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UTStarcom Holdings Corp.

utstar.com

What Do They Do?

Provides deployment, installation and maintenance services, and sells optical networking equipment and broadband solutions to telecommunications operators, research institutions and solution providers.

How Do They Make Money?

Customers buy telecommunications equipment and installation, commissioning and annual maintenance services; UTStarcom invoices for equipment and services when contract milestones are met.

revenue
SegmentShareRevenue
Products
8.4%
FY2022: 16%
Services
92%
FY2022: 84%

Who Are Their Customers?

UTStarcom pursues direct sales and OEM/ODM partnerships with telecommunications operators, research institutions and solution providers, and also targets equipment distributors.

Customers above 10% of revenue, FY2025
of revenue from one customer
FY2024: 30% from one customer

Do Revenues Turn Into Profits?

No. It lost $8M in FY2025.

Operating income, FY2025
−95% of revenue
▲ +17% (Loss) vs FY2024 (−$7.3M, −67%)
Net income, FY2025
−89% of revenue
▲ +82% (Loss) vs FY2024 (−$4.4M, −40%)
Free cash flow, FY2025
−103% of revenue
▲ +98% (Loss) vs FY2024 (−$4.7M, −43%)

How Are They Changing?

Shrinking. Revenue fell 44% in 4 years, from $15.9M in FY2021 to $9M in FY2025, about 13% a year.

AI-networking development The latest report describes a pivot in development toward AI data-center networking, including an optical circuit-switching solution; the older report focused development on telecom transport, network disaggregation and synchronization.

Revenue over time
Products Services
$20M$10M$0

Who Do They Compete With?

Competes with Cisco, Juniper, Nokia, Ciena, Huawei Technologies, and ZTE

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