Thu, Oct 24, 6:04 PM (70 days ago)
In the third quarter of 2024, Ribbon Communications Inc. (RBBN) reported revenues of $210.2 million, a 3.5% increase from $203.2 million in Q3 2023. The Cloud and Edge segment contributed significantly, with a 3.4% rise in product revenues, while IP Optical Networks saw a decrease. Gross profit improved to $109.6 million, yielding a gross margin of 52.1%, up from 50.9% year-over-year. However, the company recorded a loss from operations of $927,000, contrasting with a profit of $856,000 in Q3 2023. For the nine months ending September 30, 2024, total revenue was $582.5 million, down from $599.9 million in 2023, with a net loss of $60.6 million compared to $73.3 million the previous year. Operating expenses increased to $110.5 million, influenced by a $5 million legal settlement. The balance sheet showed cash and equivalents of $37.2 million, with a total debt of $332.4 million post-refinancing to a new $385 million credit facility. Future operations may face uncertainties due to geopolitical tensions, supply chain disruptions, and inflation, impacting revenue consistency and operational costs.