0001708055-26-000028 | 10-Q | XBRL Viewer | Ribbon Communications INC

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REVENUE RECOGNITION - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
REVENUE RECOGNITION
Total revenue	$ 162,606	$ 181,279
United States
REVENUE RECOGNITION
Total revenue	72,578	82,695
Europe, Middle East and Africa
REVENUE RECOGNITION
Total revenue	39,070	45,499
Asia Pacific
REVENUE RECOGNITION
Total revenue	40,927	43,179
Other
REVENUE RECOGNITION
Total revenue	10,031	9,906
Product revenue
REVENUE RECOGNITION
Total revenue	68,114	81,991
Product revenue \| Cloud and Edge
REVENUE RECOGNITION
Total revenue	26,259	31,861
Product revenue \| IP Optical Networks
REVENUE RECOGNITION
Total revenue	41,855	50,130
Product revenue \| Sales to enterprise customers
REVENUE RECOGNITION
Total revenue	21,516	23,232
Product revenue \| Sales to service provider customers
REVENUE RECOGNITION
Total revenue	46,598	58,759
Product revenue \| Indirect sales through channel partner program
REVENUE RECOGNITION
Total revenue	19,329	22,735
Product revenue \| Direct sales
REVENUE RECOGNITION
Total revenue	48,785	59,256
Product revenue \| United States
REVENUE RECOGNITION
Total revenue	20,941	29,341
Product revenue \| Europe, Middle East and Africa
REVENUE RECOGNITION
Total revenue	16,962	19,460
Product revenue \| Asia Pacific
REVENUE RECOGNITION
Total revenue	27,934	31,039
Product revenue \| Other
REVENUE RECOGNITION
Total revenue	2,277	2,151
Service
REVENUE RECOGNITION
Total revenue	94,492	99,288
Service revenue (maintenance)
REVENUE RECOGNITION
Total revenue	63,667	66,422
Service revenue (maintenance) \| Cloud and Edge
REVENUE RECOGNITION
Total revenue	50,232	50,768
Service revenue (maintenance) \| IP Optical Networks
REVENUE RECOGNITION
Total revenue	13,435	15,654
Service revenue (maintenance) \| United States
REVENUE RECOGNITION
Total revenue	33,733	33,324
Service revenue (maintenance) \| Europe, Middle East and Africa
REVENUE RECOGNITION
Total revenue	14,683	17,383
Service revenue (maintenance) \| Asia Pacific
REVENUE RECOGNITION
Total revenue	9,230	9,400
Service revenue (maintenance) \| Other
REVENUE RECOGNITION
Total revenue	6,021	6,315
Service revenue (professional services)
REVENUE RECOGNITION
Total revenue	30,825	32,866
Service revenue (professional services) \| Cloud and Edge
REVENUE RECOGNITION
Total revenue	23,021	24,962
Service revenue (professional services) \| IP Optical Networks
REVENUE RECOGNITION
Total revenue	7,804	7,904
Service revenue (professional services) \| United States
REVENUE RECOGNITION
Total revenue	17,904	20,030
Service revenue (professional services) \| Europe, Middle East and Africa
REVENUE RECOGNITION
Total revenue	7,425	8,656
Service revenue (professional services) \| Asia Pacific
REVENUE RECOGNITION
Total revenue	3,763	2,740
Service revenue (professional services) \| Other
REVENUE RECOGNITION
Total revenue	$ 1,733	$ 1,440

BASIS OF PRESENTATION - Factoring of Accounts Receivable and Associated Fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
BASIS OF PRESENTATION
Accounts receivable sold	$ 34,168	$ 28,766
Less factoring fees	(571)	(473)
Net cash proceeds	$ 33,597	$ 28,293

EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2026

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

(2) EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares outstanding during the period. For periods in which the Company reports net income, diluted net earnings per share is determined by using the weighted average number of common and dilutive common equivalent shares outstanding during the period, unless the effect is antidilutive.

The shares used to compute loss per share were as follows (in thousands):


	Three months ended
	March 31,		March 31,
	2026		2025
Weighted average shares outstanding—basic	175,661		175,719
Potential dilutive common shares	—		—
Weighted average shares outstanding—diluted	175,661		175,719

Options to purchase the Company’s common stock and unvested restricted and performance-based stock units aggregating 14.7 million and 6.8 million shares were excluded from the computation of diluted loss per share for the three months ended March 31, 2026 and 2025, respectively, because their effect would have been antidilutive.

In connection with a private placement completed in March 2023, the Company issued warrants that remain outstanding following the June 2024 redemption of the related preferred stock. No warrant exercises occurred during the three months ended March 31, 2026. In the three months ended March 31, 2025, holders exercised 0.2 million warrants, and the remaining warrants continue to be outstanding without modification (See Note 11).

The potential number of dilutive shares from the warrants outstanding totaled 4.7 million shares as of March 31, 2026 and 2025, respectively. There was no impact on weighted average shares outstanding from these warrants for the three months ended March 31, 2026 as the average market price of the Company’s common stock was below the exercise price of $3.77 per share and their effect would have been antidilutive. For the three months ended March 31, 2025, 0.5 million warrants would have been included in the calculation of diluted loss per share but had no impact due to the Company’s net loss position.

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2026

BASIS OF PRESENTATION

BASIS OF PRESENTATION

(1) BASIS OF PRESENTATION

Business

Ribbon Communications Inc. ("Ribbon" or the "Company") is a leading global provider of communications technology to service providers and enterprises. The Company provides a broad range of software and high-performance hardware products, network solutions, and services that enable the secure delivery of data and voice communications, and high-bandwidth networking and connectivity for residential consumers and for small, medium, and large enterprises and industry verticals such as finance, education, government, utilities, and transportation. Ribbon’s mission is to create a recognized global technology leader that provides network solutions that are scalable, elastic and cloud-centric, enabling the secure exchange of information. The Company is at the intersection of the adoption of Artificial Intelligence (“AI”) by service providers and enterprises addressing the rapid growth in fiber connectivity and integration of voice capabilities into Agentic AI platforms. The Company is headquartered in Plano, Texas, and has a global presence with research and development, or sales and support locations in over 30 countries around the world.

Basis of Presentation

In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring items, necessary for their fair presentation with accounting principles generally accepted in the United States of America ("GAAP") and with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC").

Interim results are not necessarily indicative of results for a full year or any future interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"), which was filed with the SEC on February 26, 2026.

Operating Segments

The Company’s chief operating decision maker (the "CODM") is its president and chief executive officer. The CODM assesses the Company’s performance based on the performance of two separate organizations within Ribbon: the Cloud and Edge segment ("Cloud and Edge") and the IP Optical Networks segment ("IP Optical Networks").

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in Note 2 to the Consolidated Financial Statements included in the Annual Report. There were no material changes to the Company’s significant accounting policies during the three months ended March 31, 2026.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Ribbon and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates and Judgments

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and judgments relied upon in preparing these condensed consolidated financial statements include

revenue recognition for arrangements that contain multiple performance obligations, inventory valuations, assumptions used to determine the fair value of stock-based compensation and warrants, intangible asset and goodwill valuations, including impairments, warranty accruals, legal contingencies and recoverability of Ribbon’s net deferred tax assets and the related valuation allowances. Ribbon regularly assesses these estimates and records changes in estimates in the period in which they become known. Ribbon bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Transfers of Financial Assets

The Company’s IP Optical Networks segment maintains customer receivables factoring agreements with a number of financial institutions. Under the terms of these agreements, the Company may transfer receivables to the financial institutions, on a non-recourse basis, provided that the financial institutions approve the receivables in advance. The Company maintains credit insurance policies from major insurance providers or obtains letters of credit from the customers for a majority of its factored trade receivables. The Company accounts for the factoring of its financial assets as a sale of the assets and records the factoring fees, when incurred, as a component of interest expense in the condensed consolidated statements of operations, and the proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows.

Factoring of accounts receivable and associated fees for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Accounts receivable sold	$	34,168		$	28,766
Less factoring fees		(571)			(473)
Net cash proceeds	$	33,597		$	28,293

Recent Accounting Pronouncements

In December 2025, the Financial Accounting Standards Board (the "FASB") issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), to improve the navigability of the required interim disclosures, to clarify when that guidance is applicable and to enhance disclosure requirements. The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 will be effective for the Company beginning with its 2028 interim and annual financial statements, with early adoption permitted. The Company believes this ASU will have no material impact on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”), to clarify the appropriate accounting, reduce diversity in practice, and increase consistency across business entities. ASU 2025-10 will be effective for us beginning with our 2029 interim and annual financial statements, with early adoption permitted. The Company believes this ASU will have no material impact on its consolidated financial statements.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”), to enhance hedge accounting guidance and better align it with entities’ risk management activities. The amendments expand eligibility for hedge accounting, simplify certain requirements, and address issues related to reference rate reform. Key changes include allowing cash flow hedge accounting for “choose-your-rate” debt instruments, introducing a principles-based “similar risk exposure” criterion for grouping forecasted transactions, permitting component hedging for nonfinancial forecasted transactions, and clarifying the

treatment of certain derivative structures. ASU 2025-09 will be effective for the Company beginning with its 2027 interim and annual financial statements, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements and related disclosures.

In September 2025, the Financial Accounting Standards Board (the "FASB") issued ASU 2025-06, Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). To clarify how the accounting guidance applies to both linear and nonlinear software development, this standard removes all references to “developments stages” from ASC 350-40. ASU 2025-06 will be effective for the Company beginning with its 2028 interim and annual financial statements, with early adoption permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 will be effective for the Company beginning with its 2026 interim and annual financial statements, with early adoption permitted. The Company believes this ASU will have no material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement, Reporting Comprehensive Income: Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The objective of this standard is to provide investors with information to better understand a public entity’s performance and prospects for future cash flows, and to compare its performance over time with that of other entities. ASU 2024-03 will be effective for the Company beginning with our 2027 annual financial statements and interim financial statements thereafter, with early adoption permitted. The adoption of ASU 2024-03 will require the Company to provide new footnote disclosure about the types of expenses that are included in certain captions on its Statements of Operations, such as Cost of revenue, Research and development, Sales and marketing, and General and administrative.

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
LEASES
Operating lease cost	$ 3,690	$ 3,225
Short-term lease cost	3,571	3,527
Variable lease costs (costs excluded from minimum fixed lease payments)	1,514	872
Sublease income	(66)	(120)
Net lease cost	8,709	7,504
Accelerated amortization	0	0
Variable lease cost accrued	$ 0	$ 0

DEBT - Letters of Credit and Other Guarantees (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
DEBT
Remaining Borrowing Capacity	$ 35,000	$ 35,000
Restricted cash	2,045	1,726
Letters of Credit
DEBT
Letters of credit outstanding	0	0
Various Uncommitted Facilities
DEBT
Letters of credit outstanding	$ 11,200	$ 11,100

PREFERRED STOCK AND WARRANTS - Key Inputs (Details) - Level 3 - Black Scholes Pricing Model - Warrant	Mar. 31, 2026 Y $ / shares	Dec. 31, 2025 Y $ / shares
Stock price
PREFERRED STOCK AND WARRANTS
Measurement Input	2.12	2.88
Strike price
PREFERRED STOCK AND WARRANTS
Measurement Input	3.77	3.77
Risk-free rate
PREFERRED STOCK AND WARRANTS
Measurement Input	0.0368	0.0348
Volatility
PREFERRED STOCK AND WARRANTS
Measurement Input	0.575	0.507
Dividend yield
PREFERRED STOCK AND WARRANTS
Measurement Input	0	0
Time to expiration (years)
PREFERRED STOCK AND WARRANTS
Measurement Input \| Y	1	1.2
Fair value of warrant per share
PREFERRED STOCK AND WARRANTS
Measurement Input	0.15	0.41

RELATED PARTIES (Details) - USD ($) $ in Thousands	3 Months Ended
RELATED PARTIES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
RELATED PARTIES
Total revenue	$ 162,606	$ 181,279
Accounts receivable from shareholder	204,058		$ 231,885
Related party
RELATED PARTIES
Total revenue	900	$ 1,700
Accounts receivable from shareholder	$ 7,100		$ 8,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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MAJOR CUSTOMERS (Details) - Revenue - Customer	3 Months Ended
MAJOR CUSTOMERS (Details) - Revenue - Customer	Mar. 31, 2026	Mar. 31, 2025
Verizon Communications Inc.
MAJOR CUSTOMERS
Concentration risk, percentage	14.00%	15.00%
Bharti Telecom Limited
MAJOR CUSTOMERS
Concentration risk, percentage	14.00%

- Definition

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- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

EARNINGS (LOSS) PER SHARE - Calculations of Shares Used to Compute Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Reconciliation of weighted average shares outstanding from basic to diluted
Weighted average shares outstanding-basic	175,661	175,719
Potential dilutive common shares	0	0
Weighted average shares outstanding-diluted	175,661	175,719

WARRANTY

3 Months Ended

Mar. 31, 2026

WARRANTY

WARRANTY

(7) WARRANTY

The changes in the Company’s warranty accrual balance in the three months ended March 31, 2026 were as follows (in thousands):


Balance at January 1, 2026	$	12,819
Current period provisions		1,355
Settlements		(1,351)
Balance at March 31, 2026	$	12,823

At March 31, 2026, the Company’s accrual for product warranties was reflected in its condensed consolidated balance sheet as a current liability in Accrued expenses and other of $5.3 million, and as a long-term liability in Other long-term liabilities of $7.5 million.

