Adtran Holdings, Inc. · NASDAQ:ADTN
Adtran — Q1 2026 Earnings Presentation
36 slides from Adtran's earnings presentation, May 5, 2026
Slide 1: Adtran Holdings
Adtran Holdings (Nasdaq: ADTN) May 5, 2026 Investor presentation
Slide 2: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements Statements and graphics contained in this investor presentation which are not historical facts, such as those relating to market trends, future demand driver growth (including with respect to future fiber expansion, service provider fiber networki
Slide 3: Introduction and business model
Introduction and business model 3
Slide 4: Leading the way in the fiber everywhere era
W H O I S AD TR AN ? Leading the way in the fiber everywhere era Core to customer premise fiber networking ~1,000 global technology patents ~3,200 global employees ~40 years of experience Global presence HQ = Huntsville, AL “Our vision is to enable a fully-connected world, where the power and freedo
Slide 5: Market trends, shaping the future of connectivity
I N D U S TR Y U P D ATE Market trends, shaping the future of connectivity Fiber everywhere era AI infrastructure Growing importance of Data & AI transforming continues interconnect ramping secure networks network operations • Mix of public and private • Inter-DC and intra-DC • New EU legislation •
Slide 6: Adtran is a global vendor with scale and diversity
BUSINESS MODEL Adtran is a global vendor with scale and diversity Portfolio Customer Global Trusted differentiation diversity presence vendor • Optical core to • Balanced mix of national • Geo-diverse supply • Secure networking customer premise SPs, regional SPs, chain specialist • End-to-end automa
Slide 7: Complete portfolio from the core to the customer premise
AD TR AN P O R TF O L I O Complete portfolio from the core to the customer premise Subscriber solutions Access and aggregation Optical networking • Residential/SMB: ONTs, Wi-Fi • Broadband access platforms • Pluggable coherent optics and cloud mgmt. software • IP/Ethernet aggregation • Open line sys
Slide 8: Factors expected to drive long-term growth
BUSINESS MODEL Factors expected to drive long-term growth • Investment in fiber to homes, businesses and critical infrastructure sites ongoing Expansion of • In-home networks upgrading to multi-Gig Wi-Fi to match access network speeds fiber networks • Adtran has strong presence and broad portfolio t
Slide 9: Innovative optical solutions to address to AI demands
O P TI C AL I N N O V ATI O N Innovative optical solutions to address to AI demands Applying optical innovation to AI infrastructure What we are doing Adtran has spent decades solving the hardest optical problems in LightWave800 — our first product built for AI infrastructure, service provider optic
Slide 10: Optical Networking
PORTFOLIO OVERVIEW Optical Networking CATEGORY SOLUTIONS GROWTH DRIVERS • 100/400/800G coherent pluggables • Managed Optical Fiber Network (MOFN) • Thin/pluggable transponders • AI & cloud interconnect Optical terminals & • PQC-ready, secure transponders • Intra-DC scale up / scale out pluggable opt
Slide 11: Access and Aggregation
PORTFOLIO OVERVIEW Access and Aggregation CATEGORY SOLUTIONS GROWTH DRIVERS • Open, disaggregated OLT systems with • Fiber footprint expansion industry-lead density and power • XGS-PON upgrades Fiber access • Industry-standard 50 Gig PON • High-risk vendor replacement platforms • AI-driven access in
Slide 12: Subscriber Solutions
PORTFOLIO OVERVIEW Subscriber Solutions CATEGORY SOLUTIONS GROWTH DRIVERS • GPON / XGS-PON / 5G PON ONTs • FTTH expansion and upgrades • Indoor & outdoor multi-Gig, mesh Wi-Fi 7 • Upgrades to AI-optimized, cloud- platforms managed Wi-Fi 7 Residential / SMB • AI-driven insights/optimization • Shift t
Slide 13: Broad portfolio and target customer base
D I F F E R E N TI ATE D P O R TF O L I O Broad portfolio and target customer base Mobile, optical, Mobile, optical, Optical, access, Optical core and Access and Metro and access Network focus access, subscriber, cloud/AI, access, subscriber, cloud/AI metro, cloud/AI subscriber optical cloud/AI subs
Slide 14: Core to prem. fiber networks powered by AI intelligence
SERVICE PROVIDER SOLUTIONS Core to prem. fiber networks powered by AI intelligence Clarity AI-driven intelligence Subscriber experience Access domain IP & Optical domains AI-driven operations and support 400G edge GPON/XGS/50G routers Residential and PON SMB Wi-Fi 7 Metro DWDM FSP 3000 1/10/100G Thi
Slide 15: Solutions that enable distributed AI at scale
C L O U D AN D AI I N F R AS TR U C TU R E S O L U TI O N S Solutions that enable distributed AI at scale IP OLS Agentic AI Cloud interconnect – DCI Network to cloud workloads – interconnect – customer 4x100G LR4 to 400G front-end premise or for cloud handoff network network edge Intra-rack: DC sync
Slide 16: Quantum-safe networking solutions
S E C U R I N G C R I TI C AL I N F R AS TR U C TU R E Quantum-safe networking solutions Network orchestration and security management Fiber monitoring ALM Secure enterprise cloud interconnect FSP 150 S-flex Quantum-safe ALM Ethernet services Quantum-safe pluggable transponders Fiber sensing and Sec
Slide 17: Business update
Business update 17
Slide 18: Q1 2026 highlights
