1. A specialized Cisco that provides the secure, underlying 'plumbing' for voice and video communications networks for telecom carriers and large businesses.

2. Like a Ciena for high-capacity optical networking, but also with significant expertise in real-time communications software.

3. They are akin to a Nokia or Ericsson but focused on providing the core IP-based voice, video, and optical infrastructure rather than cellular networks.

• Session Border Controllers (SBCs): Hardware and software solutions that secure and manage real-time communications sessions across IP networks for enterprises and service providers.
• Voice and Unified Communications Solutions: Platforms and services enabling cloud-based voice, unified communications as a service (UCaaS), and enterprise telephony deployments.
• Optical and IP Networking Solutions: Infrastructure products for high-capacity data transport, including optical transport and IP routing solutions primarily for service providers.
• Network Analytics and Security: Software and services for monitoring network performance, preventing fraud, and securing real-time communications infrastructure against cyber threats.

Ribbon Communications (RBBN) primarily sells its communication and optical networking solutions to other companies, specifically global communications service providers, large enterprises, and government agencies.

While Ribbon Communications has publicly stated in its financial filings (e.g., 10-K reports) that a significant portion of its revenue comes from a limited number of customers (for instance, its top three customers accounted for approximately 26.6% of total revenue in 2022), the company does not individually name these specific major customers in its public disclosures.

However, based on public announcements and the types of organizations it serves, Ribbon's customers generally fall into the following categories:

• Communication Service Providers (CSPs): These include large incumbent telecom operators, mobile network operators, and internet service providers worldwide.
• Large Enterprises: Businesses that require advanced communication infrastructure, unified communications solutions, and secure network environments.
• Government Agencies: Public sector entities with specialized communication and security needs.

Examples of prominent global service providers and enterprises that Ribbon Communications has publicly announced as customers or partners for various solutions include:

• Vodafone (VOD) - a global telecommunications company.
• Spark New Zealand (SPK.NZ) - a major telecommunications and digital services company in New Zealand.
• Consolidated Communications (CNSL) - a U.S. broadband and business communications provider.
• Verizon (VZ) - a major U.S. telecommunications company (historically and for various solutions).
• AT&T (T) - a major U.S. telecommunications company (historically and for various solutions).

Please note: While the companies listed above are known customers or partners of Ribbon Communications, their individual contribution to Ribbon's "major customer" revenue concentration (as described in their 10-K filings) is not specifically disclosed by Ribbon.

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Bruce McClelland, President, CEO & Director

Bruce McClelland became President, CEO, and Director of Ribbon Communications in March 2020. He is recognized as a technical business leader with a history of developing and growing profitable businesses. Before joining Ribbon, McClelland served as CEO of ARRIS International plc, where he led its sale to CommScope Inc. for $7.4 billion in April 2019. Following the acquisition, he was the Chief Operating Officer of CommScope. During his tenure at ARRIS, he played a key role in the acquisition and integration of several companies, including Ruckus Wireless and the Brocade ICX Campus switching businesses. Earlier in his career, he held various leadership positions at Nortel Networks Corporation and Bell Northern Research.

John Townsend, Executive Vice President, Chief Financial Officer

John Townsend was appointed Executive Vice President and Chief Financial Officer of Ribbon Communications, effective November 1, 2024. He brings over 30 years of financial leadership experience, having most recently served as the Group CFO of Digicel Group. Prior to Digicel, Townsend spent nine years at Verizon Communications, where he held various CFO roles for organizations such as Verizon Business, Verizon Wireline, Verizon Wireless, and Verizon Consumer. Before Verizon, he spent nearly two decades at Vodafone Group, taking on multiple regional CFO assignments, including for operations in Sweden, Australia, the Pacific, and the UK. He also served as the CFO for the Verizon Wireless joint venture during his time at Vodafone. Townsend began his career at KPMG in the UK and Hong Kong.

Sam Bucci, Executive Vice President, Chief Operating Officer

Sam Bucci has served as the Chief Operating Officer and Executive Vice President of Ribbon Communications since January 2023. Before this role, he was the Executive Vice President and General Manager of the IP Optical Networks Business Unit for the company from September 2020 to December 2022. Earlier in his career, Bucci served as the Director of the Optical Networking Business unit at Nokia and Alcatel-Lucent from 1994 to 2020.

