PETALUMA -- Telecommunications systems developer Cyan (NYSE: CYNI) on Tuesday reported second-quarter revenue grew 37 percent year-over-year.
Quarterly sales reached a new high of $31.7 million, up from $23.1 million a year before and 20 percent higher than $26.3 million in the first quarter.
Second-quarter net loss was $9.1 million, or 33 cents a share, up from $1.5 million, or 59 cents per share, a year before.
“For the second quarter, Cyan delivered record revenue and gross margin while continuing to make investments to capitalize on our large and growing addressable market,” said Mark Floyd, chairman and chief executive officer. “Our Blue Planet software-defined network (SDN) platform is a key differentiator and continued to gain momentum. We continued to make significant strides in our international expansion, increasing our presence to 13 countries outside of North America and increasing our international partnership base."
Cyan has sold 85 systems since the launch of Blue Planet in December of last year, according to Mr. Floyd. The company had 219 employees at the end of 2012.
Founded in October 2006, Cyan’s open software platforms provide multivendor control and visibility to network operators, making service delivery more efficient and profitable. The company went public in May, raising $88 million.
The price of Cyan stock was $11.03 a share at the close of the Tuesday trading session, down just 2 cents a share from the previous closing price.