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Infinera Corporation Reports Third Quarter 2022 Financial Results PDF Icon

San Jose, Calif. – November 2, 2022, 4:03 p.m. ET – Infinera Corporation (NASDAQ: INFN) today released financial results for its third quarter ended September 24, 2022.

GAAP revenue for the quarter was $390.4 million compared to $358.0 million in the second quarter of 2022 and $355.8 million in the third quarter of 2021.

GAAP gross margin for the quarter was 34.4% compared to 30.5% in the second quarter of 2022 and 33.2% in the third quarter of 2021. GAAP operating margin for the quarter was (2.4)% compared to (11.1)% in the second quarter of 2022 and (8.7)% in the third quarter of 2021.

GAAP net loss for the quarter was $(11.9) million, or $(0.05) per share, compared to $(55.7) million, or $(0.26) per share, in the second quarter of 2022, and $(53.8) million, or $(0.26) per share, in the third quarter of 2021.

Non-GAAP gross margin for the quarter was 37.8% compared to 36.1% in the second quarter of 2022 and 38.0% in the third quarter of 2021. Non-GAAP operating margin for the quarter was 5.2% compared to 0.4% in the second quarter of 2022 and 2.4% in the third quarter of 2021.

Non-GAAP net income for the quarter was $9.9 million, or $0.05 per share, compared to net loss of $(10.1) million, or $(0.05) per share, in the second quarter of 2022, and net loss of $(3.0) million, or $(0.01) per share, in the third quarter of 2021.

A further explanation of the use of non-GAAP financial information and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this press release.

Infinera CEO David Heard said, “The third quarter was a strong quarter for us. We once again exceeded consensus expectations for both revenue and non-GAAP operating margin. On a year-over-year basis, we grew product revenue by 17% and total company revenue by 9%, and more than doubled operating profit, while generating free cash flow and strengthening our balance sheet. Further, we set another record in the quarter for ICE6 revenue and achieved additional key milestones with the field performance of our new pluggable products. Our results and progress were made against the backdrop of ongoing supply chain challenges, including the impact of elevated costs on our financial results.”

“Our investment thesis is sound, and we remain focused on the things we can control to grow market share and drive results to our target business model. We look forward to closing out 2022 on a strong note and building on our momentum in 2023 as we continue to deliver on our long-term growth and profitability objectives.”

Financial Outlook

Infinera’s outlook for the quarter ending December 31, 2022, is as follows::

  • Revenue is expected to be $435 million +/- $15 million.
  • GAAP gross margin is expected to be 38.0% +/- 150 bps. Non-GAAP gross margin is expected to be 40.0% +/- 150 bps.
  • GAAP operating expenses are expected to be $160 million +/- $2 million. Non-GAAP operating expenses are expected to be $142 million +/- $2 million.
  • GAAP operating margin is expected to be 1.0% +/- 200 bps. Non-GAAP operating margin is expected to be 7.0% +/- 200 bps.

Third Quarter 2022 Investor Slides Available Online

Investor slides reviewing Infinera’s third quarter of 2022 financial results will be furnished to the Securities and Exchange Commission (SEC) on a Current Report on Form 8-K and published on Infinera’s Investor Relations website at prior to the third quarter of 2022 earnings conference call. Analysts and investors are encouraged to review these slides prior to participating in the conference call webcast. A copy of this press release can be found at

Conference Call Information

Infinera will host a conference call for analysts and investors to discuss its results for the third quarter of 2022 and its outlook for the fourth quarter of 2022 today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Interested parties may register for the conference call at A live webcast of the conference call will also be accessible from the Events section of Infinera’s website at Replay of the audio webcast will be available at approximately two hours after the end of the live call.

The full press release, including the Condensed Consolidated Statements of Operations, GAAP to Non-GAAP Reconciliations, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows, Supplemental Financial Information, and GAAP to Non-GAAP Reconciliation of Financial Outlook, is also available.


Anna Vue
Tel. +1 (916) 595-8157

Amitabh Passi
Head of Investor Relations
Tel. +1 (669) 295-1489

About Infinera

Infinera is a global supplier of innovative open optical networking solutions that enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations. Infinera solutions deliver industry-leading economics and performance in long-haul, submarine, data center interconnect, and metro transport applications. To learn more about Infinera, visit, follow us on Twitter and LinkedIn, and subscribe for updates.

