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Dec 31, 2024
Infinera Q4 2024 Earnings Report
Infinera Corporation reported its financial results for the fourth quarter and fiscal year ended December 28, 2024, showing a decrease in revenue and net income compared to the previous year's fourth quarter.
Key Takeaways
Infinera Corporation's Q4 2024 revenue was $414.4 million, a decrease from $453.5 million in Q4 2023. The company reported a net loss of $(26.3) million, or $(0.11) per diluted share, compared to a net income of $12.9 million, or $0.06 per diluted share, in Q4 2023. Non-GAAP net income for the quarter was $8.2 million, or $0.03 per diluted share.
Q4 2024 GAAP revenue was $414.4 million, a decrease from $453.5 million in Q4 2023.
The company reported a GAAP net loss of $(26.3) million, or $(0.11) per diluted share, in Q4 2024.
Non-GAAP net income for Q4 2024 was $8.2 million, or $0.03 per diluted share.
GAAP gross margin for Q4 2024 was 38.0%, slightly down from 38.6% in Q4 2023.
Infinera
Infinera
Infinera Revenue by Segment
Infinera Revenue by Geographic Location
Revenue by Segment
Product Revenue
CapyFin.comServices Revenue
CapyFin.comRevenue by Geographic Location
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CapyFin.com Forward Guidance
Infinera will not be providing financial guidance during the pendency of the acquisition by Nokia, which is anticipated to be completed on or about February 28, 2025.
Positive Outlook
- Year-over-year growth in bookings and backlog, with a book-to-bill ratio of approximately 1.1x for FY'24 and 1.3x for Q4'24.
- Record revenue with webscalers, with total revenue exposure (direct and indirect) greater than 50% of FY'24 revenue.
- Significant design wins across the GX systems portfolio with webscalers and Tier 1 Communications Service Providers (CSPs).
- Substantial awards for ICE-X 400G and 800G pluggables from webscalers and Tier 1 CSPs.
- Secured CHIPS & Science Act funding with the potential for greater than $200 million in total federal incentives, in addition to potential state and local incentives.
Challenges Ahead
- The company will not be providing financial guidance due to the pending acquisition by Nokia.
- The acquisition is subject to the satisfaction of remaining closing conditions.
- The possibility that the merger may not be completed or completion may be delayed.
- The risk of a required payment of a significant termination fee by either party if the Merger Agreement is terminated.
- The possibility that Infinera's customers, suppliers, or strategic partners may delay or defer entering into contracts or making other decisions concerning Infinera due to the merger and related uncertainty.
Revenue & Expenses
Visualization of income flow from segment revenue to net income