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    Extreme Networks Reports Third Quarter Fiscal Year 2025 Financial Results

    4/30/25 7:05:00 AM ET
    $EXTR
    Computer Communications Equipment
    Telecommunications
    Get the next $EXTR alert in real time by email

    Marks Fourth Consecutive Quarter of Sequential Revenue Growth

    Strong Funnel Provides Increased Visibility and Confidence in Outlook

    Extreme Networks, Inc. ("Extreme") (NASDAQ:EXTR) today released financial results for its third quarter ended March 31, 2025, highlighting strong execution, continued market recovery in enterprise networking and Extreme's fourth consecutive quarter of sequential revenue growth.

    "Our continued growth reflects our elevated team performance as it pertains to generating opportunities and improving win rates, particularly among new logos we won from larger competitors. The simplicity of our cloud networking platform, differentiation of our enterprise campus fabric solution, and accelerated traction with new commercial models, such as selling through managed service providers, is creating a robust pipeline of opportunities and provides us with good visibility," said Ed Meyercord, President and Chief Executive Officer.

    "We continue building momentum for Extreme Platform ONE, the industry's only solution to offer holistic AI for networking. The solution drives significant automation by leveraging AI agents that assist in tasks across the entire network lifecycle, from planning and deployment to management and remediation, significantly reducing the time to complete complex tasks from hours to minutes. Nearly 100 customers have pre-ordered Platform ONE, and we see encouraging bookings activity, which is a positive sign for future demand," concluded Meyercord.

    Kevin Rhodes, Executive Vice President and Chief Financial Officer, stated, "Our team's strong execution drove continued sequential revenue growth in the third quarter. The resulting operating leverage led to another quarter of strong earnings and cash flow. We are seeing accelerated growth in our funnel and higher conversion rates, which give us confidence for the fourth quarter, driving year-over-year topline growth for the fiscal year. We expect earnings and cash flow growth based on our higher revenue outlook and prudent expense management."

    Fiscal Third Quarter Results:

    • Revenue $285 million, up 34.8% year-over-year, and up 1.8% quarter-over-quarter
    • SaaS ARR $184 million, up 13.4% year-over-year, and up 1.5% quarter-over-quarter
    • GAAP diluted EPS $0.03, compared to GAAP diluted loss per share $0.50 last year and GAAP diluted EPS $0.06 last quarter
    • Non-GAAP diluted EPS $0.21, compared to Non-GAAP diluted loss per share $0.19 last year and Non-GAAP EPS $0.21 last quarter
    • GAAP gross margin 61.7% compared to 56.8% last year and 62.7% last quarter
    • Non-GAAP gross margin 62.3% compared to 57.6% last year and 63.4% last quarter
    • GAAP operating profit margin 3.6% compared to GAAP operating loss margin 29.6% last year and GAAP operating profit margin 4.5% last quarter
    • Non-GAAP operating profit margin 14.1 % compared to Non-GAAP operating loss margin 12.2% last year and Non-GAAP operating profit margin 14.7% last quarter
    • Share repurchases amounted to $13 million during the quarter for a total of 853,247 shares

    Liquidity:

    • Q3 ending cash balance was $185.5 million, an increase of $15.2 million from the end of Q2 2025 and an increase of $34.5 million from the end of Q3 in the prior year.
    • Q3 net cash was $3.0 million, an increase of $17.7 million from net debt of $14.7 million at the end of Q2 2025 and an increase of $44.5 million from net debt of $41.5 million at the end of Q3 in the prior year.
    • During Q3, we generated net cash flow from operations of $30.0 million and had free cash flow of $24.2 million.

    Recent Key Highlights:

    • Extreme Platform ONE™ now available for MSPs: Extreme's Managed Service Provider (MSP) program offers an AI-driven multi-tenant architecture, consumption-based billing, and poolable licensing which provides MSPs with more predictable costs, helping to better manage finances and reduce risk in IT investments. Extreme Platform ONE helps MSPs simultaneously manage multiple clients' licenses, performance, and service interruptions within a single workspace, reducing the time and IT staff needed for operational excellence. Extreme currently has 48 MSP partners.
    • Extreme displaced a major competitor at The City of Everett, the seventh largest city in Washington state, which decided to upgrade its network and moved to a flexible, cost-effective Network-Infrastructure-as-a-Service (NIaaS) model. During the upgrade, the city can continue to manage aging third party devices with ExtremeCloud™ IQ while automating and provisioning new devices with Extreme Fabric, making it fast and easy to upgrade with no downtime.
    • Ferrovienord, an Italian transport company overseeing 120 regional railway stations, chose ExtremeCloud and Extreme Fabric to streamline network management, ensure consistent performance and low latency, and create secure network segmentation across its sites.
    • The United Soccer League selected Extreme as its Official Wi-Fi Solutions and Analytics Supplier, enabling teams to support modern stadium experiences from retail POS systems to mobile ticketing and mobile concessions, gain actionable insights on fan behavior and network performance, and streamline operations.
    • Six Flags Magic Mountain and Fiesta Texas are deploying ExtremeCloud alongside a new 6 GHz wireless network to enhance park operations and guest experiences. The upgraded network will create efficiencies within park infrastructures, reduce operating costs, and enable real-time visibility of network performance.

    Fiscal Q3 2025 Financial Metrics:

    (in millions, except percentages and per share information)

     

     

     

    GAAP Results

     

     

    Three Months Ended

     

     

    March 31,

    2025

     

    March 31,

    2024

     

    Change

    Product

     

    $

    178.1

     

     

    $

    106.4

     

     

    $

    71.7

     

    Subscription and support

     

     

    106.4

     

     

     

    104.6

     

     

     

    1.8

     

    Total net revenue

     

    $

    284.5

     

     

    $

    211.0

     

     

    $

    73.5

     

    Gross margin

     

     

    61.7

    %

     

     

    56.8

    %

     

     

    4.9

    %

    Operating margin

     

     

    3.6

    %

     

     

    (29.6

    )%

     

     

    33.2

    %

    Net income (loss)

     

    $

    3.5

     

     

    $

    (64.4

    )

     

    $

    67.9

     

    Net income (loss) per diluted share

     

    $

    0.03

     

     

    $

    (0.50

    )

     

    $

    0.53

     

     

     

    Non-GAAP Results

     

     

    Three Months Ended

     

     

    March 31,

    2025

     

    March 31,

    2024

     

    Change

    Product

     

    $

    178.1

     

     

    $

    106.4

     

     

    $

    71.7

     

    Subscription and support

     

     

    106.4

     

     

     

    104.6

     

     

     

    1.8

     

    Total net revenue

     

    $

    284.5

     

     

    $

    211.0

     

     

    $

    73.5

     

    Gross margin

     

     

    62.3

    %

     

     

    57.6

    %

     

     

    4.7

    %

    Operating margin

     

     

    14.1

    %

     

     

    (12.2

    )%

     

     

    26.3

    %

    Net income (loss)

     

    $

    28.0

     

     

    $

    (24.8

    )

     

    $

    52.8

     

    Net income (loss) per diluted share

     

    $

    0.21

     

     

    $

    (0.19

    )

     

    $

    0.40

     

    Extreme uses the non-GAAP free cash flow metric as a measure of operating performance. Free cash flow represents GAAP net cash provided by (used in) operating activities, less capital expenditures for purchases of property and equipment and capitalized software development costs. Extreme considers free cash flow to be useful information for management and investors regarding the amount of cash generated by the business after the purchases of property and equipment and capitalized software development costs, which can then be used to, among other things, invest in Extreme's business, make strategic acquisitions, and strengthen the balance sheet. A limitation of the utility of this non-GAAP free cash flow metric as a measure of financial performance is that it does not represent the total increase or decrease in the Company's cash balance for the period. The following table shows non-GAAP free cash flow calculation (in millions):

    Free Cash Flow

    Three Months Ended

     

    Nine Months Ended

     

    March 31,

    2025

     

    March 31,

    2024

     

    March 31,

    2025

     

    March 31,

    2024

    Cash flow provided by operations

    $

    30.0

     

    $

    (69.9

    )

    $

    70.1

     

    $

    40.0

     

    Less: Property and equipment capital expenditures

     

    (5.8

    )

     

    (3.7

    )

     

    (18.1

    )

     

    (13.6

    )

    Total free cash flow

    $

    24.2

     

    $

    (73.6

    )

    $

    52.0

     

    $

    26.4

     

    SaaS ARR: Extreme uses SaaS annual recurring revenue ("SaaS ARR") to identify the annual recurring revenue of ExtremeCloud IQ and other subscription revenue, based on the annualized value of quarterly subscription revenue and term-based licenses. We believe that SaaS ARR is an important metric because it is driven by our ability to acquire new customers and to maintain and expand our relationships with existing customers. SaaS ARR should be viewed independently of revenue or deferred revenue that are accounted for under U.S. GAAP. SaaS ARR does not have a standardized meaning and therefore may not be comparable to similarly titled measures presented by other companies. SaaS ARR is not intended to be a replacement for forecasts of revenue.

    Gross Debt: Gross debt is defined as long-term debt and the current portion of long-term debt as shown on the balance sheet plus unamortized debt issuance costs, if any.

    Net Cash (Debt) is defined as cash and cash equivalents minus gross debt, as shown in the table below (in millions):

    Cash and cash equivalents

    Gross debt

    Net cash (debt)

    $

    185.5

    $

    182.5

    $

    3.0

    Business Outlook:

    Extreme's business outlook is based on current expectations. The following statements are forward-looking, and actual results could differ materially based on various factors, including market conditions and the factors set forth under "Forward-Looking Statements" below.

