Mavenir Systems reported Q3 revenue of $26.0 million, an increase of 52% year-over-year. GAAP net loss for the third quarter of 2013 was $(4.5) million, compared with $(3.4) million in the third quarter of 2012. GAAP gross profit margin of 47.9% in the quarter was at the high end of the expected range provided in the prospectus for the company's recent initial public offering. Non-GAAP gross profit margin was 49.0%.
"Mavenir delivered another solid quarter, reporting revenue at the high end of our expectations. Our business momentum continued to strengthen with record quarterly revenue and an expanded customer base, both of which are a direct result of our highly differentiated technology," said Pardeep Kohli, president and chief executive officer, Mavenir Systems. "Migration to 4G LTE is accelerating, increasing the demand for our Voice over LTE (VoLTE) and Rich Communication Services (RCS) products and we see a substantial market opportunity ahead of us."
- Mavenir completed its IPO on November 7 as is now traded on the New York Stock Exchange under the ticker symbol “MVNR”.