INCOME TAXES

3 Months Ended

Mar. 31, 2026

INCOME TAXES

INCOME TAXES

(18) INCOME TAXES

The Company recorded an income tax benefit of $6.4 million and $0.8 million in the three months ended March 31, 2026 and 2025, respectively. These amounts reflect the Company’s estimates of the effective rates expected to be applicable for the respective full years, adjusted for any discrete events, which are recorded in the period in which they occur. These estimates are reevaluated each quarter based on the Company’s estimated tax expense for the full fiscal year. The estimated effective tax rate includes the impact of valuation allowances in various jurisdictions. The Company intends to continue to maintain a valuation allowance on its deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of the respective allowances.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BASIS OF PRESENTATION (Policies)

3 Months Ended

Mar. 31, 2026

BASIS OF PRESENTATION

Basis of Presentation

Operating Segments

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Ribbon and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates and Judgments

Transfers of Financial Assets

Factoring of accounts receivable and associated fees for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Accounts receivable sold	$	34,168		$	28,766
Less factoring fees		(571)			(473)
Net cash proceeds	$	33,597		$	28,293

Recent Accounting Pronouncements

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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-Subparagraph (a)
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+ Details

- Definition

Disclosure of accounting policy for transfers and servicing financial assets, including securitization transactions as well as repurchase and resale agreements. This disclosure may include how the entity (1) determines whether a transaction is accounted for as a sale; (2) accounts for a sale transaction, including the initial and subsequent accounting for any interests that the entity obtains or continues to hold in the transaction, how such interests are valued, and the significant assumptions used in the valuation; (3) accounts for a transaction that does not qualify for sale treatment (that is, a financing); and (4) accounts for its servicing assets and liabilities ("servicing"), including how such servicing is measured initially and subsequently, and the methodology and significant assumptions used to value such servicing.

+ References + Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

MAJOR CUSTOMERS (Tables)

3 Months Ended

Mar. 31, 2026

MAJOR CUSTOMERS

Schedule of customer contributing 10% or more of the revenue


	Three months ended
	March 31,		March 31,
	2026		2025
Verizon Communications Inc.	14	%	15	%
Bharti Telecom Limited	14	%	*
* Less than 10% of total revenue

ACCRUED EXPENSES AND OTHER (Tables)

3 Months Ended

Mar. 31, 2026

ACCRUED EXPENSES AND OTHER

Schedule of accrued expenses

Accrued expenses at March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Employee compensation and related costs	$	31,055	$	37,857
Professional fees		14,603		14,400
Taxes payable		3,652		5,541
Other		28,580		32,961
	$	77,890	$	90,759

PREFERRED STOCK AND WARRANTS (Tables)

3 Months Ended

Mar. 31, 2026

PREFERRED STOCK AND WARRANTS

Schedule of key assumptions used to determine the fair value of warrants


		March 31,			December 31,
	2026			2025
Stock price	$	2.12		$	2.88
Strike price	$	3.77		$	3.77
Risk-free rate		3.68	%		3.48	%
Volatility		57.5	%		50.7	%
Dividend yield		0.0	%		0.0	%
Time to expiration (years)		1.0			1.2
Fair value of warrant per share	$	0.15		$	0.41

Schedule of fair value of preferred stock and warrants

The changes in the Company’s warrant liabilities for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three months ended March 31,
	2026		2025
Balance at beginning of year	$	1,919	$	8,064
Exercise of warrants		—		(150)
Fair value change		(1,237)		(1,735)
Balance at end of period	$	682	$	6,179

RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES (Tables)

3 Months Ended

Mar. 31, 2026

RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES

Schedule of restructuring expense and rollforward of accrued restructuring liabilities

The components of restructuring and related expense for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three months ended
	March 31,		March 31,
	2026		2025
Severance and related costs	$	853	$	2,276
Variable and other facilities-related costs		1,185		3,065
	$	2,038	$	5,341

The following table presents the rollforward of accrued restructuring liabilities for the Company’s restructuring plans for the three months ended March 31, 2026 (in thousands):


	2022 and Prior		2025		2026
		Restructuring		Restructuring		Restructuring
	Plans		Plan		Plan		Total
Balances, January 1, 2026	$	806	$	622	$	8,461	$	9,889
Charged to expense		683		40		1,315		2,038
Payments		(747)		(238)		(6,507)		(7,492)
Balances, March 31, 2026	$	742	$	424	$	3,269	$	4,435

WARRANTY (Tables)

3 Months Ended

Mar. 31, 2026

WARRANTY

Summary of warranty accrual balance

The changes in the Company’s warranty accrual balance in the three months ended March 31, 2026 were as follows (in thousands):


Balance at January 1, 2026	$	12,819
Current period provisions		1,355
Settlements		(1,351)
Balance at March 31, 2026	$	12,823

STOCK-BASED COMPENSATION PLANS - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) item Y	Mar. 31, 2025 USD ($)
Stock-based compensation
Fair value of vested restricted and performance-based stock grants	$ 409	$ 2,381
Fair value of the assumed awards attributable to future stock-based compensation expense	$ 25,100
Expected period for unrecognized expense	1 year 4 months 24 days
Performance Shares, Performance Based
Stock-based compensation
Granted percentage	60.00%
Number of performance periods \| Y	3
Vesting rights (in percentage)	33.33%
Percent of performance metrics achieved	150.00%
Performance Shares, Market Based
Stock-based compensation
Performance period (in years)	3 years
Granted percentage	40.00%
Number of performance periods \| item	1
Percent of performance metrics achieved	200.00%
RSAs and RSUs
Stock-based compensation
Fair value of vested restricted and performance-based stock grants	$ 500
Minimum \| RSAs, RSUs and PSUs
Stock-based compensation
Performance period (in years)	1 year
Maximum \| RSAs, RSUs and PSUs
Stock-based compensation
Performance period (in years)	3 years

INVENTORY

3 Months Ended

Mar. 31, 2026

INVENTORY

INVENTORY

(3) INVENTORY

Inventory at March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	March 31,			December 31,
	2026			2025
On-hand assemblies and finished goods inventories	$	97,796		$	92,981
Deferred cost of goods sold		1,945			2,421
		99,741			95,402
Less noncurrent portion (included in Other assets)		(18,278)			(16,596)
Current portion	$	81,463		$	78,806

EARNINGS (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

EARNINGS (LOSS) PER SHARE

Schedule of calculations of shares used to compute loss per share

The shares used to compute loss per share were as follows (in thousands):


	Three months ended
	March 31,		March 31,
	2026		2025
Weighted average shares outstanding—basic	175,661		175,719
Potential dilutive common shares	—		—
Weighted average shares outstanding—diluted	175,661		175,719

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2026

REVENUE RECOGNITION

Schedule of timing of performance obligation


		When Performance Obligation is Typically
Performance Obligation		Satisfied		When Payment is Typically Due
Software and Product Revenue
Software licenses (perpetual or term)		For perpetual licenses, typically when made available for download (point in time); for term-based licenses, at the beginning of the specified term (point in time)		Generally, within 30-60 days of invoicing, except for term licenses which may be paid for over time
Software licenses (subscription)		Upon activation of hosted site (over time)		Generally, within 30-60 days of invoicing
Hardware		When control of the hardware passes to the customer; typically, upon delivery (point in time)		Generally, within 30-60 days of invoicing
Software upgrades		Upon transfer of control; typically, when made available for download (point in time)		Generally, within 30-60 days of invoicing
Customer Support Revenue
Customer support		Ratably over the course of the support contract (over time)		Generally, within 30-60 days of invoicing
Professional Services
Other professional services (excluding training services)		As work is performed (over time), typically on the input method based on hours incurred		Generally, within 30-60 days of invoicing (upon completion of services)
Training		As the training is delivered (over time), typically one to five days		Generally, within 30-60 days of services being performed

Schedule of disaggregation of revenue


							Service revenue
	Product			Service revenue			(professional
Three months ended March 31, 2026	revenue			(maintenance)			services)			Total revenue
United States	$	20,941		$	33,733		$	17,904		$	72,578
Europe, Middle East and Africa		16,962			14,683			7,425			39,070
Asia Pacific		27,934			9,230			3,763			40,927
Other		2,277			6,021			1,733			10,031
	$	68,114		$	63,667		$	30,825		$	162,606


							Service revenue
	Product			Service revenue			(professional
Three months ended March 31, 2025	revenue			(maintenance)			services)			Total revenue
United States	$	29,341		$	33,324		$	20,030		$	82,695
Europe, Middle East and Africa		19,460			17,383			8,656			45,499
Asia Pacific		31,039			9,400			2,740			43,179
Other		2,151			6,315			1,440			9,906
	$	81,991		$	66,422		$	32,866		$	181,279

The Company’s product revenue from its direct sales program and from indirect sales through its channel partner program for the three months ended March 31, 2026 and 2025 was as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Indirect sales through channel partner program	$	19,329		$	22,735
Direct sales		48,785			59,256
	$	68,114		$	81,991

The Company’s product revenue from sales to enterprise customers and from sales to service provider customers for the three months ended March 31, 2026 and 2025 was as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Sales to enterprise customers	$	21,516		$	23,232
Sales to service provider customers		46,598			58,759
	$	68,114		$	81,991

The Company’s product revenue and service revenue components by segment for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Product revenue:
Cloud and Edge	$	26,259		$	31,861
IP Optical Networks		41,855			50,130
Total product revenue	$	68,114		$	81,991

Service revenue:
Maintenance:
Cloud and Edge	$	50,232		$	50,768
IP Optical Networks		13,435			15,654
Total maintenance revenue		63,667			66,422
Professional services:
Cloud and Edge		23,021			24,962
IP Optical Networks		7,804			7,904
Total professional services revenue		30,825			32,866
Total service revenue	$	94,492		$	99,288

Schedule of customer assets and liabilities

The changes in the Company’s accounts receivable, unbilled receivables and deferred revenue balances for the three months ended March 31, 2026 were as follows (in thousands):


			Unbilled		Deferred		Deferred
	Accounts		accounts		revenue		revenue
	receivable		receivable		(current)		(long-term)
Balance at January 1, 2026	$	161,007	$	70,878	$	124,425	$	31,654
Increase (decrease), net		(19,051)		(8,776)		(1,806)		769
Balance at March 31, 2026	$	141,956	$	62,102	$	122,619	$	32,423

BASIS OF PRESENTATION - Narrative (Details)	3 Months Ended
BASIS OF PRESENTATION - Narrative (Details)	Mar. 31, 2026 country segment
BASIS OF PRESENTATION
Number of countries (over) \| country	30
Number of operating segments \| segment	2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions		84 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 19, 2022 complaint subsidiary	Dec. 31, 2023	Mar. 31, 2026 USD ($)	Dec. 31, 2016
COMMITMENTS AND CONTINGENCIES
Sale of stock grant interest (as a percent)				100.00%
Unpaid loyalties accrued			$ 2.1
Maximum future royalty commitment			11.5
Maximum future royalty commitment, interest			$ 0.8
Charter Complaints
COMMITMENTS AND CONTINGENCIES
Loss contingency, claims filed, number \| complaint	2
Loss contingency, number of defendants \| subsidiary	2
Charter Complaint Filed With Supreme Court Of The State Of New York
COMMITMENTS AND CONTINGENCIES
Loss contingency, claims filed, number \| complaint	1
Minimum
COMMITMENTS AND CONTINGENCIES
Royalties rates				1.30%
Basis spread on variable rate		1.50%
Maximum
COMMITMENTS AND CONTINGENCIES
Royalties rates				5.00%
Basis spread on variable rate		2.75%

DEBT - Debt maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
DEBT
Remainder of 2026	$ 6,563
2027	13,125
2028	17,500
2029	302,750
Total Debt	$ 339,938	$ 342,125

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.12-04(a))
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
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+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Hedging instrument and the related fair values and locations in the condensed consolidated balance sheet (Details) $ in Thousands	Mar. 31, 2026 USD ($)
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Accrued expenses and other	$ 297
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities, Current.

