シエナの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): March 11, 2025

Ciena Corporation

(Exact name of registrant as specified in its charter)

Commission File Number: 001-36250

Delaware

(State or other jurisdiction of incorporation)

7035 Ridge Road, Hanover, MD

(Address of principal executive offices)

23-2725311

(IRS Employer Identification No.)

21076

(Zip Code)

Registrant's telephone number, including area code: (410) 694-5700

Not Applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	CIEN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 11, 2025, Ciena Corporation ("Ciena") issued a press release announcing its financial results for its fiscal first quarter ended February 1, 2025. The text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this "Report"). As discussed in the press release, Ciena will be hosting an investor call to discuss its results of operations for its fiscal first quarter ended February 1, 2025.

In conjunction with the issuance of this press release, Ciena posted to the quarterly results page of the "Investors" section of www.ciena.com an accompanying investor presentation. The investor presentation is furnished as Exhibit 99.2 to this Report.

The information in Exhibits 99.1 and 99.2, as well as Item 2.02 of this Report, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended. Investors are encouraged to review the “Investors” page of our website at www.ciena.com because, as with the other disclosure channels that we use, from time to time we may post material information exclusively on that site.

Item 9.01 Financial Statements and Exhibits.


Exhibit Number			Description of Document

99.1			Text of Press Release dated March 11, 2025, issued by Ciena Corporation, reporting its results of operations for its fiscal first quarter ended February 1, 2025.
99.2			Investor Presentation for Ciena Corporation's fiscal f irst quarter ended February 1, 2025 .
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Ciena Corporation


Date: March 11, 2025	By:	/s/ Sheela Kosaraju
		Sheela Kosaraju
		Senior Vice President, General Counsel and Assistant Secretary

EX-99.1 2 ex9912025q1earningspressre.htm EX-99.1 Document

FOR IMMEDIATE RELEASE

Ciena Reports Fiscal First Quarter 2025 Financial Results

HANOVER, Md. - March 11, 2025 - Ciena® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal first quarter ended February 1, 2025.

•Q1 Revenue: $1.07 billion

•Q1 Net Income per Share: $0.31 GAAP; $0.64 adjusted (non-GAAP)

•Share Repurchases: Repurchased approximately 1.0 million shares of common stock for an aggregate price of $79.2 million during the quarter

"We delivered strong fiscal first quarter results that reflect balanced growth and strong momentum across our customer segments and reinforce the continuation of positive demand dynamics," said Gary Smith, president and CEO, Ciena. "As the global leader in high-speed connectivity, we are incredibly well positioned to benefit from the global investment in networks to scale for cloud and AI. As a result, we are very confident in our ability to deliver in fiscal year 2025 and beyond."

For the fiscal first quarter 2025, Ciena reported revenue of $1.07 billion as compared to $1.04 billion for the fiscal first quarter 2024.

Ciena's GAAP net income for the fiscal first quarter 2025 was $44.6 million, or $0.31 per diluted common share, which compares to a GAAP net income of $49.5 million, or $0.34 per diluted common share, for the fiscal first quarter 2024.

Ciena's adjusted (non-GAAP) net income for the fiscal first quarter 2025 was $94.0 million, or $0.64 per diluted common share, which compares to an adjusted (non-GAAP) net income of $96.8 million, or $0.66 per diluted common share, for the fiscal first quarter 2024.

Fiscal First Quarter 2025 Performance Summary

The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to the prior year. Appendices A and B set forth reconciliations between the GAAP and adjusted (non-GAAP) measures contained in this release.


	GAAP Results (unaudited)
	Q1			Q1			Period Change
	FY 2025			FY 2024			Y-T-Y*
Revenue	$	1,072.3		$	1,037.7		3.3	%
Gross margin	44.0		%	45.0		%	(1.0)	%
Operating expense	$	391.2		$	382.3		2.3	%
Operating margin	7.5		%	8.2		%	(0.7)	%


	Non-GAAP Results (unaudited)
	Q1			Q1			Period Change
	FY 2025			FY 2024			Y-T-Y*
Revenue	$	1,072.3		$	1,037.7		3.3	%
Adj. gross margin	44.7		%	45.7		%	(1.0)	%
Adj. operating expense	$	347.4		$	336.8		3.1	%
Adj. operating margin	12.3		%	13.2		%	(0.9)	%
Adj. EBITDA	$	156.5		$	160.0		(2.2)	%

