CRAY INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
Company reaffirms revenue growth expectations for 2018
Seattle, WA - May 1, 2018 - Global supercomputer leader Cray Inc. (Nasdaq: CRAY) today announced financial results for its first quarter ended March 31, 2018.
All figures in this release are based on U.S. GAAP unless otherwise noted. A reconciliation of GAAP to non-GAAP measures is included in the financial tables in this press release.
Revenue for the first quarter of 2018 was $79.6 million, compared to $59.0 million in the first quarter of 2017. Net loss for the first quarter of 2018 was $25.0 million, or $0.62 per diluted share, compared to a net loss of $19.2 million, or $0.48 per diluted share in the first quarter of 2017. Non-GAAP net loss was $21.4 million, or $0.53 per diluted share for the first quarter of 2018, compared to non-GAAP net loss of $28.4 million, or $0.71 per diluted share in the first quarter of 2017.
Overall gross profit margin on a GAAP and non-GAAP basis for the first quarter of 2018 was 34%, compared to 40% on a GAAP and non-GAAP basis in the first quarter of 2017.
Operating expenses for the first quarter of 2018 were $51.8 million, compared to $56.1 million in the first quarter of 2017. Non-GAAP operating expenses for the first quarter of 2018 were $48.5 million, compared to $53.3 million in the first quarter of 2017.
As of March 31, 2018, cash, investments and restricted cash totaled $147 million. Working capital at the end of the first quarter was $332 million, compared to $354 million at December 31, 2017.
“We are off to a strong start to the year,” said Peter Ungaro, president and CEO of Cray. “We completed several large acceptances during the first quarter at sites around the world, a few of these ahead of schedule. We had one of our strongest bookings quarters in several years, what we believe is another early sign that our target market is continuing to strengthen. Among these new awards, we were selected by the Japanese National Institutes for Quantum and Radiological Science and Technology to deliver our latest generation XC supercomputer to serve as their new flagship system. These are good examples of our strong competitive position, which is key for us to drive growth in 2018 and beyond.”
For 2018, while a wide range of results remains possible, Cray continues to expect revenue to grow in the range of 10-15% over 2017. Revenue is expected to be about $110 million for the second quarter of 2018. For 2018, GAAP and non-GAAP gross margins are expected to be in the low-30% range. Non-GAAP operating expenses for 2018 are expected to be in the range of $190 million. For 2018, non-GAAP adjustments are expected to total about $14 million, driven primarily by share-based compensation. For the year, GAAP operating expenses are anticipated to be about $12 million higher than non-GAAP
The following information was filed by Cray Inc (CRAY) on Tuesday, May 1, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.