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UTSI on Nasdaq

UTStarcom

Chinese telecom infrastructure company

UTStarcom Holdings Corp. (UT斯达康) is a Chinese global telecom infrastructure provider headquartered in Beijing. The company develops and supplies a broad range of telecommunication devices to communications service providers and network operators including fixed and mobile network operators, as well as to enterprises. Traditionally, the company had focused on markets in China, Japan, and India, but has expanded to markets in Africa, Central and Latin America, and the Middle East.3 Its shares trade on Nasdaq under the symbol UTSI.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

$9.0MRevenue, fiscal 20254
-$8.0MNet income, fiscal 20254
1991Founded1

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  • TickerUTSI on Nasdaq1
  • IndustryCommunications Equipment, NEC1
  • HeadquartersAlameda1
  • Websitewww.utstar.com.cn
  • Incorporated inCayman Islands5
  • Business address4Th Floor, South Wing, 368 Liuhe Road, Binjiang District, Hangzhou, P.R., F4 Na5
  • Filer categoryNon-accelerated filer5

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UTStarcom Holdings Corp. (UT斯达康) is a Chinese global telecom infrastructure provider headquartered in Beijing. The company develops and supplies a broad range of telecommunication devices to communications service providers and network operators including fixed and mobile network operators, as well as to enterprises. Traditionally, the company had focused on markets in China, Japan, and India, but has expanded to markets in Africa, Central and Latin America, and the Middle East.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

11.7%Gross margin4
-95.3%Operating margin4
-88.5%Net margin4
-17.5%Revenue growth, 20254
-21.8%Return on equity4
-$9.2MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Service brought in 92% of the revenue UTStarcom broke down this way in fiscal 2025.

  1. Service$8.2M492%down 13% from 2024
  2. Product$751.0K48%down 47% from 2024
Products and services by year
Products and services202320242025
Service$11.2M$9.5M$8.2M
Product$4.6M$1.4M$751.0K

Business segments

Equipment Based Services brought in 92% of the revenue UTStarcom broke down this way in fiscal 2025.

  1. Equipment Based Services$8.2M492%down 13% from 2024
  2. Equipment$751.0K48%down 47% from 2024
Business segments by year
Business segments202320242025
Equipment Based Services$11.2M$9.5M$8.2M
Equipment$4.6M$1.4M$751.0K

Regions

Japan brought in 44% of the revenue UTStarcom broke down this way in fiscal 2025.

  1. Japan$3.9M444%up 1% from 2024
  2. India$3.0M433%down 39% from 2024
  3. China$2.1M423%down 1% from 2024
Regions by year
Regions202320242025
Japan$4.9M$3.9M$3.9M
India$8.3M$4.9M$3.0M
China$2.6M$2.1M$2.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue56¢$7.9M
  • Research and development33¢$4.6M
  • Income tax11¢$1.6M

Out of $9.0M in revenue.4 The company lost money this year.

