# Vistance Networks, Inc. (VISN)

Informational only - not investment advice.

CIK: 0001517228
SIC: 3663 Radio & Tv Broadcasting & Communications Equipment
SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3663 Radio & Tv Broadcasting & Communications Equipment](/industry/3663/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1517228
Filing source: https://www.sec.gov/Archives/edgar/data/1517228/000119312526072523/visn-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001193125-26-072523 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001517228.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,931,600,000 USD | 2025 | verified |
| Net income | 2,283,700,000 USD | 2025 | verified |
| Assets | 9,371,000,000 USD | 2025 | verified |
| Free cash flow | 252,600,000 USD | 2025 | computed |
| Net margin | 118.23% | 2025 | computed |
| Operating margin | 2.46% | 2025 | computed |
| Revenue YoY | +39.71% | 2025 | computed |

Stockholders' equity was not positive at FY2025 year-end (-1,004,100,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed.

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only).

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | VISN | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 118.2% | 6.4% | 100 | 10 |
| Operating margin | 2.5% | 3.9% | 38 | 9 |
| Revenue growth | 39.7% | 12.5% | 100 | 11 |
| FCF margin | 13.1% | 20.0% | 33 | 10 |
| ROA | 24.4% | 0.2% | 90 | 11 |
| Current ratio | 3.88 | 2.82 | 70 | 11 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3663 Radio & Tv Broadcasting & Communications Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1931600000 | USD | 2025 | 2026-02-26 |
| Net income | 2283700000 | USD | 2025 | 2026-02-26 |
| Assets | 9371000000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001517228.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 4,923,621,000 | 4,560,600,000 | 4,568,500,000 | 8,345,100,000 | 8,435,900,000 | 6,737,400,000 | 5,788,800,000 | 1,863,800,000 | 1,382,600,000 | 1,931,600,000 |
| Net income | 222,838,000 | 193,800,000 | 140,200,000 | -929,500,000 | -573,400,000 | -462,600,000 | -1,286,900,000 | -1,506,800,000 | -315,500,000 | 2,283,700,000 |
| Operating income | 567,639,000 | 472,000,000 | 450,000,000 | -508,500,000 | -51,800,000 | 196,600,000 | -935,300,000 | -659,600,000 | -291,700,000 | 47,600,000 |
| Gross profit |  | 1,705,500,000 | 1,633,300,000 | 2,404,100,000 | 2,747,800,000 | 2,439,600,000 | 1,985,600,000 | 900,300,000 | 605,100,000 | 955,900,000 |
| Diluted EPS | 1.13 | 0.98 | 0.72 | -5.02 | -3.20 | -2.55 | -6.49 | -7.44 | -1.78 | 9.63 |
| Operating cash flow | 640,221,000 | 586,300,000 | 494,100,000 | 596,400,000 | 436,200,000 | 122,300,000 | 190,000,000 | 297,300,000 | 273,100,000 | 322,900,000 |
| Capital expenditures | 68,314,000 | 68,700,000 | 82,300,000 | 104,100,000 | 121,200,000 | 131,400,000 | 101,300,000 | 60,700,000 | 25,300,000 | 70,300,000 |
| Assets | 7,141,986,000 | 7,041,666,000 | 6,630,500,000 | 14,431,600,000 | 13,576,800,000 | 13,259,500,000 | 11,685,400,000 | 9,332,500,000 | 8,747,500,000 | 9,371,000,000 |
| Liabilities | 5,747,902,000 | 5,393,840,000 | 4,873,700,000 | 12,595,300,000 | 12,180,000,000 | 12,360,000,000 | 12,131,100,000 | 11,195,100,000 | 10,976,300,000 | 9,096,400,000 |
| Stockholders' equity | 1,394,084,000 | 1,647,900,000 | 1,756,800,000 | 836,300,000 | 355,000,000 | -156,600,000 | -1,546,000,000 | -3,024,700,000 | -3,456,100,000 | -1,004,100,000 |
| Cash and cash equivalents | 428,200,000 | 454,000,000 | 458,200,000 | 598,200,000 | 521,900,000 | 360,300,000 | 373,000,000 | 500,300,000 | 404,100,000 | 754,400,000 |
| Free cash flow | 571,907,000 | 517,600,000 | 411,800,000 | 492,300,000 | 315,000,000 | -9,100,000 | 88,700,000 | 236,600,000 | 247,800,000 | 252,600,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 4.53% | 4.25% | 3.07% | -11.14% | -6.80% | -6.87% | -22.23% | -80.85% | -22.82% | 118.23% |
| Operating margin | 11.53% | 10.35% | 9.85% | -6.09% | -0.61% | 2.92% | -16.16% | -35.39% | -21.10% | 2.46% |
| Return on assets | 3.12% | 2.75% | 2.11% | -6.44% | -4.22% | -3.49% | -11.01% | -16.15% | -3.61% | 24.37% |
| Current ratio | 2.32 | 2.69 | 2.72 | 1.72 | 1.72 | 1.64 | 1.77 | 2.01 | 2.83 | 3.88 |

