[Update - 10% Customer:Cox] Procera Reduces Revenue Guidance

 

2 days ago I posted a report on Procera's Q2 earning call (here). Since then Procera had filled its quarterly report with the SEC (10-Q form - here).

The report has information about Procera's 10% customers, as follows:

"..  for the year ended December 31, 2009, revenue from one customer accounted for 44% of net revenue with no other single customer accounting for more than 10% of net revenue. For the three and six month periods ended June 30, 2010, revenue from that same customer represented 23% and 21% of net revenue, respectively, and for the six month period ended June 30, 2010, revenue from another customer represented 11% of net revenue, with no other single customer representing more than 10% of net revenue. Moreover, the proportion of our revenues derived from a limited number of customers may be even higher in any future quarter"

Further in the document we can see that Cox Communications is disclosed as the 2009 44% customer:

"For the three and six month periods ended June 30, 2010, revenue from one customer (Cox Communications, Inc.) represented 23% and 21% of net revenues, respectively, and for the six month period ended June 30, 2010, revenue from another customer represented 11% of net revenues, with no other single customer representing more than 10% of net revenues. For the three month period ended June 30, 2009, revenue from three customers represented 29%, 14% and 10%, of net revenues, respectively, and for the six month period ended June 30, 2009, revenue from three customers represented 20%, 15% and 12%, of net revenues, respectively, with no other single customer representing more than 10% of net revenues."

So revenues from Cox were $8.9M in '09 and $1.7 M in H1 of '10, totaling to $10.6M. Cox seems to be the customer behind the $9.9M tier-1 orders announced in "Procera Networks Secures Large Follow-on Order" - here.