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Revenue | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | 3. REVENUE The following is a description of the principal activities from which revenue is generated by reportable segment: Network Solutions Segment - Includes hardware and software products that enable a digital future which support the Company's Subscriber, Access & Aggregation, and Optical Networking Solutions. Services & Support Segment - Includes network design, implementation, maintenance and cloud-hosted services supporting the Company's Subscriber, Access & Aggregation, and Optical Networking Solutions. Revenue by Category In addition to the Company's reportable segments, revenue is also reported for the following three categories – Subscriber Solutions, Access & Aggregation Solutions and Optical Networking Solutions. Our Subscriber Solutions portfolio is used by Service Providers to terminate their access services infrastructure at the customer premises while providing an immersive and interactive experience for residential, business and wholesale subscribers. This revenue category includes hardware- and software-based products and services. These solutions include fiber termination solutions for residential, business and wholesale subscribers, Wi-Fi access solutions for residential and business subscribers, Ethernet switching and network edge virtualization solutions for business subscribers, and cloud software solutions covering a mix of subscriber types. Our Optical Networking Solutions are used by communications Service Providers, internet content providers and large-scale enterprises to securely interconnect metro and regional networks over fiber. This revenue category includes hardware- and software-based products and services. Our solutions within this category include open optical terminals, open line systems, optical subsystems and modules, network infrastructure assurance systems, and automation platforms that are used to build high-scale, secure and assured optical networks. Our Access & Aggregation Solutions are solutions that are used by communications Service Providers to connect residential subscribers, business subscribers and mobile radio networks to the Service Providers’ metro network, primarily through fiber-based connectivity. This revenue category includes hardware- and software-based products and services. Our solutions within this category are a mix of fiber access and aggregation platforms, precision network synchronization and timing solutions, and access orchestration solutions that ensure highly reliable and efficient network performance. The following tables disaggregate revenue by reportable segment and revenue category:
|  | Three Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |
(In thousands) |  | Network Solutions |  |  | Services & Support |  |  | Total |  |  | Network Solutions |  |  | Services & Support |  |  | Total |
Subscriber Solutions |  | $ | 92,770 |  |  | $ | 8,368 |  |  | $ | 101,138 |  |  | $ | 81,060 |  |  | $ | 9,036 |  |  | $ | 90,096 |
Access & Aggregation Solutions |  |  | 61,051 |  |  |  | 13,757 |  |  |  | 74,808 |  |  |  | 52,954 |  |  |  | 14,119 |  |  |  | 67,073 |
Optical Networking Solutions |  |  | 78,722 |  |  |  | 24,767 |  |  |  | 103,489 |  |  |  | 47,474 |  |  |  | 23,061 |  |  |  | 70,535 |
Total |  | $ | 232,543 |  |  | $ | 46,892 |  |  | $ | 279,435 |  |  | $ | 181,488 |  |  | $ | 46,216 |  |  | $ | 227,704 |
|  | Nine Months Ended |
|  | September 30, 2025 |  |  | September 30, 2024 |
(In thousands) |  | Network Solutions |  |  | Services & Support |  |  | Total |  |  | Network Solutions |  |  | Services & Support |  |  | Total |
Subscriber Solutions |  | $ | 240,055 |  |  | $ | 25,252 |  |  | $ | 265,307 |  |  | $ | 215,044 |  |  | $ | 27,218 |  |  | $ | 242,262 |
Access & Aggregation Solutions |  |  | 214,251 |  |  |  | 40,905 |  |  |  | 255,156 |  |  |  | 174,843 |  |  |  | 43,449 |  |  |  | 218,292 |
Optical Networking Solutions |  |  | 199,952 |  |  |  | 71,832 |  |  |  | 271,784 |  |  |  | 152,068 |  |  |  | 67,246 |  |  |  | 219,314 |
Total |  | $ | 654,258 |  |  | $ | 137,989 |  |  | $ | 792,247 |  |  | $ | 541,955 |  |  | $ | 137,913 |  |  | $ | 679,868 |
