Ribbon Communications Inc. - RBBN STOCK NEWS

Ribbon Communications Inc. (Nasdaq: RBBN) has released its 2023 sustainability report, highlighting progress on ESG goals. The company achieved its emissions reduction target seven years early, with a 33% reduction in Scope 1+2 CO2e emissions compared to 2018. This was facilitated by a 26% cut in electricity consumption over six years and increasing renewable electricity use to 10% of total consumption.

Ribbon reported on its 'Three by 30' targets:

• 33% reduction in carbon emissions (target: 30% by 2030)
• 17% of management roles held by women (target: 30% by 2025)
• 21% of Tier 1 suppliers audited (target: 30% by 2025)

The company acknowledges more progress is needed on diversity goals, with 26% of new hires being women in 2023. Ribbon continues to focus on hiring and promoting women into leadership positions.

Ribbon Communications Inc. (Nasdaq: RBBN) reported its Q2 2024 financial results, showing mixed performance. While revenue decreased to $193 million from $211 million in Q2 2023, the company saw significant improvements in profitability. Net income increased by 21% and Adjusted EBITDA rose by 65% in the first half of 2024 compared to the same period in 2023. The company achieved higher gross margins and lower operating expenses year-over-year.

Despite lower sales, Ribbon projects a strong second half of 2024, driven by growth from U.S. Tier 1, Rural Broadband, Enterprise, and India markets. The company completed a refinancing of its capital structure with a $385 million five-year senior secured credit facility, providing greater liquidity. Ribbon adjusted its full-year 2024 guidance, now expecting revenue between $830 million and $850 million, and Adjusted EBITDA between $105 million and $115 million.

Converge ICT Solutions Inc. (PSE: CNVRG) is partnering with Ribbon Communications Inc. (NASDAQ: RBBN) to implement Ribbon's Apollo optical networking system in the Philippines. This collaboration will enhance Converge's backbone network capacity from 800 Gbps to 1.2 Tbps per channel, tripling the capacity needed for hyperscale applications. The upgrade utilizes Ribbon's 5nm - 140Gbaud transmission chipset, offering superior performance, energy efficiency, and heat management.

Converge CEO Dennis Anthony Uy emphasized that this technology will meet the increasing demand for large-scale capacity amid surging data consumption and cloud-native applications. The implementation includes Ribbon's Muse SDN Domain Orchestration for network optimization. This advancement is expected to result in significant power and cost savings for Converge while improving network reliability, data transfer speeds, and scalability.

Ribbon Communications Inc. (Nasdaq: RBBN) and Brightspeed announced a collaboration to modernize Brightspeed's network infrastructure. Brightspeed, the fourth largest fiber builder in the US, is utilizing Ribbon's comprehensive solutions to upgrade legacy assets while maintaining uninterrupted services. The transformation includes:

1. Deployment of Ribbon's C20 Call Controller, Application Server, SBC, PSX server, and RAMP
2. Implementation of Ribbon's NPT 1250 multi-service access routing platform
3. Replacement of power-hungry legacy equipment with energy-efficient solutions
4. Seamless transition without impacting customers or regulatory compliance

This modernization aims to enhance operational efficiency, flexibility, and capabilities while reducing power consumption and physical footprint. Brightspeed's CTO Brian Bond emphasized the importance of scalability in their fiber broadband network expansion across 160+ communities.

Ribbon Communications (Nasdaq: RBBN) will announce its Q2 2024 financial results after the market closes on July 24, 2024. The company, a global provider of real-time communications technology and IP optical networking solutions, will also host a conference call for the financial community at 4:30 p.m. ET to discuss the results. The call will be available via a live, listen-only webcast on the investor section of the company's website, and a replay will be accessible until August 7, 2024. Domestic callers can dial in at 877-407-2991, and international callers can use 201-389-0925.

Ribbon Communications (Nasdaq: RBBN) announced the closure of a new $385 million senior secured credit facility, including a $350 million term loan and a $35 million revolving credit facility. The proceeds will be used to repay existing debt, redeem Series A Preferred Stock, and cover related fees and expenses, with remaining funds allocated for working capital and general corporate purposes. The loans, maturing on June 21, 2029, will bear interest at SOFR plus 6.25%, adjustable based on net leverage. HPS Investment Partners and WhiteHorse Capital led the arrangement.

The company has issued a full redemption notice for its Series A Preferred Stock, effective June 25, 2024. CFO Mick Lopez expressed confidence in the new capital structure to support profitable growth and flexibility for future opportunities.

Ribbon Communications Inc. and SURF have successfully achieved 800G over an 1,650 km fiber optic link, enabling data-intensive research between research institutes and the Large Hadron Collider. The trial showcased Ribbon's advanced transport solutions, including the Apollo TM800_2 and NPT 2400 metro router.

Ribbon Communications Inc. reported its first quarter 2024 financial results, showing significant profitability improvement with over 700 basis points increase in Gross Margin. The company's revenue for the first quarter was $180 million, compared to $186 million for the same period last year. GAAP Loss from Operations improved by $22 million year over year, and Non-GAAP Adjusted EBITDA improved by $14 million to $12 million. Both GAAP and Non-GAAP Gross Margin saw an improvement of over 700 basis points year over year. The company's President and CEO, Bruce McClelland, expressed satisfaction with the profitability improvement, highlighting strong sales in the EMEA region and growth in the IP Optical Networks segment. Despite a decline in Cloud & Edge sales, the company is optimistic about future growth opportunities, including a multi-year Verizon Network Modernization program.

Ribbon Communications Inc. (Nasdaq: RBBN) has been selected by Verizon for a major network modernization program to replace legacy TDM switching platforms with modern cloud-based technologies. This multi-year program aims to improve cost efficiencies, technology advancements, and environmental benefits. Verizon will leverage Ribbon's Voice Products to consolidate and replace equipment with energy-efficient, software-centric platforms, enhancing service quality and reliability. The partnership seeks to reduce operational expenses and focus on innovation for both consumer and business customers.