Infinera Corporation Reports Second Quarter 2024 Financial Results

Financial Performance - Infinera Corporation reported GAAP revenue of $342.7 million for Q2 2024, an increase from $306.9 million in Q1 2024 but a decrease from $376.2 million in Q2 2023 [1] - GAAP gross margin improved to 39.6% in Q2 2024 from 36.0% in Q1 2024, while it was 38.0% in Q2 2023 [2] - The company recorded a GAAP net loss of $(48.3) million, or $(0.21) per diluted share, which is an improvement from a net loss of $(61.4) million, or $(0.27) per diluted share in Q1 2024, but worse than the net loss of $(20.3) million, or $(0.09) per diluted share in Q2 2023 [3] Non-GAAP Financial Metrics - Non-GAAP gross margin for Q2 2024 was 40.3%, up from 36.6% in Q1 2024 and 39.3% in Q2 2023 [4] - Non-GAAP net loss was $(14.0) million, or $(0.06) per diluted share, compared to a non-GAAP net loss of $(38.3) million, or $(0.17) per diluted share in Q1 2024, and $(0.7) million, or $(0.00) per diluted share in Q2 2023 [5] Operational Highlights - The company ended Q2 2024 with cash, cash equivalents, and restricted cash totaling $115.7 million [5] - CEO David Heard expressed satisfaction with the results, noting that revenue, gross margin, and operating margin were all above the midpoint of the outlook range [7] - Infinera achieved a book-to-bill ratio above 1, indicating positive design-win momentum across its optical networking product portfolio [7] Merger with Nokia - Infinera has entered into a merger agreement with Nokia, expected to close in the first half of 2025, which aims to enhance innovation and operational scale [8] - The company will not provide financial guidance during the pendency of the acquisition [9]