HUNTSVILLE, Ala. -- ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) (“ADTRAN Holdings” or the “Company”) today announced certain preliminary financial results for the third quarter ended September 30, 2022. All figures in this release are approximate due to the preliminary nature of the announcement. For the third quarter, preliminary revenues are $340.7 million, preliminary gross margin is 28.8%, preliminary non‑GAAP gross margin is 38.1%, preliminary operating expenses are $142.1 million, preliminary non‑GAAP operating expenses are $109.0 million, preliminary GAAP operating loss is $61.1 million, and preliminary non-GAAP operating income is $20.9 million. The GAAP gross margin and operating expenses are inclusive of material purchase accounting adjustments and certain one-time transaction expenses related to the business combination of the Company, ADTRAN, Inc. (“ADTRAN”) and ADVA Optical Networking SE (“ADVA”). Reconciliations between gross margin and operating expenses to non-GAAP gross margin and non-GAAP operating expenses are set forth in the tables provided below.

The Company’s Chairman and Chief Executive Officer Tom Stanton stated, “In the first quarter of our combination with ADVA, we experienced strong demand in the combined company resulting in revenue and adjusted operating income that is expected to exceed market expectations.”

The information contained in this press release is preliminary. Final results for the three- and nine-month periods ended September 30, 2022 will be released as planned on November 8, 2022 (CET).