Infinera (INFN) Reaffirms Prior Guidance for Delayed Q3 Report

Infinera Corporation (NASDAQ: INFN) today reaffirmed certain preliminary unaudited financial result ranges for the third quarter and outlook ranges for the fourth quarter of 2023. Due to the preliminary nature of the announcement, and since the Company is still finalizing its financials, only select financial metrics are being referenced at this time.

The Company now believes

• Its preliminary revenue and preliminary net income per diluted share for the third quarter of 2023 will be within or exceed the ranges provided on November 8, 2023.
• Its preliminary revenue and preliminary net income per diluted share for the fourth quarter of 2023 will be within or exceed the outlook ranges provided on November 8, 2023, supported by strong bookings in the quarter.

Infinera Chief Financial Officer Nancy Erba said “I am pleased with our financial performance in the third and fourth quarters of 2023 and our strong finish to the year. We remain focused on completing the work necessary to be able to get our third quarter Form 10-Q on file as soon as possible. In the fourth quarter, we benefited from strong bookings, free cash flow generation and preliminary revenue and preliminary net income per diluted share that are expected to be within or exceed the outlook ranges we previously provided.”

Additionally, on January 9, 2024, the Company submitted a plan of compliance to Nasdaq addressing how it intends to regain compliance with Nasdaq Listing Rule 5250 (c)(1).

Furthermore, due to the intensive and time-consuming nature of the matters and associated processes described previously in greater detail in the Company’s Form 12b-25 filed with the Securities and Exchange Commission on November 8, 2023, the Company’s management is still reviewing and assessing the matters that were previously disclosed. The Company continues to expect any accounting adjustments will be timing-related shifts between accounting periods. The Company and its auditors have found no new material weaknesses and are undergoing standard processes to assess and determine appropriate measures to remedy the impact of the material weaknesses previously disclosed.

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