calx-20260627

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-34674

Calix, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Delaware						68-0438710
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

3155 Olsen Drive, Suite 450, San Jose, CA 95117

(Address of Principal Executive Offices) (Zip Code)

(408) 514-3000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $0.025 per share

CALX

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes: x No: o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes: x No: o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Table of Contents

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes: ☐ No: x

As of July 13, 2026, there were 62,963,989 shares of the Registrant’s common stock, par value $0.025, outstanding.

Table of Contents

CALIX, INC.

FORM 10-Q

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION			4

Item 1. Financial Statements (Unaudited)			4

Condensed Consolidated Balance Sheets			4

Condensed Consolidated Statements of Comprehensive Income (Loss)			5

Condensed Consolidated Statements of Stockholders ’ Equity			6

Condensed Consolidated Statements of Cash Flows			7

Notes to Condensed Consolidated Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18

Overview			18

Critical Accounting Policies and Estimates			19

Results of Operations			20

Liquidity and Capital Resources			23

Item 3. Quantitative and Qualitative Disclosures About Market Risk			24

Item 4. Controls and Procedures			25

PART II. OTHER INFORMATION			27

Item 1. Legal Proceedings			27

Item 1A. Risk Factors			27

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			47

Item 3. Defaults Upon Senior Securities			47

Item 4. Mine Safety Disclosures			47

Item 5. Other Information			47

Item 6. Exhibits			49

SIGNATURES			50

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1.Financial Statements

CALIX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)


	June 27, 2026		December 31, 2025
	(Unaudited)		(See Note 1)
ASSETS
Current assets:
Cash and cash equivalents	$	68,914	$	143,086
Marketable securities	125,388		245,018
Accounts receivable, net	136,401		99,367
Inventory	180,481		133,737
Prepaid expenses and other current assets	83,856		70,345
Total current assets	595,040		691,553
Property and equipment, net	37,578		37,812
Right-of-use operating leases	12,934		14,665
Deferred tax assets	161,767		165,636
Goodwill	116,175		116,175
Other assets	30,910		32,681
	$	954,404	$	1,058,522
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	92,737	$	41,523
Accrued liabilities	81,046		91,339
Deferred revenue	36,473		30,386
Total current liabilities	210,256		163,248
Long-term portion of deferred revenue	19,554		19,890
Operating leases	11,218		12,756
Other long-term liabilities	3,355		3,409
Total liabilities	244,383		199,303
Commitments and contingencies (See Note 6)
Stockholders’ equity:
Preferred stock, $0.025 par value; 5,000 shares authorized; no shares issued and outstanding as of June 27, 2026 and December 31, 2025	—		—
Common stock, $0.025 par value; 100,000 shares authorized; 62,964 shares issued and outstanding as of June 27, 2026, and 67,120 shares issued and outstanding as of December 31, 2025	1,574		1,678
Additional paid-in capital	1,053,389		1,230,191
Accumulated other comprehensive loss	(1,021)		(408)
Accumulated deficit	(343,921)		(372,242)
Total stockholders’ equity	710,021		859,219
	$	954,404	$	1,058,522

See accompanying notes to condensed consolidated financial statements.

Table of Contents

CALIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands, except per share data)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025

Revenue:
Appliance	$	242,783	$	198,126	$	475,626	$	377,869
Software and service	50,546		43,756		97,687		84,255
Total revenue	293,329		241,882		573,313		462,124
Cost of revenue:
Appliance	114,497		90,274		213,633		173,019
Software and service	18,708		15,313		40,260		30,102
Total cost of revenue	133,205		105,587		253,893		203,121
Gross profit	160,124		136,295		319,420		259,003
Operating expenses: