Mellanox Releases First Quarter Financial Results

April 25, 2014

SUNNYVALE, Calif. & YOKNEAM, Israel, April 25 — Mellanox Technologies, Ltd., a leading supplier of end-to-end connectivity solutions for servers and storage systems, today announced financial results for its first quarter 2014, ended March 31, 2014.

First Quarter 2014 Highlights

  • Revenues were $98.7 million.
  • GAAP gross margins were 65.7 percent.
  • Non-GAAP gross margins were 68.6 percent.
  • GAAP operating loss was $10.9 million.
  • Non-GAAP operating income was $4.9 million.
  • GAAP net loss was $11.4 million.
  • Non-GAAP net income was $4.5 million.
  • GAAP net loss per diluted share was $0.26.
  • Non-GAAP net income per diluted share was $0.10.
  • $10.5 million in cash was provided by operating activities.
  • Cash and investments totaled $340.1 million at March 31, 2014.

Financial Results

In accordance with U.S. generally accepted accounting principles (GAAP), the company reported revenue of $98.7 million for the first quarter of 2014, down 6.5 percent from $105.5 million in the fourth quarter of 2013, and up 18.8 percent from $83.1 million in the first quarter of 2013.

GAAP gross margins in the first quarter of 2014 were 65.7 percent, compared with 64.9 percent in the fourth quarter of 2013 and 65.2 percent in the first quarter of 2013.

Non-GAAP gross margins in the first quarter of 2014 were 68.6 percent, compared with 68.5 percent in the fourth quarter of 2013 and 68.1 percent in the first quarter of 2013.

GAAP net loss in the first quarter of 2014 was $11.4 million, or $0.26 per diluted share, compared with GAAP net loss of $7.3 million, or $0.17per diluted share in the fourth quarter of 2013 and GAAP net loss of $8.5 million or $0.20 per diluted share in the first quarter of 2013.

Non-GAAP net income in the first quarter of 2014 was $4.5 million, or $0.10 per diluted share, compared with $9.7 million, or $0.21 per diluted share in the fourth quarter of 2013, and $4.3 million, or $0.10 per diluted share in the first quarter of 2013. The first quarter 2014 non-GAAP net income excludes $11.6 million of share-based compensation expense compared to $11.7 million in the fourth quarter of 2013, and $10.4 million in the first quarter of 2013. The first quarter 2014 non-GAAP net income also excludes amortization expenses of acquired intangible assets of $3.5 million, and $0.7 million of charges associated with the acquisition of Kotura, Inc. and IPtronics A/S, compared to amortization expenses of acquired intangible assets of $4.4 million and acquisition related charges of $0.9 million in the fourth quarter of 2013, and compared to $2.4 million of amortization expense of acquired intangibles assets in the first quarter of 2013.

Total cash and investments at March 31, 2014 were $340.1 million compared to $330.2 million at December 31, 2013. The company generated $10.5 million in cash from operating activities in the first quarter of 2014.

“Our first quarter results are a significant achievement given the pause in the HPC market ahead of its refresh cycle and the lower than expected revenues from one of our largest customers,” said Eyal Waldman, president and CEO of Mellanox Technologies. “We continue to see growth in data, the number of devices generating and consuming data, and the number of applications and users utilizing data. This growth drives the need for faster and better interconnects, fulfilled today by our 56 Gb/s and, in the future, by our 100 Gb/s solutions for which we already see demand. We believe that we will grow year-over-year in 2014 with our growth accelerating in the second half of the year.”

Recent Mellanox Press Release Highlights

  • April 16, 2014 – Mellanox Collaborates with Dell to Optimize Computational Performance for Applications
  • April 15, 2014 – Mellanox Delivers InfiniBand and Ethernet CloudX Interconnect Cloud Solution at National Computational Infrastructure
  • April 3, 2014 -Mellanox’s InfiniBand, 10Gb/s and 40Gb/s Ethernet Solutions are Cloudera 5 Certified
  • March 10, 2014 – Mellanox Announces LinkX the Most Comprehensive Product Family of Cables and Transceivers for Data Center Infrastructures
  • March 10, 2014 – Mellanox Showcases 100 Gigabit QSFP Solutions
  • March 3, 2014 – Mellanox and the University of Cambridge Collaborate to Develop Computing Platform for the Square Kilometer Array (SKA) Project
  • February 18, 2014 – Mellanox Introduces CloudX Platform to Enable Companies to Build the Most Efficient Public, Private and Hybrid Clouds
  • February 10, 2014 – Mellanox 10 and 40 Gigabit Ethernet NICs Support Microsoft Open Compute Project (OCP) Cloud Server Specification
  • February 4, 2014 – Mellanox Releases Ethernet Switch Application Programing Interface (API) to the Community as Part of The Open Ethernet Initiative
  • February 3, 2014 – Mellanox Announces Launch of Mellanox Capital

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.

Source: Mellanox Technologies

Subscribe to HPCwire's Weekly Update!

Be the most informed person in the room! Stay ahead of the tech trends with industry updates delivered to you every week!

2024 Winter Classic: Meet Team Morehouse

April 17, 2024

Morehouse College? The university is well-known for their long list of illustrious graduates, the rigor of their academics, and the quality of the instruction. They were one of the first schools to sign up for the Winter Read more…

MLCommons Launches New AI Safety Benchmark Initiative

April 16, 2024

MLCommons, organizer of the popular MLPerf benchmarking exercises (training and inference), is starting a new effort to benchmark AI Safety, one of the most pressing needs and hurdles to widespread AI adoption. The sudde Read more…

Quantinuum Reports 99.9% 2-Qubit Gate Fidelity, Caps Eventful 2 Months

April 16, 2024

March and April have been good months for Quantinuum, which today released a blog announcing the ion trap quantum computer specialist has achieved a 99.9% (three nines) two-qubit gate fidelity on its H1 system. The lates Read more…

Mystery Solved: Intel’s Former HPC Chief Now Running Software Engineering Group 

April 15, 2024

Last year, Jeff McVeigh, Intel's readily available leader of the high-performance computing group, suddenly went silent, with no interviews granted or appearances at press conferences.  It led to questions -- what's Read more…

Exciting Updates From Stanford HAI’s Seventh Annual AI Index Report

April 15, 2024

As the AI revolution marches on, it is vital to continually reassess how this technology is reshaping our world. To that end, researchers at Stanford’s Institute for Human-Centered AI (HAI) put out a yearly report to t Read more…

Crossing the Quantum Threshold: The Path to 10,000 Qubits

April 15, 2024

Editor’s Note: Why do qubit count and quality matter? What’s the difference between physical qubits and logical qubits? Quantum computer vendors toss these terms and numbers around as indicators of the strengths of t Read more…

MLCommons Launches New AI Safety Benchmark Initiative

April 16, 2024

MLCommons, organizer of the popular MLPerf benchmarking exercises (training and inference), is starting a new effort to benchmark AI Safety, one of the most pre Read more…

Exciting Updates From Stanford HAI’s Seventh Annual AI Index Report

April 15, 2024

As the AI revolution marches on, it is vital to continually reassess how this technology is reshaping our world. To that end, researchers at Stanford’s Instit Read more…

Intel’s Vision Advantage: Chips Are Available Off-the-Shelf

April 11, 2024

The chip market is facing a crisis: chip development is now concentrated in the hands of the few. A confluence of events this week reminded us how few chips Read more…

The VC View: Quantonation’s Deep Dive into Funding Quantum Start-ups

April 11, 2024

Yesterday Quantonation — which promotes itself as a one-of-a-kind venture capital (VC) company specializing in quantum science and deep physics  — announce Read more…

Nvidia’s GTC Is the New Intel IDF

April 9, 2024

After many years, Nvidia's GPU Technology Conference (GTC) was back in person and has become the conference for those who care about semiconductors and AI. I Read more…

Google Announces Homegrown ARM-based CPUs 

April 9, 2024

Google sprang a surprise at the ongoing Google Next Cloud conference by introducing its own ARM-based CPU called Axion, which will be offered to customers in it Read more…

Computational Chemistry Needs To Be Sustainable, Too

April 8, 2024

A diverse group of computational chemists is encouraging the research community to embrace a sustainable software ecosystem. That's the message behind a recent Read more…

Hyperion Research: Eleven HPC Predictions for 2024

April 4, 2024

HPCwire is happy to announce a new series with Hyperion Research  - a fact-based market research firm focusing on the HPC market. In addition to providing mark Read more…

Nvidia H100: Are 550,000 GPUs Enough for This Year?

