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ADTN

ADTRAN Holdings, Inc.

ADTN

ADTRAN Holdings, Inc. • NASDAQ
$7.93 ▼ -0.63% (-0.05)
Market Cap $635.32 M
52w High $12.44
52w Low $6.93
Dividend Yield 0%
P/E -8.26
Volume 561.10K
Outstanding Shares 80.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $279.435M ▲ $109.914M ▼ $-10.262M ▲ -3.672% ▲ $-0.13 ▲ $-1.056M ▼
Q2-2025 $265.068M ▲ $112.242M ▲ $-20.531M ▼ -7.746% ▼ $-0.26 ▼ $10.716M ▼
Q1-2025 $247.744M ▲ $99.144M ▼ $-11.267M ▲ -4.548% ▲ $-0.14 ▲ $17.012M ▲
Q4-2024 $242.852M ▲ $106.365M ▼ $-45.917M ▼ -18.907% ▼ $-0.58 ▼ $8.83M ▲
Q3-2024 $227.704M $109.235M $-31.239M -13.719% $-0.4 $477K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $93.682M ▼ $1.209B ▼ $665.237M ▲ $141.583M ▼
Q2-2025 $106.271M ▲ $1.216B ▲ $644.593M ▲ $169.613M ▲
Q1-2025 $101.321M ▲ $1.193B ▲ $631.412M ▲ $138.893M ▲
Q4-2024 $76.021M ▼ $1.171B ▼ $621.525M ▼ $126.951M ▼
Q3-2024 $88.456M $1.273B $637.376M $213.994M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-10.262M ▲ $12.188M ▼ $-17.055M ▼ $1.442M ▲ $-5.042M ▼ $4.206M ▼
Q2-2025 $-18.258M ▼ $32.16M ▼ $-13.755M ▲ $-19.811M ▼ $4.95M ▼ $18.327M ▼
Q1-2025 $-8.948M ▲ $43.181M ▲ $-18.338M ▼ $324K ▲ $25.3M ▲ $35.782M ▲
Q4-2024 $-43.51M ▼ $4.544M ▼ $-15.307M ▲ $-352K ▲ $-10.889M ▲ $-10.398M ▼
Q3-2024 $-22.141M $40.717M $-17.04M $-44.827M $-22.729M $23.23M

Revenue by Products

Product Q2-2024Q3-2024Q1-2025Q2-2025
Contractual Maintenance Agreements Contractual SaaS And Subscription Services And Hardware Orders
Contractual Maintenance Agreements Contractual SaaS And Subscription Services And Hardware Orders
 $280.00M ▲$280.00M ▲$270.00M ▼$260.00M ▼

Five-Year Company Overview

Income Statement

Income Statement ADTRAN has grown its sales meaningfully compared with a few years ago, but that growth has not translated into sustainable profits. Gross profit has held up reasonably well, yet operating costs have risen faster, leaving the company with recurring operating losses that have deepened in the most recent years. Earnings have swung from roughly breakeven earlier in the period to clearly negative more recently, signaling that the business is still in an investment and restructuring phase rather than a steady, profitable one. The step-down in revenue in the latest year after a strong ramp-up also hints at some demand or execution volatility.

Balance Sheet

Balance Sheet The balance sheet shows a company that bulked up its asset base during its growth and acquisition phase, then slimmed down more recently. Debt remains present but not extreme, while cash levels are modest, so there is some but not heavy financial leverage. The most concerning trend is the sharp erosion of equity, reflecting cumulative losses and possible write-downs. This shrinking capital cushion reduces financial flexibility and increases the importance of improving profitability and preserving liquidity over the next few years.

Cash Flow

Cash Flow Despite accounting losses, recent cash flow tells a somewhat more encouraging story. After several years of slightly negative operating cash flow, the latest year shows a clear swing to positive cash generation from operations and positive free cash flow, helped by restrained capital spending. This suggests better working capital management and tighter spending discipline. However, the margin of safety is still thin, so any downturn in orders or delays in customer payments could quickly pressure cash again.

Competitive Edge

Competitive Edge ADTRAN sits in a highly competitive communications equipment market dominated by large global vendors, but it has carved out a differentiated position. Its focus on open, disaggregated networks, strong fiber access portfolio, and AI-driven network management software appeals to service providers that want flexibility and to avoid vendor lock-in. A broad end-to-end offering and U.S.-based manufacturing add to its appeal, especially for government-funded broadband programs. At the same time, the company competes against bigger, better-capitalized rivals, and its smaller scale and uneven financial performance are competitive constraints.

Innovation and R&D

Innovation and R&D Innovation is a clear strength. ADTRAN is pushing advanced fiber technologies like 50G PON, software-defined access, and AI-powered management through its Mosaic One and Ensemble platforms. The strategy emphasizes open architectures, automation, and recurring software and services revenue, all aligned with long-term industry trends. The key questions are execution and adoption: how quickly service providers embrace these platforms, how much recurring revenue they ultimately generate, and whether R&D spending can be balanced with the need to restore profitability.

Summary

ADTRAN is strategically well positioned around fiber broadband, open networking, and AI-driven software, with technologies that match where telecom networks are heading. However, the financial profile shows a company still in transition: stronger revenue than in the past, but persistent losses and a significantly weakened equity base. Recent improvements in cash flow are a positive sign, yet they need to be sustained and paired with a clearer path back to consistent profitability. The main tension is between attractive long-term technology and market positioning on one side, and short- to medium-term financial pressure and execution risk on the other.

NEWS

November 25, 2025 · 8:00 AM UTC

Henderson Municipal Power & Light builds multigigabit FTTH network with Adtran fiber access technology

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November 18, 2025 · 8:00 AM UTC

ACE Fiber uses Adtran's Mosaic One Clarity AI solution for proactive assurance, faster resolution and fewer truck rolls

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November 3, 2025 · 11:00 PM UTC

ADTRAN Holdings, Inc. reports third quarter 2025 financial results

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October 23, 2025 · 8:00 AM UTC

Adtran launches industry-first Galileo OSNMA authentication for Oscilloquartz timing solutions

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October 16, 2025 · 4:01 PM UTC

ADTRAN Holdings, Inc. to release third quarter 2025 financial results on November 3, 2025

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