Vistance Networks, Inc. · NASDAQ:VISN
Vistance Networks — Q4 2025 Earnings Presentation
27 slides from Vistance Networks's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter and Full Year 2025 Results
Fourth Quarter and Full Year 2025 Results February 26, 2026
Slide 2: Important information
Important information Caution Regarding Forward Looking Statements These forward-looking statements are subject to various risks and uncertainties, many of which are outside our control, including, without limitation, our dependence on customers’ capital spending on data, communication and entertain
Slide 3: A focused portfolio
• A focused Vistance Networks is the parent company to portfolio RUCKUS Networks and Aurora Networks. • Innovative intelligent network solutions to lead the industry 3
Slide 4: Q4 and 2025 Full Year Results
Q4 and 2025 Full Year Results • Net Sales increased due to market growth and strategic initiatives. • Q4 Net sales of $515 million increased 24% from prior year. • Full Year Net sales of $1.93 billion, increasing 40% YoY. • Core Adjusted EBITDA(2) of $379 million beat guidance range of $325 - $375 m
Slide 5: Full year 2025 results
Full year 2025 results(1) Vistance Networks Core Vistance Networks(2) Vistance Networks incl. CCS “Continuing Operations” (In $millions) (In $millions) (In $millions, except per share amounts) FY’24 FY’25 Y/Y FY’24 FY’25 Y/Y FY’24 FY’25 Y/Y Results Results Change Results Results Change Results Resul
Slide 6: Fourth quarter results
Fourth quarter results(1) Vistance Networks Core Vistance Networks(2) Vistance Networks incl. CCS “Continuing Operations” (In $millions) (In $millions) (In $millions, except per share amounts) 4Q’24 4Q’25 Y/Y 4Q’24 4Q’25 Y/Y 4Q’24 4Q’25 Y/Y Results Results Change Results Results Change Results Resul
Slide 7: Fourth quarter business highlights
Fourth quarter business highlights Business Segment Net Sales ($M) Y-Y% Adj. EBITDA(1) ($M) Y-Y% Observations 4Q’24 4Q’25 4Q’24 4Q’25 • Higher Adjusted EBITDA driven by DOCSIS 4.0 product revenue and legacy license revenue. • Record shipments of DOCSIS 4.0 amplifiers. Aurora Aurora Networks +33% +11
Slide 8: Full year business highlights
Full year quarter business highlights Business Segment Net Sales ($M) Y-Y% Adj. EBITDA(1) ($M) Y-Y% Observations FY’24 FY’25 FY’24 FY’25 • Higher Adjusted EBITDA driven by DOCSIS 4.0 product revenue and legacy license revenue. • Secured key DOCSIS 4.0 win with a major North American Aurora Aurora Ne
Slide 9: Cash flow update
Cash flow update (1) GAAP Cash Flow from Operations ($M) Free Cash Flow ($M) (2) $271 $255 $278 $281 $135 $151 $64 $77 $(202) $(187) 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 • YoY cash flow from operations increase driven by higher EBITDA, partially offset by working capital as bu
Slide 10: Strong, Unlevered Balance Sheet with Excess Cash
Strong, Unlevered Balance Sheet with Excess Cash • 4.8X net leverage (1) (including CCS) at the end of the year. • Cash on hand of $923 million (2) and available liquidity of $1.54 billion. • January 9, 2026 sale of CCS delivered $10 billion of net proceeds, • After closing CCS transaction, all debt
Slide 11: Closing Remarks
Closing Remarks Chuck Treadway President and Chief Executive Officer 11
Slide 12: Appendix
VISTANCE NETWORKS Appendix
Slide 13: Condensed Consolidated Statements of Operations
Vistance Networks, Inc. Condensed Consolidated Statements of Operations (Unaudited -- In millions, except per share amounts) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net sales $ 514.5 $ 415.2 $ 1,931.6 $ 1,382.6 Cost of sales 280.2 238.7 975.7 777.5 Gross profit 23
Slide 14: Consolidated Balance Sheets
Vistance Networks, Inc. Consolidated Balance Sheets (In millions, except share amounts) December 31, 2025 2024 Assets Cash and cash equivalents $ 754.4 $ 404.1 Accounts receivable, net of allowance for doubtful accounts of $1.6 and $1.6, respectively 350.4 252.2 Inventories, net 310.4 403.0 Prepaid
Slide 15: Condensed Consolidated Statements of Cash Flows
Vistance Networks, Inc. (1) Condensed Consolidated Statements of Cash Flows (Unaudited -- In millions) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Operating Activities: Net income (loss) $ 1,359.5 $ 6.7 $ 2,283.7 $ (315.5) Adjustments to reconcile net income (loss) to