Patrick Macken, Executive Vice President, Chief Legal Officer

Patrick Macken has been the Executive Vice President, Chief Legal Officer, and Corporate Secretary of Ribbon Communications since June 2020. Previously, he served as Senior Vice President, General Counsel, and Secretary at ARRIS International plc from 2015 to 2019. Prior to that, Macken was a Partner at Troutman Sanders LLP.

Joni Roberts, Senior Vice President, Chief Marketing Officer

Joni Roberts has held the position of Senior Vice President, Chief Marketing Officer at Ribbon Communications since 2023. Additional background details were not readily available in the search results provided.

The key risks to Ribbon Communications' (RBBN) business include:

1. Unpredictable Revenue and Customer Spending: Ribbon Communications faces significant risk from unpredictable quarterly revenue and fluctuating operating results. This unpredictability stems from varying rates at which its customers adopt new technologies, leading to delayed orders, deferred purchasing decisions, and reduced expenditures. The company's reliance on large customers, such as Verizon, further contributes to this revenue volatility. Additionally, broader macroeconomic pressures can impact customer spending and investment in telecommunications infrastructure.
2. Rapid Technological Changes and Intense Competitive Pressures: The telecommunications industry, in which Ribbon Communications operates, is characterized by rapid technological advancements, including the ongoing transition to network virtualization and the integration of artificial intelligence (AI). The company faces intense competition from other telecommunications equipment and networking providers, as well as technology and AI solution providers. A failure to adapt to these rapid changes or compete successfully could adversely affect its ability to grow revenues and maintain profitability.
3. Supply Chain Disruptions and Risks from International Operations: Ribbon Communications is exposed to risks related to its supply chain, particularly its dependence on a limited number of contract manufacturers and single or restricted sources for components. Disruptions to this supply chain could negatively impact production and product availability. Furthermore, the company's international operations expose it to higher risks, including potential increases in tariffs, trade restrictions, taxes, and geopolitical tensions, such as ongoing conflicts, which could disrupt its global operations and sales.

The increasing expansion of hyperscale cloud providers (e.g., Amazon Web Services, Microsoft Azure, Google Cloud) into direct communication services and underlying network infrastructure threatens Ribbon Communications. These providers offer integrated, cloud-native communication platforms and network functionalities that can disintermediate traditional communication software vendors by absorbing features into their platforms or commoditizing specialized solutions, shifting the value proposition towards a bundled, consumption-based cloud model.

Ribbon Communications (RBBN) addresses several significant markets with its core products and services, including Session Border Controllers (SBCs), IP Optical Networking, Unified Communications as a Service (UCaaS), Fixed Wireless Access (FWA) solutions, and various analytics offerings.

Here are the estimated addressable market sizes for Ribbon Communications' main products and services:

• Session Border Controllers (SBCs): The global Session Border Controller market is projected to reach USD 36.3 billion by 2035, growing from USD 10.7 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 11.76% from 2025 to 2035. Another estimate places the global SBC market size at over USD 1.03 billion in 2024, expected to reach USD 2.31 billion by 2034, with an 8.4% CAGR between 2025 and 2034. For Enterprise Session Border Controllers specifically, the global market was valued at US$725.1 million in 2024 and is projected to reach US$1.1 billion by 2030, demonstrating a CAGR of 6.6% from 2024 to 2030.
• IP Optical Networking / Optical Transport: The global Optical Transport Network (OTN) market is valued at USD 27 billion in 2025 and is estimated to expand to USD 40.44 billion by 2030, reflecting an 8.42% CAGR. The global Optical Transport Network (OTN) hardware market was valued at USD 19.21 billion in 2023 and is projected to reach USD 32.03 billion by 2030, growing at a CAGR of 7.9% from 2024 to 2030. The broader global optical networking market was estimated at USD 41.76 billion in 2024 and is projected to grow to USD 126.75 billion by 2035, exhibiting a CAGR of 10.62% from 2025 to 2035. North America accounts for approximately 45% of this global share.
• Unified Communications as a Service (UCaaS): The global Unified Communication as a Service (UCaaS) market was estimated at USD 87.39 billion in 2024 and is projected to reach USD 262.37 billion by 2030, growing at a CAGR of 19.8% from 2025 to 2030. Another report indicates the global UCaaS market was valued at USD 56.75 billion in 2024 and is projected to grow to USD 215.53 billion by 2032, with an 18.15% CAGR during the forecast period.
• Fixed Wireless Access (FWA): The global Fixed Wireless Access market was estimated at USD 143.61 billion in 2023 and is projected to reach USD 476.34 billion by 2030, growing at a CAGR of 19.8% from 2024 to 2030. More specifically, the global 5G Fixed Wireless Access market size is accounted at USD 64.10 billion in 2025 and is predicted to increase to approximately USD 1,317.52 billion by 2034, at a CAGR of 39.92% from 2025 to 2034. North America held the largest share of the 5G FWA market in 2024, at 36%.
• Analytics: The global Analytics as a Service market was valued at USD 6.68 billion in 2022 and is projected to grow to USD 39.91 billion by 2030, exhibiting a CAGR of 25.7%. North America dominated this market with a 23.35% share in 2022. Additionally, the global Revenue Assurance Analytics market reached USD 6.2 billion in 2024 and is projected to grow to USD 17.3 billion by 2033, at a CAGR of 11.7% from 2025 to 2033.

Expected Drivers of Future Revenue Growth for Ribbon Communications (RBBN)

Over the next 2-3 years, Ribbon Communications (RBBN) is expected to drive future revenue growth through several key initiatives:

1. Network Modernization and Expansion: Ribbon Communications is focused on assisting service providers, enterprises, and critical infrastructure operators in modernizing their networks. This includes upgrading legacy voice networks to IP-based solutions, facilitating the migration of telecom workloads to cloud-native platforms, and expanding IP optical networks to support the exponential growth in internet traffic driven by 5G wireless, fiber-to-the-home broadband deployments, and AI traffic. This modernization effort encompasses middle-mile and backhaul refreshes for 5G and fixed broadband, as well as optical backbone refresh and expansion projects. The company has seen significant year-over-year sales growth in its Cloud & Edge segment and strong sales in its IP Optical Networks segment, particularly in EMEA and India.
2. Strategic Customer and Geographic Expansion: A significant driver of revenue growth is the expansion of Ribbon's footprint within key customer segments and geographies. The company has reported higher sales to U.S. Tier One Service Providers, U.S. Federal Defense agencies, and enterprise customers. There is also a focus on communication modernization with the Department of Defense (DOD) and civil agencies, secure high-performance data networks for mission-critical programs, and modernization efforts within utility and rail networks and financial institutions. Strong demand has been noted in North American markets for the Cloud & Edge segment, and in India and EMEA for the IP Optical Networks segment.
3. Advancement in AI and Analytics Platforms: Ribbon is actively pursuing opportunities related to the convergence of AI and voice technologies. The introduction of the Acumen AIOps platform and a growing pipeline of opportunities for agentic and generative AI platforms are expected to be significant growth catalysts. These platforms aim to integrate AI capabilities seamlessly, change the economics of deploying and running networks, reduce deployment timelines, and deliver customizable automation across network lifecycles, including deployment automation, observability, analytics, orchestration, management, and holistic security.

Share Repurchases

• Ribbon Communications authorized a new share repurchase program of up to $50 million, effective from June 5, 2025, through December 31, 2027.
• This program is intended to be funded with cash on hand or cash generated from operations.
• The timing and volume of repurchases will be at management's discretion and subject to various factors, including market conditions and compliance with the company's credit facilities.

Share Issuance

• In March 2023, Ribbon issued 55,000 shares of Preferred Stock at $970 per share and approximately 4.9 million warrants to purchase common stock at an exercise price of $3.77 per share, raising approximately $53.4 million in proceeds from a private placement.
• During the nine months ended September 30, 2025, 0.2 million warrants were exercised.
• On October 31, 2025, the company granted inducement equity awards (Restricted Stock Units and Performance Stock Units) to new hires, including approximately 748,039 shares in total (at target achievement for PSUs), convertible one-for-one into common stock.

Outbound Investments

• Ribbon Communications completed the acquisition of ECI Telecom Group Ltd. in March 2020.
• The acquisition was valued at approximately $486 million in cash and stock.
• This strategic acquisition diversified Ribbon's revenue streams, significantly expanded its portfolio into optical and packet networking, and aimed to increase its total addressable market and global footprint, particularly in the 5G data domain.