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.

 •  6/6/2025 Letter Continued (Full PDF)
 •  3/28/2023 ADTN Stockholder Letter
 •  3/27/2024 ADTN Stockholder Letter
 •  3/31/2025 ADTN Stockholder Letter
 •  More "Manufacturing" Category Stockholder Letters
 •  ADTN Benford's Law Stock Score = 93

ADTN Shareholder/Stockholder Letter Transcript:

EXPLANATORY NOTE
Subsequent to the filing of its Annual Report on Form 10-K for the fiscal year ended December 31,
2024 with the Securities and Exchange Commission (the    SEC   ) on March 3, 2025 (the    Form
10-K   ) and the filing of its 2024 Annual Report to Stockholders on Form ARS with the SEC on
March 31, 2025 (the    Original Annual Report   ), ADTRAN Holdings, Inc. (the    Company   )
identified errors in certain of its historical financial statements. As a result of the errors, the
Company restated certain of its historical financial statements and financial information in
Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 31,
2024, filed with the SEC on May 20, 2025 (the    Form 10-K/A   ).
Correspondingly, the Company is hereby amending the Original Annual Report (as amended, this
   Amended Annual Report   ) to reflect the filing of the Form 10-K/A. This Amended Annual Report
includes the Form 10-K and the Form 10-K/A (excluding the exhibits to such filings). The
Company   s other proxy materials and this Amended Annual Report are also available for viewing
on the    Investor Resources    section of the Company   s website at https://investors.adtran.com.

Adtran and the Adtran logo are registered trademarks of
com/trademarks. Third-party trademarks mentioned in this

Letter to stockholders
Tom Stanton
Dear fellow stockholders
The past year was one of operational discipline
and strategic investment, which progressively
performance and a stronger market position. As a
result of our execution during 2024, we enter 2025
these temporary headwinds, we achieved strong
improvements, gross margin for the year
in a position of increased strength, with improving
market conditions, a product suite ideally aligned
Financial highlights
growth.

Expanding our network
   We are now winning new
customers in more geographies
and have a unique opportunity
to replace high-risk vendors
in communications networks,
particularly across Europe.   
networking portfolio
transport networks. To address this growing
technology to the edge of the optical network.
connectivity for large enterprises and government
agencies worldwide.
These software applications simplify the operation



 6/6/2025 Letter Continued (Full PDF)