## As-reported value updates

21 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/VISN/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001517228.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.04 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.06 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 1,918,400,000 |  | -0.55 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,599,500,000 | -828,700,000 | -3.98 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 269,800,000 | -525,200,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,168,400,000 | -359,200,000 | -1.77 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,386,900,000 | 44,400,000 | 0.13 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,082,200,000 | -33,000,000 | -0.23 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,169,100,000 | 32,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,112,200,000 | 784,000,000 | 2.88 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,388,100,000 | 31,800,000 | 0.06 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,629,700,000 | 108,400,000 | 0.39 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 |  | 1,359,500,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 471,800,000 | 5,508,000,000 | 23.15 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 319,600,000 | 295,200,000 | 1.21 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from VISN's latest 10-K: [/company/VISN/business/](/company/VISN/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from VISN's latest 10-K: [/company/VISN/risk-factors/](/company/VISN/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1517228/000119312526336708/visn-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following narrative is an analysis of the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. The discussion is provided to increase the understanding of, and should be read in conjunction with, the unaudited condensed consolidated financial statements and accompanying notes included in this report, as well as the audited consolidated financial statements, related notes thereto and management’s discussion and analysis of financial condition and results of operations, including management’s discussion and analysis regarding the application of critical accounting policies and the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Annual Report).

We discuss certain financial measures in management’s discussion and analysis of financial condition and results of operations, including adjusted EBITDA, that differ from measures calculated in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.). See “Reconciliation of Non-GAAP Measures” included below for more information about these non-GAAP financial measures, including our reasons for including the measures and material limitations with respect to the usefulness of the measures.

Overview

We are a global provider of intelligent network solutions. Our solutions for wired and wireless networks enable service providers, including cable, telephone and digital broadcast satellite operators and media programmers, to deliver media, voice and Internet Protocol (IP) data services. Our solutions are complemented by services including technical support, systems design and integration. We are a leader in digital video and IP television distribution systems, broadband access infrastructure platforms and equipment that delivers data and voice networks to homes. Our global leadership position is built upon innovative technology, broad solution offerings, high-quality and cost-effective customer solutions, and global manufacturing and distribution scale.

Following the divestiture of the Connectivity and Cable Solutions (CCS) segment that was completed on January 9, 2026, we initiated a new restructuring plan to right-size our cost structure and align operations with our revised business scope. As a result of this transaction, the new restructuring plan and our prior transformation initiative, we incurred $8.4 million and $15.1 million of net restructuring costs and $7.6 million and $5.6 million of transaction, transformation and integration costs for the three and six months ended June 30, 2026, respectively. We incurred $1.6 million and $11.5 million of net restructuring costs and $12.3 million and $10.0 million of transaction, transformation and integration costs during the three and six months ended June 30, 2025, respectively. We expect to continue to incur such costs during the remainder of 2026 as we continue executing on our current transformation initiative, and the resulting charges and cash requirements could be material.

In addition to the divestiture of the CCS segment, we completed the divestitures of our Home Networks (Home) business, Outdoor Wireless Networks (OWN) segment and Distributed Antenna Systems (DAS) business unit during 2025 and 2024. Unless otherwise noted, the following discussions relate solely to our continuing operations. For further discussion of the discontinued operations related to our CCS segment, OWN segment, DAS business unit and Home business, see Note 2 in the Notes to Unaudited Condensed Consolidated Financial Statements included herein.