* Denotes % change, or in the case of margin, absolute change


	Revenue by Segment (unaudited)
	Q1 FY 2025			Q1 FY 2024
	Revenue		%**	Revenue		%**
Networking Platforms
Optical Networking	$	728.0	67.9	$	695.8	67.1
Routing and Switching	93.2		8.7	111.4		10.7
Total Networking Platforms	821.2		76.6	807.2		77.8

Platform Software and Services	95.1		8.9	89.7		8.6

Blue Planet Automation Software and Services	26.0		2.4	14.0		1.4

Global Services
Maintenance Support and Training	74.6		7.0	74.1		7.1
Installation and Deployment	47.7		4.4	42.7		4.1
Consulting and Network Design	7.7		0.7	10.0		1.0
Total Global Services	130.0		12.1	126.8		12.2

Total	$	1,072.3	100.0	$	1,037.7	100.0

** Denotes % of total revenue

Additional Performance Metrics for Fiscal First Quarter 2025


	Revenue by Geographic Region (unaudited)
	Q1 FY 2025			Q1 FY 2024
	Revenue		% **	Revenue		% **
Americas	$	795.7	74.2	$	718.2	69.2
Europe, Middle East and Africa	157.9		14.7	207.4		20.0
Asia Pacific	118.7		11.1	112.1		10.8
Total	$	1,072.3	100.0	$	1,037.7	100.0

** Denotes % of total revenue

•Two customers represented 10%-plus of revenue combining for a total of 26.1% of revenue

•Cash and investments totaled $1.32 billion

•Cash flow from operations totaled $103.7 million

•Average days' sales outstanding (DSOs) were 90

•Accounts receivable, net balance was $938.7 million

•Unbilled contract asset, net balance was $138.7 million

•Inventories totaled $845.1 million, including:

◦Raw materials: $601.9 million

◦Work in process: $32.7 million

◦Finished goods: $289.2 million

◦Deferred cost of sales: $30.1 million

◦Reserve for excess and obsolescence: $(108.8) million

•Product inventory turns were 2.3

•Headcount totaled 8,795

Supplemental Materials and Live Web Broadcast of Unaudited Fiscal First Quarter 2025 Results

Today, Tuesday, March 11, 2025, in conjunction with this announcement, Ciena has posted to the Quarterly Results page of the Investor Relations section of its website certain related supporting materials for its unaudited fiscal first quarter 2025 results.

Ciena's management will also host a discussion today with investors and financial analysts that will include the Company's outlook. The live audio web broadcast beginning at 8:30 a.m. Eastern will be accessible via www.ciena.com. An archived replay of the live broadcast will be available shortly following its conclusion on the Investor Relations page of Ciena's website.

Notes to Investors

Forward-Looking Statements. You are encouraged to review the Investors section of our website, where we routinely post press releases, Securities and Exchange Commission ("SEC") filings, recent news, financial results, supplemental financial information, and other announcements. From time to time we exclusively post material information to this website along with other disclosure channels that we use. This press release contains certain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words.

Forward-looking statements in this release include: "We delivered strong fiscal first quarter results that reflect balanced growth and strong momentum across our customer segments and reinforce the continuation of positive demand dynamics. As the global leader in high-speed connectivity, we are incredibly well positioned to benefit from the global investment in networks to scale for cloud and AI. As a result, we are very confident in our ability to deliver in fiscal year 2025 and beyond."

