Here are 1-2 brief analogies to describe UTStarcom:

• Imagine a much smaller, specialized **Nokia** (specifically its fixed network and IP routing divisions) or **Juniper Networks**, providing essential networking gear for internet and telecom service providers.
• Like a smaller, carrier-focused **Cisco**, building specialized network equipment primarily for internet service providers and telecom companies, rather than general enterprise networking.

• Packet Optical Transport Platform: Provides scalable and high-performance solutions for optical transport networks, enabling efficient data transmission over long distances.
• Broadband Access Network Solutions: Delivers high-speed internet access to homes and businesses via fiber optic networks, supporting various FTTx architectures.
• Network Management Systems (NMS): Offers software solutions for monitoring, configuring, and managing the company's network infrastructure and services.
• Professional Services: Provides consulting, implementation, maintenance, and technical support services for their network infrastructure solutions.

UTStarcom (UTSI) primarily sells its telecommunications infrastructure products and solutions to other companies (B2B).

Based on recent public filings (e.g., the 2022 Annual Report on Form 10-K), its major customers include:

• SoftBank Corp. (TYO: 9434) - This Japanese telecommunications company is a significant customer, accounting for approximately 49% of UTStarcom's total net revenues in 2022.
• Other significant, but unnamed, customers include various telecommunication operators, internet service providers, and enterprises. While specific names for these customers are not publicly disclosed in their financial filings (unless they cross specific reporting thresholds for naming), one such customer accounted for approximately 18% of UTStarcom's total net revenues in 2022.

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Hua Li, Chief Executive Officer & Director

Mr. Hua Li joined UTStarcom as Chief Executive Officer on June 16, 2021, and became a Director of the Board on January 1, 2022. He brings nearly eight years of business and management experience. Previously, Mr. Li served as the General Manager of Hangzhou Yi Yi Tai Di Information Technology Co., Ltd. Prior to that, he was the Deputy General Manager of Jiangsu Tongding Broadband Co., Ltd., and before that, the Beijing office director of Jiangsu Tongding Optoelectronic Co., Ltd. Mr. Li was a nominee of Tongding Interconnection Information Co., Ltd. (TDI), which acquired a significant stake in UTStarcom.

Dan Xie, Chief Financial Officer

Mr. Dan Xie has served as Chief Financial Officer of UTStarcom since September 2022, and before that, as Vice President of Global Finance since December 2020. He has held various management positions within UTStarcom's Department of Finance since joining in April 2012, including Treasury, Tax, Technical Accounting, Internal Audit, and Compliance. Mr. Xie has over ten years of experience in Corporate Finance and Public Practice, along with nine years in IT. Before joining UTStarcom, he worked as an auditor at Levi, Yetnikoff Chartered Accountants, and earlier in his career, he served as an IT manager at Guosen Securities and Pingan Securities.

Dr. Lingrong Lu, Chief Technology Officer

Dr. Lingrong Lu has been UTStarcom's Chief Technology Officer since September 2022. She possesses more than twenty years of experience in the telecommunication industry. Since joining UTStarcom in 2002, she has taken on various management roles in R&D and product management across ONS, NGN, and IPTV product lines. Currently, she oversees the R&D Department, Product Management Department, and Corporate IT. Prior to her appointment as CTO, she was the Vice President of R&D since June 2018. Her earlier experience includes working for Lucent Technologies (now part of Nokia) from 1999 to 2002.

Ms. Yinghua Chen, Chief Human Resources Officer

Ms. Yinghua Chen has served as Chief Human Resources Officer at UTStarcom since September 2022. She previously held the role of Vice President of Global HR and Administration for the company since January 2015. Ms. Chen brings more than twenty years of management experience in HR and Administration. Since joining UTStarcom in 2005, she has held various HR and Administration management roles, including HRBP, Compensation & Benefit, Recruitment, and People Development.

Dong Bo, Head of China Sales & Marketing

Mr. Dong Bo has nearly 20 years of experience in the telecom sales and marketing field. He worked at UTStarcom for 13 years starting in 2005 and rejoined the company in 2019. Between 2017 and 2018, he served as the Operation & Strategy Client Director for the China region at A10 Networks Inc. His earlier career included positions at China Netcom and Huawei Technologies.

