Infinera Corporation - INFN STOCK NEWS

Infinera (Nasdaq: INFN) has signed a non-binding preliminary memorandum of terms with the U.S. Department of Commerce to potentially receive up to $93 million in direct funding through the CHIPS and Science Act. When combined with investment tax credits, this could result in over $200 million in total federal incentives.

The proposed funding aims to support the expansion and modernization of Infinera's semiconductor capabilities in Silicon Valley, California, and advanced test and packaging capabilities in Lehigh Valley, Pennsylvania. This expansion could increase domestic manufacturing capacity by an estimated factor of ten and create up to 1,700 manufacturing and construction jobs.

The funding is expected to strengthen America's supply chain, economic, and national security. Infinera's unique photonic semiconductors address the increased demand for bandwidth and open new markets inside data centers driven by AI workloads growth.

Infinera announced that Converge ICT Solutions, the leading fiber broadband provider in the Philippines, has chosen Infinera as its submarine line terminal equipment vendor for the Bifrost Cable System. Converge will use Infinera's GX Series Compact Modular Platform and 1.2T ICE7 optical engine for both submarine and terrestrial networks.

The Bifrost Cable System, spanning over 15,000 km, connects North America with the Philippines, Indonesia, and Singapore. Converge has been granted an Indefeasible Right of Use (IRU) for one fiber pair on the main trunk and the entire Davao branch.

Infinera's solution will enable Converge to deliver high capacity at low cost over ultra-long distances, benefiting from advanced high-speed optics and 5-nm technology. This selection underscores Infinera's expertise in deploying critical networks globally.

Infinera announced that Poka Lambro Telecommunications has deployed Infinera's XTM Series to upgrade its regional fiber broadband and middle-mile network across rural western Texas. The deployment, funded by the ReConnect Program, enables Poka Lambro to deliver 400G services across the region, providing reliable middle-mile connectivity for its own needs and those of other internet service providers (ISPs).

Poka Lambro serves communities across 4,200 square miles in West Texas, primarily supporting regions south of Lubbock to just north of Midland. The network upgrade allows Poka Lambro to increase its capacity and expand its service area, supporting vital services like remote working, telemedicine, and high-speed internet connectivity in previously unconnected rural regions. The solution was delivered in partnership with t3 Broadband, an experienced provider of rural broadband network implementation services.

Infinera (NASDAQ: INFN) announced that its greenhouse gas (GHG) emission reduction targets have been validated by the Science Based Targets initiative (SBTi). This validation reinforces Infinera's commitment to sustainability in the telecommunications industry through energy-efficient optical networking solutions and ESG initiatives.

SBTi has classified Infinera's Scope 1 and Scope 2 target ambitions as aligned with keeping global warming to 1.5°C in accordance with the Paris Agreement. Infinera's validated targets include:

• Reducing absolute Scope 1 and Scope 2 GHG emissions by 85% by 2030 from a 2020 base year
• Reducing absolute Scope 3 GHG emissions by 25% within the same timeframe

Infinera has already reduced Scope 1 and 2 GHG emissions by 75% since 2020 and is using renewable energy in over 80% of its Tier 1 and Tier 2 sites.

Infinera (NASDAQ: INFN) reminds stockholders of the upcoming deadline to elect the form of merger consideration for the pending acquisition by Nokia. The Election Deadline is 5:00 p.m. New York City time on September 30, 2024. Stockholders must deliver a properly completed election form to Computershare Trust Company by the deadline. Those who don't make a valid election will receive $6.65 per share in cash. The special meeting of Infinera stockholders will be held on October 1, 2024. Stockholders can still vote at the meeting if they owned shares as of August 14, 2024. The aggregate merger consideration is subject to proration. Stockholders can revoke elections in connection with selling or transferring shares. For assistance, stockholders can contact Sodali & Co.

Infinera (NASDAQ: INFN) announced that Core-Backbone, a global network provider, has deployed Infinera's GX Series ICE6 800G coherent solution to upgrade key network routes in Germany. The upgrade doubles network capacity on each segment while reducing power consumption per bit. Core-Backbone can now deliver capacity at 800G per wavelength, with the option to upgrade to 1.2T, significantly increasing capacity at the lowest cost and power per bit.

The deployment expands Core-Backbone's network across Europe, providing high-capacity, high-performance connectivity services. Ulrich Koehler, Head of Network and IT-Operation at Core-Backbone, praised the easy installation and deployment of Infinera's solution, which avoided service interruptions. The upgrade enables Core-Backbone to meet growing customer demands for high-speed transmission, supporting 400G to 800G+ capacity for individual wavelengths.

Infinera (NASDAQ: INFN) reported its Q2 2024 financial results, showing mixed performance. GAAP revenue increased to $342.7 million from $306.9 million in Q1 2024 but decreased from $376.2 million in Q2 2023. GAAP gross margin improved to 39.6%, up from 36.0% in Q1 2024 and 38.0% in Q2 2023. The company reported a GAAP net loss of $(48.3) million, or $(0.21) per diluted share, an improvement from Q1 2024 but a decline from Q2 2023.

CEO David Heard expressed satisfaction with the results, noting that revenue, gross margin, and operating margin exceeded the midpoint of their outlook range. The company ended Q2 with a book-to-bill ratio above 1. Infinera also highlighted its pending merger with Nokia, expected to close in the first half of 2025.

Infinera (INFN) announced that GARR, Italy's research and education network, has chosen Infinera's GX Series ICE6 800G coherent solution to double the capacity of its new optical infrastructure, GARR-T. The expansion, funded by the EU Recovery Fund project TeRABIT, will extend GARR's network to Sardinia, enhancing connectivity for research institutions and universities. This deployment, which includes both terrestrial and submarine cable systems, will provide up to 400 Gbps connectivity across Italy by 2025. The project aims to strengthen GARR's high-performance optical backbone, facilitating faster collaboration and providing additional access for institutions involved in Italy's National Center for Research in High-Performance Computing, Big Data, and Quantum Computing.

Infinera (Nasdaq: INFN) announced that SECOM is modernizing its middle-mile and business Ethernet access network using Infinera's XTM Series optical transport solution. This upgrade will bring new multi-gigabit broadband services to underserved rural southern Colorado communities. SECOM, a subsidiary of Southeast Colorado Power Association, is expanding its network capabilities to deliver multi-gigabit Ethernet services and 100G/400G broadband transport.

The XTM Series provides SECOM with a temperature-hardened and low-latency packet optical middle-mile network, suitable for residential, business, and Carrier Ethernet traffic. This modernization project aims to maximize the region's economic and social development opportunities and close the digital divide in remote locations.