LEASES

3 Months Ended

Mar. 31, 2026

LEASES

LEASES

(17) LEASES

The Company has operating leases for corporate offices and research and development facilities. Operating leases are reported separately in the Company’s condensed consolidated balance sheets.

The Company determines if an arrangement is a lease at inception. A contract is determined to contain a lease component if the arrangement provides the Company with a right to control the use of an identified asset. Lease agreements may include lease and non-lease components. In such instances for all classes of underlying assets, the Company does not separate lease and non-lease components but rather, accounts for the entire arrangement under leasing guidance. Leases with an initial term of 12 months or less are not recorded on the balance sheet and lease expense for these leases is recognized on a straight-line basis over the lease term.

Right-of-use assets and lease liabilities are initially measured based on the present value of the future minimum fixed lease payments (i.e., fixed payments in the lease contract) over the lease term at the commencement date. As the Company’s existing leases do not have a readily determinable implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future minimum fixed lease payments. The Company calculates its incremental borrowing rate to reflect the interest rate that it would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term and considers its historical borrowing activities and market data from entities with comparable credit ratings in this determination. The measurement of the right-of-use asset also includes any lease payments made prior to the commencement date (excluding any lease incentives) and initial direct costs incurred. The Company assessed its right-of-use assets for impairment as of March 31, 2026 and December 31, 2025 and determined no impairment has occurred.

Lease terms may include options to extend or terminate the lease and the Company incorporates such options in the lease term when it has the unilateral right to make such an election and it is reasonably certain that the Company will exercise that option. In making this determination, the Company considers its prior renewal and termination history and planned usage of the assets under lease, incorporating expected market conditions.

For operating leases, lease expense for minimum fixed lease payments is recognized on a straight-line basis over the lease term. Lease contracts may contain variable lease costs, such as common area maintenance, utilities and tax reimbursements that vary over the term of the contract. Variable lease costs are not included in minimum fixed lease payments and as a result, are excluded from the measurement of the right-of-use assets and lease liabilities. The Company expenses all variable lease costs as incurred.

Certain leased facilities are being partially or fully vacated as part of the 2022 Restructuring Plan and for some of those facilities, the Company has no plans to enter into sublease agreements. Accordingly, the Company may accelerate the amortization of those lease assets through the planned cease-use date of each facility, resulting in additional amortization expense. No such accelerated amortization was recorded in the three months ended March 31, 2026 or 2025. The Company did not record estimated future variable lease costs in the three months ended March 31, 2026 or 2025 related to the 2022 Restructuring Plan.

All incremental accelerated amortization and accruals for estimated future variable costs are included in Restructuring and related expense in the Company’s condensed consolidated statements of operations. At March 31, 2026 and December 31, 2025, the Company had accruals of $0.7 million and $0.8 million, respectively, for all future anticipated variable lease costs related to these facilities. The Company may incur additional future expense if it is unable to sublease other locations included in the facilities initiative.

The Company leases its corporate offices and other facilities under operating leases, which expire at various times through 2036.

The Company’s right-of-use lease assets and lease liabilities at March 31, 2026 and December 31, 2025 were as follows (in thousands):


			March 31,			December 31,
	Classification		2026			2025
Assets:
Operating lease assets	Operating lease right-of-use assets		$	44,010		$	46,240

Liabilities:
Current Operating	Operating lease liabilities		$	11,601		$	11,699
Non-Current Operating	Operating lease liabilities, net of current			57,042			60,159
Total Operating lease liabilities			$	68,643		$	71,858

The components of lease expense for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Operating lease cost*	$	3,690		$	3,225
Short-term lease cost		3,571			3,527
Variable lease costs (costs excluded from minimum fixed lease payments)**		1,514			872
Sublease income		(66)			(120)
Net lease cost	$	8,709		$	7,504

*	No accelerated amortization was recorded in the three months ended March 31, 2026 or 2025.

**	No variable lease costs were expensed in the three months ended March 31, 2026 or 2025 for future estimated variable expenses related to certain assets partially or fully vacated with no intent or ability to sublease.

Cash flows related to the Company’s leases included in the measurement of operating lease liabilities were classified as operating cash flows and totaled $4.4 million and $3.5 million in the three months ended March 31, 2026 and 2025, respectively.

The Company’s non-cash investing and financing activities in the three months ended March 31, 2025 related to the addition of operating leases resulted in right-of-use assets (“ROUs”) obtained in exchange for lease obligations of $16.6 million and operating lease liabilities recorded of $27.3 million. There were no non‑cash investing or financing activities related to operating leases in the three months ended March 31, 2026.

Other information related to the Company’s leases as of March 31, 2026 and December 31, 2025 was as follows (in thousands):


		March 31,		December 31,
		2026		2025
Weighted average remaining lease term (years):
Operating leases		6.82		6.91
Weighted average discount rate:
Operating leases		9.51	%	9.50	%

Future minimum fixed lease payments under noncancelable leases at March 31, 2026 were as follows (in thousands):


		Operating
		leases
Remainder of 2026		$	13,222
2027			16,561
2028			13,903
2029			11,547
2030			8,450
2031 and beyond			31,716
Total lease payments			95,399
Less: interest			(26,756)
Present value of lease liabilities		$	68,643

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2026

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Schedule of impact of derivative financial instrument on condensed consolidated statement of operations

The impact of the Company’s derivative financial instruments designated as cash flow hedges on the Company’s condensed consolidated statements of operations and condensed consolidated statements of comprehensive loss for the three months ended March 31, 2026 was as follows (in thousands):


		Three months ended
			March 31,
		2026
Amount recognized in other comprehensive income (loss) on the derivative (effective portion)		$	(304)
Amount reclassified from accumulated other comprehensive income to Research and development			7
Unrealized loss on cash flow hedges, net of reclassifications into earnings		$	(297)

Schedule of Derivative Instruments in Statement of condensed consolidated balance sheet

The Company's derivative liability designated as a hedging instrument and the related fair values and locations in the condensed consolidated balance sheet at March 31, 2026 are as follows (in thousands):


			March 31,
Balance sheet location		2026
Accrued expenses and other		$	297

Schedule of notional amounts and maturities of Company's outstanding foreign exchange rate forward contracts

The aggregate notional amounts and maturities of the Company’s outstanding foreign exchange rate forward contracts at March 31, 2026 were as follows:


			Notional			Notional
Derivative Instrument			Amount			Amount	Maturity
Foreign exchange rate forward contracts (cash flow hedges)		USD	24,554		ILS	76,179	April 2026 - September 2026

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Amount reclassified from accumulated other comprehensive income (loss)	$ 7

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
INVENTORY
On-hand assemblies and finished goods inventories	$ 97,796	$ 92,981
Deferred cost of goods sold	1,945	2,421
Gross inventory	99,741	95,402
Less noncurrent portion (included in Other assets)	(18,278)	(16,596)
Current portion	$ 81,463	$ 78,806

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2026

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

(10) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company is exposed to financial market risk, primarily arising from fluctuations in foreign currency exchange rates, and management actively monitors these exposures. As part of its overall risk management strategy, the Company may use derivative financial instruments to reduce volatility in earnings and cash flows resulting from changes in foreign exchange rates. Ribbon’s policies and practices limit the use of derivative instruments to risk management activities only, and the Company does not use derivatives for trading or speculative purposes.

The Company records derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a specific risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge, or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

Cash Flow Hedge of Foreign Exchange Rate Risk

The Company is exposed to foreign currency exchange rate risk related to forecasted operating expenses denominated in a foreign currency. To manage this exposure, the Company entered into foreign exchange forward arrangements, which were designated as hedging instruments beginning in January 2026. These derivatives are intended to reduce the variability in cash flows associated with changes in foreign currency exchange rates.

The Company’s objectives in using foreign exchange rate derivatives are to mitigate risk, add stability to cash flows, and manage its exposure to foreign exchange rate movements. To accomplish these objectives, the Company uses foreign exchange rate forward contracts as part of its foreign currency risk management strategy. Foreign exchange rate

forward contracts designated as cash flow hedges involve the exchange of fixed USD payments for fixed ILS receipts at predetermined exchange rates, thereby reducing the variability of forecasted ILS‑denominated expenditures.

The effective portion of changes in the fair value of designated derivatives that qualify as cash flow hedges is recorded in Accumulated other comprehensive income in the condensed consolidated balance sheet and is subsequently reclassified into earnings in the period that the hedged forecasted transactions affect earnings.

Amounts reported in Accumulated other comprehensive income related to the Company’s derivative are reclassified to Research and development in the condensed consolidated statement of operations.


		Three months ended
			March 31,
		2026
Amount recognized in other comprehensive income (loss) on the derivative (effective portion)		$	(304)
Amount reclassified from accumulated other comprehensive income to Research and development			7
Unrealized loss on cash flow hedges, net of reclassifications into earnings		$	(297)

The Company expects that all amounts recorded in Accumulated other comprehensive income related to outstanding foreign exchange forward contracts will be reclassified into earnings within the next twelve months, as all contracts outstanding at March 31, 2026 mature no later than September 2026.


			March 31,
Balance sheet location		2026
Accrued expenses and other		$	297

The aggregate notional amounts and maturities of the Company’s outstanding foreign exchange rate forward contracts at March 31, 2026 were as follows:


			Notional			Notional
Derivative Instrument			Amount			Amount	Maturity
Foreign exchange rate forward contracts (cash flow hedges)		USD	24,554		ILS	76,179	April 2026 - September 2026

The Company has classified the foreign exchange derivative aggregating $0.3 million at March 31, 2026 as Level 2 within the fair value hierarchy (see Note 5).

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

STOCK-BASED COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2026

STOCK-BASED COMPENSATION PLANS

Schedule of activity related to unvested restricted stock units


		Weighted
		Average
		Grant Date
	Shares	Fair Value
Unvested balance at January 1, 2026	9,928,256	$	3.12
Granted	56,752	$	2.81
Vested	(177,343)	$	2.98
Forfeited	(146,912)	$	3.57
Unvested balance at March 31, 2026	9,660,753	$	3.59

Schedule of activity related to performance based stock units


		Weighted
		Average
		Grant Date
	Shares	Fair Value
Unvested balance at January 1, 2026	5,054,723	$	3.93
Granted	—	$	—
Vested	—	$	—
Forfeited	(57,002)	$	3.38
Unvested balance at March 31, 2026	4,997,721	$	3.93

Schedule of stock-based compensation expenses which are Included in consolidated statement of operations

The condensed consolidated statements of operations include stock-based compensation for the three months ended March 31, 2026 and 2025 as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Product cost of revenue	$	43		$	66
Service cost of revenue		161			286
Research and development		477			725
Sales and marketing		1,130			1,173
General and administrative		4,146			2,048
	$	5,957		$	4,298

RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES - Accrued restructuring liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Restructuring plan accrual activity
Balance at the beginning of the period	$ 9,889
Charged to expense	2,038
Payments	(7,492)
Balance at the end of the period	4,435
2022 and Prior Restructuring Plans
Restructuring plan accrual activity
Balance at the beginning of the period	806
Charged to expense	683
Payments	(747)
Balance at the end of the period	742
2025 Restructuring Plan
Restructuring plan accrual activity
Balance at the beginning of the period	622
Charged to expense	40
Payments	(238)
Balance at the end of the period	424
2026 Restructuring Plan
Restructuring plan accrual activity
Balance at the beginning of the period	8,461
Charged to expense	1,315
Payments	(6,507)
Balance at the end of the period	$ 3,269

FAIR VALUE HIERARCHY (Details) - USD ($) $ in Thousands	3 Months Ended
FAIR VALUE HIERARCHY (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
FAIR VALUE HIERARCHY
Warrant liability	$ 682
Warrant liability			$ 1,919
Transfers between Level 2 and Level 3	$ 0	$ 0

RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES
Restructuring and related	$ 2,038	$ 5,341
Payments for restructuring	7,492
Restructuring reserve current	4,000		$ 9,400
Restructuring reserve noncurrent	400		$ 500
A2022 and Prior Restructuring Initiatives
RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES
Restructuring and related	700	3,100
2025 Restructuring Plan
RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES
Restructuring and related		$ 2,400
Payments for restructuring	238
2026 Restructuring Plan
RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES
Restructuring and related	1,300
Payments for restructuring	$ 6,507

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INTANGIBLE ASSETS AND GOODWILL - Schedule of Components of Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
INTANGIBLE ASSETS AND GOODWILL
Goodwill	$ 584,298	$ 584,298
Accumulated impairment losses	(283,406)	(283,406)
Goodwill, total	300,892	300,892
Cloud and Edge
INTANGIBLE ASSETS AND GOODWILL
Goodwill	392,302	392,302
Accumulated impairment losses	(167,406)	(167,406)
Goodwill, total	224,896	224,896
IP Optical Networks
INTANGIBLE ASSETS AND GOODWILL
Goodwill	191,996	191,996
Accumulated impairment losses	(116,000)	(116,000)
Goodwill, total	$ 75,996	$ 75,996

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

DEBT

3 Months Ended

Mar. 31, 2026

DEBT

DEBT

(9) DEBT

As of March 31, 2026, the Company had $339.9 million outstanding under its current credit facility (the “2024 Credit Facility”), all of which relate to the term loan. Scheduled quarterly principal repayments continued during the period in accordance with the credit agreement. There were no amounts outstanding under the revolving credit facility, and the Company had $35.0 million of available borrowing capacity as of March 31, 2026.