On April 29, 2026, we entered into a definitive agreement with Belden Inc. (Belden), a Delaware corporation, pursuant to which Belden agreed to acquire our RUCKUS segment, which provides wireless networks for enterprise and service provider customers, in exchange for approximately $1.846 billion in cash, subject to certain adjustments. The divestiture of the RUCKUS segment met the “held for sale” criteria in the second quarter of 2026 per Accounting Standard Codification (ASC) 360-10, Impairment and Disposal of Long Lived Assets, and we have determined that it represents a strategic shift that will have a major effect on the Company’s operations. As such, the results of operations directly attributable to the RUCKUS segment have been reclassified to discontinued operations per ASC 205-20, Presentation of Financial Statements—Discontinued Operations, on the Condensed Consolidated Statements of Operations, retrospectively for all periods presented beginning in the second quarter of 2026. In addition, the assets and liabilities of the RUCKUS segment have been presented separately as assets and liabilities held for sale on the Condensed Consolidated Balance Sheets for both current and prior periods beginning in the second quarter of 2026. For further discussion of the divestiture and sale of the RUCKUS segment, see Notes 2 and 9 in the Notes to Unaudited Condensed Consolidated Financial Statements included herein.

32

Our continuing operations results include general corporate costs that were previously allocated to the RUCKUS segment, CCS segment, OWN segment and DAS business unit. These indirect costs, reflected on the corporate and other line item within our segment information below, are classified as continuing operations, since the costs were not directly attributable to these discontinued operations. Beginning in the first quarter of 2025, the corporate and other costs related to the OWN segment and DAS business unit have been reallocated to our remaining segments and partially offset by income from our transition service agreement with Amphenol Corporation (Amphenol TSA). The corporate and other costs related to the CCS segment have been reallocated to our remaining segments and partially offset by income from the Amphenol TSA beginning in the first quarter of 2026. Beginning in the third quarter of 2026, the corporate and other costs related to the RUCKUS segment will be reallocated to our remaining segment and partially offset by income from the Transition Service Agreement with Belden (Belden TSA).

Additionally, below we refer to certain supplementary Core financial measures, which reflect the results of the Aurora segment and exclude general corporate costs that were previously allocated to the RUCKUS segment, CCS segment, OWN segment and DAS business unit, since these costs were not directly attributable to the discontinued operations. The Core results represent the business results as currently managed and reported by the Company. Future results and the composition of any business divested in the future may vary and differ materially from the presentation of the Core financial measures. See the “Segment Results” section below for a breakdown of Aurora’s results which represent our Core financial measures, and corporate and other costs which include the general corporate costs that were previously allocated to the divestitures.

33

CRITICAL ACCOUNTING POLICIES

There have been no changes in our critical accounting policies as disclosed in our 2025 Annual Report.

COMPARISON OF RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 WITH THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

[[GREPCENT_TABLE]]
[["","","Three Months Ended"],["","","June 30,"],["","","2026","","","2025"],["","","Amount","","","% of Net Sales","","","Amount","","","% of Net Sales","","","Change","","","% Change"],["","","(dollars in millions, except per share amounts)"],["Net sales","","$","319.6","","","","100.0","%","","$","324.1","","","","100.0","%","","$","(4.5",")","","","(1.4",")%"],["Gross profit","","","112.9","","","","35.3","","","","148.2","","","","45.7","","","","(35.3",")","","","(23.8",")"],["Operating income (loss)","","","(8.9",")","","","(2.8",")","","","7.8","","","","2.4","","","","(16.7",")","","","(214.1",")"],["Core operating income (1)","","","7.0","","","","2.2","","","","49.6","","","","15.3","","","","(42.6",")","","","(85.9",")"],["Non-GAAP adjusted EBITDA (2)","","","35.8","","","","11.2","","","","52.7","","","","16.3","","","","(16.9",")","","","(32.1",")"],["Core adjusted EBITDA (1) (2)","","","45.5","","","","14.2","","","","80.2","","","","24.7","","","","(34.7",")","","","(43.3",")"],["Income from continuing operations","","","26.1","","","","8.2","","","","5.9","","","","1.8","","","","20.2","","","","342.4"],["Diluted earnings (loss) from continuing operations per share","","$","0.06","","","","","","$","(0.05",")","","","","","$","0.11","","","NM"],["","","Six Months Ended"],["","","June 30,"],["","","2026","","","2025"],["","","Amount","","","% of Net Sales","","","Amount","","","% of Net Sales","","","Change","","","% Change"],["","","(dollars in millions, except per share amounts)"],["Net sales","","$","618.0","","","","100.0","%","","$","559.7","","","","100.0","%","","$","58.3","","","","10.4","%"],["Gross profit","","","229.1","","","","37.1","","","","249.9","","","","44.6","","","","(20.8",")","","","(8.3",")"],["Operating loss","","","(8.4",")","","","(1.4",")","","","(22.0",")","","","(3.9",")","","","13.6","","","","(61.8",")"],["Core operating income (1)","","","22.0","","","","3.6","","","","47.8","","","","8.5","","","","(25.8",")","","","(54.0",")"],["Non-GAAP adjusted EBITDA (2)","","","77.0","","","","12.5","","","","71.1","","","","12.7","","","","5.9","","","","8.3"],["Core adjusted EBITDA (1) (2)","","","95.9","","","","15.5","","","","118.4","","","","21.2","","","","(22.5",")","","","(19.0",")"],["Income from continuing operations","","","42.7","","","","6.9","","","","338.4","","","","60.5","","","","(295.7",")","","","(87.4",")"],["Diluted earnings from continuing operations per share","","$","0.12","","","","","","$","1.24","","","","","","$","(1.12",")","","","(90.3",")"]]
[[/GREPCENT_TABLE]]

