ADTRAN Holdings, Inc.

Listed Company

ADTNCIK 0000926282NasdaqAcceleratedTelephone & Telegraph ApparatusFY ends Dec 31

Period

FY 2025

Revenue

$1.08B

Net Income

$-45.66M

Total Assets

$1.20B

Equity

$145.83M

Shares Out

80.66M

Op. Cash Flow

$129.77M

Business

ADTRAN Holdings, Inc. is a global provider of networking and communications platforms, software, systems and services focused on metro optical transport, data center interconnect and broadband access. It offers hardware and software products including cloud‑managed Wi‑Fi gateways, virtualization software, switches, optical line terminals (OLTs), optical networking terminals (ONTs), optical engines and SaaS applications, along with network design, implementation, maintenance and managed services. The company operates two reportable segments—Network Solutions and Services & Support—and reports revenue across Subscriber, Access & Aggregation and Optical Networking categories. It sells to service providers, cable/MSOs, utilities, enterprises and government agencies via a direct global sales organization and distribution partners across North America, EMEA and APAC.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Revenue	1,084	923	1,149	1,026	563
Total Cost of Revenue	669	599	818	698	345
Gross Profit	415	324	331	327	218
Selling, general and administrative expenses	226	233	259	209	124
Research and development expenses	204	222	258	174	109
Goodwill impairment	0	297	38	0	0
Operating Loss	−16	−428	−224	−73	−15
Interest and dividend income	2	3	2	2	3
Interest expense	−19	−22	−16	−3	−34,000
Net investment gain	3	4	3	−11	2
Other (expense) income, net	−2	246,000	1	15	4
Loss Before Income Taxes	−31	−443	−234	−71	−6
Income tax expense	−5	−7	−28	62	−2
Net Loss	−36	−450	−262	−9	−9
Net Income attributable to non-controlling interest	9	10	7	−7	—
Net Loss attributable to ADTRAN Holdings, Inc.	−46	−460	−269	−2	−9
Weighted average shares outstanding basic	80	79	78	62	49
Weighted average shares outstanding diluted	80	79	78	62	49
Loss per common share attributable to ADTRAN Holdings, Inc. - basic	−0.52	−5.79	−3.43	−0.03	−0.18
Loss per common share attributable to ADTRAN Holdings, Inc. - diluted	−0.52	−5.79	−3.43	−0.03	−0.18

