亞川第二季營收2.81億美元按年升6% 淨虧損收窄至870萬美元

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 1 

  
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _______ to _______
 
Commission File Number: 001-41446
 
ADTRAN Holdings, Inc.
(Exact name of registrant as specified in its charter)
 
 

 
 
 
 
 

 
 Delaware

 87-2164282

 

 
 (State or other jurisdiction of
incorporation or organization)

 (I.R.S. Employer
Identification No.)

 

 
  
901 Explorer Boulevard
Huntsville, Alabama

 35806-2807

 

 
 (Address of principal executive offices)

 (Zip Code)

 

 (256) 963-8000
(Registrant’s telephone number, including area code) 
 
 Securities registered pursuant to Section 12(b) of the Act:

 
 
 
 
 
 
 
 

 
 Title of each class

  

  
Trading
Symbol(s)

  

 Name of each exchange on which registered

 

 
 Common Stock, Par Value $0.01 per share

  

 ADTN

  

 The NASDAQ Global Select Market

 

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
 

 
 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

  

 ☒

  

 Accelerated filer

  

 ☐

 

 
  

  

  

  

  

  

  

 

 
 Non-accelerated filer

 

 ☐ 

 

 Smaller reporting company

 

 ☐

 

 
  

  

  

  

  

  

  

 

 
  

  

  

  

 Emerging growth company

  

 ☐

 

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 3, 2026, the registrant had 81,481,407 shares of common stock, $0.01 par value per share, outstanding. 
 

 1

 
 

 ADTRAN Holdings, Inc.
Quarterly Report on Form 10-Q
For the three and six months ended June 30, 2026
Table of Contents
 

 
 
 
 
 
 
 
 

 
 Item
Number

  

  

  

 Page
Number

 

 
  

  

 Glossary of Selected Terms

  

 3

 

 
  

  

 General

  

 4

 

 
  

  

 Cautionary Note Regarding Forward-Looking Statements

  

 4

 

 
  

  

 PART I — FINANCIAL INFORMATION

  

  

 

 
  

  

  

  

  

 

 
 1

  

 Financial Statements: 

  

  

 

 
  

  

 Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 – (Unaudited)

  

 7

 

 
  

  

 Condensed Consolidated Statements of Loss for the three and six months ended June 30, 2026 and 2025 – (Unaudited)

  

 8

 

 
  

  

 Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2026 and 2025 – (Unaudited) 

  

 9

 

 
  

  

 Condensed Consolidated Statements of Changes in Equity for the three months ended June 30, 2026 and 2025 and for the six months ended June 30, 2026 and 2025 – (Unaudited) 

  

 10

 

 
  

  

 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 – (Unaudited)

  

 12

 

 
  

  

 Notes to Condensed Consolidated Financial Statements – (Unaudited)

  

 13

 

 
 2

  

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

 33

 

 
 3

  

 Quantitative and Qualitative Disclosures About Market Risk

  

 48

 

 
 4

  

 Controls and Procedures

  

 49

 

 
  

  

  

  

  

 

 
  

  

 PART II — OTHER INFORMATION

  

  

 

 
 1

  

 Legal Proceedings

  

 50

 

 
 1A

  

 Risk Factors

  

 50

 

 
 2

  

 Unregistered Sales of Equity Securities and Use of Proceeds

  

 53

 

 
 5

  

 Other Information
 

  

 53

 

 
 6

  

 Exhibits 
 

  

 54

 

 
  

  

 SIGNATURE

  

 55

 

 
  

  

  

  

  

 

 
  

  

  

  

  

 

  

 
2

 
 

 GLOSSARY OF SELECTED TERMS
 
Below are certain acronyms, concepts and defined terms commonly used in our industry and in this Quarterly Report on Form 10-Q, along with their meanings: 
 

 
 
 
 
 

 
 Acronym/Concept/

  

 

 
 Defined Term

 Meaning

 

 
 AI

 Artificial intelligence

 