(1)
Core financial measures reflect the results of the Aurora segment and exclude general corporate costs that were previously allocated to the RUCKUS segment, CCS segment, OWN segment and DAS business unit, since these costs were not directly attributable to these discontinued operations. Beginning in the first quarter of 2025, these costs related to the OWN segment and DAS business unit have been reallocated to our remaining segments and partially offset by income from the Amphenol TSA. These costs related to the CCS segment have been reallocated to our remaining segments and partially offset by income from the Amphenol TSA beginning in the first quarter of 2026. Beginning in the third quarter of 2026, these costs related to the RUCKUS will be reallocated to our remaining segment and partially offset by income from the Belden TSA.

(2)
See “Reconciliation of Non-GAAP Measures” in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, below.

34

Net sales

[[GREPCENT_TABLE]]
[["","","Three Months Ended","","","","","","","","","Six Months Ended"],["","","June 30,","","","","","","%","","","June 30,","","","","","","%"],["","","2026","","","2025","","","Change","","","Change","","","2026","","","2025","","","Change","","","Change"],["","","(dollars in millions)"],["Net sales","","$","319.6","","","$","324.1","","","$","(4.5",")","","","(1.4",")%","","$","618.0","","","$","559.7","","","$","58.3","","","","10.4","%"],["Domestic","","","258.1","","","","255.4","","","","2.7","","","","1.1","","","","500.1","","","","423.6","","","","76.5","","","","18.1"],["International","","","61.5","","","","68.7","","","","(7.2",")","","","(10.5",")","","","117.9","","","","136.1","","","","(18.2",")","","","(13.4",")"]]
[[/GREPCENT_TABLE]]

Net sales for the three months ended June 30, 2026 decreased by $4.5 million, or 1.4% compared to the prior year period, primarily driven by unfavorable product mix, lower pricing and lower sales volume. For the six months ended Jun

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1517228/000119312526072523/visn-20251231.htm
Complete FY 2025 MD&A: /company/VISN/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations is for the year ended December 31, 2025 compared with the year ended December 31, 2024. This comparison should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Risk Factors” included in Part I, Item 1A or in other parts of this Annual Report on Form 10-K. For a discussion and analysis of our financial condition and results of operations for the year ended December 31, 2024 compared to December 31, 2023, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2024 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 26, 2025.

OVERVIEW

We are a global provider of infrastructure solutions for communication, data center and entertainment networks. Our solutions for wired and wireless networks enable service providers, including cable, telephone and digital broadcast satellite operators and media programmers, to deliver media, voice, Internet Protocol (IP) data services and Wi-Fi to their subscribers and allow enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. Our solutions are complemented by services including technical support, systems design and integration. We are a leader in digital video and IP television distribution systems, broadband access infrastructure platforms and equipment that delivers data and voice networks to homes. Our global leadership position is built upon innovative technology, broad solution offerings, high-quality and cost-effective customer solutions, and global manufacturing and distribution scale.