Ciena's actual results, performance or events may differ materially from these forward-looking statements made or implied due to a number of risks and uncertainties relating to Ciena's business, including: the effect of broader economic and market conditions on our customers, their spending and their businesses and markets; our ability to execute our business and growth strategies; the impact of macroeconomic conditions and global supply chain constraints or disruptions including increased supply costs and lead times; the impact of the introduction of new technologies by us or our competitors; seasonality and the timing and size of customer orders, their delivery dates and our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; changes in foreign currency exchange rates; factors beyond our control such as natural disasters, climate change, acts of war or terrorism, geopolitical tensions or events, including but not limited to the ongoing conflicts between Ukraine and Russia, and Israel and Hamas, and public health emergencies or epidemics, including the COVID-19 pandemic; changes in tax or trade regulations, including the imposition of tariffs, duties or efforts to withdraw from or materially modify international trade agreements; cyberattacks, data breaches or other security incidents involving our enterprise network environment or our products; regulatory changes, litigation involving our intellectual property or government investigations; and the other risk factors disclosed in Ciena’s periodic reports filed with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K filed with the SEC on December 20, 2024 and included in its Quarterly Report on Form 10-Q for the first quarter of fiscal 2025 to be filed with the SEC. Ciena assumes no obligation to update any forward-looking information included in this press release.

Non-GAAP Presentation of Quarterly and Annual Results. This release includes non-GAAP measures of Ciena's gross profit, operating expense, income from operations, earnings before interest, tax, depreciation and amortization (EBITDA), Adjusted EBITDA, and measures of net income and net income per share. In evaluating the operating performance of Ciena's business, management excludes certain charges and credits that are required by GAAP. These items share one or more of the following characteristics: they are unusual and Ciena does not expect them to recur in the ordinary course of its business; they do not involve the expenditure of cash; they are unrelated to the ongoing operation of the business in the ordinary course; or their magnitude and timing is largely outside of Ciena's control. Management believes that the non-GAAP measures below provide management and investors useful information and meaningful insight to the operating performance of the business. The presentation of these non-GAAP financial measures should be considered in addition to Ciena's GAAP results and these measures are not intended to be a substitute for the financial information prepared and presented in accordance with GAAP. Ciena's non-GAAP measures and the related adjustments may differ from non-GAAP measures used by other companies and should only be used to evaluate Ciena's results of operations in conjunction with our corresponding GAAP results. To the extent not previously disclosed in a prior Ciena financial results press release, Appendices A and B to this press release set forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures contained in this release.

About Ciena. Ciena (NYSE: CIEN) is a global leader in networking systems, services, and software. We build the most adaptive networks in the industry, enabling customers to anticipate and meet ever-increasing digital demands. For three-plus decades, Ciena has brought our humanity to our relentless pursuit of innovation. Prioritizing collaborative relationships with our customers, partners, and communities, we create flexible, open, and sustainable networks that better serve all users—today and into the future. For updates on Ciena, follow us on LinkedIn, X, the Ciena Insights blog, or visit www.ciena.com.

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)


	Quarter Ended
	February 1,		January 27,
	2025		2024
Revenue:
Products	$	854,785	$	835,777
Services	217,475		201,932
Total revenue	1,072,260		1,037,709
Cost of goods sold:
Products	490,804		466,472
Services	109,635		104,275
Total cost of goods sold	600,439		570,747
Gross profit	471,821		466,962
Operating expenses:
Research and development	192,663		187,269
Selling and marketing	136,504		128,158
General and administrative	53,902		54,683
Significant asset impairments and restructuring costs	1,544		4,971
Amortization of intangible assets	6,545		7,252


Total operating expenses	391,158		382,333
Income from operations	80,663		84,629
Interest and other income, net	11,578		10,650
Interest expense	(22,918)		(23,776)
Loss on extinguishment and modification of debt	(729)		—
Income before income taxes	68,594		71,503
Provision for income taxes	24,022		21,956
Net income	$	44,572	$	49,547

Net Income per Common Share
Basic net income per common share	$	0.31	$	0.34
Diluted net income per potential common share	$	0.31	$	0.34

Weighted average basic common shares outstanding	142,880		145,291
Weighted average dilutive potential common shares outstanding1	145,944		145,848

1 Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per potential common share includes the following number of shares underlying certain stock option and stock unit awards: (i) 3.1 million for the first quarter of fiscal 2025, and (ii) 0.6 million for the first quarter of fiscal 2024.