 
 Adtran Networks

 Adtran Networks SE, a European stock corporation incorporated under the laws of the EU and Germany, and a majority-owned subsidiary of the Company

 

 
 DPLTA

 Domination and Profit and Loss Transfer Agreement

 

 
 DSO

 Days Sales Outstanding

 

 
 GDPR

 General Data Protection Regulation

 

 
 MSO

 Multiple System Operator

 

 
 ODM

 Original Design Manufacturing

 

 
 RNCI

 Redeemable Non-Controlling Interest

 

 
 SaaS

 Software as a Service

 

 
 SEC

 Securities and Exchange Commission

 

 
 Service Provider

 Entity that provides voice, data or video services to consumers and businesses

 

 
 SMB

 Small and Mid-Sized Business

 

 
 SOFR

 Secured Overnight Financing Rate

 

 
 U.S.

 United States of America

 

  

 
3

 
 

 GENERAL
Unless the context otherwise indicates or requires, references in this Quarterly Report on Form 10-Q to “Adtran,” the “Company,” “we”, “us” and “our” refer to ADTRAN Holdings, Inc. and its consolidated subsidiaries.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of Adtran. Adtran and its representatives may from time to time make written or oral forward-looking statements, including statements contained in this report, our other filings with the SEC and other communications with our stockholders. Any statement that does not directly relate to a historical or current fact is a forward-looking statement. Generally, the words “believe”, “expect”, “intend”, “estimate”, “anticipate”, “would”, “will”, “may”, “might”, “could”, “should”, “can”, “future”, “assume”, “plan”, “seek”, “predict”, “potential”, “objective”, “expect”, “target”, “project”, “outlook”, “forecast” and similar expressions identify forward-looking statements. We caution you that any forward-looking statements made by us or on our behalf are subject to uncertainties and other factors that could affect the accuracy of such statements. Forward-looking statements are based on management’s current expectations, as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, and because they also relate to the future, they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. The following are some of the risks that could affect our financial performance or could cause actual results to differ materially from those expressed or implied in our forward-looking statements:
Risks related to our financial results and Company success
•We are obligated to comply with covenants related to our JPMorgan Chase Bank Credit Agreement (the "New Credit Agreement") that restrict our operating activities, and the failure to comply with such covenants could result in defaults that accelerate our debt obligations.

•We have experienced significant fluctuations in revenue and such fluctuations may continue. Fluctuations in revenue can cause our operating results in a given reporting period to be higher or lower than expected.

•Accurately matching necessary inventory levels to customer demand is challenging, and we may incur additional costs or be required to write off significant inventory that could adversely impact our results of operations.

•The lengthy sales and approval process required by Service Providers for new products has resulted in fluctuations in our revenue and may result in future revenue fluctuations.

•We require a significant amount of cash to service our indebtedness, our payment obligations to Adtran Networks shareholders under the DPLTA, and other obligations.

•The terms of the DPLTA may have a material adverse effect on our financial results and condition.

•Our significant indebtedness exposes us to various risks.

•We depend heavily on sales to certain customers; the loss of any of these customers or a significant project would significantly reduce our revenue and net income.

•Our exposure to the credit risks of our customers and distributors may make it difficult to collect accounts receivable and could adversely affect our operating results, financial condition and cash flows.

•We expect gross margins to continue to vary over time, and our levels of product and services gross margins may not be sustainable.

•Our dependence on a limited number of suppliers for certain raw materials, key components and ODM products, combined with supply shortages, has prevented and may continue to prevent us from delivering our products on a timely basis, which has had and may continue to have a material adverse effect on operating results and could have a material adverse effect on customer relations.

•We compete in markets that have become increasingly competitive, which may result in reduced gross profit margins and market share.

•Our estimates regarding future warranty obligations may change due to product failure rates, installation and shipment volumes, field service repair obligations and other rework costs incurred in correcting product failures. If our estimates materially change, our liability for warranty obligations may increase or decrease, impacting future cost of revenue.

