ADTN — what changed in the latest 10-Q
A section-by-section comparison of ADTN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-05 vs the prior 10-Q · 2026-08-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +47 | −51 | ~39 | 29 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~5 | 2 |
| Controls & procedures | Text added/removed | +3 | −1 | ~3 | 6 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | Some risk factors updated | +8 | −6 | ~11 | 18 |
| Other information | Text added/removed | +1 | −2 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-05
During the period, the Company received the remaining refunds of IEEPA tariffs, which were recognized as recoveries of previously recognized costs and recorded as a reduction of cost of revenue. Related interest received was recognized as interest income. Excluding the effects of the tariff refunds,…
due to an increase in volume of sales activity of $49.6 million in Optical Networking products and $2.9 million in Subscriber Solutions products, partially offset by a $4.7 million decrease in Access & Aggregation products.
Services & Support segment revenue increased 6.5% from $46.9 million for the three months ended September 30, 2025, to $49.9 million for the three months ended September 30, 2026, and increased 6.1% from $138.0 million for the nine months ended September 30, 2025, to $146.3 million for the nine mont…
U.S. revenue increased by 6.5% from $120.2 million for the three months ended September 30, 2025, to $128.0 million for the three months ended September 30, 2026, and increased by 18.9% from $343.7 million for the nine months ended September 30, 2025, to $408.6 million for the nine months ended Sept…
International revenue, which is defined as revenue generated from the Network Solutions and Services & Support segments provided to a customer outside of the U.S., decreased by 3.8% from $159.2 million for the three months ended September 30, 2025 to $153.2 million for the three months ended Septemb…
Text removed vs the prior filing · source: 10-Q · 2026-08-04
Under the loss recovery model, an asset for recovery may be recognized only when receipt is considered probable, as defined under ASC 450‑20. While the Supreme Court ruling establishes a legal basis for recovery, material uncertainty remains regarding the administrative process required to obtain re…
Given the lack of clarity surrounding refund execution to determine expected recovery amount, the Company has concluded that recovery of the IEEPA tariffs is not probable as of the reporting date. Accordingly, no refund receivable has been recognized. Management will continue to monitor developments…
Additionally, Adtran may owe money to customers depending on final assessments of contractual or implicit passthrough obligations. The Company will continue to monitor developments related to both refund recoverability and customer refund considerations and will update its accounting conclusions in …
Services & Support segment revenue increased 5.9% from $45.6 million for the three months ended June 30, 2025, to $48.2 million for the three months ended June 30, 2026, and increased 5.8% from $91.1 million for the six months ended June 30, 2025, to $96.4 million for the six months ended June 30, 2…
U.S. revenue increased by 11.7% from $120.3 million for the three months ended June 30, 2025, to $134.4 million for the three months ended June 30, 2026, and increased by 25.5% from $223.5 million for the six months ended June 30, 2025, to $280.6 million for the six months ended June 30, 2026. The i…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-11-05
During the fiscal quarter ended September 30, 2026, Adtran completed the expansion of its SAP enterprise resource planning ("ERP") system, which was previously used by the Adtran Networks SE business, to substantially all of Adtran’s remaining operations. The implementation included the migration of…
In connection with the implementation, Adtran modified certain internal controls over financial reporting, including controls and procedures related to transaction processing, financial close and reporting, and the completeness and accuracy of information and reports used in the performance of inter…
The implementation and related changes to Adtran's processes and controls are changes in internal control over financial reporting during the most recent fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, Adtran's internal control over…
Text removed vs the prior filing · source: 10-Q · 2026-08-04
There were no changes in Adtran’s internal control over financial reporting that occurred during the most recent fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-11-05
On July 21, 2026, the Company terminated the Former Credit Agreement and entered into the Credit Agreement. As of the date of this filing, the Company had total outstanding borrowings under the Credit Agreement of $83.0 million, leaving $261.7 million available for future borrowings.
In addition, on September 19, 2025, the Company issued $201.3 million principal amount of its 3.75% convertible senior notes due September 15, 2030 (the "2030 Notes" or the "Notes"). See "Cash Requirements" in Part I, Item 2 of this report for additional information.
In recent years, international market conditions and the international regulatory environment have been increasingly affected by competition among countries and geopolitical frictions. Since early 2025, the U.S. has introduced trade policy actions that increased import tariffs across a wide range of…
Act of 1962, effective April 6, 2026, to apply differentiated tariff rates based on metal content and the use of U.S.-origin metal inputs. On July 23, 2026, the USTR announced a final action under Section 301 of the Trade Act of 1974 imposing additional ad valorem tariffs of 10% or 12.5% on most goo…
We have completed the expansion of our enterprise resource planning ("ERP") system, and if this ERP system proves ineffective, we may be unable to timely or accurately prepare financial reports, make payments to our suppliers and employees, or invoice and collect from our users.
Text removed vs the prior filing · source: 10-Q · 2026-08-04
As of June 30, 2026, the Company’s borrowings under the Former Credit Agreement were $25.0 million. As of June 30, 2026, the U.S. Borrower had a total of $6.8 million in letters of credit under the Former Credit Agreement, leaving a net amount (after giving effect to the $25.0 million of outstanding…
On July 21, 2026, the Company terminated the Former Credit Agreement and entered into the New Credit Agreement. As of the date of this filing, the Company had total outstanding borrowings under the New Credit Agreement of $48.0 million, leaving $302.0 million available for future borrowings.
In addition, on September 19, 2025, the Company issued $201.3 million principal amount of its 3.75% convertible senior notes due September 15, 2030 (the “2030 Notes” or the “Notes”). See "Cash Requirements" in Part I, Item 2 of this report for additional information.
In recent years, international market conditions and the international regulatory environment have been increasingly affected by competition among countries and geopolitical frictions. Since early 2025, the U.S. has introduced trade policy actions that increased
import tariffs across a wide range of countries at various rates, with certain exemptions. On February 20, 2026, the United States Supreme Court issued a ruling striking down certain tariffs previously imposed under the IEEPA. The ultimate availability, timing, and amount of any potential refunds of…
Other information
Text added vs the prior filing · source: 10-Q · 2026-11-05
During the fiscal quarter ended September 30, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) o…
Text removed vs the prior filing · source: 10-Q · 2026-08-04
James D. Wilson, Jr., our Chief Revenue Officer, adopted a Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K) on May 19, 2026. Mr. Wilson's trading arrangement covers the sale of 56,068 shares of the Company’s common stock, and it is scheduled to terminate on the earlier of (…
Other than as disclosed above, during the fiscal quarter ended June 30, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense cond…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice