Technology
VIAVI Announces Third Quarter Fiscal 2026 Results
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1 day agoon
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CHANDLER, Ariz., April 29, 2026 /PRNewswire/ — VIAVI (NASDAQ: VIAV) today reported results for its fiscal third quarter ended March 28, 2026 with the following highlights.
Third Quarter
Net revenue of $406.8 million, up $122.0 million or 42.8% year-over-yearGAAP operating margin of 6.1%, up 310 bps year-over-yearNon-GAAP operating margin of 21.0%, up 430 bps year-over-yearGAAP net income of $6.4 million, down $13.1 million or 67.2% year-over-yearNon-GAAP net income of $67.6 million, up $33.7 million or 99.4% year-over-year GAAP diluted earnings per share (EPS) of $0.03, down $0.06 or 66.7% year-over-yearNon-GAAP diluted EPS of $0.27, up $0.12 or 80.0% year-over-year
“VIAVI’s financial performance for the third quarter has exceeded our expectations, driven by strong growth in the data center and aerospace and defense end markets. We expect these end markets to continue to be strong drivers for the foreseeable future,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer.
Financial Overview:
The tables below (in millions, except percentage and per share data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A full reconciliation between the GAAP and non-GAAP measures included in the tables is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”
Fiscal Third Quarter Ended March 28, 2026
GAAP Results
Q3
Q2
Q3
Change
FY 2026
FY 2026
FY 2025
Q/Q
Y/Y
Net revenue
$ 406.8
$ 369.3
$ 284.8
10.2 %
42.8 %
Gross margin
57.5 %
57.0 %
56.4 %
50 bps
110 bps
Operating margin
6.1 %
3.1 %
3.0 %
300 bps
310 bps
Income from operations
$ 24.8
$ 11.4
$ 8.5
117.5 %
191.8 %
Net income (loss) per share
0.03
(0.21)
0.09
114.3 %
(66.7) %
Non-GAAP Results
Q3
Q2
Q3
Change
FY 2026
FY 2026
FY 2025
Q/Q
Y/Y
Gross margin
62.2 %
61.8 %
60.0 %
40 bps
220 bps
Operating margin
21.0 %
19.3 %
16.7 %
170 bps
430 bps
Income from operations
$ 85.5
$ 71.4
$ 47.7
19.7 %
79.2 %
Earnings per share
0.27
0.22
0.15
22.7 %
80.0 %
Net Revenue by Segment
Q3
Q2
Q3
Change
FY 2026
FY 2026
FY 2025
Q/Q
Y/Y
Network and Service Enablement
$ 321.5
$ 291.5
$ 208.2
10.3 %
54.4 %
Optical Security and Performance Products
85.3
77.8
76.6
9.6 %
11.4 %
Total
$ 406.8
$ 369.3
$ 284.8
10.2 %
42.8 %
Americas, Asia-Pacific and EMEA customers represented 44.9%, 31.5% and 23.6%, respectively, of total net revenue for the quarter ended March 28, 2026.As of March 28, 2026, the Company held $508.0 million in total cash, short-term investments and short-term restricted cash.As of March 28, 2026, the Company had $250.0 million aggregate principal amount of 0.625% Senior Convertible Notes, $400 million aggregate principal amount of 3.75% Senior Notes and $450.0 million aggregate principal amount of Term Loan B with a total net carrying value of $1,080.8 million.During the fiscal quarter ended March 28, 2026, the Company used $26.3 million of cash in operating activities. This is primarily due to a portion of the contingent consideration payment classified as an operating outflow.
Business Outlook for the Fourth Quarter of Fiscal 2026
For the fourth quarter of fiscal 2026 ending June 27, 2026, the Company expects net revenue to be between $427 million to $437 million and non-GAAP EPS to be between $0.29 to $0.31.
With respect to our expectations above, the Company has not reconciled GAAP net income (loss) per share to non-GAAP EPS in this press release because it is unable to provide a meaningful or accurate estimate of certain reconciling items described in the “Use of Non-GAAP (Adjusted) Financial Measures” section below and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of certain items, including certain charges related to restructuring, acquisition, integration and related charges. In addition, the Company believes such reconciliations would imply a degree of precision that may be confusing or misleading to investors.
Conference Call
The Company will discuss these results and other related matters at 1:30 p.m. Pacific Time on April 29, 2026 in a live webcast, which will also be archived for replay on the Company’s website at https://investor.viavisolutions.com. The Company will post supplementary slides outlining the Company’s latest financial results on https://investor.viavisolutions.com under the “Quarterly Results” section concurrently with this earnings press release. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov.
About VIAVI Solutions
VIAVI (NASDAQ: VIAVI) is a global leader in test and measurement and optical technologies. Our test, monitoring, assurance, and resilient position, navigation and timing solutions enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. In addition, we develop and advance technologies used in high-volume optical applications across anti-counterfeiting, consumer electronics, aerospace, industrial and automotive end markets.
Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include any expectation, anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, profitability targets, cash flow and other financial metrics, as well as the impact and duration of certain trends and market position and conditions, including market stabilization and recovery. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, the Company’s ability to predict future financial performance continues to be difficult due to, among other things: (a) continuing general limited visibility across many of our product lines; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin ranges across our portfolio; (c) consolidations in our industry and customer base; (d) competitive pressures; (e) unforeseen changes or deceleration in the demand for current and new products, technologies, services, delays or unforeseen events in the roll-out of new industry platforms or evolving technology such as 3D sensing and customer purchasing delays due to macroeconomic conditions, tightening of expenditures or as they assess or transition to such new technologies and/or architectures, all of which limit near-term demand visibility, and could negatively impact potential revenue; (f) continued decline of average selling prices across our businesses; (g) notable seasonality and a significant level of in-quarter book-and-ship business; (h) various product and manufacturing transfers, site consolidations, product discontinuances and restructuring and workforce reduction plans, including the number of employees impacted by a restructuring plan, the estimated expenses the Company will recognize, the timing of these payments and expenses, and anticipated cost savings associated with such plans; (i) challenges in execution of business strategy; (j) financial projections and expectations, including profitability of certain business units, synergies, benefits and other matters related to the acquisition of the high-speed ethernet, network security and channel emulation testing business of Spirent Communications plc; (k) challenges integrating the businesses the Company has acquired and realizing all of the expected benefits and savings; (l) supply chain and materials constraints and the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; (m) potential disruptions or delays to our manufacturing and operations due to climate conditions and natural disasters in the regions where we operate, such as wildfires, drought conditions and related water shortages in Arizona, as well as wildfires in Northern California and related blackouts and power outages in that region; (n) the uncertain and ongoing impact to our supply chain of geopolitical tensions, such as the ongoing conflict between Russia and Ukraine and the instability in the Middle East, evolving global trade and tariff negotiations and the uncertain tariff landscape, sanctions and other trade measures imposed by domestic and foreign governments, adverse actions and escalating tensions with foreign governments, including China, and the possibility of escalation of “trade wars,” cyber-attacks, and retaliatory measures; (o) the impact of infectious disease outbreaks, epidemics, and pandemics on our financial results, revenues, customer demand, business operations and manufacturing and on the business operations of our customers, contract manufacturers and suppliers; and (p) inherent uncertainty related to global markets, including inflationary pressures, recessions, tightening monetary policy and liquidity, and the effect of such markets on demand for our products. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For more information on the risks and uncertainties associated with the Company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements contained in this press release are made as of the date thereof and the Company assumes no obligation to update such statements. We have not filed our Form 10-Q for the quarter ended March 28, 2026. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file the Form 10-Q.
