Slide 1: Ciena Corporation Fiscal Q1 2025 Earnings Presentation
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Ciena Corporation Fiscal Q1 2025 Earnings Presentation Period ended February 1, 2025 March 11, 2025
Slide 2: Forward-looking statements and non-GAAP measures
© Ciena Corporation 2025. All rights reserved. Proprietary Information.2 Forward-looking statements and non-GAAP measures You are encouraged to review the Investors section of our website, where we routinely post press releases, Securities and Exchange Commission (SEC) filings, recent news, financia
Slide 3: Table of Contents
© Ciena Corporation 2025. All rights reserved. Proprietary Information.3 Table of Contents 1. Overview and Ciena's portfolio 2. Industry context and addressable market expansion 3. Ciena is positioned for accelerated growth 4. Fiscal Q1 2025 financial performance 5. Appendix
Slide 4: Overview and Ciena's portfolio
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Overview and Ciena's portfolio
Slide 5: Ciena is the global leader in high-speed connectivity
© Ciena Corporation 2025. All rights reserved. Proprietary Information.5 Ciena is the global leader in high-speed connectivity Ciena provides networking systems, services, and software We build the most adaptive networks in the industry, enabling customers to anticipate and meet ever-increasing digi
Slide 6: Evolving our customers' business with the Adaptive Network
© Ciena Corporation 2025. All rights reserved. Proprietary Information.6 Evolving our customers’ business with the Adaptive Network
Slide 7: Our strategy leverages our Optical technology to create expanded addressable market opportunities
© Ciena Corporation 2025. All rights reserved. Proprietary Information.7 Our strategy leverages our Optical technology to create expanded addressable market opportunities
Slide 8: Industry context and addressable market expansion
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Industry context and addressable market expansion
Slide 9: Increasing bandwidth consumption as a driver of network expansion
© Ciena Corporation 2025. All rights reserved. Proprietary Information.9 Increasing bandwidth consumption as a driver of network expansion
Slide 10: Our core business is enabling investment in higher-growth markets
© Ciena Corporation 2025. All rights reserved. Proprietary Information.10 Our core business is enabling investment in higher-growth markets 1Sources: Dell'Oro, CignalAI, LightCounting, and Ciena internal analysis.
Slide 11: An industry leader
© Ciena Corporation 2025. All rights reserved. Proprietary Information.11 An industry leader #1 Globally • Data center interconnect • Optical for internet content provider customers #1 N. America • Data center interconnect • Total optical networking • Optical packet Optical Transport Report, 4Q24 #1
Slide 12: Ciena is positioned for accelerated growth
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Ciena is positioned for accelerated growth
Slide 13: Our future growth opportunity
© Ciena Corporation 2025. All rights reserved. Proprietary Information.13 Our future growth opportunity Long-term growth in core business plus new addressable markets provide an opportunity to outpace our traditional revenue CAGR over time
Slide 14: Our portfolio addresses key network applications
© Ciena Corporation 2025. All rights reserved. Proprietary Information.14 Our portfolio addresses key network applications
Slide 15: We expect coherent technology will have growing application in the AI era
© Ciena Corporation 2025. All rights reserved. Proprietary Information.15 We expect coherent technology will have growing application in the AI era
Slide 16: Results
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q1 FY 2025 results
Slide 17: Key highlights
© Ciena Corporation 2025. All rights reserved. Proprietary Information.17 Q1 FY 2025 key highlights ▪ Service Provider revenue grew 14% YoY ▪ Non-telco represented 49% of total revenue ▪ Government, R&E, and Enterprise revenue grew 10% YoY ▪ APAC revenue grew 6% YoY ▪ Blue Planet revenue grew 87% Yo
Slide 18: Comparative financial highlights
© Ciena Corporation 2025. All rights reserved. Proprietary Information.18 Q1 FY 2025 comparative financial highlights * Reconciliations of these non-GAAP measures to our GAAP results are included in the Appendix and in the press release for the relative period. Q1 FY 2025 Q1 FY 2024 Revenue $1,072.3
Slide 19: Comparative operating metrics
© Ciena Corporation 2025. All rights reserved. Proprietary Information.19 Q1 FY 2025 comparative operating metrics Q1 FY 2025 Q1 FY 2024 Cash and investments $1.32B $1.48B Cash provided by operations $104M $266M DSO 90.0 88.0 Inventory Turns 2.3 1.9 Gross Leverage 3.35x 2.42x Net Debt $283M $148M
Slide 20: Revenue by segment
© Ciena Corporation 2025. All rights reserved. Proprietary Information.20 Revenue by segment (Amounts in millions) Q1 FY 2025 Q1 FY 2024 Revenue %** Revenue %** Networking Platforms Optical Networking $728.0 67.9 $695.8 67.1 Routing and Switching 93.2 8.7 111.4 10.7 Total Networking Platforms 821.2
Slide 21: Revenue derived from non-telco customers
© Ciena Corporation 2025. All rights reserved. Proprietary Information.21 Revenue derived from non-telco customers
Slide 22: Revenue by geographic region
© Ciena Corporation 2025. All rights reserved. Proprietary Information.22 Revenue by geographic region 10.8% 10.1% 10.8% 20.0% 17.1% 13.4% 69.2% 72.8% 76.3% 75.8% 14.3% 9.4% 11.1% 14.7% 74.2%
Slide 23: Appendix
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q1 FY 2025 appendix
Slide 24: Gross Profit Reconciliation
© Ciena Corporation 2025. All rights reserved. Proprietary Information.24 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Q1 FY 2024 GAAP gross profit $471,821 $460,022 $403,945 $388,661 $466,962 Share-based compensation-products 1,750 1,736 1,660 1,760 1,318 Share-based compensation-services 3,405 3,25
Slide 25: Operating expense and income from operations reconciliation
© Ciena Corporation 2025. All rights reserved. Proprietary Information.25 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Q1 FY 2024 GAAP operating expense $391,158 $400,812 $377,202 $392,626 $382,333 Share-based compensation-research and development 14,237 14,065 13,118 14,066 12,880 Share-based compen
Slide 26: Net income reconciliation
© Ciena Corporation 2025. All rights reserved. Proprietary Information.26 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Q1 FY 2024 GAAP net income (loss) $44,572 $37,028 $14,230 $(16,849) $49,547 Exclude GAAP provision for income taxes 24,022 10,993 2,125 820 21,956 Income (loss) before income taxes 6
Slide 27: EBITDA reconciliation
© Ciena Corporation 2025. All rights reserved. Proprietary Information.27 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Q1 FY 2024 Net income (loss) (GAAP) $44,572 $37,028 $14,230 $(16,849) $49,547 Add: Interest expense 22,918 24,99