Accelerated adoption of Cloud-Native Network Functions (CNF) and Network Functions as a Service (NFaaS) by telecom operators.

UTStarcom (UTSI) operates in several key telecommunications market segments, offering products and services such as packet optical transport solutions, broadband access solutions, network synchronization, and Software Defined Networking (SDN) platforms. The addressable markets for these main products and services are significant, particularly in the Asia Pacific region where UTStarcom has a strong presence.

Addressable Markets for UTStarcom's Main Products and Services:

Packet Optical Transport / Optical Transport Network (OTN) Solutions

• Global Market: The global optical transport network market was valued at approximately USD 26.9 billion in 2024 and is projected to reach USD 64.0 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 9.62% from 2025 to 2033. Other estimates place the 2024 global market at around USD 24.52 billion, expected to reach USD 50.75 billion by 2032 with a CAGR of 9.52% from 2025.
• Asia Pacific Market: The Asia Pacific optical transport network hardware market generated a revenue of USD 6,676.6 million in 2023 and is expected to grow to USD 9,618.0 million by 2030, at a CAGR of 5.4% from 2024. This region accounted for 35% of the global OTN market revenue in 2024 and is projected to expand at a 10.8% CAGR through 2030, making it the fastest-growing regional market.

Broadband Access Solutions

• Global Market: The global broadband services market was valued at USD 497.47 billion in 2024 and is projected to grow to USD 1,062.73 billion by 2033, with a CAGR of 8.8% from 2025 to 2033. The broadband access market alone was valued at over USD 100 billion globally in 2024. The global mobile broadband infrastructure market was valued at USD 51.4 billion in 2024 and is estimated to grow at a CAGR of 7% between 2025 and 2034.
• Asia Pacific Market: The Asia Pacific fixed broadband market is projected to reach USD 405 billion by 2030, growing at a CAGR of 1% from USD 386 billion in 2025. The Asia Pacific broadband services market dominated globally with a 31.31% revenue share in 2024, with a market size of USD 500.30 billion in 2024, projected to reach USD 875.06 billion by 2030 at a CAGR of 9.8% from 2025.

Network Synchronization Solutions

• Global Market: The global network synchronization market was valued at USD 3.8 billion in 2024 and is projected to reach USD 5.3 billion by 2029.

Software Defined Networking (SDN) Platform

• Global Market: The Software Defined Networking (SDN) market is projected to reach USD 28.4 billion by 2025.

UTStarcom (UTSI) is focusing on a few key areas to drive future revenue growth over the next 2-3 years, despite recent financial challenges. The company's strategy involves leveraging significant contract wins, expanding its product portfolio, and exploring new client opportunities.

Here are the expected drivers of future revenue growth:

1. Expansion in 5G Transport Network Solutions: UTStarcom has secured a multi-million dollar contract with the China Telecom Research Institute for manufacturing 5G transport network routers. This marks a significant milestone in its 5G transport network portfolio and is expected to enhance its market position in China, leading to future revenue from these advanced communication infrastructures.
2. Growth from Customized Solutions for European Mobile Operators: The company has developed a customized version of its NG-PTN product for a European mobile network operator, with an anticipation of future orders. This indicates a focus on tailored solutions to meet specific client needs in key markets, which could contribute to revenue growth.
3. Maintenance and Support Services for Existing and New Solutions: UTStarcom continues to receive multiple maintenance and support service orders for its PTN, NMS, SyncRing, and IMS solutions. Additionally, renewal orders for post-sale support services reflect ongoing customer engagement and the potential for recurring service revenue.
4. Exploration of Additional Opportunities and New Client Development: UTStarcom's CEO, Mr. Hua Li, has stated that the company is actively working to develop and market its products to new clients while continuing to support existing customers. The company will continue to explore additional opportunities for growth.

Outbound Investments

• In June 2024, UTStarcom expanded its service offerings by acquiring Pandata Tech, a company specializing in AI/ML and data quality expertise. This acquisition aims to enhance UTStarcom's capabilities in leak detection, control room operations, and enable ventures into new markets by leveraging Pandata Tech's experience in defense and energy industries.

Capital Expenditures

• For the first half of 2025, UTStarcom reported cash used in investing activities of $0.05 million.