Financial statements

Revenue78910114$9.0M in 2025−92% since 2018
0$50.0M$100.0M$150.0M2018: $115.9M$115.9M20182019: $65.6M$65.6M2019−43%2020: $24.3M$24.3M2020−63%2021: $15.9M$15.9M2021−35%2022: $14.1M$14.1M2022−12%2023: $15.8M$15.8M2023+12%2024: $10.9M$10.9M2024−31%2025: $9.0M$9.0M2025−17%
Gross profit78910114$1.1M in 2025−97% since 2018
-$10.0M0$10.0M$20.0M$30.0M$40.0M2018: $32.3M$32.3M20182019: $24.2M$24.2M2019−25%2020: $3.5M$3.5M2020−85%2021: -$1.1M-$1.1M20212022: $2.7M$2.7M20222023: $4.4M$4.4M2023+65%2024: $2.9M$2.9M2024−34%2025: $1.1M$1.1M2025−64%
Operating income78910114-$8.6M in 2025
-$30.0M-$20.0M-$10.0M0$10.0M2018: $4.4M$4.4M20182019: -$6.1M-$6.1M20192020: -$23.2M-$23.2M2020+279%2021: -$5.3M-$5.3M2021−77%2022: -$4.4M-$4.4M2022−18%2023: -$6.8M-$6.8M2023+55%2024: -$7.3M-$7.3M2024+8%2025: -$8.6M-$8.6M2025+17%
Net income78910114-$8.0M in 2025
-$30.0M-$20.0M-$10.0M0$10.0M2018: $4.8M$4.8M20182019: -$3.9M-$3.9M20192020: -$23.7M-$23.7M2020+505%2021: -$5.8M-$5.8M2021−75%2022: -$5.0M-$5.0M2022−14%2023: -$3.9M-$3.9M2023−23%2024: -$4.4M-$4.4M2024+13%2025: -$8.0M-$8.0M2025+82%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Net sales$9.0M$10.9M$15.8M
Cost of net sales$7.9M$8.0M$11.4M
Gross profit$1.1M$2.9M$4.4M
Selling, general and administrative$5.0M$5.2M$5.3M
Research and development$4.6M$5.1M$5.9M
Total operating expenses$9.6M$10.2M$11.2M
Operating loss-$8.6M-$7.3M-$6.8M
Interest income$2.2M$2.8M$2.2M
Other income (expense), net (including related parties amounts of nil, $32 and nil for the years ended December 31, 2025, 2024 and 2023, respectively)-$12.0K$855.0K$2.0M
Loss before income taxes-$6.3M-$3.7M-$2.6M
Income tax expense-$1.6M-$683.0K-$1.3M
Net loss per share Basic-$0.87-$0.48-$0.42
Net loss per share Diluted-$0.87-$0.48-$0.42
Weighted average shares outstanding-Basic9.2M shares9.2M shares9.1M shares
Weighted average shares outstanding-Diluted9.2M shares9.2M shares9.1M shares
Net loss-$8.0M-$4.4M-$3.9M
Net change in cumulative translation adjustment-$891.0K-$1.9M-$2.5M
Comprehensive loss-$8.8M-$6.3M-$6.4M
Revenue recognized$800.0K$100.0K$100.0K
Selling expenses recognized$40.0K$1.3M
Allowances for credit loss$582.0K-$39.0K-$1.3M
Services including related parties amount$111.0K$7.0K
Other nonoperating income (expense) related party$32.0K

Compare UTStarcom with another company

What it owns

What UTStarcom 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.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$21.8M4 Dec 31, 2025$20.8M4 Dec 31, 2024+4.7%
Accumulated depreciation$21.1M4 Dec 31, 2025$20.3M4 Dec 31, 2024+3.6%
Property and equipment, net$709.0K4 Dec 31, 2025$476.0K4 Dec 31, 2024+48.9%
Operating-lease assets (leased space)$966.0K4 Dec 31, 2025$1.4M4 Dec 31, 2024−31.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$33.8M4 Dec 31, 2025$43.9M4 Dec 31, 2024−23.0%
Marketable securities, current$701.0K4 Dec 31, 2025$165.0K4 Dec 31, 2024+324.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.3M4 Dec 31, 2025$1.9M4 Dec 31, 2024−31.7%
Raw materials$564.0K4 Dec 31, 2025$840.0K4 Dec 31, 2024−32.9%
Work in process$374.0K4 Dec 31, 2025$589.0K4 Dec 31, 2024−36.5%
Finished goods$383.0K4 Dec 31, 2025$506.0K4 Dec 31, 2024−24.3%

The story

The company was founded in 1995 as a merger between Unitech and Starcom Networks to form UTStarcom. Unitech was founded in 1991 by Hong Liang Lu (陆弘亮), a Chinese entrepreneur with a BS degree from UC Berkeley, as Unitech Telecom. It was focused on the telecommunications markets in China, Japan, the United States and India, with its initial presence in China established in 1993 in Hangzhou, Zhejiang. Starcom Networks was founded in 1991 by Ying Wu (吴鹰) and a team who had worked together at the Bell Labs in New Jersey, United States.

After several years of trying to expand its business globally, UTStarcom launched the Personal Handy-phone System, also known as the Personal Access System, a technology originally developed in Japan.

In March 2000, UTStarcom went public on the NASDAQ.

In July 2008, UTStarcom sold its Personal Communications Division to AIG.

