On this page of StockholderLetter.com we present the latest annual shareholder letter from ADTRAN Holdings, Inc. — ticker symbol ADTN. Reading current and past ADTN letters to shareholders can bring important insights into the investment thesis.

Intelligent networking solutions for the AI-era Ann al report Adtran and the Adtran logo are registered trademarks of Adtran n and or its af liates in the and other o ntries o ie a list of Adtran trademarks go to this adtran com/trademarks. Third-party trademarks mentioned in this doc ment are the property of their respecti e o ners.
Letter to stockholders Tom Stanton hairman and of dtran oldings Dear fellow stockholders Financial highlights This past year demonstrated the progress we have made in trans ating o r operationa initiatives and strategic investments into stronger performance. r goa contin es to e to create ong term va e thro gh discip ined e ec tion and responsi e stewardship of yo r capita . e are enco raged y the progress we made d ring in p rs ing that important goal. even e for totaled . illion representing a increase compared with the prior year. rowth was road ased with each of o r three prod ct categories delivering do le digit increases as c stomers increased investment in road and and er networ infrastr ct re. n improving ind stry conditions and o r m lti year operational initiatives com ined to drive road ased growth across o r siness stronger pro ta ility and increased cash ow generation. ll three of o r reven e categories e panded d ring the year re ecting increasing c stomer investment across o r end mar ets. ring the year we enhanced o r capital str ct re strengthening o r nancial position and providing greater e i ility to s pport f t re investment and growth. cross the mar ets we serve the need for sec re high capacity networ ing infrastr ct re contin es to grow. r glo al footprint comprehensive er networ ing portfolio and rep tation as a tr sted technology partner position dtran well to s pport this ne t phase of networ investment. ross pro t improved y d ring the year driven y stronger demand contin ed e ec tion on o r operating initiatives and the ene ts of greater scale across the siness. ash generation was strong with net cash provided y operating activities increasing y . million to . million d ring . e also too steps to f rther strengthen o r alance sheet thro gh the iss ance of . million in converti le senior notes at an attractive interest rate relative to o r e isting revolving credit facility. These actions re ect o r contin ed foc s on nancial discipline and long-term capital stewardship.
Broad-based growth across our portfolio ptical etwor ing ol tions led o r growth in increasing from driven y strong demand across a road mi of c stomers incl ding service providers clo d providers enterprise networ s and p lic sector networ s. This demand re ects the roader mar et re irement for high-capacity sec re optical networ ing sol tions along with the e i ility and capa ilities of o r optical platforms to address these needs. ccess ggregation ol tions reven e increased d ring the year driven primarily y the ongoing investment cycle in high-speed er- ased road and services across the and rope. scri er ol tions reven e increased yearover-year re ecting the contin ed investment y service providers to connect more homes and sinesses with er while pgrading their i- i platforms to clo d-managed m lti- ig services. With our long-standing presence in both the United States and Europe, a geographically diverse supply chain, and a portfolio tailored for secure communications networks, these market dynamics align well with our strategic direction. omplementing o r networ infrastr ct re sol tions is o r osaic software portfolio which ena les operators to manage increasingly comple er and i- i networ s with greater a tomation and intelligence. s networ s contin e to scale software a tomation and -ena led capa ilities are ecoming increasingly important to improving operational ef ciency and networ performance. e e pect that -driven operations ena led y o r recently anno nced osaic ne larity applications will play a ey role in the f t re of o r c stomers networ s and ena le additional software growth opport nities for s. Market trends and opportunities everal long-term ind stry trends contin e to s pport investment across these mar ets. emand for high-capacity er infrastr ct re remains strong as clo d operators service providers enterprise c stomers and governments e pand and moderni e their networ s. ncreasing data cons mption clo d adoption and the rapid growth of arti cial intelligence applications are driving the need for more resilient and scala le comm nications infrastr ct re. t the same time network operators are placing greater emphasis on sec rity tr sted s pply chains and vendor diversi cation. n rope reg latory initiatives and national sec rity considerations are enco raging operators to move away from high-risk s ppliers and adopt tr sted technology partners. ith o r long-standing presence in oth the nited tates and rope a geographically diverse s pply chain and a portfolio tailored for sec re comm nications networks these market dynamics align well with o r strategic direction.
Looking ahead s we move into we elieve the positive moment m achieved in provides a strong fo ndation for contin ed progress. nvestment in er infrastr ct re remains a priority across many of o r core markets while demand for -driven a tomation contin es to grow. dtran has improved its strategic positioning in key markets, incl ding with ropean and c stomers, and in emerging verticals, s ch as clo d providers and critical infrastr ct re. y com ining these market opport nities with a disciplined operating model and contin ed innovation, we elieve we are wellpositioned to f rther improve pro ta ility and create long-term val e for o r stockholders. A note of gratitude inally, wo ld like to thank o r employees aro nd the world for their dedication. Their commitment and e pertise contin e to drive o r progress and s ccess. To o r stockholders, we appreciate yo r contin ed tr st and s pport as we work to ild a stronger Adtran. e look forward to sharing f rther progress as we contin e to e ec te o r strategy and p rs e the opport nities ahead. incerely, Tom Stanton hairman and of Adtran oldings
 • shareholder letter icon 3/27/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/28/2023 ADTN Stockholder Letter
 • stockholder letter icon 3/27/2024 ADTN Stockholder Letter
 • stockholder letter icon 3/31/2025 ADTN Stockholder Letter
 • stockholder letter icon 6/6/2025 ADTN Stockholder Letter
 • stockholder letter icon More "Manufacturing" Category Stockholder Letters
 • Benford's Law Stocks icon ADTN Benford's Law Stock Score = 92