•Managing our inventory is complex and has included and may continue to include write downs of excess or obsolete inventory.

 
4

 
 

 •Our international operations have exposed and may continue to expose us to additional risks, increase our costs and adversely affect our operating results, financial condition and cash flows. (including risks relating to the recent escalation and broadening of the conflict involving the United States, Iran, Israel, and Lebanon)

•Our success depends on attracting and retaining key personnel.

•We are exposed to currency exchange rate fluctuations in jurisdictions where we transact in local currency, which could harm our financial results and cash flows.

•We have recognized impairment charges related to goodwill and other intangible assets in the past and may be required to do so in the future.

•We may be unable to successfully and effectively manage and integrate acquisitions, divestitures and other significant transactions, which could harm our operating results, business and prospects.

•Ongoing inflationary pressures have negatively impacted our revenue and profitability.

 
Risks related to our control environment
•We have had to restate our previously issued consolidated financial statements and, as part of that process, have identified material weaknesses in our internal control over financial reporting. If we are unable to develop and maintain effective internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and may adversely affect our business, financial condition and results of operations.

•We may face litigation and other risks as a result of our material weaknesses in our internal control over financial reporting and any resulting restatement of our previously issued financial statements.

•Breaches of our information systems and cyberattacks could compromise our intellectual property and cause significant damage to our business and reputation.

•Emerging issues related to the development and use of AI could give rise to legal or regulatory action, damage our reputation, or otherwise materially harm our business.

 
Risks related to the telecommunications industry
•We must continue to update and improve our products and develop new products to compete and to keep pace with improvements in communications technology.

•Our failure or the failure of our contract manufacturers to comply with applicable environmental regulations could adversely impact our results of operations.

•If our products do not interoperate with our customers’ networks, installations may be delayed or canceled, which could harm our business.

•We engage in research and development activities to develop new, innovative solutions and to improve the application of developed technologies, and as a consequence may miss certain market opportunities enjoyed by larger companies with substantially greater research and development efforts and which may focus on more leading-edge development.

•Our strategy of outsourcing a portion of our manufacturing requirements to subcontractors located in various international regions may result in us not meeting our cost, quality or performance standards.

•Our failure to maintain rights to intellectual property used in our business could adversely affect the development, functionality and commercial value of our products.

•Third party hardware or software that is used with our portfolios may not continue to be available or at commercially reasonable terms.

•Our use of open source software could impose limitations on our ability to commercialize our products.

•We may incur liabilities or become subject to litigation that would have a material effect on our business.

•If we are unable to successfully develop and maintain relationships with System Integrators, Service Providers and enterprise value-added resellers, our revenue may be negatively affected.

•We depend on a third-party cloud platform provider to host our Mosaic One SaaS network and other operating platforms, and if we were to experience a material disruption or interference in service, our business and reputation could suffer. 

 

 
5

 
 

 Risks related to the Company's stock price
•Our financial performance and operating results historically have fluctuated and could fluctuate in future periods, which has affected and may in the future affect our stock price.

•Future issuances of additional equity securities could result in dilution of existing stockholders’ equity ownership.

•The price of our common stock has been volatile and may continue to fluctuate significantly.

 
Risks related to our Convertible Senior Notes (the “2030 Notes” or the “Notes”) and Capped Call Transactions (the “Capped Calls”)
•Our indebtedness and liabilities could limit the cash flow available for our operations and expose us to risks that could adversely affect our business, financial condition and results of operations. In addition, if we are unable to raise additional capital and/or restructure some of our existing indebtedness, we may be unable to meet our obligations as they come due, including with respect to the 2030 Notes.

•We may be unable to raise the funds necessary to repurchase the 2030 Notes for cash following a fundamental change or to pay any cash amounts due upon maturity or conversion of the 2030 Notes, and our other indebtedness may limit our ability to repurchase the 2030 Notes or to pay any cash amounts due upon their maturity or conversion.