The Company remained in compliance with all financial covenants under the 2024 Credit Facility as of March 31, 2026.

On May 5, 2026, the Company entered into the First Amendment and Limited Waiver to Credit Agreement (the “First Amendment”) with Ribbon Communications Operating Company, Inc., HPS Investment Partners, LLC, as administrative agent, and the consenting lenders. The First Amendment (1) waives compliance with the maximum consolidated net leverage ratio financial covenant as of and for the period ending June 30, 2026, (2) increases the Maximum Consolidated Net Leverage Ratio (as defined in the 2024 Credit Facility) to 4.50:1.00 as of and for the period ending September 30, 2026, and sets the ratio for all subsequent quarters to 4.00:1.00, and (3) modifies the applicable interest rate margins for any quarter in which the Consolidated Net Leverage Ratio exceeds 3.75:1.00 to 7.00%.

The Company had the following outstanding borrowings, unamortized debt issuance costs and original issue discount, letters of credit, interest rates, and remaining borrowing capacity under its current credit facility as of March 31, 2026 and December 31, 2025:


		March 31,			December 31,
	2026			2025
Current portion of Term Debt	$	8,750		$	8,750

Long-term Debt, net of Current:
Long-term Debt, net of Current (Face Amount)	$	331,188		$	333,375
Original Issue Discount		(4,511)			(4,861)
Unamortized Debt Issuance Costs - Contra-Liability		(3,702)			(3,989)
Long-term Debt, net of Current	$	322,975		$	324,525

Total Face Amount of Borrowings	$	339,938		$	342,125

Unamortized Original Issue Discount and Debt Issuance Costs:
Other Assets	$	817		$	881
Long-Term Debt - Contra Liability		8,213			8,850
Total Unamortized Original Issue Discount and Debt Issuance Costs	$	9,030		$	9,731

Available Borrowing Capacity	$	35,000		$	35,000

Average Interest Rates:
Term Loan		9.9	%		10.3	%

The Company’s debt maturities as of March 31, 2026 were as follows:


Years ending December 31,
Remainder of 2026	$	6,563
2027		13,125
2028		17,500
2029		302,750
	$	339,938

Letters of Credit and Other Guarantees

In the course of its business, the Company uses letters of credit, bank guarantees, and surety bonds (collectively, "Guarantees"). The Company had $11.2 million and $11.1 million of Guarantees under various uncommitted facilities as of March 31, 2026 and December 31, 2025, respectively. The Company had no letters of credit outstanding under its current credit facility as of March 31, 2026 or December 31, 2025. At March 31, 2026 and December 31, 2025, the Company had cash collateral of $2.0 million and $1.7 million supporting the Guarantees, respectively, which are reported as Restricted cash in the Company’s condensed consolidated balance sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 27, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38267
Entity Registrant Name	RIBBON COMMUNICATIONS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1669692
Entity Address, Address Line One	6500 Chase Oaks Boulevard, Suite 100,
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75023
City Area Code	978
Local Phone Number	614-8100
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	RBBN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		176,139,067
Entity Central Index Key	0001708055
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

EARNINGS (LOSS) PER SHARE - Narrative (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
EARNINGS (LOSS) PER SHARE
Number of warrants exercised (in shares)	0	200,000
Employee Stock Option
EARNINGS (LOSS) PER SHARE
Antidilutive securities not included in computation of diluted loss per share (in shares)	14,700,000	6,800,000
Warrant
EARNINGS (LOSS) PER SHARE
Antidilutive securities not included in computation of diluted loss per share (in shares)	4,700,000	4,700,000
Exercise price of warrants (in dollars per share)	$ 3.77
Number of shares of common stock entitled from warrants (in shares)		500,000

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2026

REVENUE RECOGNITION

REVENUE RECOGNITION

(12) REVENUE RECOGNITION

The Company derives revenue from two primary sources: products and services. Product revenue includes: 1) the Company’s proprietary hardware and software that function together to deliver the products’ essential functionality and 2) the Company’s software only solutions that can be used on either the Company’s hardware or third-party hardware. Both proprietary hardware and software only solutions are also sold on a standalone basis.

Services include customer support (software updates, upgrades and technical support), consulting, design services, installation services and training. Generally, contracts with customers contain multiple performance obligations, consisting of products and services. For these contracts, the Company accounts for individual performance obligations separately if they are considered distinct.

When an arrangement contains more than one performance obligation, the Company will allocate the transaction price to each performance obligation on a relative standalone selling price basis. The Company utilizes the observable price of goods and services, including when they are sold separately to similar customers, in order to estimate standalone selling price (“SSP”).

The Company’s software licenses typically provide a perpetual right to use the Company’s software. However, the Company also sells term-based software licenses that expire and Software-as-a-Service (“SaaS”)-based software which are referred to as subscription arrangements. The Company does not customize its software nor are installation services required, as the customer has a right to utilize internal resources or a third-party service company. The software and hardware are delivered before related services are provided and are functional without professional services or customer support. The Company has concluded that its software licenses are functional intellectual property that are distinct, as the user can benefit from the software on its own.

Product revenue from sales of the Company’s perpetual and term-based software licenses is typically recognized when the software is made available for download, as this is the point the user of the software can direct the use of and obtain substantially all of the remaining benefits from the functional intellectual property. The Company begins to recognize software revenue related to the renewal of term-based software licenses at the start of the renewal period. Revenue related to sales of SaaS-based software is recognized ratably over the service period as the customer does not take possession of the software or have the ability to take possession of the software.

The Company offers warranties on its products. Certain of the Company’s warranties are considered to be assurance-type in nature, ensuring the product is functioning as intended. Assurance-type warranties do not represent separate performance obligations. The Company also sells separately-priced maintenance service contracts which qualify as service-type warranties and represent separate performance obligations. The Company does not allow and has no history of accepting product returns.

Service revenue includes revenue from customer support and other professional services. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support and bug fixes or patches. The Company sells its customer support contracts at a percentage of list or net product price. Customer support revenue is recognized ratably over the term of the customer support agreement, which is typically one year.

The Company’s professional services include consulting, technical support, resident engineer services, design services and installation services. Because control transfers over time, revenue is recognized based on progress toward completion of the performance obligation. The method to measure progress toward completion requires judgment and is based on the nature of the products or services to be provided.

The Company generally uses the input method to measure progress for its contracts and to recognize revenue because it believes such method, in general, best depicts the transfer of assets to its customers. The input method measures costs the Company has incurred in the period for its contracts. In some infrequent instances, the Company may engage a third-party to perform services on its behalf and in those cases the output method is used to recognize revenue because it best depicts the transfer of assets to its customers. Under the output method, there is a cost-to-cost measure of progress. The progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. When the measure of progress is based upon expended labor, progress toward completion is measured as the ratio of labor time expended to date versus the total estimated labor time required to complete the performance obligation. Revenue is recorded proportionally as costs are incurred or as labor is expended. Costs to fulfill these obligations can include internal labor as well as subcontractor costs.

Customer training includes courses offered by the Company. The related revenue is typically recognized as the training services are performed, typically over a period of one to five days.

Payment terms for the Company’s contracts with its customers typically range from 30 to 60 days from the invoice date. In certain cases, the Company may offer extended payment terms, which are assessed on a case-by-case basis.

The Company does not generally offer significant financing components in its contracts with customers. However, if a contract includes a significant financing component, the transaction price is adjusted for the time value of money. For the three months ended March 31, 2026, the impact of financing components was immaterial.

Amounts billed to customers for sales and other taxes are excluded from the transaction price. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to government authorities.

The Company’s typical performance obligations include the following:


		When Performance Obligation is Typically
Performance Obligation		Satisfied		When Payment is Typically Due
Software and Product Revenue
Software licenses (perpetual or term)		For perpetual licenses, typically when made available for download (point in time); for term-based licenses, at the beginning of the specified term (point in time)		Generally, within 30-60 days of invoicing, except for term licenses which may be paid for over time
Software licenses (subscription)		Upon activation of hosted site (over time)		Generally, within 30-60 days of invoicing
Hardware		When control of the hardware passes to the customer; typically, upon delivery (point in time)		Generally, within 30-60 days of invoicing
Software upgrades		Upon transfer of control; typically, when made available for download (point in time)		Generally, within 30-60 days of invoicing
Customer Support Revenue
Customer support		Ratably over the course of the support contract (over time)		Generally, within 30-60 days of invoicing
Professional Services
Other professional services (excluding training services)		As work is performed (over time), typically on the input method based on hours incurred		Generally, within 30-60 days of invoicing (upon completion of services)
Training		As the training is delivered (over time), typically one to five days		Generally, within 30-60 days of services being performed

Significant Judgments

The Company’s contracts with customers often include promises to transfer multiple products and services to the customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.

Judgment is required to determine the SSP for each distinct performance obligation. The Company typically has more than one SSP for individual products and services due to the stratification of those products and services by customers and circumstances. In these instances, the Company may use information such as the size of the customer and geographic region in determining the SSP.

Deferred Revenue

Deferred revenue is a contract liability representing amounts collected from or invoiced to customers in excess of revenue recognized. This results primarily from the billing of annual customer support agreements where the revenue is recognized over the term of the agreement. The value of deferred revenue will increase or decrease based on the timing of invoices and recognition of revenue.

Disaggregation of Revenue

The Company disaggregates its revenue from contracts with customers based on the nature of the products and services and the geographic regions in which each customer is domiciled. The Company’s total revenue for the three months ended March 31, 2026 and 2025 was disaggregated geographically as follows:


							Service revenue
	Product			Service revenue			(professional
Three months ended March 31, 2026	revenue			(maintenance)			services)			Total revenue
United States	$	20,941		$	33,733		$	17,904		$	72,578
Europe, Middle East and Africa		16,962			14,683			7,425			39,070
Asia Pacific		27,934			9,230			3,763			40,927
Other		2,277			6,021			1,733			10,031
	$	68,114		$	63,667		$	30,825		$	162,606


							Service revenue
	Product			Service revenue			(professional
Three months ended March 31, 2025	revenue			(maintenance)			services)			Total revenue
United States	$	29,341		$	33,324		$	20,030		$	82,695
Europe, Middle East and Africa		19,460			17,383			8,656			45,499
Asia Pacific		31,039			9,400			2,740			43,179
Other		2,151			6,315			1,440			9,906
	$	81,991		$	66,422		$	32,866		$	181,279


	Three months ended
	March 31,			March 31,
	2026			2025
Indirect sales through channel partner program	$	19,329		$	22,735
Direct sales		48,785			59,256
	$	68,114		$	81,991

The Company’s product revenue from sales to enterprise customers and from sales to service provider customers for the three months ended March 31, 2026 and 2025 was as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Sales to enterprise customers	$	21,516		$	23,232
Sales to service provider customers		46,598			58,759
	$	68,114		$	81,991

The Company’s product revenue and service revenue components by segment for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Product revenue:
Cloud and Edge	$	26,259		$	31,861
IP Optical Networks		41,855			50,130
Total product revenue	$	68,114		$	81,991

Service revenue:
Maintenance:
Cloud and Edge	$	50,232		$	50,768
IP Optical Networks		13,435			15,654
Total maintenance revenue		63,667			66,422
Professional services:
Cloud and Edge		23,021			24,962
IP Optical Networks		7,804			7,904
Total professional services revenue		30,825			32,866
Total service revenue	$	94,492		$	99,288

Revenue Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, which are contract assets, and customer advances and deposits, which are contract liabilities, in the Company’s condensed consolidated balance sheets. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. Billing may occur subsequent to revenue recognition, resulting in contract assets. The Company may receive advances or deposits from its customers before revenue is recognized, resulting in contract liabilities which are classified as deferred revenue. These assets and liabilities are reported in the Company’s condensed consolidated balance sheets on a contract-by-contract basis as of the end of each reporting period. Changes in the contract asset and liability balances during the three months ended March 31, 2026 were not materially impacted by any factors other than billing and revenue recognition. Nearly all of the Company’s deferred revenue balance is related to services revenue, primarily customer support contracts. Unbilled receivables stem primarily from engagements where services have been performed; however, billing cannot occur until services are completed.