ADTN Shareholder/Stockholder Letter Transcript:


Intelligent
networking
solutions for
the AI-era
Ann  al report         
Adtran and the Adtran logo are registered trademarks of
Adtran     n     and  or its af  liates in the          and other   o  ntries  
  o   ie   a list of Adtran trademarks   go to this                  adtran  
com/trademarks. Third-party trademarks mentioned in this
doc  ment are the property of their respecti  e o  ners.

Letter to stockholders
Tom Stanton
  hairman and        of   dtran   oldings
Dear fellow stockholders
Financial highlights
This past year demonstrated the progress we have
made in trans  ating o  r operationa   initiatives and
strategic investments into stronger performance.
    r goa   contin  es to   e to create   ong  term va    e
thro  gh discip  ined e  ec  tion and responsi    e
stewardship of yo  r capita  .   e are enco  raged   y
the progress we made d  ring          in p  rs  ing that
important goal.
  even  e for          totaled     .       illion   representing a
       increase compared with the prior year.   rowth
was   road    ased   with each of o  r three prod  ct
categories delivering do    le  digit increases as
c  stomers increased investment in   road  and and
    er networ   infrastr  ct  re.
  n            improving ind  stry conditions and o  r
m  lti  year operational initiatives com  ined to drive
  road    ased growth across o  r     siness   stronger
pro  ta  ility and increased cash   ow generation.   ll
three of o  r reven  e categories e  panded d  ring
the year   re  ecting increasing c  stomer investment
across o  r end mar  ets.
    ring the year   we enhanced o  r capital str  ct  re  
strengthening o  r   nancial position and providing
greater   e  i  ility to s  pport f  t  re investment and
growth.
  cross the mar  ets we serve   the need for sec  re  
high  capacity networ  ing infrastr  ct  re contin  es
to grow.     r glo  al footprint   comprehensive     er
networ  ing portfolio   and rep  tation as a tr  sted
technology partner position   dtran well to s  pport
this ne  t phase of networ   investment.
  ross pro  t improved   y        d  ring the year  
driven   y stronger demand   contin  ed e  ec  tion
on o  r operating initiatives   and the   ene  ts of
greater scale across the     siness.   ash generation
was strong   with net cash provided   y operating
activities increasing   y       .   million to         .   million
d  ring         .
  e also too   steps to f  rther strengthen o  r   alance
sheet thro  gh the iss  ance of         .   million in
converti  le senior notes at an attractive interest rate
relative to o  r e  isting revolving credit facility. These
actions re  ect o  r contin  ed foc  s on   nancial
discipline and long-term capital stewardship.

