Based on preliminary results, total revenue for 2018 is expected to be about $450 million. As of December 31, 2018, cash, investments, and restricted cash totaled somewhat more than $240 million.
While a wide range of results remains possible for 2019 and based on the company's preliminary 2018 results, Cray continues to expect 2019 annual revenue to grow modestly compared to 2018. The company expects to recognize a substantial net loss for both 2018 and 2019. Revenue is expected to be about $70 million for the first quarter of 2019.
"We finished the year on a strong note, completing all of our large acceptances targeted for the fourth quarter", stated Peter Ungaro, president and CEO of Cray. "While our core market continues to show signs of a rebound, we expect to grow modestly in 2019 as we transition to our next generation Shasta supercomputer systems late this year and a significant number of large opportunities are slated for delivery in 2020 and beyond. Overall, I'm pleased with our progress in 2018 and excited about our product roadmap and ability to drive long-term growth."