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Mar 30, 2024
Infinera Q1 2024 Earnings Report
Preliminary financial results for the first quarter ended March 30, 2024, were released.
Key Takeaways
Infinera reported preliminary Q1 2024 financial results, with revenue at $306.9 million and a GAAP net loss of $(61.4) million, or $(0.27) per diluted share. The company saw significant customer, RFP, and design-win momentum, but the industry faced challenges as customers held back spending and pushed out projects.
GAAP revenue for the quarter was $306.9 million compared to $392.1 million in the first quarter of 2023.
GAAP net loss for the quarter was $(61.4) million, or $(0.27) per diluted share, compared to net loss of $(8.4) million, or $(0.04) per diluted share, in the first quarter of 2023.
Generated $24.0 million of operating cash flow and free cash flow of $16.0 million for the quarter.
Bookings were up year-over-year, and met the plan, with the multi-year revenue opportunity associated with design wins representing potentially the largest in the company’s history.
Infinera
Infinera
Infinera Revenue by Segment
Infinera Revenue by Geographic Location
Revenue by Segment
Product Revenue
CapyFin.comServices Revenue
CapyFin.comRevenue by Geographic Location
Domestic % Revenue
CapyFin.comInternational % Revenue
CapyFin.com Forward Guidance
Infinera's outlook for the quarter ending June 29, 2024, includes revenue expected to be $330 million +/- $20 million and GAAP gross margin expected to be 38.5% +/- 150 bps.
Positive Outlook
- Revenue is expected to be $330 million +/- $20 million.
- GAAP gross margin is expected to be 38.5% +/- 150 bps.
- Non-GAAP gross margin is expected to be 39.5% +/- 150 bps.
- GAAP operating expenses are expected to be $162.5 million +/- $1.5 million.
- Non-GAAP operating expenses are expected to be $139.5 million +/- $1.5 million.
Challenges Ahead
- GAAP operating margin is expected to be (11.5)% +/- 300 bps.
- Non-GAAP operating margin is expected to be (3.5)% +/- 300 bps.
- GAAP net loss per share is expected to be $(0.21) +/- $0.04.
- Non-GAAP net loss per share is expected to be $(0.09) +/- $0.04.
Revenue & Expenses
Visualization of income flow from segment revenue to net income