$RBBN

Ribbon Communications Inc.

CIK:0001708055|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 192,340	$ 220,583	$ 354,946	$ 401,862
Cost of revenue:
Total cost of revenue	101,997	111,276	194,912	210,185
Gross profit	90,343	109,307	160,034	191,677
Operating expenses:
Research and development	44,858	44,696	89,303	88,264
Sales and marketing	33,124	32,536	65,393	64,324
General and administrative	14,643	16,630	31,621	31,758
Amortization of acquired intangible assets	5,495	5,975	11,151	12,130
Acquisition-, disposal- and integration-related		3,898		3,898
Restructuring and related	4,442	1,346	6,480	6,687
Total operating expenses	102,562	105,081	203,948	207,061
(Loss) income from operations	(12,219)	4,226	(43,914)	(15,384)
Interest expense, net	(10,685)	(10,977)	(20,441)	(21,477)
Other (expense) income, net	(2,258)	(2,159)	(1,744)	970
Loss before income taxes	(25,162)	(8,910)	(66,099)	(35,891)
Income tax (provision) benefit	(1,709)	(2,183)	4,739	(1,429)
Net loss	$ (26,871)	$ (11,093)	$ (61,360)	$ (37,320)
Loss per share:
Basic (in dollars per share)	$ (0.15)	$ (0.06)	$ (0.35)	$ (0.21)
Diluted (in dollars per share)	$ (0.15)	$ (0.06)	$ (0.35)	$ (0.21)
Weighted average shares used to compute loss per share:
Basic (in shares)	177,251	176,749	176,460	176,237
Diluted (in shares)	177,251	176,749	176,460	176,237
Product
Revenue:
Total revenue	$ 95,560	$ 115,057	$ 163,674	$ 197,048
Cost of revenue:
Cost of revenue	58,877	66,746	108,302	124,639
Service
Revenue:
Total revenue	96,780	105,526	191,272	204,814
Cost of revenue:
Cost of revenue	38,766	39,253	77,694	74,881
Amortization of acquired technology
Cost of revenue:
Amortization of acquired technology	$ 4,354	$ 5,277	$ 8,916	$ 10,665

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		15 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026
Cash flows from operating activities:
Net loss	$ (26,871)	$ (11,093)	$ (61,360)	$ (37,320)
Adjustments to reconcile net loss to cash flows used in operating activities:
Depreciation and amortization of property and equipment			9,131	7,757
Amortization of intangible assets			20,067	22,795
Amortization of debt issuance costs and original issue discount			1,476	1,401
Stock-based compensation			10,786	8,775
Deferred income taxes			(8,470)	(8,984)
Change in fair value of warrant liability			(912)	(1,641)
Foreign currency exchange losses			2,844	587
Changes in operating assets and liabilities:
Accounts receivable			10,395	4,578
Inventory			(11,319)	(2,820)
Other operating assets			1,038	(186)
Accounts payable			9,128	5,083
Accrued expenses and other long-term liabilities			(13,187)	(11,030)
Deferred revenue			(3,114)	6,675
Net cash used in operating activities			(33,497)	(4,330)
Cash flows from investing activities:
Purchases of property and equipment			(7,368)	(17,831)
Purchases of software licenses			(553)
Net cash used in investing activities			(7,921)	(17,831)
Cash flows from financing activities:
Borrowings under revolving line of credit			15,000
Principal payments on revolving line of credit			(15,000)
Principal payments of term debt			(4,375)	(1,750)
Payment of debt issuance costs			(977)
Proceeds from the exercise of stock options				6
Payment of tax obligations related to vested stock awards and units			(4,980)	(3,396)
Repurchase of common stock			(824)	(2,253)	$ (9,800)
Net cash used in financing activities			(11,156)	(7,393)
Effect of exchange rate changes on cash and cash equivalents			(74)	1,349
Net decrease in cash and cash equivalents			(52,648)	(28,205)
Cash, cash equivalents and restricted cash, beginning of year			98,131	90,479
Cash, cash equivalents and restricted cash, end of period	$ 45,483	$ 62,274	45,483	62,274	$ 45,483
Supplemental disclosure of cash flow information:
Interest paid			17,526	19,167
Income taxes paid			4,200	7,716
Income tax refunds received			327	474
Supplemental disclosure of non-cash investing activities:
Capital expenditures incurred, but not yet paid			1,303	5,436
Inventory transfers to property and equipment			549	874
Software licenses purchased, but not yet paid			553
Supplemental disclosure of non-cash financing activities:
Warrant liability released to additional paid-in-capital				150
Fair value of vested restricted and performance-based stock grants			$ 13,923	$ 11,253

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 43,510	$ 96,405
Restricted cash	1,973	1,726
Accounts receivable, net	220,203	231,885
Inventory	87,811	78,806
Other current assets	52,132	45,663
Total current assets	405,629	454,485
Property and equipment, net	61,137	65,559
Intangible assets, net	124,384	143,344
Goodwill	300,892	300,892
Deferred income taxes	182,727	174,318
Operating lease right-of-use assets	41,895	46,240
Other assets	26,158	27,417
Total assets	1,142,822	1,212,255
Current liabilities:
Current portion of term debt	8,750	8,750
Accounts payable	87,077	79,840
Accrued expenses and other	82,512	90,759
Operating lease liabilities	11,655	11,699
Warrant liability	1,007
Deferred revenue	118,333	124,425
Total current liabilities	309,334	315,473
Long-term debt, net of current	320,606	324,525
Warrant liability		1,919
Operating lease liabilities, net of current	56,000	60,159
Deferred revenue, net of current	34,632	31,654
Deferred income taxes	5,728	5,728
Other long-term liabilities	23,950	23,803
Total liabilities	750,250	763,261
Commitments and contingencies (Note 20)
Stockholders' equity:
Common stock, $0.0001 par value per share; 390,000,000 shares authorized; 178,771,961 and 175,776,074 shares issued and outstanding at June 30, 2026, and December 31, 2025, respectively.	18	18
Additional paid-in capital	1,981,940	1,976,958
Accumulated deficit	(1,595,909)	(1,534,549)
Accumulated other comprehensive income	6,523	6,567
Total stockholders' equity	392,572	448,994
Total liabilities and stockholders' equity	$ 1,142,822	$ 1,212,255