Slide 16: Adjusted EBITDA and Adjusted Net Income Reconciliation
Vistance Networks, Inc. Reconciliation of GAAP Measures to Non-GAAP Adjusted Measures (Unaudited -- In millions, except per share amounts) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Income (loss) from continuing operations, as reported $ (50.3) $ (21.0) $ 324.3 $ (20
Slide 17: Sales by Region
Vistance Networks, Inc. Sales by Region (Unaudited -- In millions) Sales by Region Sales by Region % Change Q4 2025 Q4 2024 YOY United States $ 363.1 $ 274.8 32.1 % Europe, Middle East and Africa 63.6 50.4 26.2 Asia Pacific 40.5 38.9 4.1 Caribbean and Latin America 24.4 29.2 (16.4) Canada 22.9 21.9
Slide 18: Sales and Adjusted EBITDA by Segment
Vistance Networks, Inc. Segment Information (Unaudited -- In millions) Segment Net Sales Sales and % Change Q4 2025 Q4 2024 YOY RUCKUS $ 167.1 $ 153.4 8.9 % Adjusted EBITDA Aurora 347.4 261.8 32.7 Total net sales $ 514.5 $ 415.2 23.9 % by Segment Segment Adjusted EBITDA (1) % Change Q4 2025 Q4 2024
Slide 19: Sales and Adjusted EBITDA by Segment
Vistance Networks, Inc. Segment Information (Unaudited -- In millions) Segment Net Sales % Change Full Year 2025 Full Year 2024 YOY Sales and RUCKUS Aurora $ 698.9 1,232.7 $ 546.3 835.8 27.9 47.5 % Adjusted EBITDA (1) Corporate and other — 0.5 (100.0) Total net sales $ 1,931.6 $ 1,382.6 39.7 % by Se
Slide 20: RUCKUS Sales and Adjusted EBITDA
Vistance Networks, Inc. Segment Information (Unaudited -- In millions) RUCKUS Net Sales RUCKUS Sales % Change Q4 2025 Q4 2024 YOY (1) Core RUCKUS $ 167.1 $ 143.9 16.1 % and Adjusted OneCell — 9.5 (100.0) Total RUCKUS net sales $ 167.1 $ 153.4 8.9 % EBITDA RUCKUS Adjusted EBITDA (2) % Change Q4 2025
Slide 21: Adjusted EBITDA Reconciliation by Segment
Vistance Networks, Inc. Reconciliation of GAAP to Segment Adjusted EBITDA (Unaudited -- In millions) Fourth Quarter 2025 Segment Adjusted EBITDA Reconciliation Corporate and (1) RUCKUS Aurora other Total Adjusted EBITDA Operating income (loss), as reported $ (4.7) $ 50.4 $ (48.6) $ (2.9) Amortizatio
Slide 22: Adjusted EBITDA Reconciliation by Segment
Vistance Networks, Inc. Reconciliation of GAAP to Segment Adjusted EBITDA (Unaudited -- In millions) Year Ended December 31, 2025 Segment Adjusted EBITDA Reconciliation Corporate and (1) RUCKUS Aurora other Total Operating income (loss), as reported $ 43.0 $ 123.7 $ (119.1) $ 47.6 Adjusted EBITDA Am
Slide 23: RUCKUS Adjusted EBITDA Reconciliation
Vistance Networks, Inc. Reconciliation of GAAP to RUCKUS Adjusted EBITDA (Unaudited -- In millions) Fourth Quarter 2025 RUCKUS Adjusted EBITDA Reconciliation (1) RUCKUS Adjusted Core RUCKUS OneCell Total RUCKUS Operating loss, as reported $ (4.6) $ (0.1) $ (4.7) Amortization of purchased intangible
Slide 24: RUCKUS Adjusted EBITDA Reconciliation
Vistance Networks, Inc. Reconciliation of GAAP to RUCKUS Adjusted EBITDA (Unaudited -- In millions) Year Ended December 31, 2025 RUCKUS Adjusted EBITDA Reconciliation (1) Core RUCKUS OneCell Total RUCKUS RUCKUS Adjusted Operating income (loss), as reported $ 49.3 $ (6.3) $ 43.0 Amortization of purch
Slide 25: Free Cash Flow Reconciliation
Free Cash Flow Vistance Networks, Inc. Reconciliation Free Cash Flow (Unaudited -- In millions) (1) Free Cash Flow Q4 Q1 Q2 Q3 Q4 Full Year Full Year 2024 2025 2025 2025 2025 2025 2024 Cash flow from operations $ 277.8 $ (186.9) $ 77.1 $ 151.4 $ 281.3 $ 322.9 $ 273.1 Capital expenditures (7.3) (15.5
Slide 26: Adjusted Gross Profit and Adjusted Operating Expense
Vistance Networks, Inc. Adjusted Gross Profit and Adjusted Operating Expense (Unaudited -- In millions) Adjusted Gross GAAP to Non-GAAP Adjusted Gross Profit Profit and Adjusted Full Year Full Year Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 2024 Gross profit, as reported $ 176.5 $ 197.6 $ 279.6 $
Slide 27: Adjusted EBITDA Outlook Reconciliation
Vistance Networks, Inc. Reconciliation of GAAP Measures to Non-GAAP Adjusted Measures (Unaudited -- In millions) Adjusted EBITDA Outlook Reconciliation Adjusted EBITDA Outlook Range 2026 Outlook Operating income Adjustments: Amortization of purchased intangible assets $ 178 102 $ 222 102 Reconciliat