Broad-based growth across
our portfolio
  ptical   etwor  ing   ol  tions led o  r growth in           
increasing        from            driven   y strong demand
across a   road mi   of c  stomers   incl  ding service
providers   clo  d providers   enterprise networ  s and
p    lic sector networ  s. This demand re  ects the
  roader mar  et re    irement for high-capacity  
sec  re optical networ  ing sol  tions   along with the
  e  i  ility and capa  ilities of o  r optical platforms to
address these needs.
  ccess      ggregation   ol  tions reven  e increased
       d  ring the year   driven primarily   y the ongoing
investment cycle in high-speed       er-  ased
  road  and services across the      and     rope.
      scri  er   ol  tions reven  e increased        yearover-year   re  ecting the contin  ed investment
  y service providers to connect more homes and
    sinesses with     er while   pgrading their   i-  i
platforms to clo  d-managed   m  lti-  ig services.
   With our long-standing
presence in both the
United States and Europe, a
geographically diverse supply
chain, and a portfolio tailored
for secure communications
networks, these market
dynamics align well with our
strategic direction.   
  omplementing o  r networ   infrastr  ct  re sol  tions
is o  r   osaic software portfolio   which ena  les
operators to manage increasingly comple       er
and   i-  i networ  s with greater a  tomation
and intelligence.   s networ  s contin  e to scale  
software a  tomation and     -ena  led capa  ilities
are   ecoming increasingly important to improving
operational ef  ciency and networ   performance.
  e e  pect that     -driven operations   ena  led   y o  r
recently anno  nced   osaic   ne   larity applications  
will play a   ey role in the f  t  re of o  r c  stomers  
networ  s and ena  le additional software growth
opport  nities for   s.
Market trends and
opportunities
  everal long-term ind  stry trends contin  e to
s  pport investment across these mar  ets.
  emand for high-capacity     er infrastr  ct  re
remains strong as clo  d operators   service
providers   enterprise c  stomers   and governments
e  pand and moderni  e their networ  s.   ncreasing
data cons  mption   clo  d adoption   and the rapid
growth of arti  cial intelligence applications are
driving the need for more resilient and scala  le
comm  nications infrastr  ct  re.   t the same time  
network operators are placing greater emphasis
on sec  rity   tr  sted s  pply chains   and vendor
diversi  cation.   n     rope   reg  latory initiatives and
national sec  rity considerations are enco  raging
operators to move away from high-risk s  ppliers
and adopt tr  sted technology partners.
  ith o  r long-standing presence in   oth the
  nited   tates and     rope   a geographically diverse
s  pply chain   and a portfolio tailored for sec  re
comm  nications networks   these market dynamics
align well with o  r strategic direction.

Looking ahead
  s we move into            we   elieve the positive
moment  m achieved in          provides a strong
fo  ndation for contin  ed progress.
  nvestment in     er infrastr  ct  re remains a priority
across many of o  r core markets   while demand for
    -driven a  tomation contin  es to grow.   dtran has
improved its strategic positioning in key markets,
incl  ding with     ropean and      c  stomers, and in
emerging verticals, s  ch as clo  d providers and
critical infrastr  ct  re.   y com  ining these market
opport  nities with a disciplined operating model
and contin  ed innovation, we   elieve we are wellpositioned to f  rther improve pro  ta  ility and create
long-term val  e for o  r stockholders.
A note of gratitude
  inally,    wo  ld like to thank o  r employees aro  nd
the world for their dedication. Their commitment and
e  pertise contin  e to drive o  r progress and s  ccess.
To o  r stockholders, we appreciate yo  r contin  ed
tr  st and s  pport as we work to     ild a stronger
Adtran.
  e look forward to sharing f  rther progress as we
contin  e to e  ec  te o  r strategy and p  rs  e the
opport  nities ahead.
  incerely,
Tom Stanton
  hairman and        of Adtran   oldings


shareholder letter icon 3/27/2026 Letter Continued (Full PDF)
 

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