Adtran, Inc. is an American fiber networking and telecommunications company headquartered in Huntsville, Alabama. It is a vendor of both residential and enterprise networking equipment, along with administrative software for network management and deployment. Its customers include communications service providers, governments, enterprises and utilities.3 It employed 2,045 people.1 Its shares trade on Nasdaq under the symbol ADTN.1Wikipedia text CC BY-SA 4.0
Adtran, Inc. is an American fiber networking and telecommunications company headquartered in Huntsville, Alabama. It is a vendor of both residential and enterprise networking equipment, along with administrative software for network management and deployment. Its customers include communications service providers, governments, enterprises and utilities.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1112131410$1.1B in 2025+104% since 2019Gross profit1112131410$415.0M in 2025+89% since 2019Operating income1112131410-$15.6M in 2025−61% since 2019Net income1112131410-$45.7M in 2025−14% since 2019
Revenue1516$281.1M in Q2 FY2026−2% since Q1 FY2026Gross profit1516$104.0M in Q2 FY2026−8% since Q1 FY2026Operating income1516-$10.1M in Q2 FY2026Net income1516-$10.9M in Q2 FY2026+726% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Total Revenue
$1.1B
$922.7M
$1.1B
Total Cost of Revenue
$668.9M
$598.6M
$818.0M
Gross Profit
$415.0M
$324.2M
$331.1M
Selling, general and administrative expenses
$226.3M
$232.9M
$258.6M
Research and development expenses
$204.3M
$221.5M
$258.3M
Goodwill impairment
$0
$297.4M
$37.9M
Operating Loss
-$15.6M
-$427.6M
-$223.7M
Interest and dividend income
$2.3M
$3.1M
$2.3M
Interest expense
-$19.3M
-$22.1M
-$16.3M
Net investment gain
$3.0M
$3.6M
$2.8M
Other (expense) income, net
-$1.6M
$246.0K
$1.3M
Loss Before Income Taxes
-$31.2M
-$442.7M
-$233.6M
Income tax expense
-$5.0M
-$7.3M
-$28.3M
Net Loss
-$36.2M
-$450.1M
-$261.9M
Net Loss attributable to ADTRAN Holdings, Inc.
-$45.7M
-$459.9M
-$268.9M
Weighted average shares outstanding basic
79.7M shares
78.9M shares
78.4M shares
Weighted average shares outstanding diluted
79.7M shares
78.9M shares
78.4M shares
Loss per common share attributable to ADTRAN Holdings, Inc. - basic
-$0.52
-$5.79
-$3.43
Loss per common share attributable to ADTRAN Holdings, Inc. - diluted
-$0.52
-$5.79
-$3.43
Net gain (loss) attributable to redeemable non-controlling interest
$9.4M
$9.8M
$6.9M
Gain on redemption of redeemable non-controlling interest
$4.1M
$3.0M
$0
No quarter-by-quarter statement was filed.
Total assets171112131410$1.2B in 2025+121% since 2019Total liabilities171112131410$685.3M in 2025+316% since 2019Shareholders’ equity1110$145.8M in 2025−62% since 2019Cash171112131410$95.7M in 2025+30% since 2019
Total assets1516$1.1B in Q2 FY2026−5% since Q1 FY2025Total liabilities1516$661.3M in Q2 FY2026−4% since Q1 FY2025Shareholders’ equity1516$129.5M in Q2 FY2026−11% since Q1 FY2025Cash1516$79.2M in Q2 FY2026−17% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$95.7M
$76.0M
Accounts receivable, less allowance for credit losses of $1,318 and $1,300 as of December 31, 2025 and 2024, respectively
Non-current convertible senior notes, net of debt issuance costs
$193.0M
Deferred tax liabilities
$27.5M
$30.4M
Non-current unearned revenue
$27.1M
$22.1M
Non-current pension liability
$6.3M
$9.0M
Non-current deferred compensation liability
$33.2M
Non-current lease obligations
$27.0M
$25.9M
Other non-current liabilities
$17.6M
$17.9M
Total Liabilities
$685.3M
$621.5M
Redeemable Non-Controlling Interest
$373.3M
$422.9M
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
$802.0K
$795.0K
Additional paid-in capital
$801.3M
$808.9M
Accumulated other comprehensive income
$78.9M
$11.3M
Retained deficit
-$730.0M
-$688.8M
Less treasury stock at cost: 262 and 266 shares as of December 31, 2025 and 2024, respectively
-$5.1M
-$5.2M
Total Equity
$145.8M
$127.0M
$605.3M
$1.3B
Total Liabilities and Equity
$1.2B
$1.2B
Accounts receivable, allowance for credit losses
$1.3M
$1.3M
Common stock, par value
$0.01
$0.01
Common stock, shares authorized
200.0M shares
200.0M shares
Common stock, shares issued
80.2M shares
79.5M shares
Common stock, shares outstanding
79.9M shares
79.2M shares
Treasury stock, shares
262.0K shares
266.0K shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$95.7M
$76.0M
Accounts receivable, less allowance for credit losses of $1,318 and $1,300 as of December 31, 2025 and 2024, respectively
Non-current convertible senior notes, net of debt issuance costs
$193.0M
Deferred tax liabilities
$27.5M
$30.4M
Non-current unearned revenue
$27.1M
$22.1M
Non-current pension liability
$6.3M
$9.0M
Non-current deferred compensation liability
$33.2M
Non-current lease obligations
$27.0M
$25.9M
Other non-current liabilities
$17.6M
$17.9M
Total Liabilities
$685.3M
$621.5M
Redeemable Non-Controlling Interest
$373.3M
$422.9M
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
$802.0K
$795.0K
Additional paid-in capital
$801.3M
$808.9M
Accumulated other comprehensive income