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-06-30
Cash and cash equivalents	96	76	87	109	—
Accounts receivable, less allowance for credit losses of $1,318 and $1,300 as of December 31, 2025 and 2024, respectively	211	178	216	279	—
Other receivables	7	10	17	33	—
Inventory, net	216	262	362	428	—
Income tax receivable	4	5	8	—	—
Prepaid expenses and other current assets	55	56	46	34	—
Short-term investments - deferred compensation	35	—	—	—	—
Assets held for sale	12	12	—	—	—
Total Current Assets	635	599	737	882	—
Property, plant and equipment, net	124	107	114	111	—
Goodwill	60	53	358	382	351
Intangibles, net	294	285	337	401	—
Deferred tax assets	16	18	26	68	—
Other non-current assets	73	78	88	67	—
Long-term investments	1	32	28	33	—
Total Assets	1,204	1,171	1,683	1,943	—
Accounts payable	167	172	163	238	—
Unearned revenue	88	53	47	41	—
Accrued expenses and other liabilities	34	34	36	35	—
Accrued wages and benefits	32	33	27	45	—
Deferred compensation liability	37	—	—	—	—
Income tax payable	4	2	5	9	—
Total Current Liabilities	362	293	278	429	—
Non-current revolving credit agreement outstanding	25	190	195	60	—
Non-current convertible senior notes, net of debt issuance costs	193	—	—	—	—
Deferred tax liabilities	27	30	36	62	—
Non-current unearned revenue	27	22	25	19	—
Non-current pension liability	6	9	13	11	—
Non-current deferred compensation liability	—	33	29	27	—
Non-current lease obligations	27	26	31	23	—
Other non-current liabilities	18	18	29	10	—
Total Liabilities	685	622	636	640	—
Commitments and contingencies (see Note 17)	—	—	—	—	—
Redeemable Non-Controlling Interest	373	423	442	—	—
Common stock, par value $0.01 per share; 200,000 shares authorized; 80,188 shares issued and 79,926 outstanding as of December 31, 2025 and 79,483 shares issued and 79,218 outstanding as of December 31, 2024	802,000	795,000	790,000	781,000	—
Additional paid-in capital	801	809	795	896	—
Accumulated other comprehensive income	79	11	47	26	—
Retained deficit	−730	−689	−233	55	—
Less treasury stock at cost: 262 and 266 shares as of December 31, 2025 and 2024, respectively	−5	−5	−6	−4	—
Total Equity	146	127	605	1,304	—
Total Liabilities and Equity	1,204	1,171	1,683	1,943	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	93	91	113	68	16
Amortization of revolving credit facility issuance costs	1	4	862,000	—	—
Amortization of convertible notes issuance costs	441,000	—	—	—	—
Accretion on available-for-sale investments, net	—	—	−22,000	19,000	108,000
Gain on investments	−5	−5	−3	10	−5
Net loss on disposal of property, plant and equipment	228,000	1	458,000	152,000	4,000
Stock-based compensation expense	10	16	16	28	7
Deferred income taxes	−4	6	16	−62	−2
Inventory write down - business efficiency program	—	4	24	—	—
Inventory reserves	−3	5	26	−2	−5
Other, net	—	—	−3	—	112,000
Accounts receivable, net	−18	46	72	788,000	−61
Other receivables	6	11	10	−20	10
Income taxes receivable	2	648,000	2	—	—
Inventory	64	80	22	−73	−11
Prepaid expenses, other current assets and other assets	19	−13	−32	−7	−7
Accounts payable	18	10	−92	28	53
Accrued expenses and other liabilities	−18	5	11	−20	10
Income taxes payable	−722,000	−5	−4	−2	5
Net cash provided by (used in) operating activities	130	104	−43	−44	3
Purchases of property, plant and equipment	−32	−35	−36	−17	−6
Purchases of intangibles - developed technology	−38	−31	−9	—	—
Proceeds from sales and maturities of available-for-sale investments	1	1	11	52	50
Purchases of available-for-sale investments	−383,000	−268,000	−868,000	−24	−35
(Payments for) proceeds from beneficial interests in securitized accounts receivable	−539,000	−55,000	1	1	—
Net cash used in investing activities	−69	−64	−35	56	10
Tax withholdings related to stock-based compensation settlements	−1	−1	−6	−4	−2
Proceeds from stock option exercises	2	824,000	540,000	7	6
Dividend payments	—	0	−21	−23	−18
Proceeds from receivables purchase agreement	—	69	14	—	—
Repayments on receivables purchase agreement	—	−84	—	—	—
Proceeds from draw on revolving credit agreement	49	26	164	142	10
Repayment of revolving credit agreement	−214	−31	−65	−48	−10
Redemption of redeemable non-controlling interest	−47	−17	−1	—	—
Payment of annual recurring compensation to non-controlling interest	−10	−10	—	—	—
Payment of debt issuance cost	−9	−2	−708,000	−3	—
Proceeds from issuance of senior convertible notes	201	—	—	—	—
Payments for capped call transactions related to convertible senior notes	−18	—	—	—	—
Repayment of notes payable	—	—	−25	−18	—
Net cash (used in) provided by financing activities	−47	−50	59	53	−13
Net increase (decrease) in cash and cash equivalents	14	−11	−19	65	316,000
Effect of exchange rate changes	6	−451,000	−2	−13	−4
Cash paid for interest	13	21	13	2	13,000
Cash used in operating activities related to operating leases	10	9	10	5	2
Right-of-use assets obtained in exchange for lease obligations	6	5	18	3	2
Purchases of property, plant and equipment included in accounts payable	4	3	1	1	638,000
Purchases of property, plant and equipment included in other non-current liabilities	5	—	—	—	—
Redemption of redeemable non-controlling interest	4	3	371,000	—	—

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