•Provisions in the Indenture (as defined below) could delay or prevent an otherwise beneficial takeover of us.

•The accounting method for the 2030 Notes has affected and may continue to adversely affect our reported financial condition and results.

•Transactions relating to our 2030 Notes may affect the value of our common stock.

•We are subject to counterparty risk with respect to the Capped Calls, and the Capped Calls may not operate as planned.

 
Risks related to the regulatory environments in which we do business
•We are subject to complex and evolving U.S. and foreign laws, regulations and standards governing the conduct of our business. Violations of these laws and regulations may harm our business, subject us to penalties and to other adverse consequences.

•Changes in trade policy in the U.S. and other countries, including the imposition of additional tariffs and the resulting consequences, may adversely impact our gross profits, gross margins, results of operations and financial condition.

•New or revised tax regulations, changes in our effective tax rate, recognition of a valuation allowance or assessments arising from tax audits may have an adverse impact on our results.

•Interest rate fluctuations could increase our costs of borrowing money and negatively impact our financial condition and future operations.

•Expectations relating to sustainability and governance matters expose the Company to potential liabilities, increased costs, reputational harm, and other adverse effects on the Company’s business.

•Further downgrades of the U.S. credit rating, automatic spending cuts, the recent government shutdown or a future government shutdown could negatively impact our liquidity, financial condition and earnings.

 
The foregoing list of risks is not exclusive. For a more detailed description of the risk factors associated with our business, see Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026 (the "2025 Form 10-K"), as well as the risk factors set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q. We caution investors that other factors may prove to be important in the future in affecting our operating results. New factors emerge from time to time, and it is not possible for us to predict all of these factors, nor can we assess the impact each factor, or a combination of factors, may have on our business.
You are further cautioned not to place undue reliance on these forward-looking statements because they speak only of our views as of the date that the statements were made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 
6

 
 

 PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ADTRAN Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 (In thousands, except per share amounts)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 ASSETS

  

  

  

  

  

  

 

 
 Current Assets

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 79,236

  

  

 $

 95,696

  

 

 
 Accounts receivable, less allowance for credit losses of $1,560 and $1,318 as of June 30, 2026
   and December 31, 2025, respectively

  

  

 205,761

  

  

  

 210,687

  

 

 
 Other receivables

  

  

 9,066

  

  

  

 7,046

  

 

 
 Inventory, net

  

  

 208,778

  

  

  

 215,736

  

 

 
 Income tax receivable

  

  

 3,537

  

  

  

 3,667

  

 

 
 Prepaid expenses and other current assets

  

  

 60,432

  

  

  

 55,317

  

 

 
 Short-term investments - deferred compensation

  

  

 39,075

  

  

  

 35,174

  

 

 
 Assets held for sale

  

  

 11,901

  

  

  

 11,901

  

 

 
 Total Current Assets

  

  

 617,786

  

  

  

 635,224

  

 

 
 Property, plant and equipment, net

  

  

 123,002

  

  

  

 124,384

  

 

 
 Goodwill

  

  

 58,336

  

  

  

 59,983

  

 

 
 Intangible assets, net

  

  

 269,488

  

  

  

 294,047

  

 

 
 Deferred tax assets

  

  

 16,223

  

  

  

 16,481

  

 

 
 Other non-current assets

  

  

 64,110

  

  

  

 73,352

  

 

 
 Long-term investments

  

  

 1,016

  

  

  

 1,022

  

 

 
 Total Assets

  

 $

 1,149,961

  

  

 $

 1,204,493

  

 

 
 LIABILITIES AND EQUITY

  

  

  

  

  

  

 

 
 Current Liabilities

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 169,322

  

  

 $

 167,337

  

 

 
 Unearned revenue

  

  

 78,711

  

  

  

 87,541

  

 

 
 Accrued expenses and other liabilities

  

  

 24,702

  

  

  

 33,690

  

 