CIENA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)


	February 1, 2025		November 2, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	874,749	$	934,863
Short-term investments	337,320		316,343
Accounts receivable, net	938,703		908,597
Inventories, net	845,132		820,430
Prepaid expenses and other	495,807		564,183
Total current assets	3,491,711		3,544,416
Long-term investments	105,035		80,920
Equipment, building, furniture and fixtures, net	320,382		337,722
Operating lease right-of-use assets	25,113		27,417
Goodwill	444,306		444,707
Other intangible assets, net	156,205		165,020
Deferred tax asset, net	868,432		886,441
Other long-term assets	161,718		154,694
Total assets	$	5,572,902	$	5,641,337
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	395,770	$	423,401
Accrued liabilities and other short-term obligations	362,021		393,905
Deferred revenue	174,151		156,379
Operating lease liabilities	12,995		14,455
Current portion of long-term debt	11,580		11,700

Total current liabilities	956,517		999,840
Long-term deferred revenue	83,126		81,240
Other long-term obligations	186,027		185,938
Long-term operating lease liabilities	22,769		25,107
Long-term debt, net	1,531,084		1,533,074
Total liabilities	2,779,523		2,825,199
Stockholders’ equity:
Preferred stock – par value $0.01; 20,000,000 shares authorized; zero shares issued and outstanding	—		—
Common stock – par value $0.01; 290,000,000 shares authorized; 142,528,510 and 142,656,116 shares issued and outstanding	1,425		1,427
Additional paid-in capital	6,108,118		6,154,869
Accumulated other comprehensive loss	(67,289)		(46,711)
Accumulated deficit	(3,248,875)		(3,293,447)
Total stockholders’ equity	2,793,379		2,816,138
Total liabilities and stockholders’ equity	$	5,572,902	$	5,641,337

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (unaudited)


	Quarter Ended
	February 1,		January 27,
	2025		2024
Cash flows provided by operating activities:
Net income	$	44,572	$	49,547
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements	24,679		22,808
Share-based compensation expense	40,806		37,827
Amortization of intangible assets	8,778		10,016
Deferred taxes	(17,085)		(4,368)
Provision for inventory excess and obsolescence	10,918		10,350
Provision for warranty	5,697		4,841

Other	(6,655)		5,051
Changes in assets and liabilities:
Accounts receivable	(33,454)		135,160
Inventories	(35,844)		56,157
Prepaid expenses and other	92,036		17,116
Operating lease right-of-use assets	2,902		3,084
Accounts payable, accruals and other obligations	(49,577)		(90,915)
Deferred revenue	20,311		14,022
Short and long-term operating lease liabilities	(4,361)		(4,620)
Net cash provided by operating activities	103,723		266,076
Cash flows provided by (used in) investing activities:
Payments for equipment, furniture, fixtures and intellectual property	(26,884)		(16,599)

Purchases of investments	(97,024)		(21,213)
Proceeds from sales and maturities of investments	55,061		53,674
Settlement of foreign currency forward contracts, net	1,757		2,271




Net cash provided by (used in) investing activities	(67,090)		18,133
Cash flows used in financing activities:
Proceeds for modification of debt, net	19,175		—
Cash paid for extinguishment of debt	(19,175)		—
Payment of long term debt	(2,895)		—
Payment of debt issuance costs	(10)		(2,402)
Payment of finance lease obligations	(1,020)		(981)
Shares repurchased for tax withholdings on vesting of stock unit awards	(25,489)		(10,076)
Repurchases of common stock - repurchase program, net	(81,176)		(38,195)
Proceeds from issuance of common stock	17,133		16,934
Net cash used in financing activities	(93,457)		(34,720)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3,289)		4,646
Net increase (decrease) in cash, cash equivalents and restricted cash	(60,113)		254,135
Cash, cash equivalents and restricted cash at beginning of period	935,026		1,010,786
Cash, cash equivalents and restricted cash at end of period	$	874,913	$	1,264,921
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net	$	25,559	$	18,582
Cash paid during the period for income taxes, net	$	10,426	$	8,260
Operating lease payments	$	4,762	$	5,080
Non-cash investing and financing activities
Purchase of equipment in accounts payable	$	4,735	$	4,225

Repurchase of common stock in accrued liabilities from repurchase program, net	$	4,198	$	3,110
Operating right-of-use assets subject to lease liability	$	1,056	$	3,498


APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements
(in thousands, except per share data) (unaudited)