Contact Information
Investors:
Vibhuti Nayar
408-404-6305
vibhuti.nayar@viavisolutions.com
Press:
Amit Malhotra
202-341-8624
amit.malhotra@viavisolutions.com
The following financial tables are presented in accordance with GAAP, unless otherwise specified.
-SELECTED PRELIMINARY FINANCIAL DATA –
VIAVI SOLUTIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
PRELIMINARY
Three Months Ended
Nine Months Ended
March 28, 2026
March 29, 2025
March 28, 2026
March 29, 2025
Net revenue
$ 406.8
$ 284.8
$ 1,075.2
$ 793.8
Cost of revenues
159.7
118.0
429.1
323.5
Amortization of acquired technologies
13.0
6.1
32.4
12.7
Gross profit
234.1
160.7
613.7
457.6
Operating expenses:
Research and development
71.0
50.0
192.9
151.5
Selling, general and administrative
113.6
101.3
344.9
259.7
Amortization of other intangibles
7.4
1.2
15.2
3.3
Restructuring and related charges (benefits)
17.3
(0.3)
16.9
0.9
Total operating expenses
209.3
152.2
569.9
415.4
Income from operations
24.8
8.5
43.8
42.2
Interest and other income (expense), net
3.3
2.2
(34.0)
9.3
Interest expense
(14.3)
(7.5)
(37.0)
(22.5)
Income (loss) before income taxes and equity investment earnings
13.8
3.2
(27.2)
29.0
Provision for (benefit from) income taxes
7.4
(16.3)
36.1
2.2
Equity investment earnings
—
—
0.2
—
Net income (loss)
$ 6.4
$ 19.5
$ (63.1)
$ 26.8
Net income (loss) per share:
Basic
$ 0.03
$ 0.09
$ (0.28)
$ 0.12
Diluted
$ 0.03
$ 0.09
$ (0.28)
$ 0.12
Shares used in per share calculations:
Basic
232.0
222.6
226.2
222.2
Diluted
249.5
226.9
226.2
225.2
The preliminary financial statements are estimated based on our current information.
VIAVI SOLUTIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)
PRELIMINARY
March 28, 2026
June 28, 2025
ASSETS
Current assets:
Cash and cash equivalents
$ 499.0
$ 423.6
Short-term investments
1.8
1.7
Restricted cash
7.2
3.7
Accounts receivable, net
320.3
261.0
Inventories, net
147.9
117.9
Prepayments and other current assets
77.5
77.3
Total current assets
1,053.7
885.2
Property, plant and equipment, net
222.5
231.9
Goodwill, net
701.8
595.7
Intangibles, net
398.0
131.6
Deferred income taxes
79.7
87.2
Other non-current assets
72.1
62.2
Total assets
$ 2,527.8
$ 1,993.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 81.7
$ 68.8
Accrued payroll and related expenses
72.8
63.6
Deferred revenue
85.2
74.1
Accrued expenses
27.8
28.7
Short-term debt
244.5
246.2
Other current liabilities
140.5
108.3
Total current liabilities
652.5
589.7
Long-term debt
836.3
396.3
Other non-current liabilities
192.5
227.6
Total liabilities
1,681.3
1,213.6
Total stockholders’ equity
846.5
780.2
Total liabilities and stockholders’ equity
$ 2,527.8
$ 1,993.8
The preliminary financial statements are estimated based on our current information.
VIAVI SOLUTIONS INC.
REPORTABLE SEGMENT INFORMATION
(in millions, unaudited)
PRELIMINARY
Three Months Ended March 28, 2026
Network and
Service
Enablement
Optical Security
and Performance
Products
Other Items (1)
Consolidated
GAAP Measures
Net revenue
$ 321.5
$ 85.3
$ —
$ 406.8
Gross profit
$ 210.0
$ 42.9
$ (18.8)
$ 234.1
Gross margin
65.3 %
50.3 %
57.5 %
Operating income
$ 55.4
$ 30.1
$ (60.7)
$ 24.8
Operating margin
17.2 %
35.3 %
6.1 %
Three Months Ended March 29, 2025
Network and
Service
Enablement
Optical Security
and Performance
Products
Other Items (1)
Consolidated
GAAP Measures
Net revenue
$ 208.2
$ 76.6
$ —
$ 284.8
Gross profit
$ 131.3
$ 39.5
$ (10.1)
$ 160.7
Gross margin
63.1 %
51.6 %
56.4 %
Operating income
$ 21.7
$ 26.0
$ (39.2)
$ 8.5
Operating margin
10.4 %
33.9 %
3.0 %
Nine Months Ended March 28, 2026
Network and
Service
Enablement
Optical Security
and Performance
Products
Other Items (1)
Consolidated
GAAP Measures
Net revenue
$ 829.0
$ 246.2
$ —
$ 1,075.2
Gross profit
$ 534.7
$ 125.9
$ (46.9)
$ 613.7
Gross margin
64.5 %
51.1 %
57.1 %
Operating income
$ 117.1
$ 86.9
$ (160.2)
$ 43.8
Operating margin
14.1 %
35.3 %
4.1 %
Nine Months Ended March 29, 2025
Network and
Service
Enablement
Optical Security
and Performance
Products
Other Items (1)
Consolidated
GAAP Measures
Net revenue
$ 567.5
$ 226.3
$ —
$ 793.8
Gross profit
$ 357.9
$ 119.0
$ (19.3)
$ 457.6
Gross margin
63.1 %
52.6 %
57.6 %
Operating income
$ 31.8
$ 80.2
$ (69.8)
$ 42.2
Operating margin
5.6 %
35.4 %
5.3 %
(1) See Reconciliation of GAAP Measures from Continuing Operations to Non-GAAP Measures below for details of Other Items.
The preliminary financial schedules are estimated based on our current information.