Since 2021, we have been engaged in a transformation initiative designed to drive shareholder value through three pillars: profitable growth, operational efficiency and portfolio optimization. We continue to focus on driving operational efficiencies and other cost savings initiatives, as well as portfolio optimization, all of which enabled us to take advantage of the recovery in demand that we started to see beginning in late 2024 and continuing through 2025. We continue to analyze the impacts of the recently announced tariffs under the current U.S. administration; however, we believe we have a manageable plan in place to prepare for potential impacts. Our approach of focusing on matters in our control has driven improved results in 2025 and will remain our focus into 2026. As a result, we incurred $19.7 million, $36.7 million and $29.4 million of net restructuring costs and $29.9 million, $63.4 million and $27.1 million of transaction, transformation and integration costs during the years ended December 31, 2025, 2024 and 2023, respectively, primarily related to our transformation initiative. We expect to continue to incur such costs during 2026 as we continue executing on our transformation initiative, and the resulting charges and cash requirements could be material.

During the years ended December 31, 2023, 2024 and 2025, we executed several strategic transactions that are further described in Note 3 and Note 4 in the Notes to Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. These transactions included the acquisition of certain assets of Casa Systems, Inc. (Casa), as well as multiple divestitures, including the Home business, the Outdoor Wireless Networks (OWN) segment, the Distributed Antenna Systems (DAS) business unit, the OneCell business, and the Connectivity and Cable Solutions (CCS) segment. Several of these divestitures met the criteria for discontinued operations under Accounting Standard Codification (ASC) 205‑20, Presentation of Financial Statements—Discontinued Operations and "held for sale" classification under ASC 360-10, Impairment and Disposal of Long Lived Assets. Detailed financial information, gain or loss recognition, held for sale measurements, and the related balance sheet, statement of operations, and statement of cash flow impacts are included within those notes.

Segment Renaming

Effective April 1, 2025, following the divestiture of the DAS business unit, we renamed our Networking, Intelligent Cellular & Security Solutions (NICS) segment to RUCKUS. The name change did not impact our operating or reportable segment structure, chief operating decision maker (CODM) reporting, or historical segment results. Historical activities occurring prior to the effective date are referenced under the former NICS name.

In connection with the divestiture of the CCS segment, and effective upon the closing of that transaction on January 9, 2026, we renamed our Access Network Solutions (ANS) segment to Aurora Networks (Aurora). The name change did not alter our operating or reportable segments, the information reviewed by the CODM, or previously reported segment results. Historical activities occurring prior to the effective date are referenced under the former ANS name.

37

Operating Segment Realignments

To better align product oversight with how the business is managed:

•
Effective January 1, 2025, a product line was transferred from the RUCKUS (formerly NICS) segment to the Aurora (formerly ANS) segment.

•
Effective January 1, 2024, certain product lines were transferred from the CCS segment (which became a discontinued operation in the fourth quarter of 2025) to the Aurora (formerly ANS) segment.

All prior periods presented have been recast to reflect these organizational changes.

Unless otherwise noted, the following discussions relate solely to our continuing operations. As a result, we are reporting financial performance based on the following remaining reportable segments: RUCKUS and Aurora. For further discussion of the discontinued operations related to our CCS segment, OWN segment, DAS business unit and Home business, see Note 4 in the Notes to Consolidated Financial Statements included elsewhere in the Annual Report on Form 10-K.

Our continuing operations results include general corporate costs that were previously allocated to the CCS segment, OWN segment and DAS business unit. These indirect costs, reflected on the corporate and other line item within our segment information below, are classified as continuing operations, since the costs were not directly attributable to these discontinued operations. Beginning in the first quarter of 2025, the corporate and other costs related to the OWN segment and DAS business unit have been reallocated to our remaining segments and partially offset by income from our transition service agreement with Amphenol Corporation (Amphenol TSA). The corporate and other costs related to the CCS segment will be reallocated to our remaining segments beginning in the first quarter of 2026.

Additionally, below we refer to certain supplementary Core financial measures, which reflect the results of the RUCKUS and Aurora segments, in the aggregate, and exclude general corporate costs that were previously allocated to the CCS segment, OWN segment and DAS business unit, since these costs were not directly attributable to the discontinued operations. The Core results represent the business results as currently managed and reported by the Company. Future results and the composition of any business divested in the future may vary and differ materially from the presentation of the Core financial measures. See the “Segment Results” section below for the aggregation of our Core financial measures.