	Quarter Ended
	February 1,			January 27,
	2025			2024
Gross Profit Reconciliation (GAAP/non-GAAP)
GAAP gross profit	$	471,821		$	466,962
Share-based compensation-products	1,750			1,318
Share-based compensation-services	3,405			3,020
Amortization of intangible assets	2,233			2,764
Total adjustments related to gross profit	7,388			7,102
Adjusted (non-GAAP) gross profit	$	479,209		$	474,064
Adjusted (non-GAAP) gross profit percentage	44.7		%	45.7		%

Operating Expense Reconciliation (GAAP/non-GAAP)
GAAP operating expense	$	391,158		$	382,333
Share-based compensation-research and development	14,237			12,880
Share-based compensation-sales and marketing	11,597			10,305
Share-based compensation-general and administrative	9,827			10,079
Significant asset impairments and restructuring costs	1,544			4,971
Amortization of intangible assets	6,545			7,252


Total adjustments related to operating expense	43,750			45,487
Adjusted (non-GAAP) operating expense	$	347,408		$	336,846

Income from Operations Reconciliation (GAAP/non-GAAP)
GAAP income from operations	$	80,663		$	84,629
Total adjustments related to gross profit	7,388			7,102
Total adjustments related to operating expense	43,750			45,487
Total adjustments related to income from operations	51,138			52,589
Adjusted (non-GAAP) income from operations	$	131,801		$	137,218
Adjusted (non-GAAP) operating margin percentage	12.3		%	13.2		%

Net Income Reconciliation (GAAP/non-GAAP)
GAAP net income	$	44,572		$	49,547
Exclude GAAP provision for income taxes	24,022			21,956
Income before income taxes	68,594			71,503
Total adjustments related to income from operations	51,138			52,589
Loss on extinguishment and modification of debt	729			—

Adjusted income before income taxes	120,461			124,092
Non-GAAP tax provision on adjusted income before income taxes	26,501			27,300
Adjusted (non-GAAP) net income	$	93,960		$	96,792

Weighted average basic common shares outstanding	142,880			145,291
Weighted average dilutive potential common shares outstanding 1	145,944			145,848


APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements
(in thousands, except per share data) (unaudited)

	Quarter Ended
	February 1,		January 27,
	2025		2024
Net Income per Common Share
GAAP diluted net income per potential common share	$	0.31	$	0.34
Adjusted (non-GAAP) diluted net income per potential common share	$	0.64	$	0.66

1 Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share includes the following number of shares underlying certain stock option and stock unit awards: (i) 3.1 million for the first quarter of fiscal 2025; and (ii) 0.6 million for the first quarter of fiscal 2024.


APPENDIX B - Calculation of EBITDA and Adjusted EBITDA
(in thousands) (unaudited)

	Quarter Ended
	February 1,		January 27,
	2025		2024
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
Net income (GAAP)	$	44,572	$	49,547
Add: Interest expense	22,918		23,776
Less: Interest and other income, net	11,578		10,650
Add: Loss on extinguishment and modification of debt	729		—
Add: Provision for income taxes	24,022		21,956
Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements	24,679		22,808
Add: Amortization of intangible assets	8,778		10,016
EBITDA	$	114,120	$	117,453
Add: Share-based compensation expense	40,816		37,602
Add: Significant asset impairments and restructuring costs	1,544		4,971


Adjusted EBITDA	$	156,480	$	160,026

* * *

The adjusted (non-GAAP) measures above and their reconciliation to Ciena's GAAP results for the periods presented reflect adjustments relating to the following items:

•Share-based compensation - a non-cash expense incurred in accordance with share-based compensation accounting guidance.

•Significant asset impairments and restructuring costs - costs incurred as a result of restructuring activities taken to align resources with perceived market opportunities, the redesign of business processes and restructuring certain real estate facilities.

•Amortization of intangible assets - a non-cash expense arising from the acquisition of intangible assets, principally developed technologies and customer-related intangibles, that Ciena is required to amortize over an expected useful life.

•Loss on extinguishment and modification of debt - reflects extinguishment and debt modification expenses related to refinancing our term loan during the first quarter of fiscal 2025.

•Non-GAAP tax provision - consists of current and deferred income tax expense commensurate with the level of adjusted income before income taxes and utilizes a current, blended U.S. and foreign statutory annual tax rate of 22.0% for both the fiscal first quarter of fiscal 2025 and the fiscal first quarter of 2024. This rate may be subject to change in the future, including as a result of changes in tax policy or tax strategy.