Infinera and the Infinera logo are registered trademarks of Infinera Corporation.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Infinera’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or the negative of these words or similar terms or expressions that concern Infinera’s expectations, strategy, priorities, plans or intentions. Such forward-looking statements in this press release include, without limitation, Infinera’s future business plans and growth opportunities, Infinera’s investment thesis, Infinera’s beliefs and expectations regarding its ability to grow market share and drive business results against its business model, and Infinera’s financial outlook for the fourth quarter of 2022. These forward-looking statements are based on estimates and information available to Infinera as of the date hereof and are not guarantees of future performance; actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infinera’s results to differ materially from those expressed or implied by such forward-looking statements include supply chain and logistics issues, including delays, shortages, components that have been discontinued and increased costs, and Infinera’s dependency on sole source, limited source or high-cost suppliers; the adverse impact inflation may have on Infinera by increasing costs beyond what it can recover through price increases; delays in the development, introduction or acceptance of new products or updates to existing products; fluctuations in demand, sales cycles and prices for products and services, including discounts given in response to competitive pricing pressures, as well as the timing of purchases by Infinera’s key customers; aggressive business tactics by Infinera’s competitors and new entrants and Infinera’s ability to compete in a highly competitive market; the effect of the COVID-19 pandemic on Infinera’s business, manufacturing operations, results of operations, financial condition, stock price and personnel; produce performance problems; Infinera’s ability to identify, attract and retain qualified personnel; the partial or complete loss of Infinera’s manufacturing facilities, a reduction in yield of PICs or an inability to scale to meet customer demands; the effects of customer and supplier consolidation; Infinera’s ability to respond to rapid technological changes; failure to accurately forecast Infinera’s manufacturing requirements or customer demand; Infinera’s future capital needs and its ability to generate the cash flow or otherwise secure the capital necessary to meet such capital needs; restrictions to our operations resulting from loan or other credit agreements; the effect of global and regional economic conditions on Infinera’s business, including effects on purchasing decisions by customers; risks and compliance obligations relating to Infinera’s international operations as well as actions by the U.S. or foreign governments, including with respect to Russia’s military operations in Ukraine; the effective tax rate of Infinera, which may increase or fluctuate; the impacts of foreign currency fluctuations; Infinera’s ability to service its debt obligations and pursue its strategic plan; potential dilution from the issuance of additional shares of common stock in connection with the conversion of Infinera’s convertible senior notes; Infinera’s ability to protect its intellectual property; claims by others that Infinera infringes on their intellectual property rights; security incidents, such as data breaches or cyber-attacks; Infinera’s ability to comply with various rules and regulations, including with respect to export control and trade compliance, environmental, social, governance, privacy and data protection matters; events that are outside of Infinera’s control, such as natural disasters, human violence or other catastrophic events that could harm Infinera’s operations; and other risks and uncertainties detailed in Infinera’s SEC filings from time to time. More information on potential factors that may impact Infinera’s business are set forth in Infinera’s periodic reports filed with the SEC, including its
Annual Report on Form 10-K for the year ended December 25, 2021, as filed with the SEC on February 23, 2022, and its Quarterly Report on Form 10-Q for the quarter ended June 25, 2022 as filed with the SEC on July 28, 2022, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Infinera’s website at and the SEC’s website at Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

Use of Non-GAAP Financial Information

In addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude in certain cases acquisition-related deferred revenue adjustment, stock-based compensation expenses, amortization of acquired intangible assets, acquisition and integration costs, restructuring and other related costs, inventory related charges, global distribution center transition costs, warehouse fire loss, litigation charges, amortization of debt discount on Infinera’s convertible senior notes, gain on extinguishment of debt, foreign exchange (gains) losses, net, and income tax effects. For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the table titled “GAAP to Non-GAAP Reconciliations” and related footnotes.

Infinera has included forward-looking non-GAAP information in this press release, including an estimate of certain non-GAAP financial measures for the fourth quarter of 2022 that exclude stock-based compensation expense, amortization of acquired intangible assets, and restructuring and other related costs. Please see the section titled “GAAP to Non-GAAP Reconciliation of Financial Outlook” below for specific adjustments.

Infinera believes these adjustments are appropriate to enhance an overall understanding of its underlying financial performance and also its prospects for the future and are considered by management for the purpose of making operational decisions. In addition, the non-GAAP financial measures presented in this press release are the primary indicators management uses as a basis for its planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for revenue, gross margin, operating expenses, operating margin, and net income (loss) prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.