ADTRAN Holdings (ADTN) Q3 FY26 earnings call

A demand-rich but supply-constrained quarter. Growth engines (optical, hyperscalers, Europe vendor replacement) are intact, yet component availability and cost inflation determine both shipments and margin conversion. The path to the long-term margin target rests on pricing, redesigns and mix, with limited visibility on the supply chain. Cash generation lagged on working-capital build.