Aerohive Networks (NYSE: HIVE) said its total revenue for the first quarter of 2014 was USD28.2m, an increase of 42 percent, compared with USD19.8m in the first quarter of 2013.
Software subscriptions and service revenue was USD3.4m, or 12 percent of total revenue for the quarter, compared with USD1.8m, or 9 percent of total revenue in the first quarter of 2013.
For the first quarter of 2014, GAAP net loss was USD8.9m, compared with USD10.3m in the first quarter of 2013. GAAP gross margin was 67.2 percent, compared with 64.7 percent in the year-ago period. Non-GAAP net loss for the first quarter of 2014 was USD7.4m, compared with USD9.2m in the first quarter of 2013. Non-GAAP gross margin was 67.5 percent, compared with 65.0 percent in the year-ago period. A description of the non-GAAP calculations and a reconciliation to comparable GAAP financial measures are provided in the accompanying table entitled “Reconciliation of GAAP to Non-GAAP Financial Measures.”
Aerohive started trading as a public company on the New York Stock Exchange on March 28, 2014, and the transaction formally closed in Q2 on April 2, 2014. In conjunction with the initial public offering, Aerohive issued 8,625,000 shares of common stock, including exercise of the underwriters´ option to purchase additional shares, at an offering price of USD10.00 per share. Gross proceeds were USD86.25m, and net proceeds to the company following the transaction closing in April were USD76.8m after deducting underwriters´ and related offering fees and expenses. Upon close of the transaction, 28,227,528 outstanding shares of convertible preferred stock converted into 28,832,898 shares of common stock. The tables accompanying this release are as of March 31, 2014, and do not reflect the proceeds received or the shares of common stock converted or issued in conjunction with the offering.
Aerohive technology enables organizations of all sizes to use mobility to increase productivity, engage customers, and grow their business. Deployed in over 14,000 enterprises worldwide, Aerohive´s proprietary mobility platform takes advantage of the cloud and a distributed architecture to deliver unified, intelligent, simplified and cost-effective networks. Aerohive was founded in 2006 and is headquartered in Sunnyvale, Calif. For more information, visit www.aerohive.com