    For its fourth quarter of fiscal 2025, ending June 30, 2025, the Company is targeting:

    (in millions, except percentages and per share information)

    Low-End

    High-End

    FQ4'25 Guidance – GAAP

     

     

     

     

    Total net revenue

    $

    295.0

     

    $

    305.0

     

    Gross margin

     

    61.1

    %

     

    62.1

    %

    Operating margin

     

    2.5

    %

     

    4.8

    %

    Earnings per share

    $

    0.02

     

    $

    0.07

     

    Shares outstanding used in calculating GAAP EPS

     

    134.2

     

     

    134.2

     

    FQ4'25 Guidance – Non-GAAP

     

     

     

     

    Total net revenue

    $

    295.0

     

    $

    305.0

     

    Gross margin

     

    61.8

    %

     

    62.8

    %

    Operating margin

     

    13.3

    %

     

    15.3

    %

    Earnings per share

    $

    0.21

     

    $

    0.25

     

    Diluted Shares outstanding used in calculating non-GAAP EPS

     

    134.2

     

     

    134.2

     

    The following table shows the GAAP to non-GAAP reconciliation for Q4 FY'25 guidance:

     

    FQ4'25

     

    Gross Margin

     

    Operating Margin

     

    Earnings per Share

    GAAP

    61.1% - 62.1%

     

    2.5% - 4.8%

     

    $0.02 - $0.07

    Estimated adjustments for:

     

     

     

     

     

    Share-based compensation

    0.5%

     

    7.0% - 7.2%

     

    0.16

    Amortization of product intangibles

    0.2%

     

    0.2%

     

    0.01

    Amortization of non-product intangibles

    —

     

    0.2%

     

    0.00

    Litigation charges

    —

     

    1.3% - 1.4%

     

    0.03

    System transition cost

    —

     

    1.8%

     

    0.04

    Tax adjustment

    —

     

    —

     

    (0.05) - (0.06)

    Non-GAAP

    61.8% - 62.8%

     

    13.3% - 15.3%

     

    $0.21 - $0.25

     

    The total of percentage rate changes may not equal the total change in all cases due to rounding.

    For the full year fiscal 2025, ending June 30, 2025, the Company is targeting (in millions):

     

    Low-End

     

    High-End

    FY'25 Guidance

     

     

     

     

     

    Total net revenue

    $

    1,128.0

     

     

    $

    1,138.0

     

    Conference Call:

    Extreme will host a conference call at 8:00 a.m. Eastern (5:00 a.m. Pacific) today to review the third quarter results of fiscal 2025 as well as the business outlook for the fourth quarter of fiscal 2025 ending June 30, 2025, including significant factors and assumptions underlying the targets noted above. The conference call will be available to the public through a live audio web broadcast via the internet at http://investor.extremenetworks.com and a replay of the call will be available on the website for at least 7 days following the call. To access the call, please go to this link (Extreme Networks Q3'25 Earnings Registration) and you will be provided with dial in details. If you would like to participate in the Q&A, please register here: Q&A Registration Link. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

    About Extreme:

    Extreme Networks, Inc. (EXTR) is a leader in AI-driven cloud networking, focused on delivering simple and secure solutions that help businesses address challenges and enable connections among devices, applications, and users. We push the boundaries of technology, leveraging the powers of artificial intelligence, analytics, and automation. Tens of thousands of customers globally trust our AI-driven cloud networking solutions and industry-leading support to enable businesses to drive value, foster innovation, and overcome extreme challenges. For more information, visit Extreme's website at www.extremenetworks.com or follow us on LinkedIn, YouTube, X, Facebook, or Instagram.

    Extreme Networks, ExtremeCloud, Extreme Platform ONE, and the Extreme Networks logo, are trademarks of Extreme Networks, Inc. or its subsidiaries in the United States and/or other countries. Other trademarks shown herein are the property of their respective owners.

    Non-GAAP Financial Measures:

    Extreme provides all financial information required in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company is providing with this press release non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, net cash (debt) and free cash flow. In preparing non-GAAP information, the Company has excluded, where applicable, the impact of share-based compensation, amortization of intangibles, restructuring and related charges, system transition costs, litigation charges, debt refinancing charges and the tax effect of non-GAAP adjustments. The Company believes that excluding these items provides both management and investors with additional insight into its current operations, the trends affecting the Company, the Company's marketplace performance, and the Company's ability to generate cash from operations. Please note the Company's non-GAAP measures may be different than those used by other companies. The additional non-GAAP financial information the Company presents should be considered in conjunction with, and not as a substitute for, the Company's GAAP financial information.

    The Company has provided a non-GAAP reconciliation of the results for the periods presented in this release, which are adjusted to exclude certain items as indicated. These measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures for comparable financial information and understanding of the Company's ongoing performance as a business. Extreme uses both GAAP and non-GAAP measures to evaluate and manage its operations.

    Forward-Looking Statements:

    Statements in this press release, including statements regarding those concerning the Company's business outlook and future operating metrics, financial and operating results, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements speak only as of the date of this release. There are several important factors that could cause actual results and other future events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, risks related to global macroeconomic and business trends; the Company's failure to achieve targeted financial metrics; a highly competitive business environment for network switching equipment and cloud management of network devices; the Company's effectiveness in controlling expenses; the possibility that the Company might experience delays in the development or introduction of new technology and products; customer response to the Company's new technology and products; risks related to pending or future litigation; political and geopolitical factors, including but not limited to the potential of tariffs imposed by the U.S. government and changes to U.S. tax regulations; and a dependency on third parties for certain components and for the manufacturing of the Company's products.

    For more information about factors that could cause actual results and other future events to differ materially from those suggested or indicated by such forward-looking statements, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended June 30, 2024, Quarterly Report on 10-Q for the quarters ended September 30, 2024 and December 31, 2024 and other documents of the Company on file with the Securities and Exchange Commission (available at www.sec.gov). As a result of these risks and others, actual results could vary significantly from those anticipated in this press release, and the Company's financial condition and results of operations could be materially adversely affected. Except as required under the U.S. federal securities laws and the rules and regulations of the Securities and Exchange Commission, Extreme disclaims any obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.