Use of Non-GAAP (Adjusted) Financial Measures
The Company provides non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP EPS financial measures as supplemental information regarding the Company’s operational performance and believes providing this additional information allows investors to see Company results through the eyes of management, to evaluate more clearly and consistently the Company’s core operational performance and expenses and evaluate the efficacy of the methodology used by management to measure such performance. The Company uses the measures disclosed in this release to evaluate the Company’s historical and prospective financial performance, as well as its performance relative to its competitors. Specifically, management uses these items to further its own understanding of the Company’s core operating performance, which the Company believes represents its performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from core operating performance items such as those relating to certain purchase price accounting adjustments, amortization of acquisition related intangibles, amortization expense related to acquisition related inventory step-up, stock-based compensation, legal settlements, restructuring, changes in fair value of contingent consideration liabilities, certain investing and acquisition related expenses and other activities and income tax expenses or benefits that management believes are not reflective of such ordinary, ongoing and core operating activities. The non-GAAP adjustments are outlined below.
Cost of revenues, costs of research and development and costs of selling, general and administrative: The Company’s GAAP presentation of gross margin and operating expenses may include (i) additional depreciation and amortization from changes in estimated useful life and the write-down of certain property, plant and equipment and intangibles, (ii) charges such as severance, benefits and outplacement costs related to restructuring plans with a specific and defined term, (iii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iv) stock-based compensation, (v) amortization expense related to acquired intangibles, (vi) amortization expense related to acquisition related inventory step-up, (vii) changes in fair value of contingent consideration liabilities, (viii) acquisition related transaction and integration costs related to acquired entities, (ix) significant legal settlements and other contingencies and (x) other charges unrelated to our core operating performance comprised mainly of other costs and contingencies unrelated to current and future operations, including transformational initiatives such as the implementation of simplified automated processes, site consolidations, and reorganizations. The Company excludes these items in calculating non-GAAP operating margin, non-GAAP net income and non-GAAP EPS.
Non-cash interest expense and other expense: The Company excludes certain expenses, including loss on debt extinguishment, accretion of debt discount, and other non-cash activities that management believes are not reflective of such ordinary, ongoing and core operating activities, when calculating non-GAAP net income and non-GAAP EPS.
Income tax expense or benefit: The Company excludes certain non-cash tax expense or benefit items, such as (i) the utilization of net operating losses (NOLs) where valuation allowances were released, (ii) intra-period tax allocation benefit and (iii) the tax effect for amortization of non-tax deductible intangible assets, in calculating non-GAAP net income and non-GAAP EPS.
Non-GAAP financial measures are not in accordance with, preferable to, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP operating income is operating income. The GAAP measure most directly comparable to non-GAAP operating margin is operating margin. The GAAP measure most directly comparable to non-GAAP net income is net income. The GAAP measure most directly comparable to non-GAAP EPS is earnings per share.
VIAVI SOLUTIONS INC.
RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS
TO NON-GAAP MEASURES
(in millions, except per share data)
(unaudited)
PRELIMINARY
The following tables reconcile GAAP measures to non-GAAP measures:
Three Months Ended
Nine Months Ended
March 28, 2026
March 29, 2025
March 28, 2026
March 29, 2025
Gross
Profit
Gross
Margin
Gross
Profit
Gross
Margin
Gross
Profit
Gross
Margin
Gross
Profit
Gross
Margin
GAAP measures
$ 234.1
57.5 %
$ 160.7
56.4 %
$ 613.7
57.1 %
$ 457.6
57.6 %
Stock-based compensation
1.1
0.3 %
2.0
0.7 %
3.2
0.3 %
4.5
0.6 %
Other charges unrelated to core operating performance (1)
3.8
1.0 %
0.3
0.1 %
5.2
0.5 %
0.4
0.1 %
Amortization of acquisition related inventory step-up
0.9
0.2 %
1.7
0.6 %
6.1
0.5 %
1.7
0.2 %
Amortization of intangibles
13.0
3.2 %
6.1
2.2 %
32.4
3.0 %
12.7
1.6 %
Total related to Cost of Revenues
18.8
4.7 %
10.1
3.6 %
46.9
4.3 %
19.3
2.5 %
Non-GAAP measures
$ 252.9
62.2 %
$ 170.8
60.0 %
$ 660.6
61.4 %
$ 476.9
60.1 %
Three Months Ended
Nine Months Ended
March 28, 2026
March 29, 2025
March 28, 2026
March 29, 2025
Operating
Income
Operating
Margin
Operating
Income
Operating
Margin
Operating
Income
Operating
Margin
Operating
Income
Operating
Margin
GAAP measures
$ 24.8
6.1 %
$ 8.5
3.0 %
$ 43.8
4.1 %
$ 42.2
5.3 %
Stock-based compensation
13.9
3.4 %
14.1
4.9 %
41.2
3.8 %
40.5
5.1 %
Change in fair value of contingent liability
2.6
0.6 %
2.5
0.9 %
24.3
2.3 %
(4.9)
(0.6) %
Acquisition and integration related charges
0.7
0.2 %
13.3
4.7 %
12.4
1.1 %
16.7
2.1 %
Other charges unrelated to core operating performance (2)
4.9
1.2 %
0.6
0.2 %
11.7
1.1 %
0.2
— %
Amortization of acquisition related inventory step-up
0.9
0.2 %
1.7
0.6 %
6.1
0.6 %
1.7
0.2 %
Amortization of intangibles
20.4
5.0 %
7.3
2.5 %
47.6
4.4 %
16.0
2.0 %
Restructuring and related charges (benefits)
17.3
4.3 %
(0.3)
(0.1) %
16.9
1.6 %
0.9
0.1 %
Litigation settlement
—
— %
—
— %
—
— %
(1.3)
(0.1) %
Total related to Cost of Revenues and Operating Expenses
60.7
14.9 %
39.2
13.7 %
160.2
14.9 %
69.8
8.8 %
Non-GAAP measures
$ 85.5
21.0 %
$ 47.7
16.7 %
$ 204.0
19.0 %
$ 112.0
14.1 %
Three Months Ended
Nine Months Ended
March 28, 2026
March 29, 2025
March 28, 2026
March 29, 2025
Net Income
Diluted
EPS
Net Income
Diluted
EPS
Net (Loss)
Income
Diluted
EPS
Net
Income
Diluted
EPS
GAAP measures
$ 6.4
$ 0.03
$ 19.5
$ 0.09
$ (63.1)
$ (0.28)
$ 26.8
$ 0.12
Items reconciling GAAP Net Income (Loss) and EPS to Non-GAAP Net Income and EPS:
Stock-based compensation
13.9
0.06
14.1
0.06
41.2
0.17
40.5
0.18
Change in fair value of contingent liability
2.6
0.01
2.5
0.01
24.3
0.11
(4.9)
(0.02)
Acquisition and integration related charges
0.7
—
13.3
0.06
12.4
0.05
16.7
0.08
Other charges unrelated to core operating performance (2)
4.9
0.02
0.6
—
11.7
0.05
0.2
—
Amortization of acquisition related inventory step-up
0.9
—
1.7
0.01
6.1
0.03
1.7
0.01
Amortization of intangibles
20.4
0.08
7.3
0.03
47.6
0.20
16.0
0.07
Restructuring and related charges (benefits)
17.3
0.07
(0.3)
—
16.9
0.07
0.9
—
Litigation settlement
—
—
—
—
—
—
(1.3)
(0.01)
Non-cash interest expense and other expense (3)
2.4
0.01
1.3
0.01
46.6
0.20
3.5
0.02
(Benefits from) provision for income taxes
(1.9)
(0.01)
(26.1)
(0.12)
8.5
0.04
(24.4)
(0.11)
Total related to Net Income and EPS
61.2
0.24
14.4
0.06
215.3
0.92
48.9
0.22
Non-GAAP measures
$ 67.6
$ 0.27
$ 33.9
$ 0.15
$ 152.2
$ 0.64
$ 75.7
$ 0.34
Shares used in per share calculation for Non-GAAP EPS
249.5
226.9
236.9
225.2
Note: Certain totals may not add due to rounding.
