Analogy 1: **Cisco** for network physical infrastructure.

Analogy 2: **Corning** for the physical backbone of broadband and wireless networks.

• Broadband Network Infrastructure: Provides equipment and software for hybrid fiber-coaxial (HFC) and fiber optic networks used by broadband service providers.
• Wireless Network Antennas and Radios: Offers a range of antennas, radios, and site solutions for cellular base stations and outdoor wireless networks.
• Enterprise Connectivity Solutions: Delivers structured cabling, Wi-Fi access points, network switches, and Distributed Antenna Systems (DAS) for enterprise, venue, and campus networks.
• Ruckus Wired and Wireless Solutions: Supplies enterprise-grade Wi-Fi, switching, IoT, and software solutions for high-performance network connectivity.

CommScope (COMM) Major Customers

CommScope (NASDAQ: COMM) primarily sells its networking and connectivity solutions to other companies (B2B).

While CommScope's annual filings (10-K) indicate that a significant portion of its revenue comes from a few major customers (e.g., in 2023, two customers accounted for 18.6% and 11.6% of net sales respectively), these customers are typically not named publicly due to confidentiality agreements.

Based on CommScope's product portfolio and market segments, its major customers are broadly categorized as:

• Telecommunication Service Providers: These include major wired and wireless carriers, broadband providers, and cable operators that deploy CommScope's network infrastructure, fiber optic cables, wireless antennas, and home networking equipment.
• Large Enterprises: Businesses across various industries that utilize CommScope's Ruckus Networks solutions for enterprise Wi-Fi, switching, and other in-building connectivity.
• Data Center Operators: Including hyperscale and enterprise data centers that purchase CommScope's high-speed connectivity solutions, fiber optic cabling, and related infrastructure.

Given the scale of their operations and reliance on network infrastructure, the following public companies are highly likely to be among CommScope's significant customers, either directly or indirectly through channel partners:

• Comcast Corporation (NASDAQ: CMCSA)
• Charter Communications, Inc. (NASDAQ: CHTR)
• AT&T Inc. (NYSE: T)
• Verizon Communications Inc. (NYSE: VZ)
• T-Mobile US, Inc. (NASDAQ: TMUS)

null

Charles (Chuck) L. Treadway
President and Chief Executive Officer

Mr. Treadway was appointed President and Chief Executive Officer of CommScope in October 2020. He has a significant background as a CEO, having served in this role for global businesses for 17 of the last 20 years. Before joining CommScope, he was Chief Executive Officer of Accudyne Industries from 2016 to 2020, a company that was a portfolio of BC Partners and current CommScope investor The Carlyle Group. His prior experience includes serving as President and Chief Executive Officer of Thomas & Betts Corp. from 2012 to 2016. He also held leadership positions at Custom Sensors and Technologies (CST) and Yale Security, and various roles at Schneider Electric. Mr. Treadway has a pattern of managing companies backed by private equity firms, having worked for several Carlyle-backed companies.

Kyle Lorentzen
Executive Vice President and Chief Financial Officer

Mr. Lorentzen became CommScope's Executive Vice President and Chief Financial Officer in November 2021. Prior to this role, he served as Senior Vice President and Chief Transformation Officer at CommScope starting in December 2020. His previous experience includes serving as Chief Financial Officer of Accudyne Industries from 2017 to 2020. He was also Chief Financial Officer and Executive Vice President of Express Energy Service from 2014 to 2017, and Chief Executive Officer of Constellium Ravenswood from 2011 to 2014. Throughout his career, Mr. Lorentzen has held various financial and managerial positions with companies such as Noranda Aluminum, Berry Plastics/Covalence Specialty Materials, Hexion Specialty Chemical, Inc., Borden Chemical, Inc., Dow Chemical, Sanachem, Hampshire Chemical Corp. and W.R. Grace. He has experience in transformation leadership at several portfolio companies backed by Apollo and Carlyle.

Robyn T. Mingle
Senior Vice President and Chief Human Resources Officer

Krista Bowen
Senior Vice President, Chief Legal Officer and Secretary

Praveen Jonnala
Senior Vice President and Chief Information Officer

• Open Radio Access Networks (O-RAN) and Network Disaggregation: This emerging architectural shift in cellular networks aims to disaggregate hardware and software components, allowing for greater vendor interoperability and potentially lowering barriers to entry for new competitors. This could lead to the commoditization of traditional radio access network hardware, including antennas, radios, and base station components that CommScope supplies, challenging their competitive position and pricing power if not adequately addressed.
• Shift to Cloud-Managed Networking and Networking as a Service (NaaS): In the enterprise networking segment, there is a growing trend towards cloud-managed solutions and subscription-based Networking as a Service (NaaS) models. This shift challenges CommScope's traditional hardware sales model (e.g., for its Ruckus Wi-Fi and switching portfolio) by emphasizing recurring software and service revenues over one-time hardware purchases. Competitors with stronger NaaS offerings could gain market share, requiring CommScope to rapidly adapt its business model and product offerings.

CommScope (NASDAQ: COMM) operates across several key segments, providing infrastructure solutions for communication, data center, and entertainment networks. While the company has undergone strategic divestitures, its main products and services continue to address significant global and regional markets.

Connectivity and Cable Solutions (CCS)

This segment provides fiber optic and copper connectivity solutions, particularly for enterprise and hyperscale and cloud data centers. The data center market, driven by increasing demand for bandwidth and data capacity, especially from generative AI, presents a significant opportunity for CommScope. While a specific global market size for CommScope's portion of the data center market is not explicitly stated as an addressable market, the enterprise fiber business within CCS saw an 88% year-over-year revenue increase to $213 million in Q1 2025, representing 29% of CCS revenue. The broader data center networking market is experiencing massive building spending globally.

Access Network Solutions (ANS)

ANS focuses on broadband network solutions, including fiber optic and coaxial cable, connectors, DOCSIS products, and virtual broadband network gateway solutions. The United States represents a key market due to substantial broadband network expansion and upgrades, supported by government funding initiatives like BEAD, E-ACAM, and RDOF. Similar efforts, such as the Gigabit Infrastructure Act in the E.U. and U.N./private support, are driving expanded infrastructure globally, especially for fiber-based broadband deployments.

Networking, Intelligent Cellular and Security Solutions (NICS)

This segment includes indoor and outdoor Wi-Fi solutions (under the RUCKUS brand), access and aggregation switches, IoT suites, and control and management systems. The RUCKUS product line, including Wi-Fi 7 products and the RUCKUS Edge platform, demonstrated solid results, with Q1 2025 revenue jumping 51% year-over-year. The global home networking device market, while CommScope has divested its Home Networks segment, provides some context for connectivity demands, reaching USD 21.58 billion in 2025 and projected to grow to USD 28.56 billion by 2030, at a 5.77% compound annual growth rate (CAGR). This growth is driven by persistent hybrid-work routines, rapid Wi-Fi rollouts, and ISP-driven customer-premise-equipment refresh programs.

CommScope (COMM) is expected to experience several key drivers of future revenue growth over the next 2-3 years, primarily stemming from technological upgrades and strategic market positioning within its remaining core segments after the divestiture of its Connectivity and Cable Solutions (CCS) business. These drivers include:

• DOCSIS 4.0 Upgrade Cycle: The ongoing global upgrade cycle to DOCSIS 4.0 is a significant growth catalyst for CommScope's Access Network Solutions (ANS) segment. The company has already reported strong growth in DOCSIS 4.0 product revenue and record shipments of smart amplifiers. This trend is expected to continue, positioning CommScope to capitalize on broader 10G broadband expansion initiatives.

• Wi-Fi 7 Refresh Cycle and Ruckus Solutions: The advent of the Wi-Fi 7 refresh cycle is anticipated to drive substantial revenue growth in CommScope's Ruckus segment, which focuses on enterprise networking solutions. The Ruckus segment has demonstrated robust performance due to strong market demand and stabilized buying patterns in the channel, with particular emphasis on new Wi-Fi 7 products and subscription services. The company is also leveraging AI-driven networking solutions within Ruckus.

• Launch of New Unified Products Platform: CommScope is developing a new unified products platform, which is currently in the lab testing phase and is slated for commercial availability by the end of 2025 and into 2026. This new platform, along with "key wins" for its virtual CMTS platform, is expected to be a significant driving force behind the sustainability of the company's business growth rates in fiscal years 2026-2027.

• Demand in Cloud and Data Center Markets for Remaining Segments: Although the CCS segment, which heavily served hyperscale and cloud data centers, is being divested, the underlying demand for data center infrastructure, including projects related to Generative AI, continues to be a strong market trend. CommScope's remaining segments, particularly Ruckus with its enterprise and edge networking solutions, are positioned to benefit from this sustained demand.

• Leveraging Federal Broadband Infrastructure Programs: Government initiatives, such as the Broadband Equity, Access, and Deployment (BEAD) program, are expected to significantly enhance broadband infrastructure projects. These programs are projected to begin impacting the market in late 2025 and lead to a substantial increase in operations by 2026, which should boost CommScope's fiber and connectivity sales within its Access Network Solutions segment.

Share Repurchases

• In May 2025, CommScope's Board of Directors authorized a share repurchase plan to buy back up to $50 million of its outstanding common stock.

Share Issuance

• The Amended and Restated 2019 Long-Term Incentive Plan authorized an additional 12.6 million shares for issuance in 2020 and 2021.

Outbound Investments

• In October 2020, CommScope acquired the patent portfolio for virtual radio access networks (vRAN) from Phluido.
• CommScope acquired the cable business assets of Casa Systems for $45.1 million in June 2025.
• In October 2023, CommScope sold its Home Networks division to Vantiva, retaining a 25% stake in Vantiva.

Capital Expenditures

• CommScope's capital expenditures were $116 million in 2020, $118 million in 2021, $101 million in 2022, $-11 million in 2023, and $25 million in 2024.
• For the full year 2025, the company projects over $200 million in capital expenditures, driven by business growth.
• The primary focus for capital expenditures includes investments in manufacturing capacity, new technologies for the "fiber everywhere" revolution, and research and development in data center innovation (denser fiber systems, energy-efficient cooling technologies, and AI-powered management tools).