In some arrangements, the Company allows customers to pay for term-based software licenses and products over the term of the software license. The Company also sells SaaS-based software under subscription arrangements, with payment terms over the term of the SaaS agreement. Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables. Unbilled receivables that are anticipated to be invoiced in the next twelve months are included in Accounts receivable on the Company’s condensed consolidated balance sheets.

The changes in the Company’s accounts receivable, unbilled receivables and deferred revenue balances for the three months ended March 31, 2026 were as follows (in thousands):


			Unbilled		Deferred		Deferred
	Accounts		accounts		revenue		revenue
	receivable		receivable		(current)		(long-term)
Balance at January 1, 2026	$	161,007	$	70,878	$	124,425	$	31,654
Increase (decrease), net		(19,051)		(8,776)		(1,806)		769
Balance at March 31, 2026	$	141,956	$	62,102	$	122,619	$	32,423

The Company recognized approximately $43 million of revenue in the three months ended March 31, 2026 that was recorded as deferred revenue at December 31, 2025 and approximately $51 million of revenue in the three months ended March 31, 2025 that was recorded as deferred revenue at December 31, 2024. Of the Company’s deferred revenue reported as long-term in its condensed consolidated balance sheet at March 31, 2026, the Company expects that approximately $12 million will be recognized as revenue in 2027, approximately $9 million will be recognized as revenue in 2028 and approximately $11 million will be recognized as revenue in 2029 and beyond.

The Company applies the optional exemption of not disclosing the transaction price allocated to the remaining performance obligation for its contracts with an original duration of less than one year. In 2024, the Company entered into a contract with an existing customer that has revenue allocated to remaining performance obligations, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods of approximately $163 million and $171 million as of March 31, 2026 and December 31, 2025, respectively. At this time, the Company expects to recognize the majority of the revenue related to this contract in the years 2026 through 2028.

All freight-related customer invoicing is recorded as revenue, while the shipping and handling costs that occur after control of the promised goods or services transfer to the customer are reported as fulfillment costs, a component of Cost of revenue - product in the Company’s condensed consolidated statements of operations.

Deferred Commissions Cost

Sales commissions earned by the Company’s employees are considered incremental and recoverable costs of obtaining a contract with a customer. These costs have been deferred on our condensed consolidated balance sheet and are being amortized over the expected life of the customer contract, which is generally five years. At March 31, 2026 and December 31, 2025, the Company had $2.1 million of deferred sales commissions capitalized.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
LEASES
Finance lease impairment	$ 0		$ 0
Variable lease cost accrued	0	$ 0
Accrual for future anticipated variable lease costs	4,435		9,889
Facility Closing
LEASES
Accrual for future anticipated variable lease costs	700		$ 800
Facility Closing \| 2022 Restructuring Plan
LEASES
Additional amortization expense	0	0
Variable lease cost accrued	$ 0	$ 0

INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangible Assets and Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
INTANGIBLE ASSETS AND GOODWILL
Cost	$ 620,375	$ 619,268
Accumulated amortization	486,142	475,924
Net carrying value	134,233	$ 143,344
Estimated future amortization expense for intangible assets
Remainder of 2026	29,292
2027	34,347
2028	23,769
2029	18,380
2030	7,723
2031	5,927
Thereafter	14,795
Total	$ 134,233
Developed technology
INTANGIBLE ASSETS AND GOODWILL
Weighted average amortization period (years)	7 years 10 months 2 days	7 years 10 months 2 days
Cost	$ 340,380	$ 340,380
Accumulated amortization	285,357	281,000
Net carrying value	$ 55,023	$ 59,380
Customer relationships
INTANGIBLE ASSETS AND GOODWILL
Weighted average amortization period (years)	11 years 10 months 9 days	11 years 10 months 9 days
Cost	$ 268,140	$ 268,140
Accumulated amortization	190,118	184,462
Net carrying value	$ 78,022	$ 83,678
Software licenses
INTANGIBLE ASSETS AND GOODWILL
Weighted average amortization period (years)	3 years	3 years
Cost	$ 6,855	$ 5,748
Accumulated amortization	5,667	5,462
Net carrying value	$ 1,188	$ 286
Trade names
INTANGIBLE ASSETS AND GOODWILL
Weighted average amortization period (years)	3 years 10 months 17 days	3 years 10 months 17 days
Cost	$ 5,000	$ 5,000
Accumulated amortization	$ 5,000	$ 5,000

STOCK-BASED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2026

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS

(16) STOCK-BASED COMPENSATION PLANS

The Company grants stock-based compensation to employees, officers and non-employee directors, as well as consultants and advisors of the Company and its subsidiaries under its 2025 Incentive Award Plan (the “2025 Plan”) which provides for the award of stock options, stock appreciation rights ("SARs"), restricted stock awards ("RSAs"), performance-based stock awards ("PSAs"), restricted stock units ("RSUs"), performance-based stock units ("PSUs") and other stock- or cash-based awards. The 2025 Plan has been approved by the Company’s stockholders.

Executive Equity Arrangements

Performance-Based Stock Grants

In addition to granting RSAs and RSUs to its executives and certain of its employees, the Company also grants PSUs to certain of its executives and certain other employees. Vesting periods for RSAs, RSUs, and PSUs granted range from one to three years. PSUs granted consist of 60% that have both performance and service conditions (the "Performance PSUs") and 40% that have both market and service conditions (the "Market PSUs"). Each Performance PSU is comprised of three consecutive fiscal year performance periods beginning in the year of grant, with one-third of the Performance PSUs attributable to each fiscal year performance period. The Market PSUs have one three-year performance period, beginning January 1 in the year of grant and ending on December 31, three years thereafter. The number of shares of common stock underlying the PSUs that can be earned will not exceed 150% of the Performance or 200% Market PSUs. Shares subject to PSUs that fail to be earned will be forfeited.

Restricted Stock Units

The activity related to the Company’s RSUs for the three months ended March 31, 2026 was as follows:


		Weighted
		Average
		Grant Date
	Shares	Fair Value
Unvested balance at January 1, 2026	9,928,256	$	3.12
Granted	56,752	$	2.81
Vested	(177,343)	$	2.98
Forfeited	(146,912)	$	3.57
Unvested balance at March 31, 2026	9,660,753	$	3.59

The total grant date fair value of shares of restricted stock underlying RSUs that vested during the three months ended March 31, 2026 was $0.5 million.

Performance-Based Stock Units

The activity related to the Company’s PSUs for the three months ended March 31, 2026 was as follows:


		Weighted
		Average
		Grant Date
	Shares	Fair Value
Unvested balance at January 1, 2026	5,054,723	$	3.93
Granted	—	$	—
Vested	—	$	—
Forfeited	(57,002)	$	3.38
Unvested balance at March 31, 2026	4,997,721	$	3.93

Stock-Based Compensation

The condensed consolidated statements of operations include stock-based compensation for the three months ended March 31, 2026 and 2025 as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Product cost of revenue	$	43		$	66
Service cost of revenue		161			286
Research and development		477			725
Sales and marketing		1,130			1,173
General and administrative		4,146			2,048
	$	5,957		$	4,298

At March 31, 2026, there was $25.1 million, net of expected forfeitures, of unrecognized stock-based compensation expense related to unvested RSUs and PSUs. This expense is expected to be recognized over a weighted average period of approximately 1.4 years.

OPERATING SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

OPERATING SEGMENT INFORMATION

Schedule of segment reporting information

The tables below present significant segment expenses regularly reviewed by the CODM for the three months ended March 31, 2026 and 2025 (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Segment revenue:
Cloud and Edge	$	99,512		$	107,591
IP Optical Networks		63,094			73,688
Revenue	$	162,606		$	181,279


	Three months ended
	March 31,			March 31,
	2026			2025
Segment adjusted gross profit:
Cloud and Edge	$	56,522		$	67,296
IP Optical Networks		17,935			20,814
Total segment adjusted gross profit		74,457			88,110

Reconciliation of segment adjusted gross profit to gross profit and loss before income taxes
Stock-based compensation expense		(204)			(352)
Amortization of acquired technology		(4,562)			(5,388)
Gross profit		69,691			82,370

Research and development expense		44,445			43,568
Sales and marketing expense		32,269			31,788
General and administrative expense		16,978			15,128
Amortization of acquired intangible assets		5,656			6,155
Restructuring and related expense		2,038			5,341
Interest expense, net		9,756			10,500
Other income, net		(514)			(3,129)
Loss before income taxes	$	(40,937)		$	(26,981)


	Three months ended
	March 31,			March 31,
	2026			2025
Segment depreciation expense:
Cloud and Edge	$	2,322		$	2,353
IP Optical Networks		2,138			1,116
Depreciation expense	$	4,460		$	3,469

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

LEASES

Schedule of right-of-use lease assets and lease liabilities

The Company’s right-of-use lease assets and lease liabilities at March 31, 2026 and December 31, 2025 were as follows (in thousands):


			March 31,			December 31,
	Classification		2026			2025
Assets:
Operating lease assets	Operating lease right-of-use assets		$	44,010		$	46,240

Liabilities:
Current Operating	Operating lease liabilities		$	11,601		$	11,699
Non-Current Operating	Operating lease liabilities, net of current			57,042			60,159
Total Operating lease liabilities			$	68,643		$	71,858

Schedule of components of lease expense

The components of lease expense for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Operating lease cost*	$	3,690		$	3,225
Short-term lease cost		3,571			3,527
Variable lease costs (costs excluded from minimum fixed lease payments)**		1,514			872
Sublease income		(66)			(120)
Net lease cost	$	8,709		$	7,504

*	No accelerated amortization was recorded in the three months ended March 31, 2026 or 2025.

**	No variable lease costs were expensed in the three months ended March 31, 2026 or 2025 for future estimated variable expenses related to certain assets partially or fully vacated with no intent or ability to sublease.

Other information related to the Company’s leases as of March 31, 2026 and December 31, 2025 was as follows (in thousands):


		March 31,		December 31,
		2026		2025
Weighted average remaining lease term (years):
Operating leases		6.82		6.91
Weighted average discount rate:
Operating leases		9.51	%	9.50	%

Schedule of future minimum fixed lease payments under noncancelable leases

Future minimum fixed lease payments under noncancelable leases at March 31, 2026 were as follows (in thousands):


		Operating
		leases
Remainder of 2026		$	13,222
2027			16,561
2028			13,903
2029			11,547
2030			8,450
2031 and beyond			31,716
Total lease payments			95,399
Less: interest			(26,756)
Present value of lease liabilities		$	68,643

OPERATING SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

OPERATING SEGMENT INFORMATION

OPERATING SEGMENT INFORMATION

(13) OPERATING SEGMENT INFORMATION

The Company has two operating and reportable segments, Cloud and Edge and IP Optical Networks, that align with the way the business is managed. The Company’s CODM, its President and Chief Executive Officer, makes key operating decisions and assesses performance based upon these reportable segments.

The Cloud and Edge segment provides secure and reliable software and hardware products, solutions and services for enabling Voice over Internet Protocol ("VoIP") communications, Voice over Long-Term Evolution ("VoLTE") and Voice Over 5G ("VoNR") communications, and Unified Communications and Collaboration ("UC&C") within service provider and enterprise networks and from the cloud. The Cloud and Edge products are increasingly software-centric and cloud-native for deployment on private, public or hybrid cloud infrastructures, in data centers, on enterprise premises and within service provider networks. Ribbon's Cloud and Edge product portfolio consists primarily of its Session Border Controller ("SBC") products and its Network Transformation products.

The IP Optical Networks segment provides high-performance, secure solutions for IP networking and optical

transport, supporting wireless networks including 5G, metro and edge aggregation, core networking, data center interconnect, legacy transformation and transport solutions for wholesale carriers. This portfolio is offered to service provider, enterprise and industry verticals with critical transport network infrastructures including utilities, government, defense, transportation, and education and research.

The Company does not provide segment asset information as such information is not provided to the CODM and accordingly, asset information is not used in assessing segment performance. Segment revenue and expenses included in the tables below represent direct revenue and expense attributable to each segment. Please see Note 4 for information regarding the allocation of goodwill between segments.

The CODM utilizes adjusted gross profit to evaluate each segment's performance. The Company calculates adjusted gross profit by excluding from cost of revenue both amortization of acquired technology and stock-based compensation and may also exclude other items in future periods that the Company believes are not part of the Company's core business. The Company uses adjusted gross profit to develop its annual budget and quarterly forecasts. The CODM analyzes adjusted gross profit compared to the annual budget and quarterly forecasts to allocate resources. Ribbon’s calculation of adjusted gross profit may not be comparable to similarly titled measures used by other companies. See below for a reconciliation of segment adjusted gross profit to gross profit and loss before income taxes.