(1) Included in the three months ended March 28, 2026 are charges of $3.6 million charges related to the write off of property, plant and equipment and other charges unrelated to core operating performance.
(2) Included in the three months ended March 28, 2026 are charges of $3.9 million related to the write off of property, plant and equipment, $0.3 million of accelerated depreciation and other charges unrelated to core operating performance. In addition, included in the nine months ended March 28, 2026 are $3.5 million of losses on disposal of long-lived assets, $2.1 million charge for restoration services for a VIAVI facility impacted by a fire and other charges unrelated to core operating performance. Included in the nine months ended March 29, 2025 is a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance.
(3) The Company incurred losses of $3.7 million and $46.2 million for the three and nine months ended March 28, 2026, respectively, in connection with the extinguishment of certain 1.625% Senior Convertible Notes and prepayments of the Term Loan B.
The preliminary financial schedules are estimated based on our current information.
VIAVI SOLUTIONS INC.
RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS
TO ADJUSTED EBITDA
(in millions, unaudited)
PRELIMINARY
Three Months Ended
Nine Months Ended
March 28, 2026
March 29, 2025
March 28, 2026
March 29, 2025
GAAP Net income (loss)
$ 6.4
$ 19.5
$ (63.1)
$ 26.8
Interest and other (income) expense, net (1)
(3.3)
(2.2)
34.0
(9.3)
Interest expense
14.3
7.5
37.0
22.5
Provision for (benefit from) income taxes
7.4
(16.3)
36.1
2.2
Equity investment earnings
—
—
(0.2)
—
Depreciation
10.3
9.3
30.1
28.8
Amortization
20.4
7.3
47.6
16.0
EBITDA
55.5
25.1
121.5
87.0
Restructuring and related charges (benefits)
17.3
(0.3)
16.9
0.9
Stock-based compensation
13.9
14.1
41.2
40.5
Change in fair value of contingent liability
2.6
2.5
24.3
(4.9)
Acquisition and integration related charges
0.7
13.3
12.4
16.7
Other charges (benefits) unrelated to core operating performance (2)
4.6
0.6
11.3
(1.3)
Amortization of acquisition related inventory step-up
0.9
1.7
6.1
1.7
Adjusted EBITDA
$ 95.5
$ 57.0
$ 233.7
$ 140.6
Note: Certain totals may not add due to rounding.
(1) The Company incurred losses of $3.7 million and $46.2 million for the three and nine months ended March 28, 2026, respectively, in connection with the extinguishment of certain 1.625% Senior Convertible Notes and prepayments of the Term Loan B.
(2) Included in the three months ended March 28, 2026 are charges of $3.9 million related to the write off of property, plant and equipment and other charges unrelated to core operating performance. In addition, included in the nine months ended March 28, 2026 are $3.5 million of losses on disposal of long-lived assets, $2.1 million charge for restoration services for a VIAVI facility impacted by a fire and other charges unrelated to core operating performance. Included in the nine months ended March 29, 2025 is a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance.
The preliminary financial schedules are estimated based on our current information.
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SOURCE VIAVI Financials
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Technology
Sabio Holdings Inc. Announces Fiscal 2025 Results, Achieves Continued Growth and Advances Strategic Revenue Diversification
Published
14 minutes agoon
April 30, 2026By
Achieved full-year IFRS revenue of $38.2 million and consolidated gross revenues1 of $41.3 million in FY2025, with continued growth in core ad-supported streaming businessFull-year gross margin of 60% in FY2025Scaled programmatic and international channels to 48% of Q4 2025 gross revenue1 mixEntering 2026 with strong momentum ahead of U.S. mid-term election cycle expected to drive increased demand and margin expansionConference call to be hosted on May 01, 2026 at 10:00 a.m. ET / 7 a.m. PT
TORONTO, April 30, 2026 /PRNewswire/ — Sabio Holdings Inc. (TSXV: SBIO) (OTCQB: SABOF) (the “Company” or “Sabio”), a Los Angeles-based ad-tech company helping global brands reach, engage and validate (R.E.V.) streaming TV audiences, today announced its audited consolidated financial results for the fiscal fourth quarter and year ended December 31, 2025. Unless otherwise indicated, all amounts are expressed in U.S. dollars.
“Despite economic uncertainties, including tariff-related impacts on two of our larger verticals, automotive and telecommunications, Sabio delivered double-digit top-line growth in its core business, supported by ongoing investment in product innovation and geographic expansion,” said Aziz Rahimtoola, Sabio Holdings’ CEO. “2025 was a year of strategic execution and transformation for Sabio. We scaled programmatic, expanded internationally, and built out Creator TV, further diversifying our revenue base. These initiatives are now contributing meaningfully to our results and positioning us for more predictable, scalable growth, underscoring the resilience of our platform and customer base even amid category-specific softness.”
“As we enter 2026, we are doing so with strong momentum across our business and ahead of a major U.S. mid-term election cycle. Historically, these cycles drive significant demand for streaming TV and mobile video advertising, and we believe Sabio is better positioned than ever to capture that opportunity.”