    EXTREME NETWORKS, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except per share amounts)

    (Unaudited)

     

     

     

     

     

     

    March 31,

    2025

    June 30,

    2024

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

    $

    185,480

     

    $

    156,699

     

    Accounts receivable, net

     

    99,546

     

     

    89,518

     

    Inventories

     

    115,738

     

     

    141,032

     

    Prepaid expenses and other current assets

     

    75,834

     

     

    79,677

     

    Total current assets

     

    476,598

     

     

    466,926

     

    Property and equipment, net

     

    39,521

     

     

    43,744

     

    Operating lease right-of-use assets, net

     

    39,796

     

     

    44,145

     

    Goodwill

     

    394,382

     

     

    393,709

     

    Intangible assets, net

     

    7,312

     

     

    10,613

     

    Other assets

     

    115,468

     

     

    83,457

     

    Total assets

    $

    1,073,077

     

    $

    1,042,594

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

    $

    47,110

     

    $

    51,423

     

    Accrued compensation and benefits

     

    44,575

     

     

    42,064

     

    Accrued warranty

     

    9,473

     

     

    10,942

     

    Current portion of deferred revenue

     

    311,841

     

     

    306,114

     

    Current portion of long-term debt, net of unamortized debt issuance costs of $741 and $674, respectively

     

    13,009

     

     

    9,326

     

    Current portion, operating lease liabilities

     

    11,165

     

     

    10,547

     

    Other accrued liabilities

     

    74,789

     

     

    87,172

     

    Total current liabilities

     

    511,962

     

     

    517,588

     

    Deferred revenue, less current portion

     

    276,874

     

     

    268,909

     

    Long-term debt, less current portion, net of unamortized debt issuance costs of $1,456 and $1,735, respectively

     

    167,294

     

     

    178,265

     

    Operating lease liabilities, less current portion

     

    35,847

     

     

    41,466

     

    Deferred income taxes

     

    6,883

     

     

    7,978

     

    Other long-term liabilities

     

    2,512

     

     

    3,106

     

    Commitments and contingencies

     

     

     

     

    Stockholders' equity:

     

     

     

     

    Convertible preferred stock, $0.001 par value, issuable in series, 2,000 shares authorized; none issued

     

    —

     

     

    —

     

    Common stock, $0.001 par value, 750,000 shares authorized; 152,154 and 148,503 shares issued, respectively; 133,082 and 130,284 shares outstanding, respectively

     

    152

     

     

    149

     

    Additional paid-in-capital

     

    1,280,042

     

     

    1,220,379

     

    Accumulated other comprehensive loss

     

    (16,062

    )

     

    (15,483

    )

    Accumulated deficit

     

    (941,626

    )

     

    (941,962

    )

    Treasury stock at cost, 19,072 and 18,219 shares, respectively

     

    (250,801

    )

     

    (237,801

    )

    Total stockholders' equity

     

    71,705

     

     

    25,282

     

    Total liabilities and stockholders' equity

    $

    1,073,077

     

    $

    1,042,594

     

     

    EXTREME NETWORKS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share amounts)

    (Unaudited)

     

     

     

     

     

     

    Three Months Ended

    Nine Months Ended

     

    March 31,

    2025

    March 31,

    2024

    March 31,

    2025

    March 31,

    2024

    Net revenues:

     

     

     

     

     

     

     

     

    Product

    $

    178,060

     

    $

    106,442

     

    $

    512,605

     

    $

    546,536

     

    Subscription and support

     

    106,445

     

     

    104,594

     

     

    320,459

     

     

    314,014

     

    Total net revenues

     

    284,505

     

     

    211,036

     

     

    833,064

     

     

    860,550

     

    Cost of revenues:

     

     

     

     

     

     

     

     

    Product

     

    76,059

     

     

    60,837

     

     

    218,065

     

     

    250,866

     

    Subscription and support

     

    33,037

     

     

    30,298

     

     

    94,960

     

     

    93,477

     

    Total cost of revenues

     

    109,096

     

     

    91,135

     

     

    313,025

     

     

    344,343

     

    Gross profit:

     

     

     

     

     

     

     

     

    Product

     

    102,001

     

     

    45,605

     

     

    294,540

     

     

    295,670

     

    Subscription and support

     

    73,408

     

     

    74,296

     

     

    225,499

     

     

    220,537

     

    Total gross profit

     

    175,409

     

     

    119,901

     

     

    520,039

     

     

    516,207

     

    Operating expenses:

     

     

     

     

     

     

     

     

    Research and development

     

    55,656

     

     

    54,517

     

     

    164,990

     

     

    165,366

     

    Sales and marketing

     

    79,773

     

     

    87,708

     

     

    241,123

     

     

    264,782

     

    General and administrative

     

    29,537

     

     

    25,213

     

     

    92,202

     

     

    74,470

     

    Restructuring and related (benefit) charges

     

    (441

    )

     

    14,421

     

     

    1,871

     

     

    26,312

     

    Amortization of intangible assets

     

    507

     

     

    511

     

     

    1,528

     

     

    1,531

     

