Aerohive reports record EPS and subscription revenue

Aerohive Networks reported total revenue for the third quarter of fiscal year 2018 of $40.6 million, compared with $39.3 million for the third quarter of 2017. Subscription and support revenue was $11.7 million, or 29% of total revenue, for the third quarter of fiscal year 2018, compared with $10.1 million, or 26% of total revenue, for the third quarter of 2017.

On a GAAP basis, net loss was $2.4 million for the third quarter of fiscal year 2018, compared with a net loss of $5.1 million for the third quarter of 2017. GAAP gross margin was 65.6% for the third quarter of fiscal year 2018, compared with 66.6% for the third quarter of 2017.

On a non-GAAP basis, net income was $1.5 million for the third quarter of fiscal year 2018, compared with a net loss of $0.1 million for the third quarter of 2017. Non-GAAP gross margin was 66.1% for the third quarter of fiscal year 2018, compared with 67.5% for the third quarter of 2017.

“Today we reported financially strong third quarter results with record subscription and support revenue and gross margins, as well as record high EPS and deferred revenue,” stated David Flynn, President and Chief Executive Officer. “These results demonstrate our progress moving to a SaaS-like business model and underscore our focus on profitability. We are pleased to return to growth in the second half, and while we are not yet seeing the growth levels that we aspire to, we are encouraged that our improved product offerings are bringing us into more large opportunities, suggesting progress toward our long-term goals.”