The tables below present significant segment expenses regularly reviewed by the CODM for the three months ended March 31, 2026 and 2025 (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Segment revenue:
Cloud and Edge	$	99,512		$	107,591
IP Optical Networks		63,094			73,688
Revenue	$	162,606		$	181,279


	Three months ended
	March 31,			March 31,
	2026			2025
Segment adjusted gross profit:
Cloud and Edge	$	56,522		$	67,296
IP Optical Networks		17,935			20,814
Total segment adjusted gross profit		74,457			88,110

Reconciliation of segment adjusted gross profit to gross profit and loss before income taxes
Stock-based compensation expense		(204)			(352)
Amortization of acquired technology		(4,562)			(5,388)
Gross profit		69,691			82,370

Research and development expense		44,445			43,568
Sales and marketing expense		32,269			31,788
General and administrative expense		16,978			15,128
Amortization of acquired intangible assets		5,656			6,155
Restructuring and related expense		2,038			5,341
Interest expense, net		9,756			10,500
Other income, net		(514)			(3,129)
Loss before income taxes	$	(40,937)		$	(26,981)


	Three months ended
	March 31,			March 31,
	2026			2025
Segment depreciation expense:
Cloud and Edge	$	2,322		$	2,353
IP Optical Networks		2,138			1,116
Depreciation expense	$	4,460		$	3,469

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BASIS OF PRESENTATION (Tables)

3 Months Ended

Mar. 31, 2026

BASIS OF PRESENTATION

Schedule of information regarding factoring of accounts receivable and associated fees

Factoring of accounts receivable and associated fees for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three months ended
	March 31,			March 31,
	2026			2025
Accounts receivable sold	$	34,168		$	28,766
Less factoring fees		(571)			(473)
Net cash proceeds	$	33,597		$	28,293

FAIR VALUE HIERARCHY

3 Months Ended

Mar. 31, 2026

FAIR VALUE HIERARCHY

FAIR VALUE HIERARCHY

(5) FAIR VALUE HIERARCHY

The carrying amounts of the Company’s cash equivalents, accounts receivable, accounts payable and borrowings under a revolving credit facility in the condensed consolidated balance sheets approximate fair value due to the immediate or short-term nature of these financial instruments. The carrying amount of the Company’s term debt at March 31, 2026 and December 31, 2025 also approximates fair value, based on prevailing market conditions. The Company’s warrant liability had a fair value of $0.7 million and $1.9 million as of March 31, 2026 and December 31, 2025, respectively.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tier fair value hierarchy is based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:

●

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. The Company had no assets or liabilities fair valued using Level 1 inputs at March 31, 2026 or December 31, 2025.

●

Level 2 applies to assets or liabilities for which there are inputs that are directly or indirectly observable in the marketplace, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets). At December 31, 2025, the Company determined the fair value of its defined benefit plans’ assets using Level 2 inputs. There were no significant changes to the Company’s defined benefit plans’ assets during the three months ended March 31, 2026 that required the calculation of their fair value as of March 31, 2026. Level 2 inputs were also used to determine the fair value of the Company’s derivative financial instruments at March 31, 2026.

●

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Level 3 inputs were used to determine the fair value of the Company’s warrants at March 31, 2026 and December 31, 2025.

The Company had no transfers between Level 2 and Level 3 fair value measurements during the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Impact of derivative financial instrument on condensed consolidated statements of comprehensive loss (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Amount recognized in other comprehensive income (loss) on the derivative (effective portion)	$ (304)
Amount reclassified from accumulated other comprehensive income to Research and development	7
Unrealized loss on cash flow hedges, net of reclassifications into earnings	$ (297)

LEASES - Right of Use Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Operating lease assets	$ 44,010	$ 46,240
Liabilities:
Current Operating	11,601	11,699
Non-Current Operating	57,042	60,159
Total Operating lease liabilities	$ 68,643	$ 71,858

LEASES - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Operating leases
Remainder of 2026	$ 13,222
2027	16,561
2028	13,903
2029	11,547
2030	8,450
2031 and beyond	31,716
Total lease payments	95,399
Less: interest	(26,756)
Present value of lease liabilities	$ 68,643	$ 71,858

INTANGIBLE ASSETS AND GOODWILL - Narratives (Details)	3 Months Ended
INTANGIBLE ASSETS AND GOODWILL - Narratives (Details)	Mar. 31, 2026 USD ($)
INTANGIBLE ASSETS AND GOODWILL
Goodwill period change in carrying value	$ 0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative instrument, notional amounts (Details) - Mar. 31, 2026 ₪ in Thousands, $ in Thousands	USD ($)	ILS (₪)
Foreign exchange rate forward contracts \| Cash flow hedge
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Notional Amount	$ 24,554	₪ 76,179

ACCRUED EXPENSES AND OTHER (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ACCRUED EXPENSES AND OTHER
Employee compensation and related costs	$ 31,055	$ 37,857
Professional fees	14,603	14,400
Taxes payable	3,652	5,541
Other	28,580	32,961
Total accrued expenses	$ 77,890	$ 90,759

WARRANTY - Changes in Accrual Balance (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Changes in the company's accrual balance
Balance at beginning of year	$ 12,819
Current period provisions	1,355
Settlements	(1,351)
Balance at end of year	$ 12,823

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 67,554	$ 96,405
Restricted cash	2,045	1,726
Accounts receivable, net	204,058	231,885
Inventory	81,463	78,806
Other current assets	53,379	45,663
Total current assets	408,499	454,485
Property and equipment, net	64,077	65,559
Intangible assets, net	134,233	143,344
Goodwill	300,892	300,892
Deferred income taxes	181,834	174,318
Operating lease right-of-use assets	44,010	46,240
Other assets	26,157	27,417
Total assets	1,159,702	1,212,255
Current liabilities:
Current portion of term debt	8,750	8,750
Accounts payable	77,293	79,840
Accrued expenses and other	77,890	90,759
Operating lease liabilities	11,601	11,699
Warrant liability	682
Deferred revenue	122,619	124,425
Total current liabilities	298,835	315,473
Long-term debt, net of current	322,975	324,525
Warrant liability		1,919
Operating lease liabilities, net of current	57,042	60,159
Deferred revenue, net of current	32,423	31,654
Deferred income taxes	5,728	5,728
Other long-term liabilities	23,597	23,803
Total liabilities	740,600	763,261
Commitments and contingencies (Note 20)
Stockholders' equity:
Common stock, $0.0001 par value per share; 390,000,000 shares authorized; 175,507,629 and 175,776,074 shares issued and outstanding at March 31, 2026, and December 31, 2025, respectively.	18	18
Additional paid-in capital	1,981,988	1,976,958
Accumulated deficit	(1,569,038)	(1,534,549)
Accumulated other comprehensive income	6,134	6,567
Total stockholders' equity	419,102	448,994
Total liabilities and stockholders' equity	$ 1,159,702	$ 1,212,255

RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES - Components of Restructuring Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES
Severance and related costs	$ 853	$ 2,276
Variable and other facilities-related costs	1,185	3,065
Restructuring and related expense	$ 2,038	$ 5,341

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

PREFERRED STOCK AND WARRANTS - Narrative (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
PREFERRED STOCK AND WARRANTS
Number of warrants exercised (in shares)	0	200,000
Private Placement
PREFERRED STOCK AND WARRANTS
Number of warrants exercised (in shares)		176,658
Stock issued upon exercise of warrants (in shares)		32,573
Weighted average fair value per share (in dollars per share)		$ 4.62
Number of warrants outstanding	4,681,432

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total revenue	$ 162,606	$ 181,279
Cost of revenue:
Total cost of revenue	92,915	98,909
Gross profit	69,691	82,370
Operating expenses:
Research and development	44,445	43,568
Sales and marketing	32,269	31,788
General and administrative	16,978	15,128
Amortization of acquired intangible assets	5,656	6,155
Restructuring and related	2,038	5,341
Total operating expenses	101,386	101,980
Loss from operations	(31,695)	(19,610)
Interest expense, net	(9,756)	(10,500)
Other income, net	514	3,129
Loss before income taxes	(40,937)	(26,981)
Income tax benefit	6,448	754
Net loss	$ (34,489)	$ (26,227)
Loss per share:
Basic (in dollars per share)	$ (0.2)	$ (0.15)
Diluted (in dollars per share)	$ (0.2)	$ (0.15)
Weighted average shares used to compute loss per share:
Basic (in shares)	175,661	175,719
Diluted (in shares)	175,661	175,719
Product
Revenue:
Total revenue	$ 68,114	$ 81,991
Cost of revenue:
Cost of revenue	49,425	57,893
Service
Revenue:
Total revenue	94,492	99,288
Cost of revenue:
Cost of revenue	38,928	35,628
Amortization of acquired technology
Cost of revenue:
Amortization of acquired technology	$ 4,562	$ 5,388

RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES

3 Months Ended

Mar. 31, 2026

RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES

RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES

(8) RESTRUCTURING AND FACILITIES CONSOLIDATION INITIATIVES

The Company recorded restructuring and related expense aggregating $2.0 million and $5.3 million in the three months ended March 31, 2026 and 2025, respectively. Restructuring and related expense includes restructuring expense (primarily severance and related costs), estimated future variable and other lease costs for vacated properties with no intent or ability to sublease, and accelerated rent amortization expense.

For restructuring events that involve lease assets and liabilities, the Company applies lease reassessment and modification guidance and evaluates the right-of-use assets for potential impairment. If the Company plans to exit all or distinct portions of a facility and does not have the ability or intent to sublease, the Company will accelerate the amortization of each of those lease components through the vacate date. The accelerated amortization is recorded as a component of Restructuring and related expense in the Company’s condensed consolidated statements of operations. Related variable lease expenses will continue to be expensed as incurred through the vacate date, at which time the Company will reassess the liability balance to ensure it appropriately reflects the remaining liability associated with the premises and record a liability for the estimated future variable lease costs.

Accelerated amortization of lease assets is recognized from the date that the Company commences the plan to fully or partially vacate a facility, for which there is no intent or ability to enter into a sublease, through the final vacate date. Amounts of accelerated rent amortization that are included as a component of restructuring and related expense are excluded from the tables below, as the liability for lease payments for each respective facility is included as a component of Operating lease liabilities in the Company’s condensed consolidated balance sheets at March 31, 2026 and December 31, 2025 (see Note 17). The Company may incur additional future expense if it is unable to sublease other locations included in the facilities initiative.

The components of restructuring and related expense for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three months ended
	March 31,		March 31,
	2026		2025
Severance and related costs	$	853	$	2,276
Variable and other facilities-related costs		1,185		3,065
	$	2,038	$	5,341

The following table presents the rollforward of accrued restructuring liabilities for the Company’s restructuring plans for the three months ended March 31, 2026 (in thousands):


	2022 and Prior		2025		2026
		Restructuring		Restructuring		Restructuring
	Plans		Plan		Plan		Total
Balances, January 1, 2026	$	806	$	622	$	8,461	$	9,889
Charged to expense		683		40		1,315		2,038
Payments		(747)		(238)		(6,507)		(7,492)
Balances, March 31, 2026	$	742	$	424	$	3,269	$	4,435

2026 Restructuring Plan

During the fourth quarter of 2025, the Company’s President and Chief Executive Officer (“CEO”) approved a strategic restructuring program (the "2026 Restructuring Plan") that consists of workforce reductions in certain of the Company’s operating locations to correspond with current sales levels in those areas. Any positions eliminated in countries outside the United States are subject to local law and consultation requirements. In connection with the 2026 Restructuring Plan, the Company recorded restructuring and related expense of $1.3 million in the three months ended March 31, 2026.

2025 Restructuring Plan

During the first quarter of 2025, the Company’s President and CEO approved a strategic restructuring program (as subsequently amended, the "2025 Restructuring Plan") that consists of workforce reductions in certain of the Company’s operating locations to correspond with current sales levels in those areas. The 2025 Restructuring Plan was amended in the third quarter of 2025 to reflect an increase in the scope of the proposed reductions. Any positions eliminated in countries outside the United States are subject to local law and consultation requirements. In connection with the 2025 Restructuring Plan, the Company recorded nominal restructuring and related expense in the three months ended March 31, 2026, and $2.4 million in the three months ended March 31, 2025, respectively.

2022 and Prior Restructuring Plans

Prior to December 31, 2022, the Company engaged in various restructuring activities that included consolidation of facilities and workforce reductions. Substantially all the ongoing costs incurred under such plans in the periods presented relate to variable and other facilities-related costs. In connection with these plans, the Company recorded restructuring and related expense of $0.7 million and $3.1 million in the three months ended March 31, 2026 and 2025, respectively.

Balance Sheet Classification

The current portions of accrued restructuring were $4.0 million and $9.4 million at March 31, 2026 and December 31, 2025, respectively, and are included as components of Accrued expenses and other in the condensed consolidated balance sheets. The long-term portions of accrued restructuring are included as components of Other long-term liabilities in the condensed consolidated balance sheets. The long-term portions of accrued restructuring were $0.4 million and $0.5 million at March 31, 2026 and December 31, 2025, respectively.