    Total operating expenses

     

    165,032

     

     

    182,370

     

     

    501,714

     

     

    532,461

     

    Operating income (loss)

     

    10,377

     

     

    (62,469

    )

     

    18,325

     

     

    (16,254

    )

    Interest income

     

    972

     

     

    1,239

     

     

    2,657

     

     

    3,895

     

    Interest expense

     

    (3,797

    )

     

    (4,179

    )

     

    (12,398

    )

     

    (12,766

    )

    Other income (expense), net

     

    (385

    )

     

    361

     

     

    (445

    )

     

    373

     

    Income (loss) before income taxes

     

    7,167

     

     

    (65,048

    )

     

    8,139

     

     

    (24,752

    )

    Provision for (benefit from) income taxes

     

    3,709

     

     

    (623

    )

     

    7,803

     

     

    7,009

     

    Net income (loss)

    $

    3,458

     

    $

    (64,425

    )

    $

    336

     

    $

    (31,761

    )

     

     

     

     

     

     

     

     

     

    Basic and diluted income (loss) per share:

     

     

     

     

     

     

     

     

    Net income (loss) per share – basic

    $

    0.03

     

    $

    (0.50

    )

    $

    0.00

     

    $

    (0.25

    )

    Net income (loss) per share – diluted

    $

    0.03

     

    $

    (0.50

    )

    $

    0.00

     

    $

    (0.25

    )

     

     

     

     

     

     

     

     

     

    Shares used in per share calculation – basic

     

    132,979

     

     

    129,299

     

     

    132,173

     

     

    129,021

     

    Shares used in per share calculation – diluted

     

    134,590

     

     

    129,299

     

     

    133,770

     

     

    129,021

     

     

    EXTREME NETWORKS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)

     

     

     

     

    Nine Months Ended

     

    March 31,

    2025

    March 31,

    2024

    Cash flows from operating activities:

     

     

     

     

    Net income (loss)

    $

    336

     

    $

    (31,761

    )

    Adjustments to reconcile net income (loss) to net cash provided by operating activities:

     

     

     

     

    Depreciation

     

    11,261

     

     

    13,821

     

    Amortization of intangible assets

     

    3,356

     

     

    4,192

     

    Reduction in carrying amount of right-of-use asset

     

    7,386

     

     

    8,834

     

    Provision for credit losses

     

    85

     

     

    1,770

     

    Share-based compensation

     

    61,573

     

     

    58,709

     

    Deferred income taxes

     

    (879

    )

     

    (153

    )

    Provision for excess and obsolete inventory(1)

     

    1,616

     

     

    24,543

     

    Non-cash interest expense

     

    902

     

     

    795

     

    Other

     

    703

     

     

    (3,225

    )

    Changes in operating assets and liabilities:

     

     

     

     

    Accounts receivable, net

     

    (10,113

    )

     

    85,837

     

    Inventories(1)

     

    14,445

     

     

    (122,132

    )

    Prepaid expenses and other assets

     

    (20,331

    )

     

    (13,855

    )

    Accounts payable

     

    (3,982

    )

     

    (17,340

    )

    Accrued compensation and benefits

     

    1,302

     

     

    (27,252

    )

    Operating lease liabilities

     

    (8,060

    )

     

    (8,780

    )

    Deferred revenue

     

    17,746

     

     

    59,301

     

    Other current and long-term liabilities

     

    (7,254

    )

     

    6,693

     

    Net cash provided by operating activities

     

    70,092

     

     

    39,997

     

    Cash flows from investing activities:

     

     

     

     

    Capital expenditures

     

    (18,067

    )

     

    (13,632

    )

    Net cash used in investing activities

     

    (18,067

    )

     

    (13,632

    )

    Cash flows from financing activities:

     

     

     

     

    Net payments on revolving facility

     

    —

     

     

    (25,000

    )

    Payments on debt obligations

     

    (7,500

    )

     

    (7,500

    )

    Payments on debt financing costs

     

    (695

    )

     

    —

     

    Repurchase of common stock

     

    (13,000

    )

     

    (49,855

    )

    Payments for tax withholdings, net of proceeds from issuance of common stock

     

    (1,907

    )

     

    (27,564

    )

    Net cash used in financing activities

     

    (23,102

    )

     

    (109,919

    )

    Foreign currency effect on cash and cash equivalents

     

    (142

    )

     

    (265

    )

    Net increase (decrease) in cash and cash equivalents

     

    28,781

     

     

    (83,819

    )

     

     

     

     

     

    Cash and cash equivalents at beginning of period

     

    156,699

     

     

    234,826

     

    Cash and cash equivalents at end of period

    $

    185,480

     

    $

    151,007

     

    ____________________

    (1) The prior period amounts have been reclassified to conform to the current period presentation

    Extreme Networks, Inc.

    Non-GAAP Measures of Financial Performance

    To supplement the Company's consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), Extreme uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, net cash (debt) and free cash flow.

    Reconciliation to the nearest GAAP measure of all historical non-GAAP measures included in this press release can be found in the tables included with this press release.

    Non-GAAP measures presented in this press release are not in accordance with or alternative measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Extreme's results of operations as determined in accordance with GAAP. These non-GAAP measures should only be used to evaluate Extreme's results of operations in conjunction with the corresponding GAAP measures.