B U S I N E S S U P D ATE Q2 2026 highlights $286.1M 43.0% 6.9% $0.14 Non-GAAP Increasing non-GAAP Revenue within target Non-GAAP EPS gross margin operating margin • Revenue of $286.1m, up • Higher non-GAAP gross • Non-GAAP operating • Non-GAAP EPS $0.14, 15.5% y-o-y and within margin margin of 6.9%
Slide 19: Revenue percentage and growth drivers by category
B U S I N E S S U P D ATE – Q 1 ’ 2 6 P E R C E N TA E R E V E N U E B Y C ATE ORY Revenue percentage and growth drivers by category Optical Networking Access and Aggregation Subscriber Solutions 32% 34% 32% 32% 34% 34% 34% 34% 34% Growth drivers Growth drivers Growth drivers • Increasing investment
Slide 20: Revenue by geography and customer type
Q 1 2 0 2 6 B U S I N E S S U P D ATE Revenue by geography and customer type 21% 31% 49% 51% 49% Non-US US Enterprise/ICPs Regional SPs Large SPs Strong growth in the US driven by broadband expansion and regional SPs Note: Q4’25 Percentage revenue by geography and customer type may have a potential
Slide 21: Financial information
Q 1 2 0 2 6 B U S I N E S S U P D ATE Financial information Q1 26 Revenue ($m) Q1 26 Non-GAAP gross Q1 26 Non-GAAP Q1 26 Non-GAAP Q1 26 Q4 24 Non-GAAP margin operating expenses ($m) operating margin diluted EPS ($) 286.1m 43.0% 103.3m 6.9% -0.01 0.14 -1.9% q-o-q +54 bps q-o-q -1.8% q-o-q +51 bps q-o
Slide 22: Balance sheet and cash flow highlights
Q 1 2 0 2 6 B U S I N E S S U P D ATE Balance sheet and cash flow highlights ($m) ($m) $101 ($m) $24 $259 $254 $96 $248 $23 $88 DSO DPO 74 70 70 68 66 66 68 60 57 59 -$3 Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025 Q4 2025 Q1 2026 Q4 2025 Q1 2026 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Non-GAAP free Cash conversio
Slide 23: Business outlook
Business outlook 23
Slide 24: Outlook for Q2 2026
Outlook for Q2 2026 Prior outlook Current outlook (for Q1 2026) (for Q2 2026) Revenue $275.0m – $295.0m $283.0m – $303.0m Non-GAAP operating margin +4.0% – +8.0% +5.0% – +9.0% Note: Non-GAAP operating margin is calculated as non-GAAP operating profit divided by revenue. The Company has not provided
Slide 25: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations 25
Slide 26: Explanation of use of non-GAAP financial measures
Explanation of use of non-GAAP financial measures Set forth in the tables below are reconciliations of cost of revenue, gross profit, gross margin, operating expenses, operating income (loss), operating margin, other expense, net income (loss) inclusive of the non-controlling interest, net loss attr
Slide 27: Non-GAAP cost of revenue, gross profit and gross margin reconciliation
Non-GAAP cost of revenue, gross profit and gross margin reconciliation (1) Includes intangible amortization of backlog, developed technology, customer relationships, and trade names acquired in connection with business combinations. We incur charges relating to the amortization of intangible assets
Slide 28: Non-GAAP operating expense reconciliation
Non-GAAP operating expense reconciliation See footnotes on following page 28 © 2026 Adtran
Slide 29: Non-GAAP operating expense reconciliation footnotes
Non-GAAP operating expense reconciliation footnotes (1) We incur charges relating to the amortization of intangible assets and exclude these charges for purposes of calculating our non-GAAP measures. Such charges are significantly impacted by the timing and magnitude of our acquisitions. We exclude
Slide 30: Non-GAAP operating income and operating margin reconciliation
Non-GAAP operating income and operating margin reconciliation (1) Includes intangible amortization of backlog, developed technology, customer relationships, and trade names acquired in connection with business combinations. We incur charges relating to the amortization of intangible assets and exclu
Slide 31: Non-GAAP other expense reconciliation
Non-GAAP other expense reconciliation (1) Includes non-cash change in fair value of equity investments held in the ADTRAN Holdings, Inc. Deferred Compensation Program for Employees. (2) Includes amortization of actuarial losses related to the Company's pension plan for employees in certain foreign c
Slide 32: Non-GAAP net income (loss) and earnings (loss) per share reconciliation
Non-GAAP net income (loss) and earnings (loss) per share reconciliation (1) Loss per common share attributable to ADTRAN Holdings, Inc. - basic and diluted - reflects a $0.3 million and a $(3) thousand effect of redemption of RNCI for the three months ended March 31, 2026 and 2025. (2) Represents th
Slide 33: Free cash flow reconciliation
Free cash flow reconciliation (1) Purchases related to capital expenditures and developed technologies. 33 © 2026 Adtran
Slide 34: Appendix
Appendix 34
Slide 35: 2026 Financial calendar
2026 Financial calendar Annual Shareholder Meeting May 13 B. Riley Annual Growth Conference in Los Angeles May 20/21 Evercore Technology Conference in San Francisco June 2/3 Q2 Earnings Release & Quarterly Conference Call August 4/5 Rosenblatt Virtual Technology Summit August 18 35 © 2026 Adtran
Slide 36: Thank you
Thank you info@adtran.com | adtran.com A black and white logo A white letter in a black circle A white x in a black circle A logo of a camera A white play button with a black background A white line on a black background A white rss symbol in a black circle Description automatically generated Descri