Fiscal 2025 Financial Highlights
Full-year consolidated gross revenue1 of $41.3 million (vs. $49.6 million in FY2024) and up 15% from $36.0 million in the last non-election year (2023). Core-business gross revenue2 grew 10% year over year, normalized for political and advocacy.Core ad-supported streaming gross revenue2 grew 18% year over year (normalized for political and advocacy). Total ad-supported streaming gross revenue2 declined to $30.2 million from $38.6 million, reflecting the expected post-election pullback in political and advocacy spending.Sabio’s newest international and programmatic offerings accelerated through 2025, with international sales3 rising from $0.2 million in Q1 to $2.6 million in Q4, and programmatic sales from $0.2 million to $2.7 million.Full year gross margin of 60%.Full-year Adjusted EBITDA4 loss of $7.1 million (vs. $3.8 million gain in FY2024), driven by lower political and advocacy spend in a non-election year, continued investment in growth initiatives (international, programmatic and Creator TV), and higher cloud infrastructure costs to support scaling programmatic and international volumes.
Fourth Quarter 2025 Financial Highlights
Consolidated gross revenue1 of $11.2 million in Q4 2025 (vs. $18.3 million in Q4 2024), reflecting the expected post-election decline in political and advocacy spend, with some softness in select verticals tied to tariff uncertainty. Despite these headwinds, core-business gross revenue2 grew 10% year over year, normalized for political and advocacy.Core ad-supported streaming gross revenue2 grew 29% year over year (normalized for political and advocacy). Total ad-supported streaming gross revenue2 declined to $8.4 million from $14.5 million, reflecting elevated spend in the prior year tied to the 2024 U.S. general election.Programmatic and international channels represented 48% of Q4 2025 revenue mix.Gross margin remained strong (57%), supported by Sabio’s end-to-end technology stack amid an evolving revenue mix.Adjusted EBITDA4 loss of $2.1 million (vs. $2.8 million gain in Q4 2024), reflecting lower political and advocacy spend in a non-election year and temporary softness in select advertiser categories tied to tariff uncertainty.
Subsequent Highlights
On April 29, 2026, the Company completed a tranche of a non-brokered private placement of 12% subordinated, secured convertible debentures for gross proceeds of CAD $900,000. The debentures have a 12-month term, bear 12% simple interest (calculated daily, paid semi-annually in arrears and at conversion or maturity), and are convertible at the holder’s option at C$0.30 per share. The debentures are secured by a general security agreement over all present and after-acquired personal property. At maturity, any unconverted principal is repayable at 107% plus accrued interest. The Company may complete additional tranches.
Business Highlights
Strategic Diversification Driving Scalable Growth
Programmatic and international channels scaled significantly throughout 2025, reaching 48% of Q4 2025 revenue mixBoth channels contributed meaningfully to full-year revenue growth, reflecting successful execution of diversification strategy
Core Branded Business
Core ad-supported streaming revenue2 grew 29% year-over-year (normalized)Growth was achieved despite softness in the automotive category in the second half of 2025, reflecting broader industry headwindsApproximately 80% reoccurring revenue5 base, supporting revenue stability Strong client retention with increased spend from existing customers
Expanding and Diversifying Customer Base
New customer logos increased 153% year-over-yearGrowth across telecommunications, financial services, entertainment, and technology verticalsIncreasing engagement with Fortune 500 advertisers
Creator TV Growth and Monetization
Expanded Creator TV distribution across major streaming platformsGrowth in original content and live programmingStrengthening of Sabio’s owned-and-operated media ecosystem
App Science® Platform and Data Leadership
Reaches approximately 80 million U.S. households, representing ~70% of the estimated 115 million U.S. streaming households, according to eMarketer6AI-powered targeting, analytics, and performance measurement capabilitiesIncreasing adoption across campaigns and insights offerings
Operational and Financial Position
Continued investments in programmatic, Creator TV, and international expansionBalance sheet strengthened through financing and debt restructuring initiatives Positioned to benefit from increasing operating leverage as scalable channels grow
Business Outlook
Sabio enters fiscal 2026 with strong momentum following the successful diversification of its revenue base in 2025.
The Company’s scaled programmatic and international offerings, combined with its expanding Creator TV ecosystem, are expected to contribute more meaningfully to results in 2026. As these channels grow, Sabio expects to benefit from increased operating leverage through its technology platform, enabling more efficient revenue growth with limited incremental headcount.
Sabio’s strengthened customer base and high level of reoccurring revenue also provide increased visibility and predictability entering the year.
Early 2026 Trends
Based on current internal data and sales pipeline trends, early activity in the first quarter of 2026 indicates continued strong momentum, with programmatic and international revenues3 growing at over 20x year-over-year levels.
________________________
1
Gross revenue is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure.
2
Core-business gross revenue, core ad-supported streaming gross revenue and total ad-supported streaming gross revenue are supplementary financial measures; see “Use of Non‑IFRS Measures” for definitions.
3
International sales is a supplementary financial measure; see “Use of Non‑IFRS Measures” for its definition.
4
Adjusted EBITDA is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure.
5
Reoccurring revenue is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure
6
eMarketer “CTV households will be more than double traditional pay TV ones by next year“
Positioned for U.S. Mid-Term Election Cycle
Sabio is entering the 2026 U.S. mid-term election cycle, which historically drives significant demand across streaming TV and mobile video advertising.
The Company expects:
Increased political and advocacy advertising spendImproved cash flow visibility due to prepaid campaign spendingPotential margin expansion driven by premium demand for targeted advertising
With a more diversified revenue base, expanded product capabilities, and scaled global footprint, Sabio expects strong performance throughout 2026, with momentum building through the election cycle and continuing into the remainder of the year.