    Extreme believes these non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, enhance investors' and management's overall understanding of the Company's current financial performance and the Company's prospects for the future, including cash flows available to pursue opportunities to enhance stockholder value. In addition, because Extreme has historically reported certain non-GAAP results to investors, the Company believes the inclusion of non-GAAP measures provides consistency in the Company's financial reporting.

    For its internal planning process, and as discussed further below, Extreme's management uses financial statements that do not include share-based compensation expense, amortization of intangibles, restructuring and related charges, system transition costs, litigation charges, debt refinancing charges and the tax effect of non-GAAP adjustments. Extreme's management also uses non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the Company's financial results.

    As described above, Extreme excludes the following items from one or more of its non-GAAP measures when applicable.

    Share-based compensation. Consists of associated expenses for stock options, restricted stock awards and the Company's Employee Stock Purchase Plan. Extreme excludes share-based compensation expenses from its non-GAAP measures primarily because they are non-cash expenses that the Company does not believe are reflective of ongoing cash requirement related to its operating results. Extreme expects to incur share-based compensation expenses in future periods.

    Amortization of intangibles. Amortization of intangibles includes the monthly amortization expense of intangible assets such as developed technology, customer relationships, trademarks and order backlog. The amortization of the developed technology and order backlog are recorded in cost of goods sold, while the amortization for the other intangibles is recorded in operating expenses. Extreme excludes these expenses since they result from an intangible asset and for which the period expense does not impact the operations of the business and are non-cash in nature.

    Restructuring and related charges. Restructuring and related charges consist of severance costs for employees, asset disposal costs and other charges related to excess facilities that do not provide economic benefit to our future operations. Extreme excludes restructuring expenses since they result from events that occur outside of the ordinary course of continuing operations.

    System transition costs. System transition costs consist of costs related to direct and incremental costs incurred in connection with our multi-phase transition of our customer relationship management solution and our configure, price, quote solution. Extreme excludes these costs because we believe that these costs do not reflect future operating expenses and will be inconsistent in amount and frequency, making it difficult to contribute to a meaningful evaluation of our operating performance.

    Litigation charges. Litigation charges consist of estimated settlement and related legal expenses for a non-recurring pending litigation offset by any proceeds received or expected to be received from insurance.

    Debt refinancing charges. Debt refinancing charges consist of costs that were not capitalizable and are included in other income (expense), that occurred in conjunction with the amendment related to our outstanding credit facility.

    Tax effect of non-GAAP adjustments. We calculate our non-GAAP provision for income taxes in accordance with the SEC guidance on non-GAAP Financial Measures Compliance and Disclosure Interpretation. We have assumed our U.S. federal and state net operating losses would have been fully consumed by the historical non-GAAP financial adjustments, eliminating the need for a full valuation allowance against our U.S. deferred tax assets which, consequently, enables our use of research and development tax credits. The non-GAAP tax provision consists of current and deferred income tax expense commensurate with the non-GAAP measure of profitability using our blended U.S. statutory tax rate of 24.6%.

    The non-GAAP provision for income taxes has typically been and is currently higher than the GAAP provision given the Company has a valuation allowance against its US and a portion of its Irish deferred tax assets due to historical losses. Once these valuation allowances are released, the non-GAAP and the GAAP provision for income taxes will be more closely aligned.

    Over the next year, our cash taxes will be driven by US federal and state taxes and the tax expense of our foreign subsidiaries, which amounts have not historically been significant, with the exception of the Company's Canadian, German and Indian subsidiaries which perform research and development and sales and marketing activities for the Company, as well as the Company's Irish trading subsidiaries.

    EXTREME NETWORKS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    GAAP TO NON-GAAP RECONCILIATION

    (In thousands, except percentages and per share amounts)

    (Unaudited)

     

    Revenues

    Three Months Ended

     

    Nine Months Ended

     

    March 31,

    2025

     

    March 31,

    2024

     

    March 31,

    2025

     

    March 31,

    2024

    Revenues – GAAP

    $

    284,505

     

     

    $

    211,036

     

     

    $

    833,064

     

     

    $

    860,550

     

     

    Non-GAAP Gross Margin

    Three Months Ended

     

    Nine Months Ended

     

    March 31,

    2025

     

    March 31,

    2024

     

    March 31,

    2025

     

    March 31,

    2024

    Gross profit – GAAP

    $

    175,409

     

    $

    119,901

     

    $

    520,039

     

    $

    516,207

     

    Gross margin – GAAP percentage

     

    61.7

    %

     

    56.8

    %

     

    62.4

    %

     

    60.0

    %

    Adjustments:

     

     

     

     

     

     

     

     

    Share-based compensation expense, Product

     

    663

     

     

    405

     

     

    1,961

     

     

    1,352

     

    Share-based compensation expense, Subscription and support

     

    706

     

     

    679

     

     

    2,193

     

     

    2,294

     

    Amortization of intangibles, Product

     

    580

     

     

    599

     

     

    1,775

     

     

    2,336

     

    Amortization of intangibles, Subscription and support

     

    —

     

     

    —

     

     

    —

     

     

    272

     

    Total adjustments to GAAP gross profit

    $

    1,949

     

    $

    1,683

     