 
 Accrued wages and benefits

  

  

 25,613

  

  

  

 32,203

  

 

 
 Deferred compensation liability

  

  

 42,653

  

  

  

 37,447

  

 

 
 Income tax payable

  

  

 3,804

  

  

  

 3,642

  

 

 
 Total Current Liabilities

  

  

 344,805

  

  

  

 361,860

  

 

 
 Non-current revolving credit agreement

  

  

 25,000

  

  

  

 25,000

  

 

 
 Non-current convertible senior notes, net of debt issuance costs

  

  

 193,822

  

  

  

 193,038

  

 

 
 Deferred tax liabilities

  

  

 26,491

  

  

  

 27,453

  

 

 
 Non-current unearned revenue

  

  

 24,959

  

  

  

 27,143

  

 

 
 Non-current pension liability

  

  

 6,357

  

  

  

 6,277

  

 

 
 Non-current lease obligations

  

  

 23,842

  

  

  

 27,000

  

 

 
 Other non-current liabilities

  

  

 16,028

  

  

  

 17,564

  

 

 
 Total Liabilities

  

  

 661,304

  

  

  

 685,335

  

 

 
 Commitments and contingencies (see Note 17)

  

  

  

  

  

  

 

 
 Redeemable Non-Controlling Interest

  

  

 359,160

  

  

  

 373,328

  

 

 
 Equity

  

  

  

  

  

  

 

 
 Common stock, par value $0.01 per share; 200,000 shares authorized; 
   81,453 shares issued and 81,195 outstanding as of June 30, 2026 and 
   80,188 shares issued and 79,926 outstanding as of December 31, 2025

  

  

 815

  

  

  

 802

  

 

 
 Additional paid-in capital

  

  

 805,882

  

  

  

 801,269

  

 

 
 Accumulated other comprehensive income

  

  

 64,194

  

  

  

 78,877

  

 

 
 Retained deficit

  

  

 (736,379

 )

  

  

 (730,010

 )

 

 
 Less treasury stock at cost: 258 and 262 shares as of June 30, 2026 
   and December 31, 2025, respectively

  

  

 (5,015

 )

  

  

 (5,108

 )

 

 
 Total Equity

  

  

 129,497

  

  

  

 145,830

  

 

 
 Total Liabilities and Equity

  

 $

 1,149,961

  

  

 $

 1,204,493

  

 

 See accompanying notes to condensed consolidated financial statements.

 
7

 
 

 ADTRAN Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(Unaudited)
(In thousands, except per share amounts)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

  

 

 
  

  

 June 30,

  

  

 June 30,

  

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

  

 

 
 Revenue

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Network Solutions

  

 $

 232,898

  

  

 $

 219,498

  

  

 $

 470,839

  

  

 $

 421,715

  

  

 

 
 Services & Support

  

  

 48,248

  

  

  

 45,570

  

  

  

 96,393

  

  

  

 91,097

  

  

 

 
 Total Revenue

  

  

 281,146

  

  

  

 265,068

  

  

  

 567,232

  

  

  

 512,812

  

  

 

 
 Cost of Revenue

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Network Solutions

  

  

 157,585

  

  

  

 147,321

  

  

  

 312,233

  

  

  

 281,562

  

  

 

 
 Services & Support

  

  

 19,610

  

  

  

 18,823

  

  

  

 38,060

  

  

  

 37,150

  

  

 

 
 Total Cost of Revenue

  

  

 177,195

  

  

  

 166,144

  

  

  

 350,293

  

  

  

 318,712

  

  

 

 
 Gross Profit

  

  

 103,951

  

  

  

 98,924

  

  

  

 216,939

  

  

  

 194,100

  

  

 

 
 Selling, general and administrative expenses

  

  

 60,243

  

  

  

 60,347

  

  

  

 116,079

  

  

  

 110,632

  

  

 

 
 Research and development expenses

  

  

 53,779

  

  

  

 51,895

  

  

  