REVENUE RECOGNITION - Schedule of Customer Assets & Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Accounts receivable
Beginning balance	$ 161,007
Increase (decrease), net	(19,051)
Ending balance	141,956
Unbilled accounts receivable
Beginning balance	70,878
Increase (decrease), net	(8,776)
Ending balance	62,102
Deferred revenue (current)
Beginning balance	124,425
Increase (decrease), net	(1,806)
Ending balance	122,619
Deferred revenue (long-term)
Beginning balance	31,654
Increase (decrease), net	769
Ending balance	$ 32,423

STOCK-BASED COMPENSATION PLANS - Restricted Stock Awards and Units and Performance-Based Stock Units (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
RSUs
Shares
Unvested balance at the beginning of the period (in shares) \| shares	9,928,256
Granted (in shares) \| shares	56,752
Vested (in shares) \| shares	(177,343)
Forfeited (in shares) \| shares	(146,912)
Unvested balance at the end of the period (in shares) \| shares	9,660,753
Weighted Average Grant Date Fair Value
Unvested balance at the end of the period (in dollars per share) \| $ / shares	$ 3.12
Granted (in dollars per share) \| $ / shares	2.81
Vested (in dollars per share) \| $ / shares	2.98
Forfeited (in dollars per share) \| $ / shares	3.57
Unvested balance at end of the period (in dollars per share) \| $ / shares	$ 3.59
PSUs
Shares
Unvested balance at the beginning of the period (in shares) \| shares	5,054,723
Forfeited (in shares) \| shares	(57,002)
Unvested balance at the end of the period (in shares) \| shares	4,997,721
Weighted Average Grant Date Fair Value
Unvested balance at the end of the period (in dollars per share) \| $ / shares	$ 3.93
Forfeited (in dollars per share) \| $ / shares	3.38
Unvested balance at end of the period (in dollars per share) \| $ / shares	$ 3.93

ACCRUED EXPENSES AND OTHER

3 Months Ended

Mar. 31, 2026

ACCRUED EXPENSES AND OTHER

ACCRUED EXPENSES AND OTHER

(6) ACCRUED EXPENSES AND OTHER

Accrued expenses at March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Employee compensation and related costs	$	31,055	$	37,857
Professional fees		14,603		14,400
Taxes payable		3,652		5,541
Other		28,580		32,961
	$	77,890	$	90,759

COMMON STOCK REPURCHASES

3 Months Ended

Mar. 31, 2026

COMMON STOCK REPURCHASES

COMMON STOCK REPURCHASES

(15) COMMON STOCK REPURCHASES

In the second quarter of 2025, the Company's Board of Directors approved a program to repurchase up to $50 million of the Company’s common stock (the “2025 Repurchase Program” or the “Repurchase Program”). Commencing on June 5, 2025 and continuing through December 31, 2027, the Repurchase Program is being funded with cash on hand or cash generated from operations. During the three months ended March 31, 2026, the Company used $0.8 million, including transaction fees, to repurchase and retire 0.4 million shares of its common stock under the Repurchase Program. Since the start of the Repurchase Program, the Company has used $9.8 million, including transaction fees, to repurchase and retire 2.9 million shares of its common stock. Repurchases are subject to the terms of the Company’s senior secured credit facility, as amended, which limits aggregate share repurchases to $15 million and subjects such repurchases to compliance with specified financial covenants and leverage requirements.

DEBT - Long term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
DEBT
Current portion of Term Debt	$ 8,750	$ 8,750
Long-term Debt, net of Current (Face Amount)	331,188	333,375
Original Issue Discount	(4,511)	(4,861)
Unamortized Debt Issuance Costs - Contra-Liability	(3,702)	(3,989)
Long-term Debt, net of Current	322,975	324,525
Total Face Amount of Borrowings	339,938	342,125
Other Assets	817	881
Long-Term Debt - Contra Liability	8,213	8,850
Total Unamortized Original Issue Discount and Debt Issuance Costs	9,030	9,731
Available Borrowing Capacity	$ 35,000	$ 35,000
Term Loan
DEBT
Average Interest Rates:	9.90%	10.30%

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

DEBT

Schedule of long term debt


		March 31,			December 31,
	2026			2025
Current portion of Term Debt	$	8,750		$	8,750

Long-term Debt, net of Current:
Long-term Debt, net of Current (Face Amount)	$	331,188		$	333,375
Original Issue Discount		(4,511)			(4,861)
Unamortized Debt Issuance Costs - Contra-Liability		(3,702)			(3,989)
Long-term Debt, net of Current	$	322,975		$	324,525

Total Face Amount of Borrowings	$	339,938		$	342,125

Unamortized Original Issue Discount and Debt Issuance Costs:
Other Assets	$	817		$	881
Long-Term Debt - Contra Liability		8,213			8,850
Total Unamortized Original Issue Discount and Debt Issuance Costs	$	9,030		$	9,731

Available Borrowing Capacity	$	35,000		$	35,000

Average Interest Rates:
Term Loan		9.9	%		10.3	%

Schedule of debt maturities

The Company’s debt maturities as of March 31, 2026 were as follows:


Years ending December 31,
Remainder of 2026	$	6,563
2027		13,125
2028		17,500
2029		302,750
	$	339,938

INTANGIBLE ASSETS AND GOODWILL (Tables)

3 Months Ended

Mar. 31, 2026

INTANGIBLE ASSETS AND GOODWILL

Schedule of intangible assets

The Company’s intangible assets at March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


		Weighted
		average
		amortization								Net
		period					Accumulated			carrying
March 31, 2026		(years)		Cost			amortization			value
Developed technology		7.84		$	340,380		$	285,357		$	55,023
Customer relationships		11.86			268,140			190,118			78,022
Software licenses		3.00			6,855			5,667			1,188
Trade names		3.88			5,000			5,000			—
				$	620,375		$	486,142		$	134,233


		Weighted
		average
		amortization								Net
		period					Accumulated			carrying
December 31, 2025		(years)		Cost			amortization			value
Developed technology		7.84		$	340,380		$	281,000		$	59,380
Customer relationships		11.86			268,140			184,462			83,678
Software licenses		3.00			5,748			5,462			286
Trade names		3.88			5,000			5,000			—
				$	619,268		$	475,924		$	143,344

Schedule of estimated future amortization expense for intangible assets

Estimated future amortization expense for the Company’s intangible assets at March 31, 2026 was as follows (in thousands):


Years ending December 31,
Remainder of 2026	$	29,292
2027		34,347
2028		23,769
2029		18,380
2030		7,723
2031		5,927
Thereafter		14,795
	$	134,233

Schedule of goodwill

The components of goodwill at both March 31, 2026 and December 31, 2025 were as follows (in thousands):


	Cloud and			IP Optical
	Edge			Networks			Total
Goodwill	$	392,302		$	191,996		$	584,298
Accumulated impairment losses		(167,406)			(116,000)			(283,406)
	$	224,896		$	75,996		$	300,892

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

OPERATING SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
OPERATING SEGMENT INFORMATION (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
OPERATING SEGMENT INFORMATION
Number of operating segments \| segment	2
Number of reportable segments \| segment	2
Revenue	$ 162,606	$ 181,279
Reconciliation of segment adjusted gross profit to gross profit and loss before income taxes
Gross profit	69,691	82,370
Research and development expense	44,445	43,568
Sales and marketing expense	32,269	31,788
General and administrative expense	16,978	15,128
Amortization of acquired intangible assets	5,656	6,155
Restructuring and related	2,038	5,341
Interest expense, net	9,756	10,500
Other income, net	(514)	(3,129)
Loss before income taxes	(40,937)	(26,981)
Segment depreciation expense:
Depreciation expense	4,460	3,469
Operating segment
OPERATING SEGMENT INFORMATION
Revenue	162,606	181,279
Total segment adjusted gross profit	74,457	88,110
Reconciling items
Reconciliation of segment adjusted gross profit to gross profit and loss before income taxes
Stock-based compensation expense	(204)	(352)
Amortization of acquired technology	(4,562)	(5,388)
Cloud and Edge
Segment depreciation expense:
Depreciation expense	2,322	2,353
Cloud and Edge \| Operating segment
OPERATING SEGMENT INFORMATION
Revenue	99,512	107,591
Total segment adjusted gross profit	56,522	67,296
IP Optical Networks
Segment depreciation expense:
Depreciation expense	2,138	1,116
IP Optical Networks \| Operating segment
OPERATING SEGMENT INFORMATION
Revenue	63,094	73,688
Total segment adjusted gross profit	$ 17,935	$ 20,814

DEBT - Credit facilities (Details) $ in Thousands	May 05, 2026	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
DEBT
Available Borrowing Capacity		$ 35,000	$ 35,000
2024 Credit Facility \| Quarter ending September 30, 2026 \| Subsequent event
DEBT
Consolidated net leverage ratio	4.5
2024 Credit Facility \| Subsequent quarters after quarter ending September 30, 2026 \| Subsequent event
DEBT
Consolidated net leverage ratio	4
2024 Credit Facility \| Consolidated Net Leverage Ratio exceeds 3.75 \| Subsequent event
DEBT
Consolidated net leverage ratio	3.75
Basis spread on variable rate	7.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Term loan facility \| 2024 Credit Facility
DEBT
Outstanding balance		339,900
Revolving Credit Facility \| 2024 Credit Facility
DEBT
Outstanding balance		0
Available Borrowing Capacity		$ 35,000

STOCK-BASED COMPENSATION PLANS - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-based compensation
Stock-based compensation	$ 5,957	$ 4,298
Product cost of revenue
Stock-based compensation
Stock-based compensation	43	66
Service cost of revenue
Stock-based compensation
Stock-based compensation	161	286
Research and development
Stock-based compensation
Stock-based compensation	477	725
Sales and marketing
Stock-based compensation
Stock-based compensation	1,130	1,173
General and administrative
Stock-based compensation
Stock-based compensation	$ 4,146	$ 2,048

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INTANGIBLE ASSETS AND GOODWILL

3 Months Ended

Mar. 31, 2026

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

(4) INTANGIBLE ASSETS AND GOODWILL

The Company’s intangible assets at March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


		Weighted
		average
		amortization								Net
		period					Accumulated			carrying
March 31, 2026		(years)		Cost			amortization			value
Developed technology		7.84		$	340,380		$	285,357		$	55,023
Customer relationships		11.86			268,140			190,118			78,022
Software licenses		3.00			6,855			5,667			1,188
Trade names		3.88			5,000			5,000			—
				$	620,375		$	486,142		$	134,233


		Weighted
		average
		amortization								Net
		period					Accumulated			carrying
December 31, 2025		(years)		Cost			amortization			value
Developed technology		7.84		$	340,380		$	281,000		$	59,380
Customer relationships		11.86			268,140			184,462			83,678
Software licenses		3.00			5,748			5,462			286
Trade names		3.88			5,000			5,000			—
				$	619,268		$	475,924		$	143,344

Estimated future amortization expense for the Company’s intangible assets at March 31, 2026 was as follows (in thousands):


Years ending December 31,
Remainder of 2026	$	29,292
2027		34,347
2028		23,769
2029		18,380
2030		7,723
2031		5,927
Thereafter		14,795
	$	134,233

There were no changes to the carrying value of the Company’s goodwill in the three months ended March 31, 2026. The components of goodwill at both March 31, 2026 and December 31, 2025 were as follows (in thousands):


	Cloud and			IP Optical
	Edge			Networks			Total
Goodwill	$	392,302		$	191,996		$	584,298
Accumulated impairment losses		(167,406)			(116,000)			(283,406)
	$	224,896		$	75,996		$	300,892

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026
Cash flows from operating activities:
Net loss	$ (34,489)	$ (26,227)
Adjustments to reconcile net loss to cash flows used in operating activities:
Depreciation and amortization of property and equipment	4,460	3,469
Amortization of intangible assets	10,218	11,543
Amortization of debt issuance costs and original issue discount	701	701
Stock-based compensation	5,957	4,298
Deferred income taxes	(7,628)	(4,628)
Change in fair value of warrant liability	(1,237)	(1,735)
Foreign currency exchange losses (gains)	1,173	(1,328)
Changes in operating assets and liabilities:
Accounts receivable	27,233	29,459
Inventory	(4,600)	(1,546)
Other operating assets	(2,801)	(5,578)
Accounts payable	(3,389)	(2,184)
Accrued expenses and other long-term liabilities	(16,558)	(9,631)
Deferred revenue	(1,036)	(148)
Net cash used in operating activities	(21,996)	(3,535)
Cash flows from investing activities:
Purchases of property and equipment	(3,072)	(12,149)
Net cash used in investing activities	(3,072)	(12,149)
Cash flows from financing activities:
Principal payments of term debt	(2,187)	(875)
Proceeds from the exercise of stock options		1
Payment of tax obligations related to vested stock awards and units	(103)	(938)
Repurchase of common stock	(824)		$ (9,800)
Net cash used in financing activities	(3,114)	(1,812)
Effect of exchange rate changes on cash and cash equivalents	(350)	831
Net decrease in cash and cash equivalents	(28,532)	(16,665)
Cash, cash equivalents and restricted cash, beginning of year	98,131	90,479	73,814
Cash, cash equivalents and restricted cash, end of period	69,599	73,814	$ 69,599
Supplemental disclosure of cash flow information:
Interest paid	8,549	9,375
Income taxes paid	2,124	3,060
Income tax refunds received	65	138
Supplemental disclosure of non-cash investing activities:
Capital expenditures incurred, but not yet paid	4,155	5,377
Inventory transfers to property and equipment	261	412
Software licenses purchased, but not yet paid	1,107
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	$ 409	$ 2,381