The aggregate amount of transaction price allocated to remaining performance obligations (“RPO”) that have not been satisfied as of September 30, 2025 related to non-cancellable contractual maintenance agreements, non-cancellable contractual SaaS and subscription services, and non-cancellable hardware contracts amounted to $174.0 million. The Company identified an immaterial error in its 2024 RPO disclosure of $325.7 million where it incorrectly included cancellable contracts and inappropriately applied the practical expedient under ASC 606. The Company has corrected the disclosure to remove the cancellable portion of RPO amounts and to reflect the impact of discontinuing the use of the practical expedient to exclude contracts with an original expected duration of one year or less. The corrected amount of the RPO is $185.4 million as of December 31, 2024. The Company will generally satisfy the remaining performance obligations as we transfer control of the products ordered or services to our customers, excluding maintenance services, which are satisfied over time. The following table provides information about accounts receivable, contract assets and unearned revenue from contracts with customers:
|  | As of |  |  | As of |
(In thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Accounts receivable, net |  | $ | 178,621 |  |  | $ | 178,030 |
Contract assets(1) |  | $ | 360 |  |  | $ | 631 |
Unearned revenue |  | $ | 57,563 |  |  | $ | 52,701 |
Non-current unearned revenue |  | $ | 23,196 |  |  | $ | 22,065 |
(1) Included in other receivables. Accounts Receivable The allowance for credit losses wa s $1.2 m illion and $1.3 million as of September 30, 2025 and December 31, 2024, respectively. Receivables Purchase Agreement On July 1, 2024, the Company entered into a receivables purchase agreement (the “Factoring Agreement”) with a third-party financial institution, which accelerates receivable collection and helps to better manage cash flow. Total accounts receivables factored as of the end of September 30, 2025, totaled $23.6 million net of $3.7 million retained pursuant to the Factoring Agreement in the reserve account. Total accounts receivables factored as of the end of September 30, 2024, totaled $16.7 million net of $3.7 million retained pursuant to the Factoring Agreement in the reserve account. The Factoring Agreement provides for up to $40.0 million in factoring capacity, subject to eligible receivables and reserve requirements, secured by the receivables. The balance in the reserve account is included in other assets. The Company at its own expense does have collection and administrative responsibilities for the sold receivables and that is its only continuing involvement with the factoring party. The Company is not compensated for the servicing of the factoring program and deems the costs of servicing the receivables sold to be immaterial. During the three and nine months ended September 30, 2025, the Company received $49.2 million and $119.4 million, in cash proceeds from the Factoring Agreement, respectively, and during the three and nine months ended September 30, 2024, the Company received $39.9 million, in cash proceeds from the Factoring Agreement, which are recorded as a component of accounts receivable in operating cash flows on the Condensed Consolidated Statement of Cash Flows. The cost of the F actoring Agreement is included in interest expense in the Condensed Consolidated Statements of Loss and totaled $0.5 million and $0.3 million for the three months ended September, 30, 2025 and 2024, respectively, and $1.0 million and $0.3 million for the nine months ended September 30, 2025 and 2024, respectively. On December 19, 2023, the Company entered into a receivables purchase agreement (the "Prior Factoring Agreement") with a third-party financial institution which qualified for treatment as a secured borrowing with a pledge of collateral under Accounting Standards Codification ("ASC") Topic 810, Consolidation. The Prior Factoring Agreement was terminated on July 1, 2024. For the nine months ended September 30, 2024, the Company incurred program fee expenses of $0.6 million. Contract Assets No allowance for credit losses was recorded for the three and nine months ended September 30, 2025 and 2024, respectively, related to contract assets. Unearned Revenue Of the outstanding unearned revenue balances as of December 31, 2024, $9.3 m illion and $44.1 million were recognized as revenue during the three and nine months ended September 30, 2025, respectively. Of the $65.1 million of outstanding unearned revenue balances as of December 31, 2023, $10.03 million and $43.1 million were recognized as revenue during the three and nine months ended September 30, 2024, respectively.

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- 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
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