EX-99.2 3 ex9922025q1earningsprese.htm EX-99.2 ex9922025q1earningsprese

© Ciena Corporation 2025. All rights reserved. Proprietary Information.2 Forward-looking statements and non-GAAP measures You are encouraged to review the Investors section of our website, where we routinely post press releases, Securities and Exchange Commission (SEC) filings, recent news, financial results, supplemental financial information, and other announcements. From time to time, we exclusively post material information to this website along with other disclosure channels that we use. You are encouraged to review the Investors section of our website, where we routinely post press releases, Securities and Exchange Commission ("SEC") filings, recent news, financial results, supplemental financial information, and other announcements. From time to time we exclusively post material information to this website along with other disclosure channels that we use. Information in this presentation and related comments of presenters contains certain forward- looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Ciena's actual results, performance or events may differ materially from these forward-looking statements made or implied due to a number of risks and uncertainties relating to Ciena's business, including: the effect of broader economic and market conditions on our customers, their spending and their businesses and markets; our ability to execute our business and growth strategies; the impact of macroeconomic conditions; the impact of the introduction of new technologies by us or our competitors; seasonality and the timing and size of customer orders, their delivery dates and our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; changes in foreign currency exchange rates; factors beyond our control such as natural disasters, climate change, acts of war or terrorism, geopolitical tensions or events, including but not limited to the ongoing conflicts between Ukraine and Russia, and Israel and groups based in the surrounding region, and public health emergencies, epidemics, or pandemics, such as the COVID-19 pandemic; changes in tax or trade regulations, including the imposition of tariffs, duties or efforts to withdraw from or materially modify international trade agreements; cyberattacks, data breaches or other security incidents involving our enterprise network environment or our products; regulatory changes, litigation involving our intellectual property or government investigations; and the other risk factors disclosed in Ciena’s periodic reports filed with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K filed with the SEC on December 20, 2024 and included in its Quarterly Report on Form 10-Q for the first quarter of fiscal 2025 to be filed with the SEC. All information, statements, and projections in this presentation and the related earnings call speak only as of the date of this presentation and related earnings call. Ciena assumes no obligation to update any forward-looking or other information included in this presentation or related earnings calls, whether as a result of new information, future events or otherwise. In addition, this presentation includes historical, and may include prospective, non-GAAP measures of Ciena’s gross margin, operating expense, operating margin, EBITDA, and net income per share. These measures are not intended to be a substitute for financial information presented in accordance with GAAP. A reconciliation of non-GAAP measures used in this presentation to Ciena’s GAAP results for the relevant period can be found in the Appendix to this presentation. Additional information can also be found in our press release filed this morning and in our reports on Form 10-Q and Form 10K filed with the Securities and Exchange Commission.

© Ciena Corporation 2025. All rights reserved. Proprietary Information.3 Table of Contents 1. Overview and Ciena's portfolio 2. Industry context and addressable market expansion 3. Ciena is positioned for accelerated growth 4. Fiscal Q1 2025 financial performance 5. Appendix

© Ciena Corporation 2025. All rights reserved. Proprietary Information.5 Ciena is the global leader in high-speed connectivity Ciena provides networking systems, services, and software We build the most adaptive networks in the industry, enabling customers to anticipate and meet ever-increasing digital demands. Prioritizing collaborative relationships with our customers, partners, and communities, we create flexible, open, and sustainable networks that better serve all users — today and into the future.

© Ciena Corporation 2025. All rights reserved. Proprietary Information.10 Our core business is enabling investment in higher-growth markets 1Sources: Dell'Oro, CignalAI, LightCounting, and Ciena internal analysis.

