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): June 5, 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 June 5, 2025, Ciena Corporation ("Ciena") issued a press release announcing its financial results for its fiscal second quarter ended May 3, 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 second quarter ended May 3, 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 June 5, 2025, issued by Ciena Corporation, reporting its results of operations for its fi scal second quarter ended May 3, 2025.
99.2			Investor Presentation for Ciena Corporation's fi s cal second quarter ended May 3 , 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: June 5, 2025	By:	/s/ Sheela Kosaraju
		Sheela Kosaraju
		Senior Vice President, General Counsel and Assistant Secretary

EX-99.1 2 ex9912025q2earningspressre.htm EX-99.1 Document

FOR IMMEDIATE RELEASE

Ciena Reports Fiscal Second Quarter 2025 Financial Results

HANOVER, Md. - June 5, 2025 - Ciena® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal second quarter ended May 3, 2025.

•Q2 Revenue: $1.13 billion

•Q2 Net Income per Share: $0.06 GAAP; $0.42 adjusted (non-GAAP)

•Share Repurchases: Repurchased approximately 1.2 million shares of common stock for an aggregate price of $84.3 million during the quarter

"Our strong fiscal second quarter results demonstrate our continued global leadership in high-speed connectivity with growing momentum across all of our business segments,” said Gary Smith, president and CEO, Ciena. “With accelerating demand driven by cloud and AI, our performance is validating the durability of a positive network infrastructure spending environment. As a result, we have strong visibility and are very confident in both our continued growth and our ability to drive additional operating leverage over time."

For the fiscal second quarter 2025, Ciena reported revenue of $1.13 billion as compared to $910.8 million for the fiscal second quarter 2024.

Ciena's GAAP net income for the fiscal second quarter 2025 was $9.0 million, or $0.06 per diluted common share, which compares to a GAAP net loss of $(16.8) million, or $(0.12) per diluted common share, for the fiscal second quarter 2024.

Ciena's adjusted (non-GAAP) net income for the fiscal second quarter 2025 was $60.7 million, or $0.42 per diluted common share, which compares to an adjusted (non-GAAP) net income of $39.4 million, or $0.27 per diluted common share, for the fiscal second quarter 2024.

Fiscal Second 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)
	Q2			Q2			Period Change
	FY 2025			FY 2024			Y-T-Y*
Revenue	$	1,125.9		$	910.8		23.6	%
Gross margin	40.2		%	42.7		%	(2.5)	%
Operating expense	$	420.0		$	392.6		7.0	%
Operating margin	2.9		%	(0.4)		%	3.3	%


	Non-GAAP Results (unaudited)
	Q2			Q2			Period Change
	FY 2025			FY 2024			Y-T-Y*
Revenue	$	1,125.9		$	910.8		23.6	%
Adj. gross margin	41.0		%	43.5		%	(2.5)	%
Adj. operating expense	$	369.5		$	333.9		10.7	%
Adj. operating margin	8.2		%	6.8		%	1.4	%
Adj. EBITDA	$	116.7		$	85.8		36.0	%

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


	Revenue by Segment (unaudited)
	Q2 FY 2025			Q2 FY 2024
	Revenue		%**	Revenue		%**
Networking Platforms
Optical Networking	$	773.6	68.7	$	560.2	61.5
Routing and Switching	92.7		8.2	116.1		12.7
Total Networking Platforms	866.3		76.9	676.3		74.2

Platform Software and Services	85.4		7.5	85.4		9.4

Blue Planet Automation Software and Services	28.0		2.5	14.4		1.6

Global Services
Maintenance Support and Training	79.4		7.1	77.4		8.5
Installation and Deployment	58.2		5.2	43.8		4.8
Consulting and Network Design	8.6		0.8	13.5		1.5
Total Global Services	146.2		13.1	134.7		14.8

Total	$	1,125.9	100.0	$	910.8	100.0

** Denotes % of total revenue

Additional Performance Metrics for Fiscal Second Quarter 2025


	Revenue by Geographic Region (unaudited)
	Q2 FY 2025			Q2 FY 2024
	Revenue		% **	Revenue		% **
Americas	$	833.8	74.1	$	662.9	72.8
Europe, Middle East and Africa	191.6		17.0	155.8		17.1
Asia Pacific	100.5		8.9	92.1		10.1
Total	$	1,125.9	100.0	$	910.8	100.0

** Denotes % of total revenue

•Two customer represented 10%-plus of revenue combining for a total of 23.9% of revenue