 104,556

  

  

  

 100,754

  

  

 

 
 Operating Loss

  

  

 (10,071

 )

  

  

 (13,318

 )

  

  

 (3,696

 )

  

  

 (17,286

 )

  

 

 
 Interest and dividend income

  

  

 397

  

  

  

 201

  

  

  

 697

  

  

  

 327

  

  

 

 
 Interest expense

  

  

 (4,234

 )

  

  

 (4,564

 )

  

  

 (8,475

 )

  

  

 (9,325

 )

  

 

 
 Net investment gain

  

  

 5,274

  

  

  

 3,075

  

  

  

 4,424

  

  

  

 1,389

  

  

 

 
 Other income (expense), net

  

  

 718

  

  

  

 (2,636

 )

  

  

 1,981

  

  

  

 (1,692

 )

  

 

 
 Loss Before Income Taxes

  

  

 (7,916

 )

  

  

 (17,242

 )

  

  

 (5,069

 )

  

  

 (26,587

 )

  

 

 
 Income tax expense

  

  

 (788

 )

  

  

 (1,016

 )

  

  

 (2,705

 )

  

  

 (619

 )

  

 

 
 Net Loss

  

 $

 (8,704

 )

  

 $

 (18,258

 )

  

 $

 (7,774

 )

  

 $

 (27,206

 )

  

 

 
 Less: Net Income attributable to non-controlling interest(1)

  

  

 2,201

  

  

  

 2,273

  

  

  

 4,452

  

  

  

 4,592

  

  

 

 
 Net Loss attributable to ADTRAN Holdings, Inc.

  

 $

 (10,905

 )

  

 $

 (20,531

 )

  

 $

 (12,226

 )

  

 $

 (31,798

 )

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Weighted average shares outstanding – basic

  

  

 80,948

  

  

  

 79,748

  

  

  

 80,639

  

  

  

 79,642

  

  

 

 
 Weighted average shares outstanding – diluted

  

  

 80,948

  

  

  

 79,748

  

  

  

 80,639

  

  

  

 79,642

  

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loss per common share attributable to ADTRAN Holdings, Inc. – basic(2)

  

 $

 (0.13

 )

  

 $

 (0.24

 )

  

 $

 (0.14

 )

  

 $

 (0.38

 )

  

 

 
 Loss per common share attributable to ADTRAN Holdings, Inc. – diluted(2)

  

 $

 (0.13

 )

  

 $

 (0.24

 )

  

 $

 (0.14

 )

  

 $

 (0.38

 )

  

 

  
(1) For the three and six months ended June 30, 2026 we accrued $2.1 million and $4.3 million, respectively, net income attributable to non-controlling interest, representing the recurring cash compensation earned by non-controlling interest shareholders post-DPLTA. For the three and six months ended June 30, 2025, we accrued $2.4 million and $4.8 million, respectively, representing the recurring cash compensation earned by non-controlling interest shareholders post-DPLTA.
(2) Loss per common share attributable to ADTRAN Holdings, Inc. - basic and diluted - reflects a $0.6 million and $0.9 million effect of redemption of RNCI for the three and six months ended June 30, 2026, respectively, and a $1.5 million effect of redemption of RNCI for the three and six months ended June 30, 2025. See Note 15 for additional information. 
See accompanying notes to condensed consolidated financial statements.

 
8

 
 

 ADTRAN Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
(In thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Net Loss

  

 $

 (8,704

 )

  

 $

 (18,258

 )

  

 $

 (7,774

 )

  

 $

 (27,206

 )

 

 
 Other Comprehensive (Loss) Income, net of tax

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Defined benefit plan adjustments

  

  

 (49

 )

  

  

 268

  

  

  

 (115

 )

  

  

 399

  

 

 
 Foreign currency translation (loss) gain

  

  

 (5,803

 )

  

  

 46,455

  

  

  

 (14,568

 )

  

  

 66,702

  

 

 
 Other Com