August 17, 2023

The GPU Squeeze continues to place a premium on Nvidia H100 GPUs. In a recent Financial Times article, Nvidia reports that it expects to ship 550,000 of its lat Read more…

Synopsys Eats Ansys: Does HPC Get Indigestion?

February 8, 2024

Recently, it was announced that Synopsys is buying HPC tool developer Ansys. Started in Pittsburgh, Pa., in 1970 as Swanson Analysis Systems, Inc. (SASI) by John Swanson (and eventually renamed), Ansys serves the CAE (Computer Aided Engineering)/multiphysics engineering simulation market. Read more…

Intel’s Server and PC Chip Development Will Blur After 2025

January 15, 2024

Intel's dealing with much more than chip rivals breathing down its neck; it is simultaneously integrating a bevy of new technologies such as chiplets, artificia Read more…

Choosing the Right GPU for LLM Inference and Training

December 11, 2023

Accelerating the training and inference processes of deep learning models is crucial for unleashing their true potential and NVIDIA GPUs have emerged as a game- Read more…

Baidu Exits Quantum, Closely Following Alibaba’s Earlier Move

January 5, 2024

Reuters reported this week that Baidu, China’s giant e-commerce and services provider, is exiting the quantum computing development arena. Reuters reported � Read more…

Comparing NVIDIA A100 and NVIDIA L40S: Which GPU is Ideal for AI and Graphics-Intensive Workloads?

October 30, 2023

With long lead times for the NVIDIA H100 and A100 GPUs, many organizations are looking at the new NVIDIA L40S GPU, which it’s a new GPU optimized for AI and g Read more…

Shutterstock 1179408610

Google Addresses the Mysteries of Its Hypercomputer 

December 28, 2023

When Google launched its Hypercomputer earlier this month (December 2023), the first reaction was, "Say what?" It turns out that the Hypercomputer is Google's t Read more…

AMD MI3000A

How AMD May Get Across the CUDA Moat

October 5, 2023

When discussing GenAI, the term "GPU" almost always enters the conversation and the topic often moves toward performance and access. Interestingly, the word "GPU" is assumed to mean "Nvidia" products. (As an aside, the popular Nvidia hardware used in GenAI are not technically... Read more…

Leading Solution Providers

Contributors

Shutterstock 1606064203

Meta’s Zuckerberg Puts Its AI Future in the Hands of 600,000 GPUs

January 25, 2024

In under two minutes, Meta's CEO, Mark Zuckerberg, laid out the company's AI plans, which included a plan to build an artificial intelligence system with the eq Read more…

DoD Takes a Long View of Quantum Computing

December 19, 2023

Given the large sums tied to expensive weapon systems – think $100-million-plus per F-35 fighter – it’s easy to forget the U.S. Department of Defense is a Read more…

China Is All In on a RISC-V Future

January 8, 2024

The state of RISC-V in China was discussed in a recent report released by the Jamestown Foundation, a Washington, D.C.-based think tank. The report, entitled "E Read more…

Shutterstock 1285747942

AMD’s Horsepower-packed MI300X GPU Beats Nvidia’s Upcoming H200

December 7, 2023

AMD and Nvidia are locked in an AI performance battle – much like the gaming GPU performance clash the companies have waged for decades. AMD has claimed it Read more…

Nvidia’s New Blackwell GPU Can Train AI Models with Trillions of Parameters

March 18, 2024

Nvidia's latest and fastest GPU, codenamed Blackwell, is here and will underpin the company's AI plans this year. The chip offers performance improvements from Read more…

Eyes on the Quantum Prize – D-Wave Says its Time is Now

January 30, 2024

Early quantum computing pioneer D-Wave again asserted – that at least for D-Wave – the commercial quantum era has begun. Speaking at its first in-person Ana Read more…

GenAI Having Major Impact on Data Culture, Survey Says

February 21, 2024

While 2023 was the year of GenAI, the adoption rates for GenAI did not match expectations. Most organizations are continuing to invest in GenAI but are yet to Read more…

Intel’s Xeon General Manager Talks about Server Chips 

January 2, 2024

Intel is talking data-center growth and is done digging graves for its dead enterprise products, including GPUs, storage, and networking products, which fell to Read more…

  • arrow
  • Click Here for More Headlines
  • arrow
HPCwire