Calix J.P. Morgan TMC Conference Takeaways

研报英文原文证据摘录

Calix J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

19 May 2026

Calix Overweight

CALX, CALX US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$39.86

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Marc Vitenzon

(1-212) 622-3342

We hosted a fireside chat with Cory Sindelar, Chief Financial Officer, at our 54th marc.vitenzon@jpmchase.com

annual J.P. Morgan Global TMC Conference. Our key takeaways include: Joseph Cardoso

• Calix is working with early adopters who have all three clouds in Calix (1-212)joseph.cardoso@jpmchase.com622-9036

One to demonstrate the value of the platform in order to eventually drive

Manmohanpreet Singh

adoption throughout the rest of the customer base. Given that access to (1-212) 622-4527

meaningful AI features requires customers to have all three clouds under the manmohanpreet.singh@jpmchase.com

Calix One platform, agentic workflows are currently limited to early adopters. Akanksh Chauhan

That said, Mr. Sindelar emphasized that the goal is not to monetize AI by selling (1-212) 622-0045

more clouds, but rather to increase the rate at which customers add subscribers, akanksh.chauhan@jpmorgan.com

since all platform and managed services are billed on a per-subscriber basis. J.P. Morgan Securities LLC

RPO was characterized as a leading indicator for the success of Calix One, with

reacceleration expected in 2H26 as proof points accumulate heading into the

ConneXions show in October, with 4Q typically a strong quarter for contract

signings.

• MDU is the primary entry point into Tier 1 accounts, with the opportunity

described as ~$10 bn of incremental TAM that could double the size of the

company.