    $

    5,929

     

    $

    6,254

     

    Gross profit – non-GAAP

    $

    177,358

     

    $

    121,584

     

    $

    525,968

     

    $

    522,461

     

    Gross margin – non-GAAP percentage

     

    62.3

    %

     

    57.6

    %

     

    63.1

    %

     

    60.7

    %

     

    Non-GAAP Operating Margin

    Three Months Ended

    Nine Months Ended

     

    March 31,

    2025

    March 31,

    2024

    March 31,

    2025

    March 31,

    2024

    GAAP operating income (loss)

    $

    10,377

     

    $

    (62,469

    )

    $

    18,325

     

    $

    (16,254

    )

    GAAP operating margin

     

    3.6

    %

     

    (29.6

    )%

     

    2.2

    %

     

    (1.9

    )%

    Adjustments:

     

     

     

     

     

     

     

     

    Share-based compensation expense, cost of revenues

     

    1,369

     

     

    1,084

     

     

    4,154

     

     

    3,646

     

    Share-based compensation expense, R&D

     

    4,178

     

     

    4,226

     

     

    12,858

     

     

    13,038

     

    Share-based compensation expense, S&M

     

    6,963

     

     

    5,683

     

     

    21,441

     

     

    20,206

     

    Share-based compensation expense, G&A

     

    7,844

     

     

    6,840

     

     

    23,120

     

     

    21,819

     

    Restructuring and related (benefit) charges

     

    (441

    )

     

    14,421

     

     

    1,871

     

     

    26,312

     

    Litigation charges

     

    1,123

     

     

    2,605

     

     

    12,716

     

     

    5,418

     

    System transition costs

     

    7,548

     

     

    847

     

     

    16,919

     

     

    2,446

     

    Amortization of intangibles

     

    1,087

     

     

    1,110

     

     

    3,303

     

     

    4,139

     

    Total adjustments to GAAP operating income (loss)

    $

    29,671

     

    $

    36,816

     

    $

    96,382

     

    $

    97,024

     

    Non-GAAP operating income (loss)

    $

    40,048

     

    $

    (25,653

    )

    $

    114,707

     

    $

    80,770

     

    Non-GAAP operating margin

     

    14.1

    %

     

    (12.2

    )%

     

    13.8

    %

     

    9.4

    %

     

     

     

     

     

     

     

     

     

    Non-GAAP Net Income (Loss)

    Three Months Ended

     

    Nine Months Ended

     

    March 31,

    2025

     

    March 31,

    2024

     

    March 31,

    2025

     

    March 31,

    2024

    GAAP net income (loss)

    $

    3,458

     

    $

    (64,425

    )

    $

    336

     

    $

    (31,761

    )

    Adjustments:

     

     

     

     

     

     

     

     

    Share-based compensation expense

     

    20,354

     

     

    17,833

     

     

    61,573

     

     

    58,709

     

    Restructuring and related (benefit) charges

     

    (441

    )

     

    14,421

     

     

    1,871

     

     

    26,312

     

    Litigation charges

     

    1,123

     

     

    2,605

     

     

    12,716

     

     

    5,418

     

    System transition costs

     

    7,548

     

     

    847

     

     

    16,919

     

     

    2,446

     

    Amortization of intangibles

     

    1,087

     

     

    1,110

     

     

    3,303

     

     

    4,139

     

    Debt refinancing charges, Other income (expense)

     

    —

     

     

    —

     

     

    79

     

     

    —

     

    Tax effect of non-GAAP adjustments

     

    (5,171

    )

     

    2,812

     

     

    (17,866

    )

     

    (12,045

    )

    Total adjustments to GAAP net income (loss)

    $

    24,500

     

    $

    39,628

     

    $

    78,595

     

    $

    84,979

     

    Non-GAAP net income (loss)

    $

    27,958

     

    $

    (24,797

    )

    $

    78,931

     

    $

    53,218

     

     

     

     

     

     

     

     

     

     

    Earnings (Loss) per share

     

     

     

     

     

     

     

     

    GAAP net income (loss) per share – diluted

    $

    0.03

     

    $

    (0.50

    )

    $

    0.00

     

    $

    (0.25

    )

    Non-GAAP net income (loss) per share – diluted

    $

    0.21

     

    $

    (0.19

    )

    $

    0.59

     

    $

    0.40

     

     

     

     

     

     

     

     

     

     

    Shares used in net income (loss) per share – diluted:

     

     

     

     

     

     

     

     

    GAAP Shares used in per share calculation – basic

     

    132,979

     

     

    129,299

     

     

    132,173

     

     

    129,021

     

    Potentially dilutive equity awards

     

    1,611

     

     

    0

     

     

    1,597

     

     

    3,209

     

    GAAP and Non-GAAP shares used in per share calculation – diluted

     

    134,590

     

     

    129,299

     

     

    133,770

     

     

    132,230

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250430142265/en/

    For more information, contact:



    Investor Relations

    Stan Kovler

    919/595-4196

    [email protected]



    Media Contact

    Amy Aylward

    603/952-5138

    [email protected]