$78.9M
$11.3M
Retained deficit
-$730.0M
-$688.8M
Less treasury stock at cost: 262 and 266 shares as of December 31, 2025 and 2024, respectively
-$5.1M
-$5.2M
Total Equity
$145.8M
$127.0M
$605.3M
$1.3B
Total Liabilities and Equity
$1.2B
$1.2B
Accounts receivable, allowance for credit losses
$1.3M
$1.3M
Common stock, par value
$0.01
$0.01
Common stock, shares authorized
200.0M shares
200.0M shares
Common stock, shares issued
80.2M shares
79.5M shares
Common stock, shares outstanding
79.9M shares
79.2M shares
Treasury stock, shares
262.0K shares
266.0K shares
Cash from operations1112131410$129.8M in 2025Capital spending1112131410$31.7M in 2025+234% since 2019Free cash flow1112131410$98.0M in 2025Dividends paid1112131410$0 in 2024
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net Loss
-$36.2M
-$450.1M
-$261.9M
Depreciation and amortization
$92.5M
$90.5M
$112.9M
Goodwill impairment
$0
$297.4M
$37.9M
Amortization of revolving credit facility issuance costs
$1.4M
$4.0M
$862.0K
Amortization of convertible notes issuance costs
$441.0K
Accretion on available-for-sale investments, net
-$22.0K
Gain on investments
-$4.7M
-$5.0M
-$2.9M
Net loss on disposal of property, plant and equipment
$228.0K
$1.4M
$458.0K
Stock-based compensation expense
$10.1M
$16.0M
$16.4M
Deferred income taxes
-$3.8M
$5.6M
$15.7M
Inventory write down - business efficiency program
$4.1M
$24.3M
Inventory reserves
-$2.5M
$5.3M
$25.5M
Other, net
-$2.9M
Accounts receivable, net
-$18.3M
$46.1M
$72.3M
Other receivables
$5.8M
$10.7M
$10.3M
Income taxes receivable
$2.0M
$648.0K
$2.1M
Inventory
$64.5M
$80.0M
$22.4M
Prepaid expenses, other current assets and other assets
$19.2M
-$13.4M
-$32.0M
Accounts payable
$18.0M
$10.2M
-$91.9M
Accrued expenses and other liabilities
-$18.0M
$4.9M
$11.3M
Income taxes payable
-$722.0K
-$4.7M
-$3.9M
Net cash provided by (used in) operating activities
$129.8M
$103.6M
-$43.0M
Purchases of property, plant and equipment
-$31.7M
-$34.5M
-$36.3M
Purchases of intangibles - developed technology
-$37.5M
-$30.7M
-$9.4M
Proceeds from sales and maturities of available-for-sale investments
$1.0M
$1.2M
$10.6M
Purchases of available-for-sale investments
-$383.0K
-$268.0K
-$868.0K
(Payments for) proceeds from beneficial interests in securitized accounts receivable
-$539.0K
-$55.0K
$1.2M
Net cash used in investing activities
-$69.2M
-$64.3M
-$34.9M
Tax withholdings related to stock-based compensation settlements
-$1.5M
-$1.1M
-$6.5M
Proceeds from stock option exercises
$1.8M
$824.0K
$540.0K
Dividend payments
-$21.2M
Proceeds from receivables purchase agreement
$68.6M
$14.1M
Repayments on receivables purchase agreement
-$83.8M
Proceeds from draw on revolving credit agreement
$49.0M
$26.0M
$163.7M
Repayment of revolving credit agreement
-$214.0M
-$31.0M
-$65.0M
Redemption of redeemable non-controlling interest
-$46.6M
-$17.4M
-$1.2M
Payment of annual recurring compensation to non-controlling interest
-$10.1M
-$10.1M
Payment of debt issuance cost
-$9.0M
-$2.0M
-$708.0K
Proceeds from issuance of senior convertible notes
$201.2M
Payments for capped call transactions related to convertible senior notes
-$17.6M
Repayment of notes payable
-$24.9M
Net cash (used in) provided by financing activities
-$46.7M
-$50.0M
$58.9M
Net increase (decrease) in cash and cash equivalents
$13.9M
-$10.7M
-$19.0M
Effect of exchange rate changes
$5.8M
-$451.0K
-$2.5M
Cash paid for interest
$13.3M
$20.9M
$12.6M
Cash used in operating activities related to operating leases
$10.2M
$9.3M
$9.7M
Right-of-use assets obtained in exchange for lease obligations
$6.4M
$5.3M
$17.9M
Purchases of property, plant and equipment included in accounts payable
$3.7M
$2.6M
$1.3M
Purchases of property, plant and equipment included in other non-current liabilities
Adtran sits at the top of its group. 38 entities, 23 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Adtran reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our global headquarters and certain administrative, engineering and manufacturing facilities are located on an 82-acre campus in Cummings Research Park in Huntsville, Alabama. The office buildings in Huntsville, Alabama serve both our Network Solutions and our Services & Support segments. We are currently in the process of selling a portion of our headquarters facility and expect to sell it within the next twelve months, so it is classified as assets held for sale on our balance sheet. We own a production and development facility in Meiningen, Germany. We lease a facility for our European headquarters in Munich, Germany. We lease engineering facilities in the U.S., EMEA and APAC that are used to develop products sold by our Network Solutions segment. In addition, we lease office space in North America, Latin America, EMEA and APAC, which provide sales and service support for both of our segments. These cancelable and non-cancelable leases expire at various times through 2038. For more information, see Note 7 of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this report.
