Infinera (INFN) Q4 2024 earnings summary

Executive summary

• FY'24 bookings and backlog grew year-over-year, with a book-to-bill ratio of 1.1x for FY'24 and 1.3x for Q4'24.

• Record revenue exposure to webscalers, exceeding 50% of FY'24 revenue.

• Major design wins for GX systems and ICE-X pluggables with webscalers and Tier 1 CSPs.

• Launched ICE-D to address intra-data center demand driven by AI workloads.

• Announced definitive agreement to be acquired by Nokia, expected to close by February 28, 2025.

Financial highlights

• Q4'24 GAAP revenue: $414.4M (up from $354.4M in Q3'24, down from $453.5M in Q4'23).

• Q4'24 GAAP net loss: $(26.3)M, or $(0.11) per share (vs. $(14.3)M in Q3'24, $12.9M in Q4'23).

• Q4'24 non-GAAP net income: $8.2M, or $0.03 per share (vs. $0.3M in Q3'24, $28.6M in Q4'23).

• FY'24 GAAP revenue: $1,418.4M (down from $1,614.1M in FY'23).

• FY'24 GAAP net loss: $(150.3)M, or $(0.64) per share (vs. $(25.2)M in FY'23).

• FY'24 non-GAAP net loss: $(43.8)M, or $(0.19) per share (vs. $53.4M, or $0.23 per share in FY'23).

• Q4'24 free cash flow: $43.8M; FY'24 free cash flow: $5.7M (vs. $(12.8)M in FY'23).

Outlook and guidance

• No financial guidance provided due to pending Nokia acquisition.