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Mellanox Announces Second Quarter 2015 Financial Results 

July 23, 2015

SUNNYVALE, Calif. & YOKNEAM, Israel, July 23 -- Mellanox Technologies, Ltd. has announced financial results for its second quarter, ended June 30, 2015.

“We are excited to achieve record quarterly revenues and anticipate continued revenue growth and record annual revenues for the full fiscal year 2015. Our InfiniBand solutions continue to take market share on the TOP500 list, and we now connect 51.4 percent of the systems,” said Eyal Waldman, president and CEO of Mellanox Technologies. “The growth of data requires customers to adopt faster technologies in their data centers, and they are eagerly waiting to move to the next generation of high speed interconnects. Faster interconnects are needed in multiple data-intensive markets and applications such as database, Big Data, financials, machine learning, Web 2.0, cloud, high-performance computing, health care, insurance, transportation, homeland security, media and entertainment and many more. Mellanox is the first company to provide such end-to-end solutions to the market. We expect 25 Gigabit Ethernet to be the new 10, 50 to be the new 40, and 100 Gigabit Ethernet to do the heavy-lifting for data intensive markets.”

Second Quarter 2015 Highlights

  • Revenue of $163.1 million increased 11.2 percent, compared to $146.7 million in the first quarter of 2015.
  • GAAP gross margin was 71.1 percent, compared to 72 percent in the first quarter of 2015.
  • Non-GAAP gross margins were 72.7 percent, compared to 73.4 percent in the first quarter of 2015.
  • GAAP operating income was $19.4 million, compared to $15.2 million, in the first quarter of 2015.
  • Non-GAAP operating income was $36.2 million, or 22.2 percent of revenue, compared to $30.2 million, or 20.6 percent of revenue in the first quarter of 2015.
  • GAAP net income was $19.2 million, compared to $10.5 million in the first quarter of 2015.
  • Non-GAAP net income was $36.1 million, compared to $28.6 million in the first quarter of 2015.
  • GAAP net income per diluted share of $0.40 increased 81.8 percent, compared to $0.22 in the first quarter of 2015.
  • Non-GAAP net income per diluted share of $0.75 increased 25 percent, compared to $0.60 in the first quarter of 2015.
  • $41.3 million in cash was provided by operating activities, compared to $45.8 million in the first quarter of 2015.
  • Cash and investments totaled $467.2 million at June 30, 2015, compared to $432.7 million at March 31, 2015.

Third Quarter 2015 Guidance

We currently project:

  • Quarterly revenues of $165 million to $170 million.
  • Non-GAAP gross margins of 71.5 percent to 72.5 percent.
  • An increase in non-GAAP operating expenses of 4 percent to 6 percent.
  • Share-based compensation expense from $12.7 million to $13.2 million.
  • Non-GAAP diluted share count from 47.9 million to 48.4 million shares.

Recent Mellanox Press Release Highlights

  • Jul 14, 2015 - HPC Industry Leaders Develop State-of-the-Art Network Communication Framework for Next Generation Programming Models
  • Jul 13, 2015 - Bull Selects Mellanox EDR 100Gb/s InfiniBand Technology for Next Generation Blade System
  • Jul 13, 2015 - Mellanox HPC-X Framework Gains Marked Cross-Industry Adoption from HPC Market Leaders
  • Jul 13, 2015 - InfiniBand Continues to Take Market Share in High Performance Computing, Now Connecting More than 50 Percent of the TOP500 Supercomputing List
  • Jul 9, 2015 - Jülich Supercomputing Centre Selects Mellanox End-to-End EDR 100Gb/s InfiniBand Solution for New Supercomputer System
  • Jul 9, 2015 - Mellanox EDR 100Gb/s InfiniBand Solutions Gain Momentum with Industry-Wide Adoption to Further Enable Scalable High-Performance Computing Systems
  • Jun 25, 2015 - Mellanox Improves Software-Defined Storage Performance at 40Gb and 100Gb Ethernet Speeds
  • Jun 23, 2015 - Mellanox Releases Open Source Code for “Soft-RoCE” to Accelerate Enterprise Deployments of RDMA
  • Jun 18, 2015 - Mellanox Introduces the World’s First 25/100 Gigabit Open Ethernet-based Switch
  • Jun 18, 2015 - Mellanox Announces ConnectX-4 Lx, the Most Cost-Efficient 25/50 Gigabit Ethernet Network Adapter for Cloud, Web 2.0 and Enterprise Data Centers
  • May 19, 2015 - Mellanox Collaborates with Supermicro to Deliver CloudX-based Hyper-Converged Infrastructure
  • May 5, 2015 - Mellanox Demonstrates First 100Gb/s Ethernet CloudX Platform and Micron Hardware on Microsoft Technology

About Mellanox

Mellanox Technologies is a leading supplier of end-to-end InfiniBand and Ethernet interconnect solutions and services for servers and storage. Mellanox interconnect solutions increase data center efficiency by providing the highest throughput and lowest latency, delivering data faster to applications and unlocking system performance capability. Mellanox offers a choice of fast interconnect products: adapters, switches, software, cables and silicon that accelerate application runtime and maximize business results for a wide range of markets including high-performance computing, enterprise data centers, Web 2.0, cloud, storage and financial services. More information is available at www.mellanox.com.

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Source: Mellanox Technologies

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