•Cash and investments totaled $1.35 billion

•Cash flow from operations totaled $156.9 million

•Average days' sales outstanding (DSOs) were 87

•Accounts receivable, net balance was $929.8 million

•Unbilled contract asset, net balance was $151.8 million

•Inventories totaled $874.3 million, including:

◦Raw materials: $647.0 million

◦Work in process: $35.3 million

◦Finished goods: $273.4 million

◦Deferred cost of sales: $36.6 million

◦Reserve for excess and obsolescence: $(118.0) million

•Product inventory turns were 2.5

•Headcount totaled 8,819

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

Today, Thursday, June 5, 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 second 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: "Our strong fiscal second quarter results demonstrate our continued global leadership in high-speed connectivity with growing momentum across all of our business segments. With accelerating demand driven by cloud and AI, our performance is validating the durability of a positive network infrastructure spending environment. As a result, we have strong visibility and are very confident in both our continued growth and our ability to drive additional operating leverage over time."

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 and pandemics; 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 second 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				Six Months Ended
	May 3,		April 27,		May 3,		April 27,
	2025		2024		2025		2024
Revenue:
Products	$	898,581	$	701,316	$	1,753,366	$	1,537,093
Services	227,297		209,510		444,772		411,442
Total revenue	1,125,878		910,826		2,198,138		1,948,535
Cost of goods sold:
Products	549,984		415,732		1,040,788		882,204
Services	123,056		106,433		232,691		210,708
Total cost of goods sold	673,040		522,165		1,273,479		1,092,912
Gross profit	452,838		388,661		924,659		855,623
Operating expenses:
Research and development	214,868		195,380		407,531		382,649
Selling and marketing	139,683		124,071		276,187		252,229
General and administrative	56,952		49,573		110,854		104,256
Significant asset impairments and restructuring costs	1,948		15,655		3,492		20,626
Amortization of intangible assets	6,545		7,947		13,090		15,199


Total operating expenses	419,996		392,626		811,154		774,959
Income (loss) from operations	32,842		(3,965)		113,505		80,664
Interest and other income, net	7,871		11,797		19,449		22,447
Interest expense	(21,697)		(23,861)		(44,615)		(47,637)
Loss on extinguishment and modification of debt	—		—		(729)		—
Income (loss) before income taxes	19,016		(16,029)		87,610		55,474
Provision for income taxes	10,047		820		34,069		22,776
Net income (loss)	$	8,969	$	(16,849)	$	53,541	$	32,698

Net Income (Loss) per Common Share
Basic net income (loss) per common share	$	0.06	$	(0.12)	$	0.38	$	0.23
Diluted net income (loss) per potential common share	$	0.06	$	(0.12)	$	0.37	$	0.22

Weighted average basic common shares outstanding	142,503		144,914		142,704		145,104
Weighted average dilutive potential common shares outstanding1	144,972		144,914		145,470		146,059

1 Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income (loss) per potential common share includes the following number of shares underlying certain stock option and stock unit awards: (i) 2.5 million and 2.8 million for the second quarter and first six months of fiscal 2025, respectively; and (ii) 1.0 million for the first six months of fiscal 2024.

CIENA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)


	May 3, 2025		November 2, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	949,771	$	934,863
Short-term investments	304,177		316,343
Accounts receivable, net	929,799		908,597
Inventories, net	874,326		820,430
Prepaid expenses and other	506,252		564,183
Total current assets	3,564,325		3,544,416
Long-term investments	92,121		80,920
Equipment, building, furniture and fixtures, net	349,349		337,722
Operating lease right-of-use assets	38,655		27,417
Goodwill	444,805		444,707
Other intangible assets, net	147,459		165,020
Deferred tax asset, net	863,571		886,441
Other long-term assets	159,081		154,694
Total assets	$	5,659,366	$	5,641,337
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	419,077	$	423,401
Accrued liabilities and other short-term obligations	381,398		393,905
Deferred revenue	221,835		156,379
Operating lease liabilities	13,170		14,455
Current portion of long-term debt	11,580		11,700

Total current liabilities	1,047,060		999,840
Long-term deferred revenue	83,239		81,240
Other long-term obligations	188,809		185,938
Long-term operating lease liabilities	35,103		25,107
Long-term debt, net	1,528,776		1,533,074
Total liabilities	2,882,987		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; 141,686,082 and 142,656,116 shares issued and outstanding	1,417		1,427
Additional paid-in capital	6,054,464		6,154,869
Accumulated other comprehensive loss	(39,596)		(46,711)
Accumulated deficit	(3,239,906)		(3,293,447)
Total stockholders’ equity	2,776,379		2,816,138
Total liabilities and stockholders’ equity	$	5,659,366	$	5,641,337

