enhance subscriber experience, increase upsells, reduce churn, and drive operational efficiency and revenue growth.
4. International Market Expansion: Calix is actively expanding its market reach beyond the United States, targeting new international markets. This includes leveraging sovereign data center capabilities and has already shown significant growth in international revenue, partly due to increased shipments to European customers.
5. New Product Launches and Technology Innovation: The company anticipates ongoing growth through new product launches and strategic innovations. Notably, the "Experience Edge" segment has demonstrated significant year-over-year revenue growth, highlighting the company's success in enhancing subscriber experiences and expanding into new customer segments such as Multi-Dwelling Units (MDUs).

Share Repurchases

• Calix repurchased $77.0 million of stock year-to-date as of September 27, 2025.
• As of September 27, 2025, $125.9 million remained authorized for future share repurchases.
• On April 21, 2025, Calix's board of directors increased the authorization for its stock repurchase program by an additional $100 million.

Share Issuance

• Shares outstanding were approximately 66.28 million as of October 15, 2025.
• Insider transactions involved the exercise of stock options followed by share sales, such as Michael Weening, President & CEO, selling 24,000 shares in September 2025, 176,000 shares in September 2025, and 126,000 shares in August 2025 after exercising options.

Capital Expenditures

• Capital expenditures were approximately $18.05 million in fiscal year 2024 and $17.86 million in fiscal year 2023.
• For the trailing twelve months ending June 2025, capital expenditures totaled approximately $16.44 million.