Conference Call Details
Date: May 01, 2026Time: 10:00 a.m. ET / 7:00 a.m. PTWebcast Registration Link: https://us02web.zoom.us/webinar/register/WN_jj3qt1ZbSMKAHOTuS5_sZg
Selected Financials
(All figures in US$ unless otherwise noted)
For the three months ended
For the twelve months ended
December
31, 2025
December
31, 2024
December
31, 2025
December
31, 2024
$
$
$
$
Revenue
9,778,763
18,301,162
38,231,397
49,602,885
Gross profit
5,563,171
11,286,755
22,753,955
30,627,389
Gross margin
57 %
62 %
60 %
62 %
Adjusted EBITDA(*)
(2,100,718)
2,843,977
(7,147,846)
3,832,162
Net increase in cash and cash
equivalents during the period
(633,639)
428,553
(1,957,308)
688,327
Cash and cash equivalents – end of
the period
1,343,131
3,300,439
1,343,131
3,300,439
For the three months ended
For the twelve months ended
December
31, 2025
December
31, 2024
December
31, 2025
December
31, 2024
$
$
$
$
Income (loss) for the period
(2,817,019)
1,194,528
(9,834,993)
(110,875)
Finance costs
444,032
329,055
1,395,878
1,292,344
Interest earned
(9,199)
(9,957)
(39,177)
(41,568)
Amortization of intangible Assets
39,224
45,053
172,346
193,668
Stock-based compensation
52,571
53,129
281,791
216,037
Employee retention tax credit
received
(225,918)
–
(809,063)
–
Impairment loss on ROU asset
–
–
20,275
–
Gain on early lease termination
–
–
(7,317)
–
Loss on loan forgiveness
–
935,567
–
935,567
Amortization of lease
185,061
148,627
694,617
689,255
Income taxes
35,985
8,600
80,504
41,606
Foreign exchange differences
22,618
7,379
45,587
20,151
State and local taxes
123,343
1,457
171,874
42,340
Severance expenses
48,584
128,539
679,832
553,637
Adjusted EBITDA(*)
(2,100,718)
2,843,977
(7,147,846)
3,832,162
For the three months ended
For the twelve months ended
December
31, 2025
December
31, 2024
December
31, 2025
December
31, 2024
$
$
$
$
Net revenue
9,778,763
18,301,162
38,231,397
49,602,885
Add: platform costs
1,431,691
–
3,070,269
–
Gross revenue*
11,210,454
18,301,162
41,301,666
49,602,885
*See “Use of Non-IFRS Measures” below.
The financial disclosures in this news release are subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release. The foregoing outlook and expectations constitute forward-looking statements and financial outlook and are qualified in their entirety by the “Forward-Looking Statements” cautionary statement below. Readers are cautioned that this release if for information purposes only and may not be appropriate for other purposes.
* Use of Non-IFRS Measures
This press release makes reference to certain non-IFRS (International Financial Reporting Standards) measures including, but not limited to, Adjusted EBITDA and Gross Revenue. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies and should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. Rather, these non-IFRS measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management’s perspective.
Management uses adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) as a key financial metric to evaluate Sabio’s operating performance as a complement to results provided in accordance with IFRS. The term “Adjusted EBITDA”, as defined by management, refers to net income (loss) before adjusting earnings for finance costs, income taxes, stock-based compensation, amortization, non-recurring items, and severance costs. Management believes that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of Sabio. Management believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by Sabio’s main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, restructuring costs, other expense (income), and foreign exchange (gain) loss. Accordingly, management believes that this measure may also be useful to investors in enhancing their understanding of Sabio’s operating performance. It is a key measure used by Sabio’s management and board of directors to understand and evaluate Sabio’s operating performance, to prepare annual budgets, and to help develop operating plans.
The term “Gross Revenue”, as defined by management, represents revenue adjusted by adding back third-party platform costs that are deducted under IFRS presentation. This measure is intended to provide additional insight into the scale of Sabio’s advertising operations, particularly in its programmatic advertising business. Management believes that Gross Revenue is useful supplemental information as it provides an indication of the overall transaction volume processed by Sabio’s platform, which management uses to evaluate operational scale and market penetration. Accordingly, management believes that this measure may also be useful to investors in understanding the size and growth of Sabio’s advertising operations. It is a key measure used by Sabio’s management and board of directors to assess platform activity, monitor business trends, and support strategic planning.
Refer to reconciliation to Adjusted EBITDA and Gross Revenue under the “Selected Financials” section of this release and in the Company’s MD&A for the three and twelve months ended December 31, 2025 and December 31, 2024, copies of which can be found under Sabio Holdings Inc.’s profile on SEDAR Plus at sedarplus.ca.
Reoccurring revenue is a supplementary financial measure. This measure refers to the percentage of quarterly revenue generated from customers who have previously transacted with Sabio (defined as those with the same brand logo). It is derived from internal tracking systems and is used to assess customer retention and revenue predictability. This metric is not audited.
Ad-supported streaming sales and Mobile advertising revenue are supplementary financial measures that represent the proportion of the Company’s consolidated revenue as reported in its financial statements contributed by the Company’s ad-supported and mobile display product offerings, as is also presented in the Company’s MD&A for the three and twelve months ended December 31, 2025 and December 31, 2024, copies of which can be found under Sabio’s profile on SEDAR+ at sedarplus.ca.
Core ad-supported streaming revenue is a supplementary financial measure that represents revenue generated from Sabio’s core streaming TV and mobile video advertising services, excluding revenue from political and advocacy advertising campaigns.
Programmatic revenue is a supplementary financial measure represents revenue earned from advertising transactions executed through programmatic platforms, including Sabio’s and/or third parties.
International revenue is a supplementary financial measure which represents revenue generated from customers located outside the United States.
About Sabio
Sabio Holdings (TSXV: SBIO, OTCQB: SABOF) is a technology and services leader in the fast-growing ad-supported streaming space. Its cloud-based, end-to-end technology stack works with top blue-chip, global brands and the agencies that represent them to reach, engage, and validate (R.E.V.) streaming audiences.
Sabio consists of a proprietary ad-serving technology platform that partners with the top ad-supported streaming platforms and apps in the world, App Science™, a non-cookie-based software as a service (SAAS) analytics and insights platform with AI natural language capabilities, and Creator Television®(Creator TV), the first creator-led streaming network and content studio dedicated to bringing the authenticity and energy of social media storytelling to TV. For more information, visit: sabioctv.com
Forward-Looking Statements
This press release may contain certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, which is often, but not always, identified by the use of words such as “believes,” “anticipates,” “plans,” “intends,” “will,” “should,” “expects,” “continue,” “estimate,” “forecasts,” or the negative thereof and other similar expressions. All statements herein other than statements of historical fact constitute forward-looking information, including but not limited to, statements relating to Sabio’s outlook for fiscal 2026; expectations regarding growth in programmatic, international and Creator TV revenues; anticipated operating leverage, margin expansion and cash flow visibility; expected increased demand for streaming TV and mobile video advertising during the 2026 U.S. mid‑term election cycle; the timing, magnitude and revenue mix of political and advocacy advertising spend; expectations regarding scalability of the Company’s technology platform; anticipated benefits from revenue diversification initiatives; early‑stage indications of year‑over‑year growth rates in programmatic and international channels; and the Company’s ability to maintain customer retention and reoccurring revenue levels. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company undertakes no obligation to comment on analyses, expectations, or statements made by third parties in respect of the Company, its securities, or financial or operating results (as applicable). Material assumptions used to develop the forward-looking information in this press release include, but are not limited to: continued advertiser demand for connected TV and mobile video advertising; historical spending patterns associated with U.S. election cycles; successful execution and adoption of Sabio’s programmatic, international and Creator TV offerings; stable pricing and availability of streaming inventory; continued access to data, measurement and distribution partners. Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors, and assumptions concerning future events that may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including fluctuations or delays in political and advocacy advertising spend; changes in advertiser budgeting or campaign timing; continued or worsening macroeconomic conditions, including tariff‑related impacts affecting key advertiser verticals; increased competition in the ad‑tech and streaming advertising markets; changes in consumer viewing behavior; pricing pressure or shifts in advertising mix; reliance on third‑party platforms, data providers and cloud infrastructure and other risk factors disclosed in the Company’s annual information form and management’s discussion and analysis (MD&A), which are publicly available on SEDAR Plus at www.sedarplus.ca . The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Sajid Premji, Chief Financial Officer, investor@sabio.inc, Phone: 1.844.974.2662; Sam Wang, Investor Relations, investor@sabio.inc
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SOURCE Sabio Inc.