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Six Months Ended
	May 3,		April 27,
	2025		2024
Cash flows provided by operating activities:
Net income	$	53,541	$	32,698
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements	49,771		46,016
Share-based compensation expense	88,767		78,075
Amortization of intangible assets	17,555		20,726
Deferred taxes	(10,470)		(8,946)
Provision for inventory excess and obsolescence	23,431		23,152
Provision for warranty	10,714		8,629

Other	(6,355)		11,509
Changes in assets and liabilities:
Accounts receivable	(20,857)		155,107
Inventories	(76,904)		5,346
Prepaid expenses and other	84,144		(37,441)
Operating lease right-of-use assets	5,580		6,111
Accounts payable, accruals and other obligations	(16,755)		(56,064)
Deferred revenue	66,493		48,641
Short and long-term operating lease liabilities	(7,986)		(9,010)
Net cash provided by operating activities	260,669		324,549
Cash flows used in investing activities:
Payments for equipment, furniture, fixtures and intellectual property	(55,622)		(33,500)

Purchases of investments	(159,102)		(171,131)
Proceeds from sales and maturities of investments	164,837		83,013
Settlement of foreign currency forward contracts, net	2,441		(828)
Purchase of equity investments	—		(16,256)



Net cash used in investing activities	(47,446)		(138,702)
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	(5,790)		(2,925)
Payment of debt issuance costs	(12)		(2,554)
Payment of finance lease obligations	(2,110)		(1,989)
Shares repurchased for tax withholdings on vesting of stock unit awards	(42,266)		(22,428)
Repurchases of common stock - repurchase program, net	(168,197)		(94,817)
Proceeds from issuance of common stock	17,132		16,876
Net cash used in financing activities	(201,243)		(107,837)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,937		2,659
Net increase in cash, cash equivalents and restricted cash	14,917		80,669
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	$	949,943	$	1,091,455
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net	$	43,200	$	45,782
Cash paid during the period for income taxes, net	$	55,466	$	29,193
Operating lease payments	$	8,812	$	9,964
Non-cash investing and financing activities
Purchase of equipment in accounts payable	$	12,545	$	6,365

Repurchase of common stock in accrued liabilities from repurchase program, net	$	2,023	$	3,859
Operating right-of-use assets subject to lease liability	$	16,351	$	3,639


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

	Quarter Ended
	May 3,			April 27,
	2025			2024
Gross Profit Reconciliation (GAAP/non-GAAP)
GAAP gross profit	$	452,838		$	388,661
Share-based compensation-products	2,033			1,760
Share-based compensation-services	3,980			3,344
Amortization of intangible assets	2,232			2,763
Total adjustments related to gross profit	8,245			7,867
Adjusted (non-GAAP) gross profit	$	461,083		$	396,528
Adjusted (non-GAAP) gross profit percentage	41.0		%	43.5		%

Operating Expense Reconciliation (GAAP/non-GAAP)
GAAP operating expense	$	419,996		$	392,626
Share-based compensation-research and development	17,021			14,066
Share-based compensation-sales and marketing	13,649			11,166
Share-based compensation-general and administrative	11,341			9,875
Significant asset impairments and restructuring costs	1,948			15,655
Amortization of intangible assets	6,545			7,947


Total adjustments related to operating expense	50,504			58,709
Adjusted (non-GAAP) operating expense	$	369,492		$	333,917

Income (Loss) from Operations Reconciliation (GAAP/non-GAAP)
GAAP income (loss) from operations	$	32,842		$	(3,965)
Total adjustments related to gross profit	8,245			7,867
Total adjustments related to operating expense	50,504			58,709
Total adjustments related to income (loss) from operations	58,749			66,576
Adjusted (non-GAAP) income from operations	$	91,591		$	62,611
Adjusted (non-GAAP) operating margin percentage	8.2		%	6.8		%

Net Income (Loss) Reconciliation (GAAP/non-GAAP)
GAAP net income (loss)	$	8,969		$	(16,849)
Exclude GAAP provision for income taxes	10,047			820
Income (loss) before income taxes	19,016			(16,029)
Total adjustments related to income (loss) from operations	58,749			66,576


Adjusted income before income taxes	77,765			50,547
Non-GAAP tax provision on adjusted income before income taxes	17,108			11,120
Adjusted (non-GAAP) net income	$	60,657		$	39,427

Weighted average basic common shares outstanding	142,503			144,914
Weighted average dilutive potential common shares outstanding 1	144,972			146,268




Net Income (Loss) per Common Share
GAAP diluted net income (loss) per potential common share	$	0.06		$	(0.12)
Adjusted (non-GAAP) diluted net income per potential common share	$	0.42		$	0.27

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) 2.5 million for the second quarter of fiscal 2025; and (ii) 1.4 million for the second quarter of fiscal 2024.