© Ciena Corporation 2025. All rights reserved. Proprietary Information.11 An industry leader #1 Globally • Data center interconnect • Optical for internet content provider customers #1 N. America • Data center interconnect • Total optical networking • Optical packet Optical Transport Report, 4Q24 #1 Globally • Purpose-built/compact modular DCI • SLTE WDM • Access switching #1 N. America • Total optical networking • Purpose-built/compact modular DCI • Access switching Optical Networking Report, 3Q24 Service Provider Switching & Routing Report, 3Q24 #1 Globally • Purpose-built/compact modular DCI • Optical for cloud and colo • SLTE WDM #1 N. America • Total optical networking • Optical for cloud and colo • Routing/Access Transport Hardware Report, 4Q24

© Ciena Corporation 2025. All rights reserved. Proprietary Information.13 Our future growth opportunity Long-term growth in core business plus new addressable markets provide an opportunity to outpace our traditional revenue CAGR over time

© Ciena Corporation 2025. All rights reserved. Proprietary Information.17 Q1 FY 2025 key highlights ▪ Service Provider revenue grew 14% YoY ▪ Non-telco represented 49% of total revenue ▪ Government, R&E, and Enterprise revenue grew 10% YoY ▪ APAC revenue grew 6% YoY ▪ Blue Planet revenue grew 87% YoY • Added 20 new WL6e customers in the quarter bringing total customers shipped to 25 • Awarded half a dozen new submarine wins in the quarter, including large 100Tb subsea upgrade • Awarded numerous MOFN opportunities globally, strengthening our position as leading optical vendor for AI networks. • Released two new SAOS 10 based weatherproof routers to expand and deliver applications in the most challenging outdoor environments ▪ Expanded the breath of our Broadband portfolio by introducing the two new XGS- PON optical network units (ONUs) • Total shareholder return five-year CAGR of 16%1 • Repurchased ~1.0 million shares for $79.2 million under our three-year program (FY25-27) 1 Based on closing share price between 2/17/2020 to 2/17/2025 Achieving balanced growth Prioritizing long term shareholder value Driving the pace of innovation

© Ciena Corporation 2025. All rights reserved. Proprietary Information.18 Q1 FY 2025 comparative financial highlights * Reconciliations of these non-GAAP measures to our GAAP results are included in the Appendix and in the press release for the relative period. Q1 FY 2025 Q1 FY 2024 Revenue $1,072.3M $1,037.7M Adjusted Gross Margin* 44.7% 45.7% Adjusted Operating Expense* $347.4M $336.8M Adjusted Operating Margin* 12.3% 13.2% Adjusted EBITDA* $156.5M $160.0M Adjusted EPS* $0.64 $0.66

© Ciena Corporation 2025. All rights reserved. Proprietary Information.19 Q1 FY 2025 comparative operating metrics Q1 FY 2025 Q1 FY 2024 Cash and investments $1.32B $1.48B Cash provided by operations $104M $266M DSO 90.0 88.0 Inventory Turns 2.3 1.9 Gross Leverage 3.35x 2.42x Net Debt $283M $148M

© Ciena Corporation 2025. All rights reserved. Proprietary Information.20 Revenue by segment (Amounts in millions) Q1 FY 2025 Q1 FY 2024 Revenue %** Revenue %** Networking Platforms Optical Networking $728.0 67.9 $695.8 67.1 Routing and Switching 93.2 8.7 111.4 10.7 Total Networking Platforms 821.2 76.6 807.2 77.8 Platform Software and Services 95.1 8.9 89.7 8.6 Blue Planet Automation Software and Services 26.0 2.4 14.0 1.4 Global Services Maintenance Support and Training 74.6 7.0 74.1 7.1 Installation and Deployment 47.7 4.4 42.7 4.1 Consulting and Network Design 7.7 0.7 10.0 1.0 Total Global Services 130.0 12.1 126.8 12.2 Total $1,072.3 100.0 $1,037.7 100.0 * Reconciliations of these non-GAAP measures to GAAP results are included in the appendix to this presentation. ** Denotes % of total revenue

© Ciena Corporation 2025. All rights reserved. Proprietary Information.24 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Q1 FY 2024 GAAP gross profit $471,821 $460,022 $403,945 $388,661 $466,962 Share-based compensation-products 1,750 1,736 1,660 1,760 1,318 Share-based compensation-services 3,405 3,257 3,122 3,344 3,020 Amortization of intangible assets 2,233 2,764 2,764 2,763 2,764 Total adjustments related to gross profit 7,388 7,757 7,546 7,867 7,102 Adjusted (non-GAAP) gross profit $479,209 $467,779 $411,491 $396,528 $474,064 Adjusted (non-GAAP) gross profit percentage 44.7 % 41.6 % 43.7 % 43.5 % 45.7 % Gross Profit Reconciliation (Amounts in thousands)

