Adtran

Q3 FY2026 EarningsQ3 FY26 results missed consensus across top and bottom-line metrics: revenue of $281.2M missed the $285.7M estimate by 1.6%, while normalized EPS of -$0.10 (adjusted for RNCI) significantly missed the $0.035 profit expected. Despite a 0.6% YoY revenue increase driven by Optical Networking (+10.7% YoY), a project delay from a single international customer weighed on Subscriber Solutions. A high effective tax rate of 56.6% due to valuation allowances further pressured net results. While liquidity remains stable with a new $350M J.P. Morgan credit facility, persistent material weaknesses in internal controls and DPLTA-related legal uncertainties continue to overhang the stock.