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

	Quarter Ended
	May 3,		April 27,
	2025		2024
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
Net income (loss) (GAAP)	$	8,969	$	(16,849)
Add: Interest expense	21,697		23,861
Less: Interest and other income, net	7,871		11,797

Add: Provision for income taxes	10,047		820
Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements	25,092		23,208
Add: Amortization of intangible assets	8,777		10,710
EBITDA	$	66,711	$	29,953
Add: Share-based compensation expense	48,024		40,211
Add: Significant asset impairments and restructuring costs	1,948		15,655


Adjusted EBITDA	$	116,683	$	85,819

* * *

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.

•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 second quarter of fiscal 2025 and fiscal 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 ex9922025q2earningsprese.htm EX-99.2 ex9922025q2earningsprese

© 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; 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 second 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 Q2 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.11 An industry leader #1 Globally • Data center interconnect • Optical for internet content provider customers • Purpose-built #1 N. America • Data center interconnect • Total optical networking • Optical packet Optical Transport Report, 1Q25 #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, 4Q24 Service Provider Switching & Routing Report, 4Q24 #1 Globally • Purpose-built/compact modular DCI • Optical for cloud and colo • SLTE WDM • Routing/Access #1 N. America • Total optical networking • Optical for cloud and colo • Routing/Access Transport Hardware Report, 1Q25

© Ciena Corporation 2025. All rights reserved. Proprietary Information.13 Our future growth opportunities 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 Q2 FY 2025 key highlights ▪ Non-telco represented 54% of total revenue ▪ Direct Cloud Provider revenue grew 85% YoY and represented 38% of total revenue ▪ EMEA revenue grew 23% YoY ▪ Blue Planet revenue nearly doubled YoY • Added another Cloud Provider for our WaveLogic 5 Nano coherent pluggable transceivers • Added 24 new WaveLogic 6 Extreme customers in Q2, bringing the total to 49 within just two quarters of availability • Record RLS quarter for both revenue and shipments • Added 8 additional broadband customers during the quarter for a total 87 customers • Expanded the breath of portfolio with the 8192 Coherent Router to our 8000 family, our first 800GbE router • Added WaveLogic 6 Extreme capabilities to the WaveRouter family to become the industry’s first generally available 1.6T coherent router • Total shareholder return five-year CAGR of 10%1 • Repurchased ~1.2 million shares for $84.3 million under our three-year program (FY25-27) 1 Based on closing share price between 5/16/2020 to 5/16/2025 Achieving balanced growth Prioritizing long term shareholder value Driving the pace of innovation

© Ciena Corporation 2025. All rights reserved. Proprietary Information.18 Q2 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. Q2 FY 2025 Q2 FY 2024 Revenue $1,125.9M $910.8M Adjusted Gross Margin* 41.0% 43.5% Adjusted Operating Expense* $369.5M $333.9M Adjusted Operating Margin* 8.2% 6.8% Adjusted EBITDA* $116.7M $85.8M Adjusted EPS* $0.42 $0.27

© Ciena Corporation 2025. All rights reserved. Proprietary Information.19 Q2 FY 2025 comparative operating metrics Q2 FY 2025 Q2 FY 2024 Cash and investments $1.35B $1.42B Cash provided by operations $157M $59M DSO 87.0 98.0 Inventory Turns 2.5 1.6 Gross Leverage 3.15x 2.81x Net Debt $253M $195M

