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DZS Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary6 Nov, 2024
Executive summary
Q3 2024 revenue reached $38.1 million, up 23% quarter over quarter and 67.8% year over year, driven by the NetComm acquisition.
Adjusted gross margin improved to 36.7%, a 6.5% sequential increase and up from 17.4% a year ago; GAAP gross margin was 29%.
Adjusted EBITDA loss narrowed to $9.3 million from $17.5 million in Q3 2023, a 46.8% improvement.
Divested network assurance and in-home Wi-Fi management portfolio for $34 million, reducing debt and adding cash.
Completed restatement process, integrated NetComm, and focused on cost optimization and balance sheet strength.
Financial highlights
Revenue from continuing operations was $38.1 million, up from $31.1 million in Q2 2024; YTD revenue was $96.9 million.
Adjusted operating expenses increased due to NetComm acquisition; non-GAAP operating expenses were $23.3 million.
Inventory at quarter-end was $79 million; working capital stood at $24 million; cash balance was $5.7 million.
Quarterly interest expense was $2.2 million; long-term debt at quarter-end was $30 million.
Net loss from continuing operations was $25.6 million for Q3 2024; diluted GAAP EPS loss was $(0.67).
Outlook and guidance
Q4 2024 revenue and profitability expected to improve sequentially, with break-even Adjusted EBITDA targeted in 2025.
Service provider spending expected to normalize in 2025, with government stimulus programs accelerating in the second half.
Inventory conversion to cash projected over the next four to five quarters.
Management believes cash and working capital are sufficient for at least the next 12 months.
Inventory conversion drivers for 2025
NetComm's impact on market share or customer base?
What drives the path to 40% gross margin?
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DZS Inc provides network access, optical, and cloud-native software solutions to broadband service providers and enterprises. The company supports fiber broadband, 5G, and cloud-based network transformation for customers globally. The company is headquartered in Plano, Texas, and its shares are listed on the NASDAQ.
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