Technology
TMO Labs Integrates with Sei Network to Bring Blockchain into Everyday Payments in Korea
Published
15 minutes agoon
April 30, 2026By
NEW YORK, April 30, 2026 /PRNewswire/ — The Sei Development Foundation announced today that TMO Labs, a Web3 fintech company, will integrate with Sei Network, a high-performance Layer-1 blockchain, with the integration aimed at bringing blockchain technology into Korea’s everyday payments and financial infrastructure.
As part of the integration, TMO Labs will use Sei as the core blockchain behind TMO Wallet, with a focus on expanding real-world use cases across consumer payments, rewards, and digital finance in Korea.
Sei was chosen for its ability to handle real-time payment environments. With sub-second finality and high throughput, it supports large-scale activity and high-frequency transactions without sacrificing the speed and reliability users expect from modern payment systems.
TMO Labs is a Korean payment infrastructure company with deep experience in transit payments, mobile payments, loyalty systems, and consumer financial services. Built on this foundation, TMO Labs develops platforms that connect digital assets with real-world utility.
Its flagship product, TMO Wallet, is already connected to DaemDaem, a widely used transportation top-up and lifestyle rewards app in Korea, and has access to a large existing user base. TMO Wallet is also designed to connect with major domestic payment and loyalty ecosystems, including Naver Pay, Payco, Happy Point, L.POINT, and transportation-linked payment rails such as TMONEY and EZL.
Even accounting for overlapping users, these platforms represent tens of millions of consumer touchpoints across Korea’s payment and rewards landscape.
Sei will serve as the blockchain layer powering TMO Wallet‘s next phase of real-world financial utility. Users will be able to hold Sei-based digital assets, including stablecoins, within the wallet and link those assets to TMO Labs’ point and payment infrastructure for use in everyday transactions.
This will enable a more unified wallet experience where users can manage digital assets, rewards points, and payment balances in one place, and apply them across real-life use cases such as retail purchases, online commerce, and transportation top-ups.
More broadly, the integration is part of an effort to better connect blockchain infrastructure with the real economy—linking onchain assets to the payment and rewards systems people in Korea already use every day.
TMO Labs’ integration with Sei will span several key areas, including:
blockchain-based payment and rewards infrastructure;integration with Korean payment and loyalty services;expansion into transportation, mobility, and lifestyle use cases; anddevelopment of consumer-facing Web3 financial services grounded in real-world utility.
Jin Kim, Founder of TMO Labs said, “This partnership marks an important step toward making blockchain technology a natural part of everyday financial activity and consumer spending in Korea. By combining TMO Labs’ payment infrastructure with Sei’s high-performance blockchain, we aim to deliver a practical digital finance experience centered on real usage.”
Justin Barlow, Executive Director of Sei Development Foundation added, “TMO Labs is closely connected to Korea’s payment, transit, and rewards infrastructure. Through this integration, TMO Labs is well positioned to deliver one of the most meaningful examples of blockchain being applied in real consumer environments.”
About TMO Labs
TMO Labs is a Korean payment infrastructure company. It develops services that connect digital assets with real-world financial use cases. Its flagship product, TMO Wallet, is an all-in-one digital wallet that enables users to manage blockchain assets, reward points, and prepaid balances in a single platform and apply them across transportation, shopping, and everyday consumer activities.
To learn more about TMO Labs, visit www.tmolabs.io.
About Sei Development Foundation
Sei Development Foundation is an independent US non-profit dedicated to the advancement and adoption of open source, permissionless protocols like Sei – the fastest EVM Layer 1 blockchain built to support world-scale decentralized applications. Through education, funding, and ecosystem support, the Sei Development Foundation collaborates with a global community of builders and users to promote and expand the benefits of Sei and related projects.
To learn more about Sei Development Foundation, visit www.seifdn.org.
About Sei Network
Sei is a blockchain designed for fast, cheap financial transactions, combining the network effects of Ethereum with the performance of Solana. Sei has processed more than five billion transactions across more than 95 million wallets and has become the #1 EVM chain by number of active users.
Learn more at www.sei.io.
View original content:https://www.prnewswire.com/news-releases/tmo-labs-integrates-with-sei-network-to-bring-blockchain-into-everyday-payments-in-korea-302759158.html
SOURCE Sei Development Foundation
Technology
ANGHAMI REPORTS FY2025 REVENUE OF $99.3M, UP 27%, ON 3.5M SUBSCRIBERS AND LANDMARK STRATEGIC PARTNERSHIPS
Published
1 hour agoon
April 30, 2026By
ABU DHABI, UAE, April 30, 2026 /PRNewswire/ — Anghami Inc. (NASDAQ: ANGH) (“Anghami”), the leading music and entertainment streaming platform in the MENA region, today announced its consolidated financial results for the year ended December 31, 2025, marked by revenue growth and subscribers reaching 3.5 million with a registered user base now exceeding 130 million, supported by landmark strategic partnerships.
HIGHLIGHTS
Revenue increased to $99.3 million in 2025, up 27% from $78.1 million in 2024. Growth came from subscriber gains across OSN+ and Anghami Plus, and the first full-year consolidation of OSN+ (April 1, 2024).Paid Subscribers exceeded 3.5 million across Anghami and OSN+, and registered users crossed 130 million.Warner Bros. Discovery closed its $57 million minority investment in OSN Streaming Limited in March 2025, expanding the content partnership and committing to joint investment in regional original production.Multiple strategic partnerships launched for OSN+ with Noon as well as a regional distribution agreement with talabat and the first-of-its-kind “Epic Bundle” with Shahid and Disney+ in December, delivering strong subscriber traction, high activation rates, and above-average conversion, reinforcing Anghami’s expanding distribution and monetization ecosystem.
Commenting on Anghami’s results, Elie Habib, CEO of Anghami, said: “2025 was the first full year of the combined Anghami and OSN+ business, and a year in which the scale of the opportunity became clear. Revenue grew 27% to $99.3 million. Paying subscribers exceeded 3.5 million, and our registered user base crossed 130 million across the MENA region.