From Wikipedia’s article on UTStarcom, shared under CC BY-SA 4.0.6

Leadership

Who has led UTStarcom, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Hong Liang Lu2006–2008
  2. Peter Blackmore2008–2010
  3. Ying (jack) Lu2011

President

  1. Hong Liang Lu2006–2007
  2. Philip Christopher2007–2008
  3. Peter Blackmore2007–2010
  4. Ying (jack) Lu2011

Chief financial officer

  1. Francis P. Barton2006–2008
  2. Viraj J. Patel2008–2010
  3. Kenneth Luk2009–2010
  4. Edmond Cheng2010–2011
  5. Dan Jun Xie2026–now

Chief operating officer

  1. Michael J. Sophie2006
  2. Peter Blackmore2007–2008
  3. Ying (jack) Lu2010
1995200020052010201520202025
Board members and other officers (21)

Former names

  • UTSTARCOM INCDec 20, 1999 to Jul 8, 20115

Timeline

  1. Jun 20, 2011New chief executive Ying (jack) Lu becomes CEO13
  2. Aug 4, 2008New chief executive Peter Blackmore becomes CEO14
  3. Mar 2, 2006New chief executive Hong Liang Lu becomes CEO15
  4. Mar 3, 2000Went public Listed on NASDAQ1
  5. 1991Founded Founded1

Filings

46 filings to the SEC since October 2021: 5 annual reports, 10 insider forms, 31 other. The latest 20:

  1. Aug 21, 20264 PRIMARY DOCUMENT EDGAR
  2. Aug 20, 2026144 EDGAR
  3. Aug 14, 20266-K EDGAR
  4. Aug 13, 20266-K EDGAR
  5. Apr 24, 202620-F EDGAR
  6. Apr 1, 20264 PRIMARY DOCUMENT EDGAR
  7. Mar 31, 20264 PRIMARY DOCUMENT EDGAR
  8. Mar 24, 20266-K EDGAR
  9. Mar 24, 2026144 EDGAR
  10. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  11. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  12. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  13. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  14. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  15. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  16. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  17. Sep 29, 2025144 EDGAR
  18. Sep 29, 2025144 EDGAR
  19. Aug 29, 20256-K EDGAR
  20. Apr 25, 202520-F EDGAR

The 46 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 0 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 20, 2026Shao SeanDirectorSale14,533$2.38$34.5KForm 4
Mar 31, 2026Shao SeanDirectorSale6,000$2.32$13.9KForm 4
Mar 30, 2026Shao SeanDirectorSale13,994$2.43$34.0KForm 4

From Forms 4 filed with the SEC.

SEC filer profile

How UTStarcom is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARUTSTARCOM HOLDINGS CORP.2
  • CIK0001030471
  • Employer ID (EIN)52-17825002
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company42
  • Incorporated inCayman Islands42
  • Fiscal year endsDecember 312
  • Industry code (SIC)3669 Communications Equipment, NEC2
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance2
  • Business address4Th Floor, South Wing, 368 Liuhe Road, Binjiang District, Hangzhou, P.R., F4 NA2
  • Phone86 571 8192 88882
  • Shares outstanding9,186,976 shares as of Dec 31, 202542
  • AuditorGrant Thornton Zhitong Certified Public Accountants LLP, Shanghai, the People’s Republic of China PCAOB ID 1487; no auditor attestation of internal control over financial reporting42
  • On EDGAR sinceDec 20, 19992
  • Filings891 in all: 4 (220), 8-K (177), 6-K (103), SC 13D/A (37), 10-Q (34), 3 (30), CORRESP (27), SC 13G/A (26)2
    All 48 form types

    SC 13G (25), UPLOAD (23), S-8 POS (17), 20-F (15), 4/A (12), DEF 14A (12), S-8 (12), 10-K (11), 10-K/A (8), 144 (8), S-1/A (8), 10-Q/A (7), S-3/A (7), 424B3 (6), 425 (6), NT 10-Q (6), SC 13D (6), 8-K/A (5), S-3 (5), 20-F/A (4), NT 10-K (4), SC TO-I/A (4), 424B1 (3), ARS (3), DEFA14A (2), NT 20-F (2), PRE 14A (2), SC TO-I (2), 15-12B (1), 25-NSE (1), 3/A (1), 424B5 (1), 5 (1), 8-A12G (1), 8-K12B (1), 8-K12B/A (1), S-1 (1), S-3MEF (1), SC 14F1 (1), SC TO-C (1)

  • Latest filingsAnnual report (20-F) Apr 24, 2026
    Quarterly report (10-Q) May 9, 2011
    Proxy statement (DEF 14A) May 25, 2011
    Latest 8-K (8-K) Jun 27, 2011

Securities registered for trading

ClassSymbolExchange
Ordinary Shares, $0.015 par valueUTSIThe NASDAQ Stock Market LLC

From the cover page of the 20-F filed Apr 24, 2026 (Section 12(b) of the Exchange Act).42

Sources

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