We also have numerous sales and support staff operating from home-based offices serving both our Network Solutions and our Services & Support segments, which are located within the U.S. and abroad.
Adtran was founded in 1985 by Mark C. Smith, Lonnie S. McMillian, and Larry Owen,
and began operations in 1986, following the AT&T divestiture of the Regional Bell Operating Companies (RBOCs). It supplied network equipment to both the RBOCs and independent telephone companies in the United States.
In 2006, Adtran acquired Luminous Networks, a manufacturer of access network equipment. In 2011, it acquired Bluesocket, a maker of enterprise Wi-Fi equipment based in Burlington, Massachusetts. In 2012, it acquired Nokia Siemens Networks' broadband access business based in Germany. In 2016, it acquired CommScope's active fiber business. In 2018, Adtran acquired connected home software provider SmartRG from Vancouver, WA.
In 2021, Adtran entered into a business combination with ADVA Optical Networking, a cloud and mobile services networking company based in Munich and Meiningen in Germany. In 2022, Adtran acquired the remaining shares of Cambridge Communication Systems (CCS) Limited, a developer of wireless backhaul and transport systems for small cells. It offers an mmWave Gigabit fiber extension system along with web-based management software for planning, configuring and monitoring networks. In 2024, Adtran self-certified itself "Buy America-compliant" with the U.S. Department of Commerce. This list acts as a reference for communications service providers applying for Broadband Equity Access and Deployment (BEAD) funding.
50G PON: Adtran's implementation of 50Gbit/s passive optical network (PON) technology includes its SDX 6400 Series of optical line terminals.
Quantum key distribution (QKD): In collaboration with Orange, Adtran demonstrated a 400Gbit/s data transmission system using QKD. The hybrid approach integrated quantum-safe encryption with classical cryptographic methods to secure data across a 184 km system.
Optical cesium atomic clocks: Adtran's Oscilloquartz division has introduced atomic clocks that leverage optical pumping technology. The improved accuracy and stability of these devices exceed the current ITU-T G.811.1 Enhanced Primary Reference Clock (ePRC) specification. The current highest-end clocks in this range can combine with core grandmaster devices to maintain 100 nanosecond precision for up to 100 days.
Mosaic One: Mosaic One is a cloud-based software-as-a-service platform that aggregates data from management systems, broadband access and in-home devices to support network operations and customer care.
Read the full text
Locations
Adtran's corporate headquarters is located in Huntsville, Alabama, in Cummings Research Park. It has international offices located in:
Adtran's 2022 business combination with ADVA expanded its portfolio to include end-to-end data transport products, complementing its existing focus on access networking equipment. The merger also gave Adtran ownership of ADVA's subsidiary, Oscilloquartz, a manufacturer of timing and synchronization solutions based in Switzerland.
Jul 17, 2025Reported quarterly or annual results81
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
564 filings to the SEC since October 2021: 7 annual reports, 20 quarterly reports, 88 major events, 290 insider forms, 33 large holders, 126 other. The latest 20:
21 open-market trades by officers, directors and large owners since October 2021: 12 buys and 9 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Adtran names in Item 1A of its 10-K filed Feb 26, 2026: 51 risks under these headings, as written.18
Our business involves substantial risks. Any of the risk factors described below or elsewhere in this report could significantly and adversely affect our business prospects, financial condition and results of operations. Additional risks and uncertainties not presently known to us or that we currently deem to be immaterial may also adversely affect us.
Risks related to our financial results and Company success
We are obligated to comply with covenants related to our Wells Fargo 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.
The other 40 risks
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.
Our international operations have and may continue to expose us to additional risks, increase our costs and adversely affect our operating results, financial condition and cash flows.
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, 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 the material weaknesses in our internal control over financial reporting, prior restatements of our financial statements, and any future 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 Systems 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.
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 2030 Notes and 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 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 current government shutdown or future government shutdowns could negatively impact our liquidity, financial condition and earnings.
Legal proceedings
The information presented under the captions "Legal Matters" and “DPLTA Appraisal Proceedings” in Note 17 “Commitments and Contingencies” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this report is incorporated herein by reference.