We made important progress across the business. We rebuilt the OSN+ platform in-house, launched our first OSN+ Original, expanded strategic distribution partnerships with talabat and Noon, and signed the Epic Bundle with Shahid and Disney+, bringing three leading entertainment platforms into one subscription for the first time in the region. Warner Bros. Discovery’s investment in OSN Streaming Limited reflects confidence in our model, our market position, and the long-term value of premium regional streaming. Our HBO content commitments remain contractual and unchanged.
With a stronger product, a deeper content slate, Ramadan momentum, and early Epic Bundle traction, we enter 2026 focused on scaling revenue, improving unit economics, and converting momentum into sustainable growth.”
BUSINESS UPDATE
2025 marked a significant year in Anghami’s evolution as it progressed the integration of OSN+ into its multi-media streaming ecosystem and expanded its content, partnerships, and technology capabilities.
Anghami continued to invest in its proprietary technology, including AI-powered content recommendations, and completed the in-house rebuild of the OSN+ streaming platform, delivering improved performance, 4K capabilities, and full control over the user experience.
In January 2025, OSN+ premiered its original production The Fashionista, reinforcing the platform’s investment in locally relevant content alongside its exclusive HBO catalogue, which includes House of the Dragon, The Last of Us, and Game of Thrones.
In March 2025, Warner Bros. Discovery announced an agreement to acquire a minority stake in OSN Streaming Limited, Anghami’s majority shareholder, investing $57 million. The transaction expands the existing content partnership and includes plans to jointly invest in locally produced content targeting regional audiences.
OSN+ partnerships with talabat and Noon expanded distribution and opened new customer acquisition channels, while high-profile live events including the Amr Diab & Adam Port concert in Abu Dhabi and Nancy Ajram Riyadh Boulevard activation reinforced Anghami’s cultural leadership position. Regional conflicts have impacted live events and regional content production; however, Anghami continued to scale its cultural footprint through flagship initiatives such as “Aktar Men Ayya Waqt,” a pan-Arab collaboration uniting leading artists across the region, alongside a focused Ramadan content strategy that delivered resilient engagement and outperformed industry trends that typically see lower metrics during the period.
As the year drew to a close, OSN+ launched the “Epic Bundle”, a first-of-its-kind bundled subscription with Shahid and Disney+, bringing all three platforms together under a single plan and broadening content access for consumers.
Anghami also continued to expand its telco partnership ecosystem in 2025, maintaining integrations with 45 telco operators across the MENA region. Telco partnerships serve as a dual-purpose growth lever by facilitating frictionless subscription payments, helping Anghami maintain one of the highest paying conversion rates among music streaming services in the MENA region, while also providing a significant marketing channel through co-branded campaigns and data bundle offerings.
From a financial perspective, revenue increased to $99.3 million in 2025, from $78.1 million in 2024, driven by subscriber growth across Anghami Plus and OSN+ and the first full-year contribution from the OSN+ video streaming segment which was consolidated from 1 April 2024. Profitability was impacted by the fixed video content licensing fees reflecting the full 12 month impact compared to 2024.
During 2025 and early 2026, the Company strengthened its Board of Directors with the appointments of Bassil Almouallimi (SRMG), James Cooke (Warner Bros. Discovery), Moustapha Chami (KIPCO), and Eman Al Awadhi (KIPCO).
OUTLOOK
Anghami is positioned to capitalize on continued growth in digital entertainment demand across the MENA region. The Company’s platform-led partnerships enhance distribution, content access and audience reach, further differentiating Anghami within an increasingly competitive streaming market.
Strategic collaborations with leading regional and global platforms, including Shahid, Disney+, talabat, and the expanded Warner Bros. Discovery relationship, are expected to remain key growth drivers. The content lineup is set to remain exceptional throughout the year, featuring highly anticipated global releases and returning flagship series. This includes A Knight of the Seven Kingdoms, Euphoria Season 3, Season 2 of The Pitt, which has emerged as one of the most widely watched series globally, and Season 4 of FROM. This is further reinforced by upcoming seasons of The House of the Dragon and a robust pipeline of award-winning and globally successful films, including major 2025 theatrical releases such as Sinners, Superman, and other leading box office titles.
Building on this early traction, Anghami aims to scale embedded and bundled distribution models to support more efficient user acquisition and deeper engagement across its core markets.
Management remains focused on balancing growth with operational discipline, as continued investment in platform capabilities, reshaping content acquisition costs, advertising optimization and partner integrations support scale benefits over time. As these initiatives mature, Anghami aims to drive improved monetization and stronger operating leverage across its digital entertainment platform that will lead to material unit economics improvements in 2026.
Anghami’s annual report on Form 20-F (the “Form 20-F”) for the year ended December 31, 2025 was filed today with the U.S. Securities and Exchange Commission. The Form 20-F can be accessed by visiting either the SEC’s website at www.sec.gov or the Company’s website at https://www.anghami.com/investors.
About Anghami Inc. (NASDAQ: ANGH)
Anghami is the leading multi-media technology streaming platform in the Middle East and North Africa (“MENA”) region, offering a comprehensive ecosystem of exclusive premium video, music, podcasts, live entertainment, audio services, and more.
With a user base exceeding 130 million registered users and over 3.5 million paid subscribers, Anghami has partnered with 45 telcos across MENA, facilitating customer acquisition and subscription payment, in addition to establishing relationships with major film studios, entertainment giants, and music labels, both regional and international. Headquartered in Abu Dhabi, UAE, Anghami operates in 16 countries across MENA, with offices in Beirut, Dubai, Cairo, and Riyadh.
To learn more about Anghami, please visit: https://anghami.com. Any questions for the Investors Relations Department can be emailed to IR@anghami.com or anghami@apcoworldwide.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Anghami’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “start,” “project,” “budget,” “forecast,” “preliminary,” “anticipate,” “position,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “continue,” “predicts,” “potential,” “transform,” “commitment” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These statements include those related to the effect of the OSN+ integration, Warner Bros. Discovery investment in OSN Streaming, other new partnerships and collaborations, and future growth. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Anghami’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the outcome of any legal proceedings that may be instituted against Anghami; wars, conflicts and political instability; foreign exchange fluctuations, changes in applicable laws or regulations; and the possibility that Anghami may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties identified in Anghami’s fiscal 2025 annual report on Form 20-F filed with the SEC on April 30, 2026, including those under “Risk Factors” therein, and in other documents filed or to be filed with the SEC by Anghami and available at the SEC’s website at www.sec.gov. Anghami cautions that the foregoing list of factors is not exclusive. Anghami cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, Anghami does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
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