Aerohive Networks, which supplies cloud networking and enterprise Wi-Fi, reported Q1 sales of $40.1 million, an increase of 55.4% compared with $25.8 million for the first quarter of 2015 and a decrease of 13.2% compared with $46.2 million for the fourth quarter of 2015. Software subscription and services revenue was $7.7 million, or 19% of total revenue for the quarter, compared with $5.3 million, or 21% of total revenue, for the first quarter of 2015.
For the first quarter of 2016, GAAP net loss was $12.5 million, compared with $15.8 million in the first quarter of 2015. GAAP gross margin was 66.8%, compared with 66.5% in the year-ago period.
“We’re pleased to deliver our fourth consecutive quarter of exceeding expectations on both the top and bottom line,” stated David Flynn, President and Chief Executive Officer. “We continue to see strong demand for our technology across our key verticals and remain on track to achieve non-GAAP operating profitability in 2016.”
