Infinera Corp

Infinera Corporation (the “Company”) has determined that it will not be able to file its Annual Report on Form 10-K for its fiscal year ended December 28, 2024 (the “Form 10-K”) by February 26, 2025, the original due date for such filing, without unreasonable effort or expense, due to delays in compiling and reviewing certain information included in the Form 10-K. The Company expects to file the Form 10-K within the extension period of 15 calendar days, as provided under Rule 12b-25 under the Securities Exchange Act of 1934, as amended. The Company does not expect any changes to previously reported financial results

Infinera Corporation (the “Company”) has determined that it will not be able to file its Quarterly Report on Form 10-Q for its fiscal quarter ended March 30, 2024 (the “Form 10-Q”) by May 9, 2024, the original due date for such filing, without unreasonable effort or expense due to the circumstances described below. On February 29, 2024, the Company filed a Form 10-K/A for the period ended December 31, 2022, a Form 10-Q/A for the period ended April 1, 2023, a Form 10-Q/A for the period ended July 1, 2023 and a Form 10-Q for the period ended September 30, 2023. These filings have caused a delay in the Company’s year-end closing procedures and the filing of its Form 10-K for the period ended December 30, 2023 (the “Form 10-K”). The Company intends to file its Form 10-K imminently and intends to file the Form 10-Q shortly thereafter

Infinera Corporation (the “Company”) has determined that it will not be able to file its Annual Report on Form 10-K for its fiscal year ended December 30, 2023 (the “Form 10-K”) by February 28, 2024, the original due date for such filing, without unreasonable effort or expense due to the circumstances described below. Subsequent to the filing of the Company’s Form 10-K and Quarterly Reports on Form 10-Q for the periods ended December 31, 2022, April 1, 2023 and July 1, 2023, respectively, Ernst & Young LLP (“EY”), the Company’s independent registered public accounting firm, informed the Company that the Public Company Accounting Oversight Board had commenced an inspection of EY’s audit of the Company’s consolidated financial statements for the fiscal year ended December 31, 2022. Subsequently, EY raised questions regarding the Company’s stand-alone sales price (“SSP”) methodology as it relates to revenue allocation between product revenue, which is recognized upon delivery, and certain components of services revenue, which is amortized over a period of time. In addition, EY raised questions regarding the sufficiency of documentation retained by the Company related to the revenue portion of its quote to cash cycle (revenue cycle) and its inventory cycle. As a result of these queries, the Company reexamined its SSP methodology and engaged in an evaluation of its review procedures related to its revenue cycle and its inventory cycle. Subsequently, the Company’s management concluded that, as of December 31, 2022, there were material weaknesses in its internal control over financial reporting related to its revenue cycle, inventory cycle, and with respect to these, its internal resources, expertise and policies required to maintain an effective control environment

Infinera Corporation (the “Company”) has determined that it will not be able to file its Quarterly Report on Form 10-Q for its third fiscal quarter ended September 30, 2023 (the “Form 10-Q”) by November 9, 2023, the original due date for such filing, without unreasonable effort or expense due to the circumstances described below. Subsequent to the filing of the Company’s Annual Report on Form 10-K (the “Form 10-K”) and Quarterly Reports on Form 10-Q for the periods ended April 1, 2023 (“Q1 Form 10-Q”) and July 1, 2023 (“Q2 Form 10-Q”), Ernst & Young LLP (“EY”), the Company’s independent registered public accounting firm, informed the Company that the Public Company Accounting Oversight Board had commenced an inspection of EY’s integrated audit of the Company’s consolidated financial statements for the fiscal year ended December 31, 2022. Subsequently, EY raised questions regarding the Company’s standalone sales price (“SSP”) methodology as it relates to revenue allocation between product revenue, which is recognized upon delivery, and certain components of services revenue, which is amortized over a period of time. In addition, EY raised questions regarding the sufficiency of documentation retained by the Company relating to the Company’s quote to cash and inventory cycles. As a result of these queries, the Company reexamined its SSP methodology and engaged in a review of management’s review procedures related to the Company’s quote to cash and inventory cycles. The Company’s management has concluded that there were material weaknesses in its internal control over financial reporting related to its (i) quote to cash cycle, including the determination of SSP and (ii) inventory cycle as of December 31, 2022, and, as a result, that the Company’s internal control over financial reporting was not effective, as of December 31, 2022, and continues to be ineffective, and the Company’s two material weaknesses unremediated to date

Infinera Corporation (the “Company”) has determined that it will not be able to file its Annual Report on Form 10-K for its fiscal year ended December 26, 2020 (the “Form 10-K”) by February 24, 2021, the original due date for such filing, without unreasonable effort or expense, due to delays in compiling and reviewing certain information included in the Form 10-K. The Company expects to file the Form 10-K within the extension period of 15 calendar days, as provided under Rule 12b-25 under the Securities Exchange Act of 1934, as amended. The Company does not expect any changes to previously reported financial results, including the financial results it reported in its press release furnished as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on February 23, 2021