© Ciena Corporation 2025. All rights reserved. Proprietary Information.25 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Q1 FY 2024 GAAP operating expense $391,158 $400,812 $377,202 $392,626 $382,333 Share-based compensation-research and development 14,237 14,065 13,118 14,066 12,880 Share-based compensation-sales and marketing 11,597 11,168 10,315 11,166 10,305 Share-based compensation-general and administrative 9,827 10,842 9,257 9,875 10,079 Significant asset impairments and restructuring costs 1,544 2,605 1,361 15,655 4,971 Amortization of intangible assets 6,545 7,185 7,185 7,947 7,252 Total adjustments related to operating expense 43,750 45,865 41,236 58,709 45,487 Adjusted (non-GAAP) operating expense $347,408 $354,947 $335,966 $333,917 $336,846 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Q1 FY 2024 GAAP income (loss) from operations $80,663 $59,210 $26,743 $(3,965) $84,629 Total adjustments related to gross profit 7,388 7,757 7,546 7,867 7,102 Total adjustments related to operating expense 43,750 45,865 41,236 58,709 45,487 Total adjustments related to income from operations 51,138 53,622 48,782 66,576 52,589 Adjusted (non-GAAP) income from operations $131,801 $112,832 $75,525 $62,611 $137,218 Adjusted (non-GAAP) operating margin percentage 12.3 % 10.0 % 8.0 % 6.8 % 13.2 % Operating Expense Reconciliation (Amounts in thousands) Income (Loss) from Operations Reconciliation (Amounts in thousands)

© Ciena Corporation 2025. All rights reserved. Proprietary Information.26 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Q1 FY 2024 GAAP net income (loss) $44,572 $37,028 $14,230 $(16,849) $49,547 Exclude GAAP provision for income taxes 24,022 10,993 2,125 820 21,956 Income (loss) before income taxes 68,594 48,021 16,355 (16,029) 71,503 Total adjustments related to income from operations 51,138 53,622 48,782 66,576 52,589 Loss on extinguishment and modification of debt 729 — — — — Adjusted income before income taxes 120,461 101,643 65,137 50,547 124,092 Non-GAAP tax provision on adjusted income before income taxes 26,501 22,361 14,330 11,120 27,300 Adjusted (non-GAAP) net income $93,960 $79,282 $50,807 $39,427 $96,792 Weighted average basic common shares outstanding 142,880 144,240 144,394 144,914 145,291 Weighted average diluted potential common shares outstanding(1) 145,944 146,487 145,361 146,268 145,848 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Q1 FY 2024 GAAP diluted net income (loss) per potential common share $ 0.31 $ 0.25 $ 0.10 $ (0.12) $ 0.34 Adjusted (non-GAAP) diluted net income per potential common share $ 0.64 $ 0.54 $ 0.35 $ 0.27 $ 0.66 1. Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the first quarter of fiscal 2025 includes 3.1 million shares underlying certain stock option and stock unit awards. Net Income (Loss) Reconciliation (Amounts in thousands) Net Income (Loss) per Common Share

© Ciena Corporation 2025. All rights reserved. Proprietary Information.27 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Q1 FY 2024 Net income (loss) (GAAP) $44,572 $37,028 $14,230 $(16,849) $49,547 Add: Interest expense 22,918 24,990 24,401 23,861 23,776 Less: Interest and other income, net 11,578 13,801 14,013 11,797 10,650 Add: Loss on extinguishment and modification of debt 729 — — — — Add: Provision for income taxes 24,022 10,993 2,125 820 21,956 Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements 24,679 23,849 22,981 23,208 22,808 Add: Amortization of intangible assets 8,778 9,949 9,949 10,710 10,016 EBITDA $114,120 $93,008 $59,673 $29,953 $117,453 Add: Share-based compensation expense 40,816 41,068 37,472 40,211 37,602 Add: Significant asset impairments and restructuring expense 1,544 2,605 1,361 15,655 4,971 Adjusted EBITDA $156,480 $136,681 $98,506 $85,819 $160,026 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) (Amounts in thousands)