© Ciena Corporation 2025. All rights reserved. Proprietary Information.20 Revenue by segment (Amounts in millions) Q2 FY 2025 Q2 FY 2024 Revenue %** Revenue %** Networking Platforms Optical Networking $773.6 68.7 $560.2 61.5 Routing and Switching 92.7 8.2 116.1 12.7 Total Networking Platforms 866.3 76.9 676.3 74.2 Platform Software and Services 85.4 7.5 85.4 9.4 Blue Planet Automation Software and Services 28.0 2.5 14.4 1.6 Global Services Maintenance Support and Training 79.4 7.1 77.4 8.5 Installation and Deployment 58.2 5.2 43.8 4.8 Consulting and Network Design 8.6 0.8 13.5 1.5 Total Global Services 146.2 13.1 134.7 14.8 Total $1,125.9 100.0 $910.8 100.0 * 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 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 GAAP gross profit $452,838 $471,821 $460,022 $403,945 $388,661 Share-based compensation-products 2,033 1,750 1,736 1,660 1,760 Share-based compensation-services 3,980 3,405 3,257 3,122 3,344 Amortization of intangible assets 2,232 2,233 2,764 2,764 2,763 Total adjustments related to gross profit 8,245 7,388 7,757 7,546 7,867 Adjusted (non-GAAP) gross profit $461,083 $479,209 $467,779 $411,491 $396,528 Adjusted (non-GAAP) gross profit percentage 41.0 % 44.7 % 41.6 % 43.7 % 43.5 % Gross Profit Reconciliation (Amounts in thousands)

© Ciena Corporation 2025. All rights reserved. Proprietary Information.25 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 GAAP operating expense $419,996 $391,158 $400,812 $377,202 $392,626 Share-based compensation-research and development 17,021 14,237 14,065 13,118 14,066 Share-based compensation-sales and marketing 13,649 11,597 11,168 10,315 11,166 Share-based compensation-general and administrative 11,341 9,827 10,842 9,257 9,875 Significant asset impairments and restructuring costs 1,948 1,544 2,605 1,361 15,655 Amortization of intangible assets 6,545 6,545 7,185 7,185 7,947 Total adjustments related to operating expense 50,504 43,750 45,865 41,236 58,709 Adjusted (non-GAAP) operating expense $369,492 $347,408 $354,947 $335,966 $333,917 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 GAAP income (loss) from operations $32,842 $80,663 $59,210 $26,743 $(3,965) Total adjustments related to gross profit 8,245 7,388 7,757 7,546 7,867 Total adjustments related to operating expense 50,504 43,750 45,865 41,236 58,709 Total adjustments related to income (loss) from operations 58,749 51,138 53,622 48,782 66,576 Adjusted (non-GAAP) income from operations $91,591 $131,801 $112,832 $75,525 $62,611 Adjusted (non-GAAP) operating margin percentage 8.2 % 12.3 % 10.0 % 8.0 % 6.8 % Operating Expense Reconciliation (Amounts in thousands) Income (Loss) from Operations Reconciliation (Amounts in thousands)

© Ciena Corporation 2025. All rights reserved. Proprietary Information.26 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 GAAP net income (loss) $8,969 $44,572 $37,028 $14,230 $(16,849) Exclude GAAP provision for income taxes 10,047 24,022 10,993 2,125 820 Income (loss) before income taxes 19,016 68,594 48,021 16,355 (16,029) Total adjustments related to income from operations 58,749 51,138 53,622 48,782 66,576 Loss on extinguishment and modification of debt — 729 — — — Adjusted income before income taxes 77,765 120,461 101,643 65,137 50,547 Non-GAAP tax provision on adjusted income before income taxes 17,108 26,501 22,361 14,330 11,120 Adjusted (non-GAAP) net income $60,657 $93,960 $79,282 $50,807 $39,427 Weighted average basic common shares outstanding 142,503 142,880 144,240 144,394 144,914 Weighted average diluted potential common shares outstanding(1) 144,972 145,944 146,487 145,361 146,268 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 GAAP diluted net income (loss) per potential common share $ 0.06 $ 0.31 $ 0.25 $ 0.10 $ (0.12) Adjusted (non-GAAP) diluted net income per potential common share $ 0.42 $ 0.64 $ 0.54 $ 0.35 $ 0.27 1. Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the second quarter of fiscal 2025 includes 2.5 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) Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Net income (loss) (GAAP) $8,969 $44,572 $37,028 $14,230 $(16,849) Add: Interest expense 21,697 22,918 24,990 24,401 23,861 Less: Interest and other income, net 7,871 11,578 13,801 14,013 11,797 Add: Loss on extinguishment and modification of debt — 729 — — — Add: Provision for income taxes 10,047 24,022 10,993 2,125 820 Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements 25,092 24,679 23,849 22,981 23,208 Add: Amortization of intangible assets 8,777 8,778 9,949 9,949 10,710 EBITDA $66,711 $114,120 $93,008 $59,673 $29,953 Add: Share-based compensation expense 48,024 40,816 41,068 37,472 40,211 Add: Significant asset impairments and restructuring expense 1,948 1,544 2,605 1,361 15,655 Adjusted EBITDA $116,683 $156,480 $136,681 $98,506 $85,819 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) (Amounts in thousands)