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Total
Beginning balance at Dec. 31, 2024	$ 18	$ 1,970,708	$ (1,574,185)	$ 8,080	$ 404,621
Beginning balance (in shares) at Dec. 31, 2024	175,599,250
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		1			1
Exercise of stock options (in shares)	424
Exercise of warrants		150			150
Exercise of warrants (in shares)	32,573
Vesting of restricted stock awards and units (in shares)	184,739
Vesting of performance-based stock units (in shares)	377,751
Shares of restricted stock returned to the Company under net share settlements to satisfy tax withholding obligations		(938)			(938)
Shares of restricted stock returned to the Company under net share settlements to satisfy tax withholding obligations (in shares)	(226,862)
Stock-based compensation expense		4,298			4,298
Other comprehensive loss				(90)	(90)
Net loss			(26,227)		(26,227)
Ending balance at Mar. 31, 2025	$ 18	1,974,219	(1,600,412)	7,990	381,815
Ending balance (in shares) at Mar. 31, 2025	175,967,875
Beginning balance at Dec. 31, 2025	$ 18	1,976,958	(1,534,549)	6,567	$ 448,994
Beginning balance (in shares) at Dec. 31, 2025	175,776,074				175,776,074
Increase (Decrease) in Stockholders' Equity
Repurchase of common stock		(824)			$ (824)
Repurchase of common stock (in shares)	(400,333)
Vesting of restricted stock awards and units (in shares)	177,343
Shares of restricted stock returned to the Company under net share settlements to satisfy tax withholding obligations		(103)			(103)
Shares of restricted stock returned to the Company under net share settlements to satisfy tax withholding obligations (in shares)	(45,455)
Stock-based compensation expense		5,957			5,957
Other comprehensive loss				(433)	(433)
Net loss			(34,489)		(34,489)
Ending balance at Mar. 31, 2026	$ 18	$ 1,981,988	$ (1,569,038)	$ 6,134	$ 419,102
Ending balance (in shares) at Mar. 31, 2026	175,507,629				175,507,629

REVENUE RECOGNITION - Narrative (Details) $ in Millions	3 Months Ended
REVENUE RECOGNITION - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) item	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
REVENUE RECOGNITION
Number of primary revenue sources \| item	2
Revenue agreement term	1 year
Revenue recognized	$ 43.0	$ 51.0
Unearned revenue to be recognized	$ 163.0		$ 171.0
Customer contract expected life (in years)	5 years
Deferred sales commissions capitalized	$ 2.1		$ 2.1
Minimum
REVENUE RECOGNITION
Revenue recognition, duration of training service	1 day
Contract with customer, payments term	30 days
Maximum
REVENUE RECOGNITION
Revenue recognition, duration of training service	5 days
Contract with customer, payments term	60 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
REVENUE RECOGNITION
Revenue to be recognized	$ 12.0
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
REVENUE RECOGNITION
Revenue to be recognized	$ 9.0
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
REVENUE RECOGNITION
Revenue to be recognized	$ 11.0
Revenue, remaining performance obligation, period	1 year

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Condensed Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	390,000,000	390,000,000
Common stock, shares issued (in shares)	175,507,629	175,776,074
Common stock, shares outstanding (in shares)	175,507,629	175,776,074

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (34,489)	$ (26,227)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

RELATED PARTIES

3 Months Ended

Mar. 31, 2026

RELATED PARTIES

RELATED PARTIES

(19) RELATED PARTIES

The Company recognized revenue from its largest stockholder of $0.9 million and $1.7 million in the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company had accounts receivable of $7.1 million outstanding from its largest stockholder, compared to $8.5 million as of December 31, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

PREFERRED STOCK AND WARRANTS

3 Months Ended

Mar. 31, 2026

PREFERRED STOCK AND WARRANTS

PREFERRED STOCK AND WARRANTS

(11) PREFERRED STOCK AND WARRANTS

at each reporting date using a Black‑Scholes option‑pricing model. Changes in fair value are recognized within Other income, net in the condensed consolidated statements of operations.

The Company determined the fair value of the warrants using Level 3 input. The key assumptions into the model utilized were as follows as of March 31, 2026 and December 31, 2025:


		March 31,			December 31,
	2026			2025
Stock price	$	2.12		$	2.88
Strike price	$	3.77		$	3.77
Risk-free rate		3.68	%		3.48	%
Volatility		57.5	%		50.7	%
Dividend yield		0.0	%		0.0	%
Time to expiration (years)		1.0			1.2
Fair value of warrant per share	$	0.15		$	0.41

The changes in the Company’s warrant liabilities for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three months ended March 31,
	2026		2025
Balance at beginning of year	$	1,919	$	8,064
Exercise of warrants		—		(150)
Fair value change		(1,237)		(1,735)
Balance at end of period	$	682	$	6,179

The warrants are immediately exercisable and upon an event such as a merger, consolidation, asset sale or similar change of control, the warrants may be exercised and the holders may vote the underlying shares of common stock. In connection with the private placement, the Company provided the investors with certain registration rights relating to the preferred stock, the warrants and the shares of the Company’s common stock underlying the warrants, that required the Company to file a registration statement on Form S-3 with the SEC within 30 days following the closing date of the Private Placement. The registration requirement was completed on May 19, 2023.

During the three months ended March 31, 2025, 176,658 of the warrants were exercised in cashless exercises, resulting in the issuance of 32,573 of the Company’s common stock at a weighted average fair value of $4.62 per share. There were 4,681,432 remaining warrants outstanding as of March 31, 2026.

- Definition

The entire disclosure for equity.

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+ Details

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

(20) COMMITMENTS AND CONTINGENCIES

Contingencies

Liabilities for Royalty Payments to the IIA

In connection with the Company’s acquisition of ECI Telecom Group Ltd. ("ECI") in 2020, ECI had previously received research and development grants from the Office of the Innovation Authority of the Israeli Ministry of Economics (the "IIA"). The Company assumed ECI’s contract with the IIA, which requires the Company to pay royalties to the IIA on proceeds from the sale of products that the Israeli government has supported by way of research and development grants.

The royalties for grants prior to 2017 were calculated at the rates of 1.3% to 5.0% of the aggregated proceeds from the sale of such products developed at certain of the Company’s research and development (“R&D”) centers, up to an amount not exceeding 100% of such grants plus interest at the London Inter-Bank Offered Rate (“LIBOR”). Effective for grants approved in 2017 and effective through 2023, interest was calculated at the higher of LIBOR plus 1.5% to 2.75%. For grants approved in 2024 and thereafter, interest is calculated based on the Secured Overnight Financing Rate (“SOFR”).

At March 31, 2026, the Company had $2.1 million of unpaid royalties accrued. The Company’s maximum possible future royalties commitment at March 31, 2026 of $11.5 million, including interest of $0.8 million, was based upon estimates of future sales of product and services and the grants received from the IIA not yet repaid.

Litigation

The Company is often a party to disputes and legal proceedings that it considers routine and incidental to its business, including those described below. The Company believes that it has meritorious defenses to the allegations made in the pending cases and intends to vigorously defend these lawsuits; however, the Company is currently unable to forecast the ultimate outcome of these or similar matters. Since it is difficult to predict the outcome of legal proceedings, it is possible that the ultimate outcomes could materially and adversely affect the Company’s business, financial position, results of operations or cash flows. Accordingly, with respect to these proceedings, the Company is currently unable to reasonably estimate the possible loss or range of possible loss.

Charter Complaint. On September 19, 2022, Charter Communications Operating, LLC (“Charter”) filed two complaints against two of our subsidiaries (Sonus Networks, Inc. and Ribbon Communications Operating Company, Inc.) alleging breach of contract with respect to indemnification obligations purportedly owed to Charter in connection with Charter’s legal dispute with Sprint Communications Company L.P., which was settled by Charter in March 2022. One complaint was filed in the Supreme Court of the State of New York, in New York County; the second complaint was filed by Charter as well as co-plaintiffs Charter Communications Holding Company, LLC and Bright House Networks, LLC, in the Superior Court of the State of Delaware in and for New Castle County. In both complaints, Charter is seeking monetary damages. The Company filed its answer to the first complaint file in New York on December 7, 2022 and to the second complaint filed in Delaware on January 9, 2023. On May 14, 2025, the Delaware court granted our dispositive motion for summary judgment and denied Charter’s motion for partial summary judgment. Charter appealed the Delaware court’s decision, but on December 18, 2025, the Delaware Supreme Court affirmed the lower court’s judgment. This resolved the case in Delaware. No trial date has been set for the case in New York.

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (34,489)	$ (26,227)
Other comprehensive loss, net of tax:
Unrealized loss on cash flow hedges, net of reclassifications into earnings	(297)
Foreign currency translation adjustments	(136)	(90)
Other comprehensive loss, net of tax	(433)	(90)
Comprehensive loss, net of tax	$ (34,922)	$ (26,317)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

COMMON STOCK REPURCHASES (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Jun. 30, 2025
COMMON STOCK REPURCHASES
Authorized for repurchase under 2025 Repurchase Program			$ 50,000
Repurchase cost	$ 824	$ 9,800
Number of shares repurchased and retired	0.4	2.9
Aggregate value of shares that can be repurchase subject financial covenants and leverage requirements of credit facility	$ 15,000	$ 15,000

LEASES - Other Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$ 4.4	$ 3.5
Right-of-use assets ("ROUs") obtained in exchange for operating lease liabilities	$ 0.0		16.6
Operating lease liabilities recorded			$ 27.3
Weighted average remaining lease term (years):
Operating leases		6 years 9 months 25 days		6 years 10 months 28 days
Weighted average discount rate:
Operating leases		9.51%		9.50%

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2026

INVENTORY

Schedule of inventory

Inventory at March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	March 31,			December 31,
	2026			2025
On-hand assemblies and finished goods inventories	$	97,796		$	92,981
Deferred cost of goods sold		1,945			2,421
		99,741			95,402
Less noncurrent portion (included in Other assets)		(18,278)			(16,596)
Current portion	$	81,463		$	78,806

PREFERRED STOCK AND WARRANTS - Warrant and Preferred Stock Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Warrant liability
Exercise of warrants		$ 150
Fair value change	$ (1,237)	(1,735)
Warrant
Warrant liability
Balance at beginning of year	1,919	8,064
Exercise of warrants		(150)
Fair value change	(1,237)	(1,735)
Balance at end of period	$ 682	$ 6,179

WARRANTY - Accrual Balance in BS (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Product Warranty Liability [Line Items]
Accrual for product warranties	$ 12,823	$ 12,819
Accrued expenses and other
Product Warranty Liability [Line Items]
Accrual for product warranties	5,300
Other long-term liabilities
Product Warranty Liability [Line Items]
Accrual for product warranties	$ 7,500

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative asset, Fair Value (Details) $ in Thousands	Mar. 31, 2026 USD ($)
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Foreign exchange derivative	$ 297
Foreign exchange rate derivative \| Fair Value, Inputs, Level 2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Foreign exchange derivative	$ 300

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
INCOME TAXES
Income tax benefit	$ 6,448	$ 754

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

MAJOR CUSTOMERS

3 Months Ended

Mar. 31, 2026

MAJOR CUSTOMERS

MAJOR CUSTOMERS

(14) MAJOR CUSTOMERS

The following customers contributed 10% or more of the Company’s revenue in the three months ended March 31, 2026 and 2025:


	Three months ended
	March 31,		March 31,
	2026		2025
Verizon Communications Inc.	14	%	15	%
Bharti Telecom Limited	14	%	*
* Less than 10% of total revenue

At March 31, 2026 and December 31, 2025, no customer accounted for 10% or more of the Company’s accounts receivable balance. The Company performs ongoing credit evaluations of its customers and generally does not require collateral on accounts receivable. The Company maintains an allowance for doubtful accounts and such losses have historically been within management’s expectations.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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+ Details