Business
UTStarcom Reports Unaudited Financial Results for First Half of 2023
HANGZHOU, China, Aug. 30, 2023 (GLOBE NEWSWIRE) -- UTStarcom (“UT,” “UTStarcom” or the “Company”) (NASDAQ: UTSI), a global telecommunications infrastructure
About this update from Utstarcom Holdings Corp
[{"type":"text","content":"HANGZHOU, China, Aug. 30, 2023 (GLOBE NEWSWIRE) -- UTStarcom (“UT,” “UTStarcom” or the “Company”) (NASDAQ: UTSI), a global telecommunications infrastructure provider, today reported its unaudited financial results and a business update for the six months ended June 30, 2023 (“the first half”). Business Highlights: Progress with China Unicom Research Institute on development of the Disaggregated 5G Transport Network Solution. UT continued work on Phase 2 development that focuses on SRv6 functionality applied to 5G transport networking and on various solution enhancements. The Company successfully passed final acceptance tests and key interoperability tests.Release of a new SyncRing PTP Grandmaster product. UT introduced the SyncRing XGM30E indoor PTP grandmaster, a new addition to its SyncRing family of network synchronization equipment that complements our mature SyncRing product portfolio, expanding the range of application and installation scenarios.Ongoing support of the mobile transport network of a Mobile Operator in Europe. In 1H 2023, UTStarcom delivered networking products earlier ordered by this customer. UT continued development of its SkyFlux CPT and NetRing PTN platforms to better meet this customer’s requirements for its intended use case and to support future network expansion.Expansion order for SSTP solution deployed in India. UT received another expansion order (for both software and hardware) for the SSTP Signaling Gateway solution deployed on turn-key basis since 2017 by its primary customer in India.China market exploration. The Company intends to expand its market share in China and achieved two key milestones in this effort in the first half of the year. First, UT successfully passed MII (Ministry of industry and information Technology of PRC) certification for its SkyFlux UAR500B-12X product (a router based on IP-MPLS and SR technologies target for 5G transport market segment) that is required for any telecommunication equipment to get the license to sell or operate in telecommunication networks in China. Second, the Company made progress in the development of opportunities related to Smart Cities and Digital Construction in China, including Smart Street Light solutions, Smart Agriculture solutions, etc.India Receivable. The Company collected a portion of the amount due from its major customer in India. Du...