Infinera Corp - INFN STOCK NEWS

Infinera announced the successful completion of desktop simulated network evaluations using Telstra InfraCo’s optical fibre. The evaluations were performed on two simulated intercity links: 1,240 km between Melbourne and Sydney, and 3,937 km between Perth and Sydney. The trials achieved new benchmarks in fibre capacity with 83.6 Tbps and 57.6 Tbps, respectively.

The tests utilized Infinera’s GX Series Compact Modular Platform featuring their latest ICE7 coherent optical technology, and Super C- + Super L-enabled optical line system, alongside Corning’s SMF-28® ULL fibre.

The results showcased a 53% increase in capacity over existing systems, indicating a significant improvement in network efficiency. These advancements aim to enhance Telstra InfraCo’s national fibre network, benefiting hyper scalers, service providers, and government entities by improving speed and capacity.

Infinera (Nasdaq: INFN) announced that Super Sistem Group has selected its GX Series and ICE6 800G coherent solution for the Super Sistem Batam Singapore (SSBS) Cable System. This subsea fiber optic cable aims to enhance connectivity between Batam and Singapore and is part of a broader initiative to expand broadband access to underserved communities in Indonesia. The deployment will connect Batam, Jakarta, and Manado with seven landing stations across 4,700 kilometers. Infinera's ICE6 solution is expected to maximize spectral efficiency, fiber capacity, and reliability. The initiative supports Indonesia's economic development by improving affordable connectivity, particularly in remote regions.

Infinera released its preliminary financial results for Q1 2024, reporting GAAP revenue of $306.9 million, down from $453.5 million in Q4 2023 and $392.1 million in Q1 2023. GAAP gross margin was 36.0%, and the GAAP operating margin was (14.0)%. The company reported a GAAP net loss of $(61.4) million or $(0.27) per diluted share. Non-GAAP net loss was $(38.3) million or $(0.17) per diluted share. Operating cash flow was $24.0 million and free cash flow was $16.0 million. The financial outlook for Q2 2024 includes expected revenue of $330 million +/- $20 million and a GAAP net loss per share of $(0.21) +/- $0.04. Despite the challenging quarter, Infinera saw positive momentum with significant customer wins and the launch of new products.

Infinera (NASDAQ: INFN) will announce its preliminary financial results for Q1 of fiscal 2024, which ended on March 30, 2024, on May 14, 2024, after market close. The announcement will be followed by a conference call at 5:00 p.m. ET to discuss the results and the company's outlook for Q2. The call will be accessible live and on an archived basis. Investors and interested parties can join the call by registering online or dialing in. The replay will be available approximately two hours after the live call on Infinera's investor relations website.

Infinera (NASDAQ: INFN) has reported its fourth quarter and fiscal year 2023 financial results. For Q4 2023, GAAP revenue was $453.5 million, up from $392.4 million in Q3 2023 but down from $485.9 million in Q4 2022. The GAAP gross margin was 38.6%, and the operating margin was 2.5%. GAAP net income was $12.9 million, or $0.06 per diluted share. Non-GAAP gross margin was 39.6%, and non-GAAP net income was $28.6 million, or $0.12 per diluted share.

For the fiscal year 2023, GAAP revenue was $1,614.1 million, with a gross margin of 38.6% and an operating margin of -0.3%. The net loss for the year was $(25.2) million. Non-GAAP gross margin was 39.9%, and non-GAAP net income was $53.4 million, or $0.23 per diluted share. The company announced delays in filing its Form 10-K and Form 10-Q.

Infinera (NASDAQ: INFN) provided an update on the expected filing of its fiscal 2023 Form 10-K, aiming to file by May 13, 2024. The company plans to release its financial results for Q1 2024 and outlook for Q2 2024 on May 14, 2024, along with details for an investment community conference call.