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Adtran Networks SE Announces Results for Q2 2024
Adtran Networks SE, a prominent provider of open networking solutions, revealed its Q2 2024 financial results. Revenue reached EUR 108.2 million, a 1.3% drop from Q1 2024 and a 36.4% decrease compared to Q2 2023.
The company recorded a pro forma gross profit of EUR 38.2 million, representing 35.3% of revenues. This marks a 3.9% decline from Q1 2024 and a 36.6% decrease from Q2 2023. Pro forma EBIT was negative EUR 2.5 million, showing an improvement over the negative EUR 3.4 million from the previous quarter.
The net loss for Q2 2024 stood at EUR 0.8 million, a reduction from the EUR 1.2 million loss in Q1 2024. Cash and cash equivalents increased to EUR 41.5 million, while net debt saw a slight reduction to EUR 33.2 million.
CEO Tom Stanton attributed the financial performance to elevated customer inventory levels and higher interest rates but expressed optimism about future market recovery and expansion opportunities.
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