38

RESULTS OF OPERATIONS

Comparison of results of operations for the year ended December 31, 2025 with the year ended December 31, 2024

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["","","2025","","","2024"],["","","Amount","","","% of Net Sales","","","Amount","","","% of Net Sales","","","Change","","","% Change"],["","","(dollars in millions, except per share amounts)"],["Net sales","","$","1,931.6","","","","100.0","%","","$","1,382.6","","","","100.0","%","","$","549.0","","","","39.7","%"],["Gross profit","","","955.9","","","","49.5","","","","605.1","","","","43.8","","","","350.8","","","","58.0"],["Operating income (loss)","","","47.6","","","","2.5","","","","(291.7",")","","","(21.1",")","","","339.3","","","NM"],["Core operating income (loss) (1)","","","166.7","","","","8.6","","","","(125.6",")","","","(9.1",")","","","292.3","","","NM"],["Non-GAAP adjusted EBITDA (2)","","","292.0","","","","15.1","","","","24.5","","","","1.8","","","","267.5","","","","1,091.8"],["Core adjusted EBITDA (1)","","","379.4","","","","19.6","","","","137.4","","","","9.9","","","","242.0","","","","176.1"],["Income (loss) from continuing operations","","","324.3","","","","16.8","","","","(206.0",")","","","(14.9",")","","","530.3","","","NM"],["Diluted earnings (loss) from continuing operations per share","","$","1.11","","","","","","$","(1.27",")","","","","","$","2.38","","","NM"],["NM \u2013 Not meaningful"]]
[[/GREPCENT_TABLE]]

(1)
Core financial measures reflect the results of the RUCKUS and Aurora segments, in the aggregate, and exclude general corporate costs that were previously allocated to the CCS segment, OWN segment and DAS business unit, since these costs were not directly attributable to these discontinued operations. Beginning in the first quarter of 2025, these costs related to the OWN segment and DAS business unit have been reallocated to our remaining segments. These costs related to the CCS segment will be reallocated to our remaining segments beginning in the first quarter of 2026. See “Segment Results” section below for the aggregation of our Core financial measures.

(2)
See “Reconciliation of Non-GAAP Measures” in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, below.

Net sales

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,","","","","","","%"],["","","2025","","","2024","","","Change","","","Change"],["","","(dollars in millions)"],["Net sales","","$","1,931.6","","","$","1,382.6","","","$","549.0","","","","39.7","%"],["Domestic","","","1,380.7","","","","922.5","","","","458.2","","","","49.7"],["International","","","550.9","","","","460.1","","","","90.8","","","","19.7"]]
[[/GREPCENT_TABLE]]

Net sales in 2025 increased $549.0 million, or 39.7%, compared to the prior year primarily driven by increased sales volumes, partially offset by lower pricing and unfavorable product mix. The increase was driven by higher net sales in the Aurora segment of $396.9 million and the RUCKUS segment of $152.6 million. For further details by segment, see “Segment Results” below.

From a regional perspective in 2025, net sales increased in the U.S. by $458.2 million, the Europe, Middle East and Africa (EMEA) region by $64.8 million, the Asia Pacific (APAC) region by $30.0 million and Canada by $5.5 million, partially offset by a decrease in the Caribbean and Latin American (CALA) region by $9.5 million. Net sales to customers located outside of the U.S. comprised 28.5% of total net sales for 2025 compared to 33.3% for 2024. Foreign exchange rate changes did not have a material impact on our net sales during 2025. For additional information on regional sales by segment, see discussion of Segment Results below and Note 17 in the Notes to Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K.

39

Gross profit, TSA income, SG&A expense and R&D expense

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/VISN/mda/fy2025/
All MD&A years: /company/VISN/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/VISN/mda/fy2024/): filed 2025-02-26; accession 0000950170-25-027196 (https://www.sec.gov/Archives/edgar/data/1517228/000095017025027196/comm-20241231.htm)
- [FY 2023 MD&A](/company/VISN/mda/fy2023/): filed 2024-02-29; accession 0000950170-24-022519 (https://www.sec.gov/Archives/edgar/data/1517228/000095017024022519/comm-20231231.htm)
- [FY 2022 MD&A](/company/VISN/mda/fy2022/): filed 2023-02-23; accession 0000950170-23-003856 (https://www.sec.gov/Archives/edgar/data/1517228/000095017023003856/comm-20221231.htm)
- [FY 2021 MD&A](/company/VISN/mda/fy2021/): filed 2022-02-17; accession 0000950170-22-001374 (https://www.sec.gov/Archives/edgar/data/1517228/000095017022001374/comm-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3663 Radio & Tv Broadcasting & Communications Equipment) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/VISN.md · JSON record: /company/VISN.json · verified financials: /company/VISN/financials.json / /company/VISN/financials.csv · machine TOC for the whole site: /llms.txt