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      Company creates new executive role to drive the interlock between innovation and customer experience Extreme Networks, Inc. (NASDAQ:EXTR), a leader in AI-powered automation for networking, today announced it has appointed Anisha Vaswani as Chief Information and Customer Officer (CICO). Vaswani will report directly to Extreme President and CEO Ed Meyercord. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250312313303/en/Anisha Vaswani, Chief Information and Customer Officer at Extreme Networks (Photo: Business Wire) As CICO, Vaswani will develop and implement the company's overall IT strategy, ensuring that technology investments

      3/12/25 7:05:00 AM ET
      $EXTR
      Computer Communications Equipment
      Telecommunications
    • Extreme Networks Strengthens Executive Leadership Team

      Norman Rice Named Chief Commercial Officer; Streamlines Go-to-Market Team to Drive Long-Term Growth Extreme Networks, Inc. (NASDAQ:EXTR) today announced it has strengthened and realigned its executive team. Norman Rice has been elevated to the role of Chief Commercial Officer. In his new role, Rice will focus on driving revenue growth and leading the company's sales, partner, services and supply chain organizations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240108426952/en/Norman Rice, Chief Commercial Officer, Extreme Networks (Photo: Business Wire) Rice joined the company in 2015 and most recently served as Chief Operat

      1/8/24 4:31:00 PM ET
      $EXTR
      Computer Communications Equipment
      Telecommunications
    • Extreme Networks Appoints Monica Kumar as Chief Marketing Officer

      20+ Year Tech Marketing Veteran to Help Drive Company Through Next Phase of Growth Extreme Networks™, Inc. (NASDAQ:EXTR) today announced that Monica Kumar has been appointed as the company's new Executive Vice President and Chief Marketing Officer (CMO). Kumar brings extensive B2B marketing experience with a history of accelerating growth through compelling product differentiation and impactful, revenue generating go-to-market strategies. Kumar will lead the company's global marketing organization and report to Extreme's President and CEO, Ed Meyercord. Kumar has deep industry and technical knowledge of enterprise cloud computing and a proven track record of simplifying complex product

      12/20/23 7:05:00 AM ET
      $EXTR
      Computer Communications Equipment
      Telecommunications

    $EXTR
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    • Extreme Networks Reports Third Quarter Fiscal Year 2025 Financial Results

      Marks Fourth Consecutive Quarter of Sequential Revenue Growth Strong Funnel Provides Increased Visibility and Confidence in Outlook Extreme Networks, Inc. ("Extreme") (NASDAQ:EXTR) today released financial results for its third quarter ended March 31, 2025, highlighting strong execution, continued market recovery in enterprise networking and Extreme's fourth consecutive quarter of sequential revenue growth. "Our continued growth reflects our elevated team performance as it pertains to generating opportunities and improving win rates, particularly among new logos we won from larger competitors. The simplicity of our cloud networking platform, differentiation of our enterprise campus fabri

      4/30/25 7:05:00 AM ET
      $EXTR
      Computer Communications Equipment
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    • Extreme Networks Schedules Third Quarter 2025 Financial Results Conference Call

      Extreme Networks, Inc. (NASDAQ:EXTR), a leader in AI-powered automation for networking, today announced plans to release financial results for its third fiscal quarter 2025, ended March 31, 2025. The company will announce before market open on Wednesday, April 30, 2025, followed by an earnings conference call and webcast at 8:00 a.m. ET. The details for the webcast are: When:   Wednesday, April 30, 2025 at 8:00 a.m. ET (5:00 a.m. PT) Where: https://investor.extremenetworks.com Dial in/webcast: To access the call by phone or webcast, please go to this link (Registration Link) and you will be provided with dial-in details. To avoid delays, we encourage participa

      4/7/25 7:05:00 AM ET
      $EXTR
      Computer Communications Equipment
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    • Extreme Networks Reports Second Quarter Fiscal Year 2025 Financial Results

      Consistent Execution Drives Third Quarter of Sequential Revenue Growth, Powering Earnings Above Guidance Extreme Networks, Inc. ("Extreme") (NASDAQ:EXTR) today released financial results for its second quarter ended December 31, 2024, highlighting continued market recovery in enterprise networking, and marking Extreme's third consecutive quarter of sequential revenue growth. "Our competitive win rates continue to improve, especially with larger enterprise customers. Our success is based on the simplicity and feature differentiation of our cloud networking platform and unique enterprise campus fabric solution. Changes in the competitive environment and early traction with our commercial

      1/29/25 7:05:00 AM ET
      $EXTR
      Computer Communications Equipment
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    $EXTR
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    • Amendment: SEC Form SC 13G/A filed by Extreme Networks Inc.

      SC 13G/A - EXTREME NETWORKS INC (0001078271) (Subject)

      11/12/24 2:21:49 PM ET
      $EXTR
      Computer Communications Equipment
      Telecommunications
    • Amendment: SEC Form SC 13G/A filed by Extreme Networks Inc.

      SC 13G/A - EXTREME NETWORKS INC (0001078271) (Subject)

      11/4/24 11:48:00 AM ET
      $EXTR
      Computer Communications Equipment
      Telecommunications
    • SEC Form SC 13G/A filed by Extreme Networks Inc. (Amendment)

      SC 13G/A - EXTREME NETWORKS INC (0001078271) (Subject)

      2/9/24 5:46:31 PM ET
      $EXTR
      Computer Communications Equipment
      Telecommunications